Max Breitenlechner (University of Innsbruck) - Chinese Monetary Policy and the Global Economy

BOFIT-seminarier

BOFIT Seminar - Max Breitenlechner (University of Innsbruck) - Chinese Monetary Policy and the Global Economy

Abstract
Do Chinese monetary policy announcements affect global business-cycle dynamics? Based on identified Chinese monetary policy shocks I study the dynamic response of global output and price indicators. Exogenous changes in the Chinese monetary policy stance are identified using high-frequency Chinese financial market data around major monetary policy announcements. Preliminary results show that on average Chinese monetary policy generates moderate and short-lived spillovers to the global economy. Additional analyses suggest that spillovers vary across trading partners and the global financial cycle.

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