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Monetary Policy Transmission and Policy Coordination in China
Miss Sonali Das, Wenting Song 2022-05-04
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 pass-through 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.
이전글 | 보아오 포럼에 나타난 중국 대외경제협력의 키워드, 지속가능한 발전 | 2022-05-06 |
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다음글 | The cost of the zero-Covid policy for China and the world | 2022-05-04 |