Applying the VAR model and using the interest rate as a monetary policy
variable, we find that in the long run, output in China responds negatively to a
shock to the interest rate, the real exchange rate, government debt, or the
inflation rate, and it reacts positively to a shock to government deficits or
lagged own output. When real M2 is chosen as a monetary policy variable,
long-term output in ... hiện toàn bộ