2012•Unpublished venueRequires access

The Impact of Asset Market Development on China's Monetary Policy:A Statistic Research Based on Extended Taylor Rule

Citic Securities

Abstract

How to optimize the interest rate to stimulate the macroeconomic development is the most essential issue in the process of monetary policy formulation.This paper reviews the ideas of the traditional Taylor Rule,and illustrates various further researches to improve Taylor Rule.It discusses whether China has taken asset price fluctuation into account to adjust its interest rate.The result shows that asset price fluctuation is not a significant influencing factor for interest rate determination in China currently for its insensitivity,though the influence of asset price fluctuation on macro economy is taken into account when formulating monetary policy.

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Key concepts: Taylor rule, Economics, Monetary policy, Interest rate, Asset (computer security), Statistic, China, Macro