Macroeconomic regulations and Chinese Central Bank under the old normal -- The new normal and new challenges -- Central Bank's new monetary policy -- New objectives for monetary policy -- Revolutions in monetary policy instruments -- New monetary policy transmission mechanism -- The Central Bank...

In this paper we estimate the effect of government consumption shocks on GDP using a panel of 21 developing economies. Our goal is to better understand the reasons for the low fiscal multipliers found in the literature by performing estimations for alternative exchange rate regimes,...