Capital controls and optimal Chinese monetary policy

被引：120

作者：

Chang, Chun ^{[1
]}

Liu, Zheng ^{[2
]}

Spiegel, Mark M. ^{[2
]}

机构：

[1] Shanghai Jiao Tong Univ, SAIF, Shanghai 200030, Peoples R China

[2] Fed Reserve Bank, San Francisco, CA 94105 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2015年 / 74卷

基金：

中国国家自然科学基金;

关键词：

China; Sterilization; Capital controls; Renminbi exchange rates; Optimal policy; RIGIDITIES; PRICES; TRADE;

D O I：

10.1016/j.jmoneco.2015.04.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

China's external policies, including capital controls, managed exchange rates, and sterilized interventions, constrain its monetary policy options for maintaining macroeconomic stability following external shocks. We study optimal monetary policy in a dynamic stochastic general equilibrium (DSGE) model that incorporates these "Chinese characteristics". The model highlights a monetary policy tradeoff between domestic price stability and costly sterilization. The same DSGE framework allows us to evaluate the welfare implications of alternative liberalization policies. Capital account and exchange rate liberalization would have allowed the Chinese central bank to better stabilize the external shocks experienced during the global financial crisis. Published by Elsevier B.V.

引用

页码：1 / 15

页数：15