KDI 한국개발연구원 - 경제정책정보 - 발간처별 목록 - 은행 - Bank of Canada - Chinese Monetary Policy and Text Analytics: Connecting Words and Deeds

본문

경제정책정보

유관기관의 다양한 자료를 한 곳에서 살펴보실 수 있습니다.

정부기관

Chinese Monetary Policy and Text Analytics: Connecting Words and Deeds

Bank of Canada 2021.01.26
페이스북
Chinese monetary policy is not yet well understood by the outside world. This is likely due to the complex nature of China’s monetary policy framework and the lack of independence of its central bank. The People’s Bank of China (PBOC) has multiple objectives and uses several monetary policy instruments whose importance has changed over time. This makes it challenging to infer the systematic patterns of the PBOC monetary policy from its observed behaviour.

Information provided through official PBOC documents can help us better understand Chinese monetary policy actions. In this paper, we use a novel approach to estimate the monetary policy reaction function for China. First, we use econometric techniques to estimate the missing component in a standard monetary policy rule for China. We then use text analytics to extract and interpret the information content of official PBOC documents. Finally, we use our findings from the text analytics to accurately interpret the missing component identified in our first step.

Our results suggest that the missing component is related to the government‘s supply-side structural reform agenda. This suggests that the PBOC uses monetary policy as a tool to achieve the government’s structural reform objectives. Our structural analysis supports these findings by providing evidence of the importance of government‘s supply-side reform objectives for monetary policy conduct and macroeconomic outcomes.

가입하신 이동통신사의 요금제에 따라
데이터 요금이 과다하게 부가될 수 있습니다.

파일을 다운로드하시겠습니까?
KDI 연구 카테고리
상세검색