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Macroeconomic Effects of China's Financial Policies

Chen, Kaiji - 2018

The Chinese economy has undergone three major phases: the 1978-1997 period marked as the SOE-led economy, the 1998 …-2015 phase as the investment-driven economy, and the new normal economy since 2016. All three economies have been shaped by the … one economy to another was driven mainly by regime changes in financial policies …

Persistent link: https://www.econbiz.de/10012480873

Stock-bond Return Correlation, Bond Risk Premium Fundamental, and Fiscal-monetary Policy Regime

Li, Erica X.N. - 2020

We incorporate regime switching between monetary and fiscal policies in a general equilibrium model to explain three stylized facts: (1) the positive stock-bond return correlation from 1971 to 2000 and the negative one after 2000, (2) the negative correlation between consumption and inflation...

Persistent link: https://www.econbiz.de/10012481165

Modest Policy Interventions

Leeper, Eric M. - 2002

We present a framework for computing and evaluating linear projections of macro variables conditional on hypothetical paths of monetary policy. A modest policy intervention is a change in policy that does not significantly shift agents' beliefs about policy regime and does not generate...

Persistent link: https://www.econbiz.de/10012469518

The Nexus of Monetary Policy and Shadow Banking in China

Chen, Kaiji - 2017

We estimate the quantity-based monetary policy system in China. We argue that China's rising shadow banking was inextricably linked to banks' balance-sheet risk and hampered the effectiveness of monetary policy on the banking system during the 2009-2015 period of monetary policy contractions. By...

Persistent link: https://www.econbiz.de/10012455304

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

Four Stylized Facts about COVID-19

Atkeson, Andrew - 2020

We document four facts about the COVID-19 pandemic worldwide relevant for those studying the impact of non-pharmaceutical interventions (NPIs) on COVID-19 transmission. First: across all countries and U.S. states that we study, the growth rates of daily deaths from COVID-19 fell from a wide...

Persistent link: https://www.econbiz.de/10012481267

Empirical Analysis of Policy Interventions

Leeper, Eric M. - 2002

We construct linear projections of macro variables conditional on hypothetical paths of monetary policy, using as an example an identified VAR model. Hypothetical policies are restricted to ones where both the policy intervention and its impacts are consistent with history -- otherwise the...

Persistent link: https://www.econbiz.de/10012469650

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

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

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