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Monetary policy rules under a fixed exchange rate regime: empirical evidence from China

  • Shengzu Wang
  • Jagdish Handa

This article uses an open economy model to estimate, using cointegration and error-correction analysis, China's monetary policy reaction function for the period 1993 to 2003. Alternative inflation-forecast-based (IFB) policy Taylor-type rules for the interest rate are examined and their parameters are estimated. The empirical results support the hypothesis that the central bank of China follows a Taylor-type rule for the interest rate, with the aim of inflation targeting and output smoothing.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/09603100600749279
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Article provided by Taylor & Francis Journals in its journal Applied Financial Economics.

Volume (Year): 17 (2007)
Issue (Month): 12 ()
Pages: 941-950

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Handle: RePEc:taf:apfiec:v:17:y:2007:i:12:p:941-950
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