主  題: Estimating Central banks' preferences under financial & business cycles in China 

內容簡介: This paper investigates how monetary policy reaction function are influenced by financial cycle using data from 31 provinces in China. Results show that monetary policy reaction function in the expansion phrase of business cycle, is significantly different from the phase coinciding with the expansion phase of financial cycle. And monetary policy reaction function in the recession phase of business cycle, is significantly different from the phrase coinciding with the contraction phase of financial cycle. Besides, different from western countries, who place most weight on smoothing inflation rate and less weight on stabilizing output, PBC pay more attention on stimulating the economy and less attention on inflation. Our paper provides new evidence and insights to the monetary policy reaction function in the different combination of business cycle and financial cycle, and helps to the improvement of monetary policy effect in theory.

報告人: 師俊國      博士后

時  間: 2018-10-17    14:00 

地  點: 位育樓117 

舉辦單位: 銀行與貨幣研究院