Funke, Michael; Paetz, Michael; Chen, Qianying - Institut für Makroökonomie und Wirtschaftspolitik, … - 2012
Monetary policy in mainland China differs from conventional central bank- ing in several respects. The central bank … captures China’s unconventional monetary policy toolkit. We find that credit quotas are impor- tant as the interest …-rate corridor distorts the efficient reactions of the economy. Moreover, for China’s central bankers the choice of a particular …