Koivu, Tuuli; Mehrotra, Aaron; Nuutilainen, Riikka - In: Journal of Chinese Economic and Business Studies 7 (2009) 2, pp. 219-235
This paper evaluates the usefulness of a McCallum-type monetary policy rule based on money supply for maintaining price stability in mainland China. We examine whether excess money relative to rule-based values provides information that improves the forecasting of price developments. The results...