332
Views
2
CrossRef citations to date
0
Altmetric
Finance, Development, and Productivity in Emerging Economies

U.S. Money Supply and China’s Business Cycles

, &

References

  • Aviat, A., and N. Coeurdacier. 2007. The geography of trade in goods and asset holdings. Journal of International Economics 71:22–51. doi:10.1016/j.jinteco.2006.02.002.
  • Bacchetta, P., K. Benhima, and Y. Kalantzis. 2013. Capital controls with international reserve accumulation: Can this be optimal? American Economic Journal: Macroeconomics 5 (3):229–62.
  • Bailey, W. 1989. The effect of U.S. Money supply announcements on Canadian stock, bond, and currency prices. Canadian Journal of Economics 22 (3):607–18. doi:10.2307/135543.
  • Bailey, W. 1990. U.S. Money supply announcements and pacific rim stock markets: Evidence and implications. Journal of International Money and Finance 9:344–56. doi:10.1016/0261-5606(90)90015-R.
  • Betts, C., and M. B. Devereux. 2000. Exchange rate dynamics in a model of pricing-to-market. Journal of International Economics 50 (1):215–44. doi:10.1016/S0022-1996(98)00036-1.
  • Bianchi, F., and L. Melosi. 2017. Escaping the great recession. American Economic Review 107 (4):1030–58. doi:10.1257/aer.20160186.
  • Carton, B. 2011. The impossible trinity revised: An application to China. CEPII Working Paper, No. 2011-27. Paris, France: CEPII Research Center.
  • Chang, C., Z. Liu, and M. M. Spiegel. 2013. Capital controls and optimal Chinese monetary policy. Working Paper Series, No. 2012-13. San Francisco, CA: Federal Reserve Bank of San Francisco.
  • Chen, Q., M. Funke, and M. Paetz. 2012. Market and non-market monetary policy tools in a calibrated DSGE model for Mainland China. BOFIT Discussion Paper 16/2012. Helsinki, Finland: Bank of Finland.
  • Coeurdacier, N., and H. Rey. 2011. Home bias in open economy financial macroeconomics. NBER Working Paper, No. 17691. Cambridge, MA: National Bureau of Economic Research.
  • Collard, F., and H. Dellas. 2002. Exchange rate systems and macroeconomic stability. Journal of Economic Dynamics and Control 49:571–99.
  • Corsetti, G., L. Dedola, and S. Leduc. 2011. Optimal monetary policy in open economies. Handbook of Monetary Economics 3B:861–933.
  • De Paoli, B. 2009. Monetary policy and welfare in a small open economy. Journal of International Economics 77 (1):11–22. doi:10.1016/j.jinteco.2008.09.007.
  • De Walque, G., F. Smets, and R. Wouters. 2005. An estimated two-country DSGE model for the Euro area and the US economy. National Bank of Belgium working paper. Brussels, Belgium: National Bank of Belgium.
  • Dees, S., M. H. Pesaran, L. V. Smith, and R. P. Smith. 2010. Supply, demand and monetary policy shocks in a multi-country New Keynesian model. European Central Bank Working Paper Series, No. 1239. Frankfurt, Germany: European Central Bank.
  • Devereux, M. B., K. Shi, and J. Xu. 2010. Oil currency and the dollar standard: A simple analytical model of an international trade currency. Journal of Money, Credit and Banking 42 (4):521–50. doi:10.1111/(ISSN)1538-4616.
  • Edge, R. M. 2003. A utility-based welfare criterion in a model with endogenous capital accumulation. Finance and Economics Discussion Series No. 2003-66. Washington, DC: Board of Governors of the Federal Reserve System.
  • Farhi, E., and I. Werning. 2012. Dealing with the Trilemma: Optimal capital controls with fixed exchange rates. NBER Working Papers, No. 18199. Cambridge, MA: National Bureau of Economic Research.
  • Farhi, E., and I. Werning. 2014. Dilemma not Trilemma? Capital controls and exchange rates with volatile capital flows. IMF Economic Review 62 (4):569–605. doi:10.1057/imfer.2014.25.
  • Farrell, M. 1980. International impact of U.S. money supply: The case of Mexico. American Economic Review 70 (3):433–43.
  • Funke, M., M. Paetz, and E. Pytlarczyk. 2011. Stock market wealth effects in an estimated DSGE model for Hong Kong. Economic Modelling. 28 (1):316–34.
  • Galati, G., and P. Wooldridge. 2006. The Euro as a reserve currency: A challenge to the pre-eminence of the U.S. dollar? BIS working paper, No. 218. Basel, Switzerland: Bank for International Settlements.
  • Galí, J., and T. Monacelli. 2005. Monetary policy and exchange rate volatility in a small open economy. Review of Economic Studies 72:707–34. doi:10.1111/j.1467-937X.2005.00349.x.
  • Goldberg, L., and C. Tille. 2008. Vehicle currency use in international trade. Journal of International Economics 76 (2):177–92. doi:10.1016/j.jinteco.2008.07.001.
  • Goldberg, L., and C. Tille. 2009. Macroeconomic interdependence and the international role of the dollar. Journal of Monetary Economics 56:990–1003. doi:10.1016/j.jmoneco.2009.09.008.
  • Goldberg, L. S. 2010. Is the international role of the dollar changing? Current Issues in Economics and Finance 16 (1):1–7.
  • He, Q., P. Leung, and T. T. Chong. 2013. Factor-augmented VAR analysis of the monetary policy in China. China Economic Review 25:88–104. doi:10.1016/j.chieco.2013.03.001.
  • He, X., H. Wu, Y. Cao, and R. Liu. 2005. China-QEM: A quarterly macro-econometric model of China. Beijing: Social Sciences Academic Press.
  • Krugman, P. R. 1984. The international role of the dollar: Theory and prospect. In Exchange rates theory and practice, eds. J. F. O. Bilson, and R. C. Marston, 261–78. Chicago: University of Chicago Press.
  • Lei, J., and K. Liu. 2015. US money supply and global business cycles: 1979–2009. Applied Economics 47:5689–705. doi:10.1080/00036846.2015.1054075.
  • Liu, K. 2016. Structural fiscal balances of the UK: A state-space DSGE approach. Applied Economics 48 (46):4447–61. doi:10.1080/00036846.2016.1158921.
  • Mackowiak, B. 2007. External shocks, U.S. monetary policy and macroeconomic fluctuations in emerging markets. Journal of Monetary Economics 54 (8):2512–20. doi:10.1016/j.jmoneco.2007.06.021.
  • Mehrotra, A., R. Nuutilainen, and J. Paakkonen. 2011. Changing economic structures and impacts of shocks – Evidence from a DSGE model for China. BOFIT Discussion Papers 5/2011. Helsinki, Finland: Bank of Finland.
  • Neely, C. J. 2010. The large-scale asset purchases had large international effects. Federal Reserve Bank of St. Louis Working Paper, No. 2010-018C. St. Louis, Missouri: Federal Reserve Bank of St. Louis.
  • Obstfeld, M., and K. Rogoff. 1995. Exchange rate dynamics redux. Journal of Political Economy 103:624–60. doi:10.1086/261997.
  • Obstfeld, M., and K. Rogoff. 2000. The six major puzzles in international macroeconomics: Is there a common cause? In NBER macroeconomics annual, eds. B. Bernanke, and K. Rogoff, vol. 15, 339–90. Cambridge, MA: MIT Press.
  • Peng, D. J., K. Shi, and J. Y. Xu. 2016. SOE and Chinese real business cycle. HKIMR Working Paper No. 02/2016. Hong Kong, China: Hong Kong Institute for Monetary Research.
  • Pesaran, M. H., T. Schuermann, and L. V. Smith. 2009. Forecasting economic and financial variables with global VARs. International Journal of Forecasting 25:642–75. doi:10.1016/j.ijforecast.2009.08.007.
  • Rotemberg, J. J., and M. Woodford. 1997. An optimization-based econometric framework for the evaluation of monetary policy. In NBER macroeconomics annual 1997, eds. B. S. Bernanke, and J. J. Rotemberg. Cambridge, MA: MIT Press.
  • Schmitt-Grohé, S., and M. Uribe. 2003. Closing small open economy models. Journal of International Economics 61 (1):163–85. doi:10.1016/S0022-1996(02)00056-9.
  • Schulmeister, S. 2000. Globalization without global money: The double role of the dollar as national currency and world currency. Journal of Post Keynesian Economics 22 (3):365–95. doi:10.1080/01603477.2000.11490246.
  • Song, Z., K. Storesletten, and F. Zilibotti. 2011. Growing like China. American Economic Review 101 (1):196–233. doi:10.1257/aer.101.1.196.
  • Uribe, M., and V. Z. Yue. 2006. Country spreads and emerging countries: Who drives whom? Journal of International Economics 69:6–36. doi:10.1016/j.jinteco.2005.04.003.
  • Woodford, M. 2003. Interest and prices: Foundations of a theory of monetary policy. Princeton: Princeton University Press.

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.