文献详情
Whose confidence matters in Chinese monetary policy?
文献类型：期刊
通讯作者：Zhang, CS (reprint author), Renmin Univ China, Sch Finance, Beijing, Peoples R China.; Zhang, CS (reprint author), Renmin Univ China, China Financial Policy Res Ctr, Finance, Beijing, Peoples R China.
期刊名称：INTERNATIONAL REVIEW OF ECONOMICS & FINANCE
年：2019
卷：60
页码：188-202
ISSN：1059-0560
关键词：Confidence; Monetary policy; Competition test; Counterfactual analysis; SVAR
所属部门：财政金融学院
摘要：Whose confidence matters in Chinese monetary policy-consumers or entrepreneurs? To answer this question, we first conduct a competition test between the two groups and find that the entrepreneurs' confidence plays a much more dominant role than the consumer confidence in the transmission process of monetary policy. In addition, we use counterfactual structural vector autoregression method to isolate and identify the effect of confidence. The empirical results show that the effectiveness of proac ...More
Whose confidence matters in Chinese monetary policy-consumers or entrepreneurs? To answer this question, we first conduct a competition test between the two groups and find that the entrepreneurs' confidence plays a much more dominant role than the consumer confidence in the transmission process of monetary policy. In addition, we use counterfactual structural vector autoregression method to isolate and identify the effect of confidence. The empirical results show that the effectiveness of proactive monetary policy will be strikingly reduced if the channel of entrepreneurs' confidence is shut down. Removing the effect of consumer confidence from the system, however, produces little impact on the effectiveness of monetary. These findings are robust to both price-based and quantitative-based policy variables in China. ...Hide

DOI：10.1016/j.iref.2018.11.003
百度学术：Whose confidence matters in Chinese monetary policy?
语言：外文
基金：Fundamental Research Funds for the Central UniversitiesFundamental Research Funds for the Central Universities; Research Funds of Renmin University of China [15XNI001]
作者其他论文



Is monetary policy forward-looking in China?.Zhang, Chengsi, Dang, Chao,.INTERNATIONAL REVIEW OF ECONOMICS & FINANCE. 2018, 57, 4-14.
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Inflation pass-through and inflation risk.Zhang, Chengsi.3rd international Conference on Risk Management and Global e-Business.2009,392-395.
Inflation risk in China: a view from structural instability in inflation inertia.Pang, Hong;Zhang, Chengsi.International Conference on Risk Management and Engineering Management.2008,122-126.