What prompts the people's bank of China to change its monetary policy stance? Evidence from a discrete choice model

China and World Economy

Volumn 16, Issue 6, 2008, Pages 1-21

  He, Dong ^a   Pauwels, Laurent L ^a  

^a HONG KONG MONETARY AUTHORITY   (Hong Kong)

Author keywords

Monetary policy; People's Bank of China; Qualitative response models

Indexed keywords

EID: 56649087904     PISSN: 16712234     EISSN: 1749124X     Source Type: Journal    
DOI: 10.1111/j.1749-124X.2008.00134.x     Document Type: Article

References (13)

1. Bai, Jushan and Serena Ng, 2004 A panic attack on unit roots and cointegration Econometrica, Vol. 72, No. 4, pp. 1127 77.
2. Bai, Jushan and Serena Ng, 2002 Determining the number of factors in approximate factor models Econometrica, Vol. 70, No. 1, pp. 191 221.
3. Balduzzi, Pierluigi, Giuseppe Bertola and Silverio Foresi, 1996 A model of target changes and the term structure of the interest rates Journal of Monetary Economics, Vol. 39, No. 2, pp. 223 49.
4. Elliott, Graham, Thomas J. Rothenberg and James H. Stock, 1996 Efficient tests for an autoregressive unit root Econometrica, Vol. 64, No. 4, pp. 813 36.
5. Geiger, Michael, 2006 Monetary policy in China (1994-2004): Targets, instruments and their effectiveness Wurzburg Economic Papers, No. 66, University of Wurzburg, Germany.
6. Goodfriend, Marvin and Eswar Prasad 2006 A framework for independent monetary policy in China IMF Working Paper No. 06/111, IMF, Washington, DC.
7. Hu, Ling and Peter C. B. Phillips, 2004a Nonstationary discrete choice Journal of Econometrics, Vol. 120, No. 1, pp. 103 38.
8. Hu, Ling and Phillips, Peter C. B., 2004b Dynamics of the federal funds target rate: A nonstationary discrete choice approach Journal of Applied Econometrics, Vol. 19, No. 7, pp. 851 67.
9. Laurens, Bernard J. and Maino Rodolfo, 2007 China: Strengthening monetary policy implementation IMF working paper No. WP/07/14, IMF, Washington, DC.
10. Liu, Ligang and Wenlang Zhang, 2007 A New Keynesian model for analysing monetary policy in Mainland China Working Paper No. 18/2007, the Hong Kong Monetary Authority, Hong Kong.
11. Park, Joon Y. and Peter C. B. Phillips, 2000 Nonstationary binary choice Econometrica, Vol. 68, No. 5, pp. 1249 80.
12. Peng, Wensheng, Hongyi Chen and Weiwei Fan, 2006 Interest rate structure and monetary policy implementation in Mainland China China Economic Issues, June, the Hong Kong Monetary Authority, Hong Kong.
13. Said, Said E. and David A. Dickey, 1984 Testing for unit roots in autoregressive-moving average models of unknown order Biometrika, Vol. 71, No. 3, pp. 599 607.