Monetary policy transmission and policy coordination in China*

被引：7
|
作者：
Das, Sonali [1 ]
Song, Wenting
机构：
[1] Int Monetary Fund, Washington, DC 20431 USA
来源：
CHINA ECONOMIC REVIEW | 2023年 / 82卷
关键词：
Monetary policy; Monetary fiscal coordination; Textual analysis; China; INTEREST-RATES;
D O I：
10.1016/j.chieco.2023.102032
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We study the transmission of conventional monetary policy in China, focusing on the interaction between monetary and fiscal policy given the unique institutional set-up for macroeconomic policy making. Our results suggest some progress but also continued difficulties in the transmission of monetary policy. Similar to recent studies, we find evidence of monetary policy passthrough to interest rates. However, the impact of monetary policy measures that are not coordinated with fiscal policy is significantly weaker than that of coordinated measures. This suggests the need for further improvements to the interest-rate based framework.
引用
收藏
页数：18
相关论文
共 50 条
  • [21] Transmission effects of the US and China monetary policy shocks on the world
    Chiang, Shu-Mei
    Liu, Hung-Chun
    Huang, Chien-Ming
    Chen, Hsin-Fu
    [J]. APPLIED ECONOMICS, 2019, 51 (46) : 5063 - 5075
  • [22] Fiscal and monetary policy coordination in EMU
    von Hagen, J
    Mundschenk, S
    [J]. INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, 2003, 8 (04) : 279 - 295
  • [23] The quest for global monetary policy coordination
    Bruni, Franco
    Siaba Serrate, Jose
    Villafranca, Antonio
    [J]. ECONOMICS-THE OPEN ACCESS OPEN-ASSESSMENT E-JOURNAL, 2019, 13
  • [24] COORDINATION OF MONETARY POLICY - UNFINISHED BUSINESS
    STARK, JR
    [J]. GEORGE WASHINGTON LAW REVIEW, 1966, 35 (02) : 318 - 328
  • [25] THE DILEMMAS OF MONETARY AND FISCAL POLICY COORDINATION
    Jakobik, Witold
    [J]. GOSPODARKA NARODOWA, 2006, (1-2): : 1 - 17
  • [26] Monetary Policy Transmission and Effective Lower Limit of Monetary Policy Interest Rates
    Simacek, Milan
    [J]. POLITICKA EKONOMIE, 2021, 69 (02) : 227 - 253
  • [27] Financial Stability and Sustainability under the Coordination of Monetary Policy and Macroprudential Policy: New Evidence from China
    Jiang, Ying
    Li, Chong
    Zhang, Jizhou
    Zhou, Xiaoyi
    [J]. SUSTAINABILITY, 2019, 11 (06):
  • [28] Optimal Monetary Policy in China
    Ping He
    [J]. China & World Economy, 2011, 19 (01) : 83 - 105
  • [29] Monetary policy uncertainty in China
    Chen, Hongyi
    Tillmann, Peter
    [J]. JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 2021, 110
  • [30] Optimal Monetary Policy in China
    He, Ping
    Nie, Guangyu
    Wang, Guanglong
    Zhang, Xiang
    [J]. CHINA & WORLD ECONOMY, 2011, 19 (01) : 83 - 105
12345