Monetary Policy Transmission and Policy Coordination in China /

We study the transmission of conventional monetary policy in China, focusing on the interaction between monetary and fiscal policy given the unique institutional set-up for macroeconomic policy making. Our results suggest some progress but also continued difficulties in the transmission of monetary...

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Библиографические подробности
Главный автор: Das, Sonali
Другие авторы: Song, Wenting
Формат: Журнал
Язык:English
Опубликовано: Washington, D.C. : International Monetary Fund, 2022.
Серии:IMF Working Papers; Working Paper ; No. 2022/074
Предметы:
Online-ссылка:Full text available on IMF
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520 3 |a We study the transmission of conventional monetary policy in China, focusing on the interaction between monetary and fiscal policy given the unique institutional set-up for macroeconomic policy making. Our results suggest some progress but also continued difficulties in the transmission of monetary policy. Similar to recent studies, we find evidence of monetary policy pass-through to interest rates. However, the impact of monetary policy measures that are not coordinated with fiscal policy is significantly weaker than that of coordinated measures. This suggests the need for further improvements to the interest-rate based framework. 
538 |a Mode of access: Internet 
650 7 |a Central Banks and Their Policies  |2 imf 
650 7 |a Monetary Policy  |2 imf 
650 7 |a Policy Coordination  |2 imf 
650 7 |a Policy Designs and Consistency  |2 imf 
650 7 |a Policy Objectives  |2 imf 
700 1 |a Song, Wenting. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2022/074 
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