With the development of market-oriented economic reforms, Chinese monetary policy plays an important role in the world. The objective of this paper is to review the recent conduct of Chinese monetary policy and the central bank’s rule-based behavior in period 1994-2006 by estimating the...

The rapid ageing of the population and the strong desires for working by the retired old has become a serious issue on the Japanese pension management. This paper suggests a partial solution for the issue in an overlapping generation framework. It is shown that providing the old with jobs rather...