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A Study on Periodic Changes of Monetary Policies
Pages: 32-35
Year: Issue:  9
Journal: Xi'an Finance

Keyword:  M2real money supplyfinancial conditions index(FCI)periodic change;
Abstract: The paper uses aggregate demand equation curtailment model and SVAR model to estimate monetary conditions index(MCI) excluding the asset price and financial conditions index(FCI) including the asset price. Estimation results show that compared to MCI, FCI can better describe the periodic changes of China’s monetary policy. According to the index, China’s monetary and financial environment can be divided into two stages, namely monetary easing phase from 2009 to 2010 and monetary tightening phase from 2010 to 2015. At the same time, according to the changes of M2 / FX-based assets ratio, the paper argues that in addition to the active adjustment and control, monetary policies are also passive subject to the external constraints like FX-based assets fluctuations,so the central bank regulation should be transferred from the passive adaptation to the initiative action.
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