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| Author: | Liu, Zhenya |
| Title: | An optimal band for the central bank's monetary intervention : Chinese case study (original in Chinese) |
| Journal: | World Economy & China (c)
1996 : APR, VOL. 4:2, p.32-40 |
| Index terms: | CENTRAL BANKS MONETARY POLICY CHINA |
| Language: | eng |
| Abstract: | A simple model has been developed to deal with the monetary policy concerning price variability and output stability for the central bank. A band, which focuses on the deviation of real output from its targeted level, is set down for the central bank's monetary intervention. A narrower band produces smaller variability in price while a wider band produces larger variability in price and smaller variability in output. When the central bank's intervention objective is to minimize the sum of variance of output and variance of price, there exist an optimal band for the central bank intervention. |
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