Monetary Policy Transmission Mechanism Theory (Financial Doctoral Thesis Series)

Author: Zeng Xianjiu
Publisher:
Publish Date: 2004-06-01
Features: The study of the transmission mechanism of monetary policy examines the entire process by which changes in monetary policy are transmitted through certain channels or variables to induce real economic fluctuations. This process involves two long-standing controversies: whether money or monetary policy can affect the real economy, and if so, how the impact depends on the transmission paths. Starting from the premise of the non-neutrality of monetary policy, the book employs a combination of theoretical and empirical analysis to discuss the transmission mechanisms of interest rate channels, credit supply channels, asset price channels, and exchange rate channels in conveying policy intentions and affecting the real economy. Based on this foundation, the book further specifically argues the possibility of constructing four transmission mechanisms in China. By combining international experience and China's practical conditions, it designs a comprehensive model of China's monetary policy transmission mechanism with multiple channel coupling, fully demonstrating the author's unique insights into the aforementioned issues.