To Guide or Not to Guide? Quantitative Monetary Policy Tools and Macroeconomic Dynamics in China

This paper discusses the macroeconomic effects of China's informal banking regulatory tool “win-dow guidance,” introduced in 1998. Using an open-economy DSGE model that includes the com-mercial banking sector, we study the stabilizing effects of this non-standard quantitative monetary policy tool and the implications of quantity-based vs. price-based monetary policy instruments for welfare. The analyses are relevant to the current overhaul of Chinese monetary policy

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Year of publication:	2019
Authors:	Chen, Hongyi
Other Persons:	Funke, Michael (contributor) ; Lozev, Ivan (contributor) ; Tsang, Andrew (contributor)
Publisher:	[2019]: [S.l.] : SSRN
Subject:	China \| Geldpolitik \| Monetary policy \| Wirkungsanalyse \| Impact assessment \| Bankenregulierung \| Bank regulation \| Wohlfahrtsanalyse \| Welfare analysis \| DSGE-Modell \| DSGE model

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