135
Views
1
CrossRef citations to date
0
Altmetric
Articles

Time-varying comparison of the effectiveness of China’s price- and quantity-based monetary policy tools: an empirical analysis based on the TVP-FA-S-VAR model

, &

Bibliography

  • Adler, G., R. Lama, and J. P. Medina. 2019. “Foreign Exchange Intervention and Inflation Targeting: The Role of Credibility.” Journal of Economic Dynamic & Control 106: 1–20.
  • Bernanke, B. S., and A. S. Blinder. 1989. “The Federal Funds Rate and the Channels of Monetary Transmission.” American Economic Review 82: 901–921.
  • Bernanke, B. S., J. Boivin, and P. Eliasz. 2005. “Measuring the Effects of Monetary Policy: A Factor-Augmented Vector Autoregressive (FAVAR) Approach.” Quarterly Journal of Economics 120 (1): 387–422.
  • Boinet, V., and C. Martin. 2008. “Targets, Zones, and Asymmetries: A Flexible Nonlinear Model of Recent UK Monetary Policy.” Oxford Economic Papers 60 (3): 423–439. doi:10.1093/oep/gpn008.
  • Byrne, J. P., and J. Nagayasu. 2010. “Structural Breaks in the Real Exchange Rate and Real Interest Rate Relationship.” Global Finance Journal 21 (2): 138–151. doi:10.1016/j.gfj.2010.06.002.
  • Clarida, R., J. Galí, and M. Gertler. 2000. “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory.” Quarterly Journal of Economics 115 (1): 147–180. doi:10.1162/003355300554692.
  • Ding, W., and X. Liu. 2002. “Theoretical Research and Empirical Analysis of Intermediate Target Choice of China’s Monetary Policy.” Economic Science 6: 44–51. (In Chinese)
  • Friedman, B. M., and K. N. Kuttner. 1992. “Money, Income, Prices, and Interest Rates.” American Economic Review 82 (3): 472–492.
  • He, D., and H. Wang. 2012. “Dual-Track Interest Rates and the Conduct of Monetary Policy in China.” China Economic Review 23 (4): 928–947. doi:10.1016/j.chieco.2012.04.013.
  • Heimonen, K., J. Junttila, and S. Karkkainen. 2017. “Stock Market and Exchange Rate Information in the Taylor Rule: Evidence from OECD Countries.” International Review of Economics & Finance 51: 1–18. doi:10.1016/j.iref.2017.05.001.
  • Ida, D. 2011. “Monetary Policy and Asset Prices in an Open Economy.” The North American Journal of Economics and Finance 22 (2): 102–117. doi:10.1016/j.najef.2010.10.001.
  • Koop, G., and D. Korobilis. 2013. “Large Time-Varying Parameter VARs.” Journal of Econometrics 177 (2): 185–198. doi:10.1016/j.jeconom.2013.04.007.
  • Koop, G., R. Leon-Gonzalez, and R. W. Strachan. 2009. “On the Evolution of the Monetary Policy Transmission Mechanism.” Journal of Economic Dynamics and Control 33 (4): 997–1017. doi:10.1016/j.jedc.2008.11.003.
  • Korobilis, D. 2013. “Assessing the Transmission of Monetary Policy Using Time-Varying Parameter Dynamic Factor Models.” Oxford Bulletin of Economics and Statistics 75 (2): 157–179. doi:10.1111/j.1468-0084.2011.00687.x.
  • Liu, D., N. Xu, T. Zhao, and Y. Song. 2018. “Identifying the Nonlinear Correlation between Business Cycle and Monetary Policy Rules: Evidence from China and the U.S.” Economic Modelling 73: 45–54. doi:10.1016/j.econmod.2018.03.005.
  • Nakajima, J., and M. West. 2013. “Bayesian Analysis of Latent Threshold Dynamic Models.” Journal of Business & Economic Statistics 31 (2): 151–164. doi:10.1080/07350015.2012.747847.
  • Primiceri, G. E. 2005. “Time-Varying Structural Vector Autoregressions and Monetary Policy.” The Review of Economic Studies 72 (3): 821–852. doi:10.1111/j.1467-937X.2005.00353.x.
  • Sheng, S., and P. Wu. 2008. “The Binary Transmission Mechanism of China’s Monetary Policy: A Research on the ‘Two Intermediaries, Two Targets’ Model.” Economic Research Journal 43 (10): 37–51. (In Chinese)
  • Svensson, L. E. O. 2002. “Inflation Targeting: Should It Be Modeled as an Instrument Rule or a Targeting Rule.” European Economic Review 46 (4-5): 771–780. doi:10.1016/S0014-2921(01)00212-4.
  • Taylor, J. B. 1993. “Discretion versus Policy Rules in Practice.” Carnegie-Rochester Conference Series on Public Policy 39: 195–214. doi:10.1016/0167-2231(93)90009-L.
  • Wang, Y., Y. Tu, and S. X. Chen. 2016. “Improving Inflation Prediction with the Quantity Theory.” Economics Letters 149: 112–115. doi:10.1016/j.econlet.2016.10.023.
  • Woodford, M. 2001. “The Taylor Rule and Optimal Monetary Policy.” American Economic Review 91 (2): 232–237. doi:10.1257/aer.91.2.232.
  • Zhang, C., and H. Jiang. 2013. “Is Total Social Financing Suitable as an Intermediate Target of Monetary Policy: A Comparison with M2 and Total Credit.” Economic Science 6: 30–43. (In Chinese)

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.