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Monetary policy, asset prices and consumption in China

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  • Koivu, Tuuli

    ()
    (BOFIT)

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    Abstract

    This paper studies the wealth channel in China. Using the structural vector autoregression method, we find that a loosening of China’s monetary policy indeed leads to higher asset prices, which in turn are linked to household consumption. However, the importance of the wealth channel as a part of the monetary policy transmission mechanism in China is still limited.

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    File URL: http://www.suomenpankki.fi/bofit_en/tutkimus/tutkimusjulkaisut/dp/Documents/DP1810.pdf
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    Bibliographic Info

    Paper provided by Bank of Finland, Institute for Economies in Transition in its series BOFIT Discussion Papers with number 18/2010.

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    Length: 33 pages
    Date of creation: 05 Nov 2010
    Date of revision:
    Handle: RePEc:hhs:bofitp:2010_018

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    Postal: Bank of Finland, BOFIT, P.O. Box 160, FI-00101 Helsinki, Finland
    Phone: + 358 10 831 2268
    Fax: + 358 10 831 2294
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    Web page: http://www.suomenpankki.fi/bofit_en/
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    Related research

    Keywords: China; monetary policy; asset prices;

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    Cited by:
    1. Chen, Yu-Fu & Funke, Michael & Mehrotra, Aaron, 2011. "What drives urban consumption in mainland China? The role of property price dynamics," BOFIT Discussion Papers 13/2011, Bank of Finland, Institute for Economies in Transition.

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