BOFIT Discussion Papers, Institute for Economies in Transition, Bank of Finland
No 18/2010:
Monetary policy, asset prices and consumption in China
Tuuli Koivu ()
Abstract: This paper studies the wealth channel in China. Using the
structural vector autoregression method, we find that a loosening of
China’s monetary policy indeed leads to higher asset prices, which in turn
are linked to household consumption. However, the importance of the wealth
channel as a part of the monetary policy transmission mechanism in China is
still limited.
Keywords: China; monetary policy; asset prices; (follow links to similar papers)
JEL-Codes: E52; P24; (follow links to similar papers)
33 pages, November 5, 2010
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