Relying on quarterly data since 1998 we estimate, for China and the U.S., small scale econometric models that economize … them. We conclude that inflation in China responds to credit shocks. Indeed, the monetary transmission mechanism in China … on China's financial conditions. Finally, spillovers from the U.S. to China are significant and originate from both the …

Relying on quarterly data since 1998 we estimate, for China and the U.S., small scale econometric models that economize … them. We conclude that inflation in China responds to credit shocks. Indeed, the monetary transmission mechanism in China … 2008-9. Finally, spillovers from the US to China are significant and originate from both through the real and financial …