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DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Michael Funke (Hamburg University): The Direction and Intensity of China’s Monetary Policy Conduct: A Dynamic Factor Modelling Approach =0D=0A Co-author: Andrew Tsang (Hamburg University)  =0D=0A Abstract The recent upgrade of the People’s Bank of China’s monetary policy framework establishes a corridor system of interest rates. As the revamped policy arrangement now features a multiple-instrument mix of liquidity tools and pricing signals, we employ a dynamic factor modelling approach to derive an indicator of China’s monetary policy stance. The approach is based on the notion that comovements in several monetary policy instruments have a common element that can be captured by a single underlying, unobserved component. To clarify and interpret the derived index, we employ a baseline DSGE model that can be solved analytically and allows tracing of the expansionary and contractionary on-and-off phases of Chinese monetary policy.=0D=0A BOFIT seminars are open to all researchers interested in the subjects covered. Those wishing to attend a seminar are kindly asked to register in advance, by email bofit(at)bof.fi or tel. +358 9 183 2268. Seminars take place, as a rule, on Tuesdays, starting at 10.30 a.m. Visitors are escorted to the seminar room from the Rauhankatu 19 B (Library) entrance.  =0D=0A  =0D=0A
DTEND:20190528T083000Z
DTSTAMP:20190503T083555Z
DTSTART:20190528T073000Z
LOCATION:Bank of Finland, Rauhankatu 19 B, Helsinki 
SUMMARY:Michael Funke (Hamburg University): The Direction and Intensity of China’s Monetary Policy Conduct: A Dynamic Factor Modelling Approach
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