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Although there is considerable literature on optimal monetary policy for industrial countries, little research has been undertaken to investigate suitable monetary policy analysis framework for emerging countries that confront a different mix of shocks and have a fear of floating. This paper uses a New Keynesian model to simulate the quarterly data of 1996-2005 in China. Drawing on our econometric...
By using the quarterly data of 1996-2005 in China, we use a dynamic stochastic general equilibrium modeling framework to compare the different design of monetary policy: an interest rate feedback rule and a money growth rule. Drawing on our econometric analysis, we argue that model, closed with interest rate feedback rule comes closer to the data. The paper also suggests to incorporate the sticky...
Based on the China economy data 1996-2005, two issues are addressed in this paper. First, we examine the ability of the DSGE model to describe stylized facts about China economy. The model succeeds to replicate the variability observed in 1996-2005. Second, we compare two methods of motivating money in DSGE Model. Drawing on our econometric analysis, we argue that the cash-in-advance model, closed...
By using the quarterly data of 1996-2005 in China, this paper evaluates the usefulness of a monetary policy rule designed for developed economies. Drawing on our econometric analysis, we argue that the model comes closer to the data of China ,it is an ideal framework for chinese monetary policy analysis. The paper also suggests to make modifications of the typical policy rule to explain Chinese economy...
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