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The Ins & Outs of Chinese Monetary Policy Transmission / Silvia Miranda-Agrippino, Tsvetelina Nenova, Hélène Rey.
- Format:
- Book
- Author/Creator:
- Miranda-Agrippino, Silvia.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w34626.
- NBER working paper series no. w34626
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2026.
- Summary:
- Using a novel indicator for the People's Bank of China monetary policy stance, we estimate a policy rule that accounts for the dual nature of its price stability mandate--encompassing domestic inflation and the exchange rate--and for the evolution of its operational framework. The "Ins": The domestic transmission follows textbook patterns, with exceptions due to the active management of the renminbi and the financial account. The "Outs": International spillovers are powerful and affect commodity markets, global production and trade. The pass-through to foreign (US) prices is substantial. Financial spillovers are second-order, and mostly derivative from trade spillovers.
- Notes:
- January 2026.
- Print version record
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