Researches on Effectiveness of Structural Monetary Policy in China——Based on Differentiated Deposit Reserve Policy
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| Title | Researches on Effectiveness of Structural Monetary Policy in China——Based on Differentiated Deposit Reserve Policy
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| Author | Wang Liyong and Ren Jin |
| Organization | Central University of Finance and Economics |
| Email | liyongecon@126.com；jinren20@gmail.com |
| Key Words | RD; DID; Structural Monetary Policy; Differentiated Deposit Reserve Policy |
| Abstract | The article studies the effectiveness of structural monetary policy taking differentiated deposit reserve policy as example with RD and DID models. The results show that in the RD and DID models with economic growth and the proportion of the first industry output value as explained variable, the coefficient of policy dummy variable and DID estimator are significantly positive, which means that differentiated deposit reserve policy and structural monetary policy are indeed effective, that is, it makes economy and agriculture grow faster. Even though the bandwidth is changed, the coefficient of policy dummy variable is almost unchanged. The robustness check shows that the assumption of the two models can meet, the results mentioned above are robust and effective. The results from two models are almost the same. Finally the article gives theoretical explanations and policy suggestions. |
| Serial Number | WP1200 |
| Time | 2017-06-30 |
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