Has China’s economy become more “standard”?

John Fernald (), Eric Hsu and Mark Spiegel

FRBSF Economic Letter, 2014

Abstract: Financial liberalization in China has broad implications, including changing how its central bank?s monetary policy affects the nation?s economy. An estimate of Chinese economic activity and inflation based on a broad set of indicators suggests that the way policy is transmitted to China?s economy has become more like Western market economies in the past decade. Although Chinese monetary policy may actually have exacerbated its economic downturn during the global financial crisis, a move toward stimulatory policy has helped ease its slower growth more recently.

Date: 2014
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