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Monetary policy, asset prices and consumption in China

Tuuli Koivu

No 18/2010, BOFIT Discussion Papers from Bank of Finland, Institute for Economies in Transition

Abstract: This paper studies the wealth channel in China. Using the structural vector autoregression method, we find that a loosening of China.s monetary policy indeed leads to higher asset prices, which in turn are linked to household consumption. However, the importance of the wealth channel as a part of the monetary policy transmission mechanism in China is still limited. Keywords: China, monetary policy, asset prices JEL classification: E52, P24

JEL-codes: E52 P24 (search for similar items in EconPapers)
Date: 2010-11-06
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Published in Published in Economic Systems, Volume 36, Issue 2, (June 2012); 307–325

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