Title: Selection of Monetary Policy Operation Guidelines: An Interpretation Based on Transaction-Cost Politics
Abstract: Few arguments about the selection of monetary policy operation guidelines——rules versus discretion involve an important question: what are the determinant factors for monetary authority to choose between rules and discretion? This paper analysis the problem with a framework of transaction-cost politics and concluded that the monetary authority make its decision after weighing the gains and transaction-cost of policy-changing.Proposals are put forwarded as rules of monetary policy of China.
Publication Year: 2006
Publication Date: 2006-01-01
Language: en
Type: article
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