主  题: Estimating Central banks' preferences under financial & business cycles in China

内容简介:  This paper investigates how monetary policy reaction function are  influenced by financial cycle using data from 31 provinces in China.  Results show that monetary policy reaction function in the expansion  phrase of business cycle, is significantly different from the phase  coinciding with the expansion phase of financial cycle. And monetary  policy reaction function in the recession phase of business cycle, is  significantly different from the phrase coinciding with the contraction  phase of financial cycle. Besides, different from western countries, who  place most weight on smoothing inflation rate and less weight on  stabilizing output, PBC pay more attention on stimulating the economy  and less attention on inflation. Our paper provides new evidence and  insights to the monetary policy reaction function in the different  combination of business cycle and financial cycle, and helps to the  improvement of monetary policy effect in theory.

报告人: 师俊国      博士后

时  间: 2018-10-17    14:00 

地  点: 位育楼117