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The Optimal Interest Rate Monetary Policy Theory and the Empirical Analysis in China Based on the New Keynesian Economics

Yuan Jing

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Abstract

This paper describes the theory origin of the IS curve and Phillips curve under the frame of New Keynesian Economics and the two monetary policy rules in detail.Based on the theory above,this paper does an empirical test for Chinese economy,the empirical results show that the economic data in China fit the looking-forward IS curve and Phillips curve under the New Keynesian Economics well,the simulation results of the optimal interest monetary policy rule is also ideal.

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What this paper is about

This paper describes the theory origin of the IS curve and Phillips curve under the frame of New Keynesian Economics and the two monetary policy rules in detail.Based on the theory above,this paper does an empirical test for Chinese economy,the empirical results show that the economic data in China fit the looking-forward IS curve and Phillips curve under the New Keynesian Economics well,the simulation results of the optimal interest monetary policy rule is also ideal.

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Available abstract

This paper describes the theory origin of the IS curve and Phillips curve under the frame of New Keynesian Economics and the two monetary policy rules in detail.Based on the theory above,this paper does an empirical test for Chinese economy,the empirical results show that the economic data in China fit the looking-forward IS curve and Phillips curve under the New Keynesian Economics well,the simulation results of the optimal interest monetary policy rule is also ideal.

Key concepts: Economics, Phillips curve, New Keynesian economics, Monetary policy, Keynesian economics, Interest rate, China, Macroeconomics

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