Reserve requirements and optimal Chinese stabilization policy

doi:10.1016/j.jmoneco.2018.08.005

CORC > 上海财经大学 > 上海财经大学

	Reserve requirements and optimal Chinese stabilization policy
	Chang, Chun 1; Liu, Zheng 2; Spiegel, Mark M.2; Zhang, Jingyi 3
刊名	JOURNAL OF MONETARY ECONOMICS
	2019-05
卷号	103 页码:33-51
关键词	Reserve requirements Chinese monetary policy Off-balance sheet loans Financial accelerator Reallocation and productivity
ISSN号	0304-3932
DOI	10.1016/j.jmoneco.2018.08.005
英文摘要	China's central bank frequently adjusts reserve requirements for macroeconomic stabilization. We evaluate the effectiveness of such policy in a two-sector DSGE model. A heavy-industry sector-proxied as state-owned enterprises (SOEs)-is financed through government-guaranteed bank loans subject to reserve requirements, while more productive private firms rely on unregulated off-balance sheet financing. Increasing reserve requirements reallocates resources towards private firms, raising both aggregate productivity and SOE bankruptcies. Optimal reserve requirement adjustments complement money supply adjustments in improving macroeconomic stability and welfare. However, gains are greater under sector-specific shocks, which call for resource reallocation, than under aggregate shocks. (C) 2018 Elsevier B.V. All rights reserved.
WOS研究方向	Business & Economics
语种	英语
出版者	ELSEVIER SCIENCE BV
WOS记录号	WOS:000470342900003
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/274]
专题	上海财经大学
作者单位	1.Shanghai Jiao Tong Univ, Shanghai Adv Inst Finance, 211 Huaihai W Rd, Shanghai 2000000, Peoples R China; 2.Fed Reserve Bank, 101 Market St, San Francisco, CA 94595 USA; 3.Shanghai Univ Finance & Econ, Sch Econ, 111 Wuchuan Rd, Shanghai 200433, Peoples R China
推荐引用方式 GB/T 7714	Chang, Chun,Liu, Zheng,Spiegel, Mark M.,et al. Reserve requirements and optimal Chinese stabilization policy[J]. JOURNAL OF MONETARY ECONOMICS,2019,103:33-51.
APA	Chang, Chun,Liu, Zheng,Spiegel, Mark M.,&Zhang, Jingyi.(2019).Reserve requirements and optimal Chinese stabilization policy.JOURNAL OF MONETARY ECONOMICS,103,33-51.
MLA	Chang, Chun,et al."Reserve requirements and optimal Chinese stabilization policy".JOURNAL OF MONETARY ECONOMICS 103(2019):33-51.