| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22650 |
| 来源ID | Working Paper 22650 |
| Impacts of Monetary Stimulus on Credit Allocation and the Macroeconomy: Evidence from China | |
| Kaiji Chen; Patrick Higgins; Daniel F. Waggoner; Tao Zha | |
| 发表日期 | 2016-09-19 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We develop a new empirical framework to identify and estimate the effects of monetary stimulus on the real economy. The framework is applied to the Chinese economy when monetary policy in normal times was switched to an extraordinarily expansionary regime to combat the impact of the 2008 financial crisis. We show that this unprecedented monetary stimulus accounted for as high as a 4% increase of real GDP growth rate by the end of 2009. Monetary transmission to the real economy was through bank credit allocated disproportionately to financing investment in real estate and heavy industries. Such an asymmetric credit allocation resulted in the persistently high investment rate and debt-to-GDP ratio. Our findings provide a broad perspective on a tradeoff between short-run GDP growth and longer-run accumulated debt in response to large monetary interventions. |
| 主题 | Econometrics ; Estimation Methods ; Microeconomics ; Market Structure and Distribution ; Macroeconomics ; Monetary Policy |
| URL | https://www.nber.org/papers/w22650 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580323 |
| 推荐引用方式 GB/T 7714 | Kaiji Chen,Patrick Higgins,Daniel F. Waggoner,et al. Impacts of Monetary Stimulus on Credit Allocation and the Macroeconomy: Evidence from China. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22650.pdf（506KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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