Abstract:
The empirical study based on TVP-VAR shows that domestic oil prices are influenced by international prices; yet domestic coal prices have leading effect on international prices. On monthly data level, energy prices show dependence on China’s macroeconomic data, revealing the endogenous characteristics. The endogenous coal and oil prices have complex effects on industrial income, profit and stock prices, which may expand the bubble factor in security market. The complex effects on economy are not the reason that monetary policy should respond to energy prices, the systematic simulation shows that the stable monetary policy is more beneficial to economic stability.
牟敦果, 王沛英. 中国能源价格内生性研究及货币政策选择分析[J]. 金融研究, 2017, 449(11): 81-95.
MOU Dunguo, WANG Peiying. Study of Endogenous Energy Prices and Monetary Policy Choice in China. Journal of Financial Research, 2017, 449(11): 81-95.
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