Mehrotra, Aaron N.; Sánchez-Fung, José R. - In: Comparative economic studies 52 (2010) 4, pp. 497-514
The paper models monetary policy in China using a hybrid McCallum-Taylor empirical reaction function. The feedback rule allows for reactions to inflation and output gaps, and to developments in a trade-weighted exchange rate gap measure. The investigation finds that monetary policy in China has,...
