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
被引频次[WOS]:0   [WOS记录]     [WOS相关记录]
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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