Chen, Zhenzhu; Li, Li; Yu, Changhua - In: China economic quarterly international : CEQI 3 (2023) 1, pp. 46-59
This paper identifies exogenous monetary policy shocks based on the high frequency transaction data of China's interest … rate swap market, and explores the ‘signaling channel’ of monetary policy by investigating the transmission of different … monetary policy instruments on economic activities at both the macro and micro level. At the macro level, both the reserve …