These notes are based on parts of a keynote address to the Fourth Annual Conference on Money and Finance at Chapman University on 6-7 September 2019. Quantitative easing (QE) policies have been pushed to extremes and extended well beyond their use-by dates to little plausible effect in achieving...

We develop a factor-augmented vector autoregression model to estimate the effects of changes in U.S. monetary policy and economic policy uncertainty have on the Chinese housing, equity and loan markets. We find that the decline in the U.S. policy rate since the Great Recession has led to a...

This paper uses Chinese data to calibrate a monetary policy model, so as to study the special impact of sectoral differences in financing and budget constraints on developing countries' monetary policy. The paper finds that real estate transactions, as a particularly effective monetary policy...