This paper examines the performance of monetary policy rules when the economy finds itself in dark corners, when the real sector experiences a sequence of negative shocks from world demand and while the central bank faces prolonged low world interest rates on its foreign-exchange reserve...

This paper investigates the effects of monetary and foreign exchange policies on the exchange rate in China. In the empirical model, a multiple number of monetary and foreign exchange policy instruments, such as the short-term interest rate, reserve requirement ratio, lending and borrowing...

This paper analyzes the effects of monetary and foreign exchange policies on the exchange rate in China by using structural VAR models with sign restrictions. In the empirical model, a number of monetary and foreign exchange policy instruments are considered and interactions among these...

On August 11 2015, China revamped its procedure of setting the official central parity of the renminbi (RMB) against the US dollar. Our empirical investigation shows that the intertemporal dynamics of China's central parity are not the same before and after this policy change. They are more...

On August 11 2015, China revamped its procedure of setting the official central parity of the renminbi (RMB) against the US dollar. Our empirical investigation shows that the intertemporal dynamics of China's central parity are not the same before and after this policy change. They are more...