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Non-Symmetry of China’s and US monetary policy spillovers:Theoretical Modelling and Empirical Analysis

中国经济学人:英文版 2023年第5期18卷 76-97页

作者： Mei Dongzhou Zhang Mi School of International Economics and Trade Central University of Finance and Economics(CUFE)BeijingChina

This study develops a structural vector autoregression(SVAR)framework to empirically examine the reciprocal transmission channels of monetary policies between China and the United *** primary objective is to discern potential disparities in the spillover effects of monetary policies and ascertain any contrasting mechanisms underlying these effects across the two *** on our research,it appears that there exists a certain level of non-symmetry in the spillover effects of monetary policy between the two ***,this paper provides adequate analysis of disparities in the trade framework,capital control,and financial market operations of both countries in constructing a dynamic stochastic general equilibrium(DSGE)model that incorporates financial frictions for the examination of the theoretical *** empirical findings indicate that China’s monetary policy creates a spillover effect primarily through *** China,following an increase in its interest rates,the domestic economic activity will experience a contraction,leading to a decline in both investment and ***,this will result in a decrease in China’s imports of investment goods from the United States,impacting the output of the US *** contrast,the US monetary policy exerts a spillover effect primarily through *** increase in interest rates by the United States is associated with a notable outflow of capital from *** leads to a rise in the financing costs for Chinese firms,consequently diminishing their overall net *** light of the financial accelerator effect,corporate external financing risk premium will continue to increase,exacerbating the downward trajectory of China’s output.

关键词： monetary policy spillovers non-symmetry trade channel financial channel international policy coordination

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