To Guide or Not to Guide? Quantitative Monetary Policy Tools and Macroeconomic Dynamics in China

This paper discusses the macroeconomic effects of China's informal banking regulatory tool “window guidance,” introduced in 1998. Using an open-economy DSGE model that includes the commercial banking sector, we study the stabilizing effects of this non-standard quantitative monetary policy tool and the implications of quantity-based vs. price-based monetary policy instruments for welfare. The analyses are relevant to the current overhaul of Chinese monetary policy

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Year of publication:	2017
Authors:	Chen, Hongyi
Other Persons:	Funke, Michael (contributor) ; Lozev, Ivan (contributor) ; Tsang, Andrew (contributor)
Publisher:	[2017]: [S.l.] : SSRN
Subject:	Wirkungsanalyse \| Impact assessment \| Geldpolitik \| Monetary policy \| China \| Wohlfahrtsanalyse \| Welfare analysis \| Bankenregulierung \| Bank regulation \| DSGE-Modell \| DSGE model

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Extent:	1 Online-Ressource (53 p)
Series:	HKIMR Working Paper ; No. 09/2017
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 30, 2017 erstellt
Other identifiers:	10.2139/ssrn.2980537 [DOI]
Classification:	C61 - Optimization Techniques; Programming Models; Dynamic Analysis ; E32 - Business Fluctuations; Cycles ; E44 - Financial Markets and the Macroeconomy ; E52 - Monetary Policy (Targets, Instruments, and Effects)
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012954935