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Monetary Base, Credit and Output: the Empirical Analysis of Monetary Policies in China

Hong Pan

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Abstract

Does monetary policy affect the real economy? What is the transmission mechanism by which these effects occur? These two questions are the most important and controversial in macroeconomics. We do some empirical research with Chinese data. Our results indicate that in the short run, the monetary policy do affects the real economy and the monetary policy affects the economy through its effects on the bank lending .

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Does monetary policy affect the real economy? What is the transmission mechanism by which these effects occur? These two questions are the most important and controversial in macroeconomics. We do some empirical research with Chinese data. Our results indicate that in the short run, the monetary policy do affects the real economy and the monetary policy affects the economy through its effects on the bank lending .

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Available abstract

Does monetary policy affect the real economy? What is the transmission mechanism by which these effects occur? These two questions are the most important and controversial in macroeconomics. We do some empirical research with Chinese data. Our results indicate that in the short run, the monetary policy do affects the real economy and the monetary policy affects the economy through its effects on the bank lending .

Key concepts: Monetary policy, Economics, Monetary economics, Credit channel, Monetary base, China, Monetary hegemony, Real economy

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