Empirical Analysis on Monetary Policy Efficiency in China | |
Wan, Jieqiu1; Cheng, Gui2; Xu, Tao1 | |
2013 | |
会议名称 | International Academic Workshop on Social Science (IAW-SC) |
会议录名称 | PROCEEDINGS OF THE 2013 INTERNATIONAL ACADEMIC WORKSHOP ON SOCIAL SCIENCE (IAW-SC 2013) |
卷号 | 50 |
页码 | 308-311 |
会议日期 | OCT 18-20, 2013 |
会议地点 | Adv Informat Sci Res Ctr, Changsha, PEOPLES R CHINA |
会议录编者/会议主办者 | Atlantis Press, Qingdao Univ, Liaocheng Univ, Fuzhou Univ, Hunan Univ |
出版地 | PARIS |
出版者 | ATLANTIS PRESS |
摘要 | As an important indicator to test the effectiveness of monetary policy, monetary policy efficiency has long been discussed. In this paper, we adopt the stochastic frontier analysis (SFA) based on translog function to measure the Chinese monetary policy efficiency from 1998 to 2011. Our empirical results indicate that economic growth and price stability have the same weights in the Chinese monetary policy function. Money aggregate (M2) has a larger impact on the monetary policy targets than interest rate does. Generally speaking, Chinese monetary policy efficiency is not so high and needs to be improved. To enhance monetary policy efficiency, China should reform its monetary policy framework by introducing the flexible targets into the monetary policy framework, further the interest rate reform and continue the reform on the Renminbi exchange rate regime. |
关键词 | Monetary policy efficiency Monetary policy targets SFA |
收录类别 | CPCI-S |
语种 | 英语 |
WOS研究方向 | Social Sciences - Other Topics |
WOS类目 | Social Sciences, Interdisciplinary |
WOS记录号 | WOS:000335909400066 |
原始文献类型 | Proceedings Paper |
引用统计 | |
文献类型 | 会议论文 |
条目标识符 | http://ir.lzufe.edu.cn/handle/39EH0E1M/30233 |
专题 | 教务处 金融学院 |
作者单位 | 1.Soochow Univ, Sch Business, Suzhou, Peoples R China; 2.Lanzhou Univ Finance & Econ, Sch Finance, Lanzhou, Peoples R China |
推荐引用方式 GB/T 7714 | Wan, Jieqiu,Cheng, Gui,Xu, Tao. Empirical Analysis on Monetary Policy Efficiency in China[C]//Atlantis Press, Qingdao Univ, Liaocheng Univ, Fuzhou Univ, Hunan Univ. PARIS:ATLANTIS PRESS,2013:308-311. |
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