Title: The Estimation of Interest Rate Deviation of Money Market Based on Standard Taylor Rule
Abstract: The article estimates the interest rate deviation from Taylor rule in China's monetary market.The empirical analysis on the monetary reaction function shows that China's monetary policy,measured against the original Taylor rule as well as the minimized stable condition,was not stable.There were always negative gaps between China's monetary market rate and Taylor rule rate,which implies persistent deviation of China's monetary policy from optimal rule.
Publication Year: 2012
Publication Date: 2012-01-01
Language: en
Type: article
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