Monetary policy based on nonlinear quantity rule: Evidence from China

International Review of Economics & Finance - Tập 34 - Trang 89-104 - 2014
Yong Ma1
1China Financial Policy Research Center, School of Finance, Renmin University of China, Beijing 100872, China

Tài liệu tham khảo

An, 2007, Bayesian analysis of DSGE models, Econometric Reviews, 26, 113, 10.1080/07474930701220071 Andrews, 1993, Tests for parameter instability and structural change with unknown change point, Econometrica, 61, 821, 10.2307/2951764 Burdekin, 2008, What has driven Chinese monetary policy since 1990? Investigating the People's Bank's policy rule, Journal of International Money and Finance, 27, 847, 10.1016/j.jimonfin.2008.04.006 Calvo, 1983, Staggered Prices in a Utility Maximizing Framework, Journal of Monetary Economics, 12, 383, 10.1016/0304-3932(83)90060-0 Canova, 2006, Back to square one: Identification issues in DSGE models Castro, 2008 Chow, 1960, Tests of inequality between sets of coefficients in two linear regressions, Econometrica, 28, 591, 10.2307/1910133 Chu, 2013, Credit frictions and consumption dynamics in an open economy, International Review of Economics & Finance, 27, 250, 10.1016/j.iref.2012.10.005 Cogley, 2010, Inflation-gap persistence in the U.S., American Economic Journal: Macroeconomics, 2, 43 Cogley, 2008, trend inflation, indexation, and inflation persistence in the New Keynesian Phillips Curve, American Economic Review, 98, 2101, 10.1257/aer.98.5.2101 Fan, 2011, An empirical evaluation of China's monetary policies, Journal of Macroeconomics, 33, 358, 10.1016/j.jmacro.2010.11.003 Fernández-Villaverde, 2010, The econometrics of DSGE models, International Review of Economics, 1, 3 Fernández-Villaverde, 2004, Comparing dynamic equilibrium models to data: A Bayesian approach, Journal of Econometrics, 123, 153, 10.1016/j.jeconom.2003.10.031 Fukac, 2007, Local and global identification of DSGE Models: A simultaneous-equation approach Galí, 2005, Monetary policy and exchange rate volatility in a small open economy, Review of Economic Studies, 72, 707, 10.1111/j.1467-937X.2005.00349.x Gerlach, 2010, The zero lower bound, ECB interest rate policy and the financial crisis Goodfriend, 2006, A framework for independent monetary policy in China Granger, 1993 Haider, 2008, A small open economy DSGE model for Pakistan, The Pakistan Development Review, 47, 963, 10.30541/v47i4IIpp.963-1008 Hamilton, 1989, A new approach to the economic analysis of non-stationary time series and the business cycle, Econometrica, 57, 357, 10.2307/1912559 Ireland, 2007, Changes in the Federal Reserve's inflation target: Causes and consequences, Journal of Money, Credit and Banking, 39, 1851, 10.1111/j.1538-4616.2007.00091.x Jawadi, 2011, Monetary policy rules in the BRICS: How important is nonlinearity Kitano, 2013, An optimal government spending reversal rule in a small open economy, International Review of Economics & Finance, 27, 374, 10.1016/j.iref.2012.11.003 Koivu, 2009, Has the Chinese economy become more sensitive to interest rates? Studying credit demand in China, China Economic Review, 20, 455, 10.1016/j.chieco.2008.03.001 Laurens, 2007, China: Strengthening monetary policy implementation Liu, 2007, A New Keynesian Model for analysing monetary policy in Mainland China Lubik, 2004, Testing for indeterminacy: An application to U.S. monetary policy, American Economic Review, 94, 190, 10.1257/000282804322970760 Lubik, 2005, A Bayesian look at the new open economy macroeconomics Lubik, 2007, Do central banks respond to exchange rate movements? A structural investigation, Journal of Monetary Economics, 54, 1069, 10.1016/j.jmoneco.2006.01.009 Mancini-Griffoli, 2007 Mehrotra, 2007, Exchange and interest rate channels during a deflationary era—Evidence from Japan, Hong Kong and China, Journal of Comparative Economics, 35, 188, 10.1016/j.jce.2006.10.004 Ncube, 2010, Monetary policy conduct based on nonlinear Taylor rule: Evidence from South Africa, No. 113 Petersen, 2007 Sargent, 2011, Two illustrations of the quantity theory of money: Breakdowns and revivals, The American Economic Review, 101, 109, 10.1257/aer.101.1.109 Scheibe, 2005 Schorfheide, 2000, Loss function based evaluation of DSGE models, Journal of Applied Econometrics, 15, 645, 10.1002/jae.582 Smets, 2003, An estimated stochastic dynamic general equilibrium model of the euro area, No. 171 Surico, 2007, The Fed's monetary policy rule and US inflation: The case of asymmetric preferences, Journal of Economic Dynamics and Control, 31, 305, 10.1016/j.jedc.2005.11.001 Terasvirta, 1992, Characterizing nonlinearities in business cycles using smooth transition autoregressive models, Journal of Applied Econometrics, 7, S119, 10.1002/jae.3950070509 Wong, 2013, International business cycle co-movement and vertical specialization reconsidered in multistage Bayesian DSGE model, International Review of Economics & Finance, 26, 109, 10.1016/j.iref.2012.08.011 Zhang, 2009, China's monetary policy: Quantity versus price rules, Journal of Macroeconomics, 31, 473, 10.1016/j.jmacro.2008.09.003