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This paper examines the spillover effects of Japanese monetary policy on Chinese macro economy - during and in the aftermath of 2007–2008 financial crisis. Study periods are divided into two: from January 2007 to January 2013 as the first period and from April 2013 to December 2015 as the second one. The reason why we take 2013 as threshold is that since 2013, Japan executed more radical quantitative...
After the oil crises in the 70's and at the beginning of the 80's, many authors argued that the FED's reaction to oil prices is not optimal and suggested to drop the energy component from the reaction function. This paper studies the period of 1987–2013 and shows that: (1) the FED responded to oil price inflation, (2) expansionary monetary policy fueled the surge in oil price only when it was accompanied...
There are no unified answers on the relationship between monetary policy and real estate prices. The existing literatures that about this issue based on linear framework, and this paper researches about the effects of monetary policy on real estate prices through establishing nonlinear models. This paper selects monthly data from February 1998 to May 2013 and chooses the real estate prices as conversion...
In this paper, a structural vector autoregressive (SVAR) model is established for the study of the stability of China's economic growth and market confidence in response to the moderately loose monetary policy since the economic crisis. The empirical research using the monthly data from December 2007 to August 2012 shows: after the economic crisis, China's monetary policy has a positive effect on...
This paper selects cross-section data of 36 countries and regions in the world in 2009, using of Eviews6.0 software, studying the impact relationships of monetary policy on the real output of the economy through establishment of the regression econometric model of the amount of money, the interest rate and the exchange rate to output GDP. It is found that the increasing amount of money could directly...
This paper, based on Golden growth model and using Stata10.1 software, makes a co-integration analysis and linear regression to monthly indexes and stock market price indexes of monetary policy in China from January 2008 to March 2013, adopts Granger test and also establishes impulse response function. The study shows that: in China, relevant monetary policy indexes lack interpretability to the price...
This paper tries to study the effect of real estate regulation policies longitudinally since China's housing system reform from the year 1998 from microscopic perspective. We established four Cox models, in which the time interval between interviewee's first job to his/her first homeownership was considered as the survival time; the monetary policies, tax policies, land policies and individual's social...
Based on the quarterly data from Chinese listed manufacturing corporate during 2004 and 2011, we analyze the influence of monetary policy on enterprise investment behaviors. The results of which show that: (1) Investment fluctuation in the listed companies' is accompanied by monetary policy adjustment, i.e., lower investment rate goes in line with tighter monetary policy, and vice versa. (2) The impact...
In the perspective of utilization of electronic money which is incorporated into the monetary multiplier theory of decision analytical frameworks, the authors use methods of co-integration and error correction model to study the money multiplier of electronic money based on the data of China from 1990 to 2011. There are some conclusions: Firstly, in long-term, improving the usage of electronic money...
Using balance sheet data for a panel of Chinese Listed firms, we try to find evidence of the balance sheet channel of monetary policy transmission. The results indicate that the quality of firms' balance sheet during the tighten period is worse than the quality during the loose period, and the effect of changes in monetary policy on the quality of firms' balance sheet is asymmetric over time. In periods...
Monetary policy is the main tool to realize macro-control, it plays a very important role in impacting macroeconomic. Starting from monetary transmission mechanism, this paper researches the monetary policy transmission channel and the asymmetry. At last, it studies several research methods. The result indicates that the monetary policy indeed exists asymmetry when transmitting. Actually compared...
In order to better understand the transmission mechanism of monetary policy, we evaluated the asymmetric response of corporate over investment to monetary policy. We tested the different effects of monetary policy on excessive investment under the different corporate ownership structure. There are two findings. First, listed companies in China generally have excessive investment behavior. Second,...
This paper analyzes the transmission effect of monetary policy on the stock market using a structure vector auto-regression model and thus computes the lagging period of the effect. We employ four variables including lending rate, deposit-reserve ratio, money supply and the deposit rate. After the ADF test and co-integration test, the paper conducts the impulse response analysis and draws each variable's...
This paper investigates asset prices volatility in China's macroeconomic fluctuations and the dynamic transmission mechanism of monetary policy shocks within a new Keynesian dynamic stochastic general equilibrium model. Parameters are estimated by calibration method, asset prices volatility and economic fluctuation are inspected with variance decomposition and then impulse response functions are used...
In order to react to address the financial crisis, the Fed adopted the extraordinary quantitative easing monetary policy since the financial crisis. This paper analyzed the reasons of quantitative easing monetary policy in the United States, and how to impact on China○
Whether monetary policy should directly respond to asset boom-bust cycles has been in debate for decades. This paper tries to answer the question from the collateral channel of assets on real economy. By adding a partially endogenous financial shock in a reduced-form New Keynesian model, we find optimal monetary policy exists in the trade-off between current economic growth and future financial instability...
In this paper, I use the time-series data, which is from 1997 to 2010, and I also use the AR root test method to test the stationary of VAR model. Then using the VAR model and the impulse response function to test the effectiveness of monetary policy, I can conclude that the broad M2 monetary supply fluctuations have a significant impact on price and economic growth. And the impact on prices is proceeded...
Using VAR Model, this paper constructs a dynamic relationship system among house prices, price level, economic growth, monetary policy and unemployment rate. Discussed the impact of house prices fluctuation on some of china's key economic variables, especially monetary policy. Granger causality test showed that the price fluctuations is the Granger reason which changes monetary policy, economic growth...
This paper investigates whether there are asymmetric effects of monetary policy in China economy. We use logistic smooth transition vector auto regression (LSTVAR) model to focus on the nonlinearity of the whole system varying over the transition variables. The results of estimation and generalized impulse response function imply that the effects of output and inflation vary with the sign of monetary...
Currency which can be converted freely concerns many factors of domestic economy, especially the exchange rate systems, home financial markets and monetary policies. This paper deems influencing factors of free convertibility of Renminbi as studying subjects mainly, such as healthy entity economy, exchange rates formed in the markets, depth and extent of financial markets, or aptitude execution of...
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