2018

张成思——INTERNATIONAL REVIEW OF ECONOMICS & FINANCE:Is monetary policy forward-looking in China

时间:2018-11-27
This paper investigates the empirical success of the forward-looking rule in explaining Chinese monetary policy during the period from 2001 to 2016 when survey expectations are used in conjunction with alternative monetary policy rules (money supply rule v.s. interest rate rule). The paper also contributes to the literature by addressing the important problems of serial correlation and structural breaks in the underlying policy reaction function. Contrary to existing results indicating the stron
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