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
Authors:	Koivu, Tuuli
Publisher:	Frankfurt a. M. : European Central Bank (ECB)
Subject:	Geldpolitik \| Geldpolitische Transmission \| Privater Konsum \| VAR-Modell \| China \| asset prices \| monetary policy

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Series:	ECB Working Paper ; 1240
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	635919419 [GVK] hdl:10419/153674 [Handle] RePEc:ecb:ecbwps:20101240 [RePEc]
Classification:	E52 - Monetary Policy (Targets, Instruments, and Effects) ; P24 - National Income, Product, and Expenditure; Money; Inflation
Source:	EconStor

Persistent link: https://www.econbiz.de/10011605286