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Frontiers of Economics in China

ISSN 1673-3444

ISSN 1673-3568(Online)

CN 11-5744/F

邮发代号 80-978

Frontiers of Economics in China - Selected Publications from Chinese Universities  2008, Vol. 3 Issue (2): 169-208   https://doi.org/10.1007/s11459-008-0008-6
  本期目录
Monetary policy under fixed exchange regime: A study on the future monetary policy in China
Monetary policy under fixed exchange regime: A study on the future monetary policy in China
GONG Gang 1, GAO Jian 2
1.School of Economics, Nankai University, Tianjin 300071, China; 2.China Development Bank, Beijing 100037, China
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Abstract:Using a macro dynamic model that is specified for the current Chinese economy, we investigate the monetary policy in China under the assumption that the capital market was “open” under WTO frame-work while the exchange rate was fixed. Our purpose here is to find whether it is possible for China in this case to keep the effective monetary policy for stabilizing the domestic economy. For this, we suggest some institutional arrangements (or restrictions). Given these institutional restrictions, we find that not only the monetary policy can still be effective but also the fixed exchange regime will strengthen the macroeconomic stability shared by both the domestic economy and the economy of its trade partners. The dynamic analysis of the model further shows that the under-valued RMB is necessary for the target exchange rate to be sustainable. Finally, due to the import pattern of the current Chinese economy, RMB appreciation will not help to resolve the trade deficit problem in the Western economy with respect to China.
出版日期: 2008-06-05
 引用本文:   
. Monetary policy under fixed exchange regime: A study on the future monetary policy in China[J]. Frontiers of Economics in China - Selected Publications from Chinese Universities, 2008, 3(2): 169-208.
GONG Gang , GAO Jian. Monetary policy under fixed exchange regime: A study on the future monetary policy in China. Front. Econ. China, 2008, 3(2): 169-208.
 链接本文:  
https://academic.hep.com.cn/fec/CN/10.1007/s11459-008-0008-6
https://academic.hep.com.cn/fec/CN/Y2008/V3/I2/169
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