In this paper, we test the differential effects of monetary policy shock on aspects of banks' balance sheets (deposits … uncover the transmission mechanisms of China's monetary policy. Also we identify the cointegrating vectors to establish the … price channel. Furthermore, we discuss and explore the distribution and growth effects of China's monetary policy on China …

anticipation of a future cost-push shock leads to a higher welfare loss than an unanticipated shock. A welfare gain from the … anticipation of a future cost shock may only occur if prices are sufficiently flexible. We analytically show that this surprising …