{"title":"Money Policy in Dynamic Stochastic General Equilibrium Models","authors":"Yang Liu, Li Li","doi":"10.1109/CAR.2009.103","DOIUrl":null,"url":null,"abstract":"Abstract: By using the quarterly data of 1996-2005 in China, we use a dynamic stochastic general equilibrium modeling framework to compare the different design of monetary policy: an interest rate feedback rule and a money growth rule. Drawing on our econometric analysis, we argue that model, closed with interest rate feedback rule comes closer to the data. The paper also suggests to incorporate the sticky price property and fiscal policy to explain the economy better.","PeriodicalId":320307,"journal":{"name":"2009 International Asia Conference on Informatics in Control, Automation and Robotics","volume":"65 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2009-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"2009 International Asia Conference on Informatics in Control, Automation and Robotics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1109/CAR.2009.103","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
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Abstract
Abstract: By using the quarterly data of 1996-2005 in China, we use a dynamic stochastic general equilibrium modeling framework to compare the different design of monetary policy: an interest rate feedback rule and a money growth rule. Drawing on our econometric analysis, we argue that model, closed with interest rate feedback rule comes closer to the data. The paper also suggests to incorporate the sticky price property and fiscal policy to explain the economy better.
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