دانلود مقاله ISI انگلیسی شماره 112165
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
112165 2018 9 صفحه PDF سفارش دهید 9076 کلمه
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
China's regime-switching monetary policy
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Economic Modelling, Volume 68, January 2018, Pages 32-40

پیش نمایش مقاله
پیش نمایش مقاله

چکیده انگلیسی

To understand Chinese monetary policy, we estimate a forward-looking Taylor-type monetary policy reaction function. The novelty of our paper lies in two aspects. The first is to use a composite overall indicator (the Sun-MP index) to tackle the measurement uncertainty and hence the model selection problem (i.e., a Taylor versus McCallum rule). The second is to capture nonlinearities in the PBC's policy responses with the multiple-regime threshold regression model. We find strong evidence that the PBC's policy reaction function is asymmetric during the post-2000 period and switches across three different regimes. When expecting high inflation, the PBC tightens by adjusting various policy tools; while facing an expected economic slowdown, it eases. However, it is tolerant to low inflation and economic overheating; it barely reacts to them. These findings highlight the importance of allowing for regime switches in modelling the policy response function of a “young” and fast evolving central bank in emerging countries like China.

خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.