Abstract:
The coexistence of formal finance and informal finance in financial market has made the operation and transmission of the monetary policy instruments more complicated and non-controllable. The paper attempts to put informal financial sector into the research framework, and establish a DSGE model for comparing the effectiveness of quantitative monetary policy instruments and price-based monetary policy instruments. The research has shown that price-based monetary policy instruments have greater effect on output, wages and capital accumulation than quantitative monetary policy instruments, and the duration is relatively short with a slight rise in inflation. On the impact of the informal financial sector, price-based monetary policy instruments have more significant effect.
马鑫媛, 赵天奕. 非正规金融与正规金融双重结构下货币政策工具比较研究[J]. 金融研究, 2016, 428(2): 137-144.
MA Xinyuan, ZHAO Tianyi. Research on Monetary Policy Instruments under the Informal Financial and Formal Financial Structure. Journal of Financial Research, 2016, 428(2): 137-144.
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