IMF-中国货币政策传导与政策协调 Monetary Policy Transmission and Policy Coordination in China 2022.pptx

下载文档 降价啦

10
0
约4.53万字
约 40页
2022-05-18 发布于北京
举报
版权申诉
保障服务

IMF-中国货币政策传导与政策协调 Monetary Policy Transmission and Policy Coordination in China 2022.pptx

1、本文档共40页，可阅读全部内容。
2、原创力文档（book118）网站文档一经付费（服务费），不意味着购买了该文档的版权，仅供个人/单位学习、研究之用，不得用于商业用途，未经授权，严禁复制、发行、汇编、翻译或者网络传播等，侵权必究。
3、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。如您付费，意味着您自己接受本站规则且自行承担风险，本站不退款、不进行额外附加服务；查看《如何避免下载的几个坑》。如果您已付费下载过本站文档，您可以点击这里二次下载。
4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等，请点击“版权申诉”（推荐），也可以打举报电话：400-050-0827(电话支持时间：9:00-18:30)。

Monetary Policy Transmission and Policy Coordination in China;;IMF WORKING PAPERS;Monetary Policy Transmission and Policy Coordination in China;IMF WORKING PAPERS Monetary Policy Transmission and Policy Coordination in China constructing the shocks incorporates the People’s Bank of China’s (PBC) four main policy instruments: the required reserve ratio for banks (RRR), benchmark bank deposit and lending rates, the medium-term lendingfacility (MLF) rate, and the PBC 7-day reverse repo rate. As a separate, broader measure of monetary policy, we also include the release of PBC’s quarterly monetary policy reports, reforms in foreign exchange policy, and other changes to the MLF, in addition to the main policy instruments. To address the second challenge, we then employ textual analysis of the State Council website to measure coordination between monetary and fiscal policy. Textual analysis hasbeen increasingly used to studypolicy communications (Hansenet al., 2018). Using a dictionary-based approach, we search through news and meeting releases from the State Council for keywords relating to monetary and fiscal policies. We use joint occurrences of monetary and fiscal keywords to determine whether a monetarypolicy shock is coordinated with fiscal policy. With the high-frequency monetary shocks and text-based measure of monetary-fiscal coordination, we study the empirical effects of monetary policy on a range of interest rates including interbank rates, central and local government bond yields, and corporate bond spreads. 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. When uncoordinated measures do pass-through to interest rates, they have shorter-lived effects