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Impacts of Monetary Stimulus on Credit Allocation and the Macroeconomy : Evidence from China
Chen, Kaiji - 2016
We develop a new empirical framework to identify and estimate the effects of monetary stimulus on the real economy. The … framework is applied to the Chinese economy when monetary policy in normal times was switched to an extraordinarily expansionary … high as a 4% increase of real GDP growth rate by the end of 2009. Monetary transmission to the real economy was through …
Persistent link: https://www.econbiz.de/10012982935
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Impacts of Monetary Stimulus on Credit Allocation and Macroeconomy : Evidence from China
Chen, Kaiji - 2016
We develop a new empirical framework to identify and estimate the effects of monetary stimulus on the real economy. The … framework is applied to the Chinese economy when monetary policy in normal times was switched to an extraordinarily expansionary … high as a $4\%$ increase of real GDP growth rate by the end of 2009. Monetary transmission to the real economy was through …
Persistent link: https://www.econbiz.de/10012456030
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China pro-growth monetary policy and its asymmetric transmission
Chen, Kaiji; Higgins, Patrick; Waggoner, Daniel F.; Zha, Tao - 2016
Persistent link: https://www.econbiz.de/10011553280
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Understanding the New-Keynesian model when monetary policy switches regimes
Farmer, Roger E. A.; Waggoner, Daniel F.; Zha, Tao - 2007
Persistent link: https://www.econbiz.de/10003443352
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Understanding Markov-Switching rational expectations models
Farmer, Roger E. A.; Zha, Tao; Waggoner, Daniel F. - 2009
Persistent link: https://www.econbiz.de/10003809471
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Indeterminacy in a forward looking regime switching model
Farmer, Roger E. A.; Waggoner, Daniel F.; Zha, Tao - 2006
Persistent link: https://www.econbiz.de/10003383730
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Monetary Stimulus Amidst the Infrastructure Investment Spree : Evidence from China's Loan-Level Data
Chen, Kaiji - 2020
economy. We find that except for the manufacturing sector, monetary stimulus itself did not favor SOEs over non-SOEs in credit …
Persistent link: https://www.econbiz.de/10012481311
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Understanding Markov-Switching Rational Expectations Models
Farmer, Roger E. A. - 2014
We develop a set of necessary and sufficient conditions for equilibria to be determinate in a class of forward-looking Markov-switching rational expectations models and we develop an algorithm to check these conditions in practice. We use three examples, based on the new-Keynesian model of...
Persistent link: https://www.econbiz.de/10012750980
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Understanding Markov-Switching Rational Expectations Models
Farmer, Roger E. A. - 2015
We develop a set of necessary and sufficient conditions for equilibria to be determinate in a class of forward-looking Markov-switching rational expectations models, and we develop an algorithm to check these conditions in practice. We use three examples, based on the new Keynesian model of...
Persistent link: https://www.econbiz.de/10013032873
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Understanding Markov-Switching Rational Expectations Models
Farmer, Roger E.A. - 2009
We develop a set of necessary and sufficient conditions for equilibria to be determinate in a class of forward-looking Markov-switching rational expectations models and we develop an algorithm to check these conditions in practice. We use three examples, based on the new-Keynesian model of...
Persistent link: https://www.econbiz.de/10012463937