제목: Dynamic Effects of Monetary Policy Shock in China

저자: 한광석

요약

We applied the classic small open DSGE model made by Gal? (2005, 2008) to present the dynamic effects of monetary policy shock on Chinese economy. According to the small open DSGE model, a negative monetary policy shock dropped interest rate below its steady-state value and expanded the interest-rate gap during the first period, whereas the interest-rate gap reduced and reverted to the zero steady state in the end. The negative monetary policy shock had a negative effect on real output, labor, inflation, real wage, and real consumption, dropping them below their steady-state values. However, the negative monetary policy shock had a positive effect on net exports, making it above its steady-state value.