Monetary policy, asset prices and consumption in China

This paper studies the wealth channel in China. Using the structural vector autoregression method, we find that a loosening of China’s monetary policy indeed leads to higher asset prices, which in turn are linked to household consumption. However, the importance of the wealth channel as a part of the monetary policy transmission mechanism in China is still limited.

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Year of publication:	2010-09-15
Authors:	Koivu, Tuuli
Publisher:	European Central Bank
Subject:	Geldpolitik \| Monetary Policy \| Zentralbank \| Central Bank

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Extent:	1218560 bytes 26 p. application/pdf
Series:	Working paper series / European Central Bank ; 1240
Type of publication:	Book / Working Paper
Language:	English
Classification:	E52 - Monetary Policy (Targets, Instruments, and Effects) ; P24 - National Income, Product, and Expenditure; Money; Inflation ; Currency. Monetary policy ; Individual Working Papers, Preprints
Source:	ArchiDok

Persistent link: https://www.econbiz.de/10009640300