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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. - 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
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Understanding the New-Keynesian Model when Monetary Policy Switches Regimes
Farmer, Roger E.A. - 2007
This paper studies a New-Keynesian model in which monetary policy may switch between regimes. We derive sufficient conditions for indeterminacy that are easy to implement and we show that the necessary and sufficient condition for determinacy, provided by Davig and Leeper, is necessary but not...
Persistent link: https://www.econbiz.de/10012465691