Evaluating McCallum rule as policy guideline for China

Sun, S; Gan, C; Hu, Baiding

Evaluating McCallum rule as policy guideline for China

dc.contributor.author	Sun, S
dc.contributor.author	Gan, C
dc.contributor.author	Hu, Baiding
dc.coverage.spatial	University of Auckland Business School
dc.date.accessioned	2012-06-14T23:40:39Z
dc.date.issued	2010
dc.description.abstract	Economists have reached a consensus that central bank could improve its policy efficiency by following a monetary policy rule. Given that money supply is the People’s Bank of China (PBC) principal policy instrument and its monetary targeting regime, this paper utilizes counterfactual simulation method to evaluate the feasibility of McCallum rule as a policy guideline for China in two simple macroeconomic models. The simulation results show that following McCallum rule could significantly reduce China’s nominal GDP fluctuations. The analysis shows that rule-specified path for the monetary base changes could be used as a benchmark for PBC’s policy decision.
dc.format.extent	pp.1-18
dc.identifier	https://www.webofscience.com/api/gateway?GWVersion=2&SrcApp=elements_prod&SrcAuth=WosAPI&KeyUT=WOS:000305701000010&DestLinkType=FullRecord&DestApp=WOS_CPL
dc.identifier.citation	Sun, S., Gan, C. & Hu, B. (2010). Evaluating McCallum rule as policy guideline for China. Joint Annual Conference of the New Zealand Association of Economists & Law and Economics Association of New Zealand, 30 June-2 July 2010, Auckland, New Zealand: New Zealand Association of Economists & Law and Economics Association of New Zealand.
dc.identifier.doi	10.1080/13547860.2012.694714
dc.identifier.eissn	1469-9648
dc.identifier.issn	1354-7860
dc.identifier.other	964MZ (isidoc)
dc.identifier.uri	https://hdl.handle.net/10182/4541
dc.language.iso	en
dc.publisher	Lincoln University. Faculty of Commerce. Department of Accounting, Economics and Finance.
dc.publisher.place	Lincoln, Canterbury
dc.relation	The original publication is available from Lincoln University. Faculty of Commerce. Department of Accounting, Economics and Finance. - https://doi.org/10.1080/13547860.2012.694714 - http://hdl.handle.net/10182/4541
dc.relation.isPartOf	Journal of the Asia Pacific Economy
dc.relation.uri	https://doi.org/10.1080/13547860.2012.694714
dc.rights	Copyright © The Authors.
dc.source	Proceedings of the Joint Annual Conference of the New Zealand Association of Economists and Law and Economics Association of New Zealand
dc.subject	McCallum rule
dc.subject	PBC’s policy guideline
dc.subject	counterfactual simulation method
dc.subject	China
dc.subject.anzsrc2020	ANZSRC::3502 Banking, finance and investment
dc.subject.anzsrc2020	ANZSRC::3801 Applied economics
dc.subject.anzsrc2020	ANZSRC::4404 Development studies
dc.title	Evaluating McCallum rule as policy guideline for China
dc.type	Conference Contribution - published
lu.contributor.unit	LU
lu.contributor.unit	LU\|Faculty of Agribusiness and Commerce
lu.contributor.unit	LU\|Faculty of Agribusiness and Commerce\|GVCT
lu.contributor.unit	LU\|Faculty of Agribusiness and Commerce\|FABS
lu.contributor.unit	LU\|Research Management Office
lu.contributor.unit	LU\|Research Management Office\|OLD QE18
lu.contributor.unit	LU\|Research Management Office\|OLD PE20
lu.identifier.orcid	0000-0002-0991-1375
lu.subtype	Conference Paper
pubs.finish-date	2010-07-02
pubs.issue	3
pubs.notes	Paper presented at the Joint Annual Conference of the New Zealand Association of Economists & Law and Economics Association of New Zealand. 30 June-2 July, 2010, Auckland, New Zealand.
pubs.place-of-publication	Lincoln, Canterbury
pubs.publication-status	Published
pubs.publisher-url	http://hdl.handle.net/10182/4541
pubs.start-date	2010-06-30
pubs.volume	17