A New Keynesian model for analysing monetary policy in Mainland China

被引：54

作者：

Liu, Li-gang ^{[2
]}

Zhang, Wenlang ^{[1
]}

机构：

[1] Hong Kong Monetary Author, Res Dept, Int Finance Ctr II, 55th Floor,8 Finance St, Central, Peoples R China

[2] Australia & New Zealand Banking Grp Ltd, Hong Kong, Peoples R China

来源：

JOURNAL OF ASIAN ECONOMICS | 2010年 / 21卷 / 06期

关键词：

New Keynesian model; Taylor rule; Hybrid policy rule;

D O I：

10.1016/j.asieco.2010.07.004

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper adopts a four-equation New Keynesian model to evaluate the appropriateness of China'smonetary policy framework. Our simulation results show that a hybrid rule that uses both interest rate and quantity of money as instruments outperforms the rules using one instrument alone at the current stage of economic and financialmarket development. Our analysis also shows that a sharp appreciation of the renminbi exchange rate, though effective in containing inflation pressures, would be quite disruptive to growth. (C) 2010 Elsevier Inc. All rights reserved.

引用

页码：540 / 551

页数：12