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| Research on Monetary Policy Instruments under the Informal Financial and Formal Financial Structure |
| MA Xinyuan, ZHAO Tianyi
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School of Banking and Finance,University of International Business and Economics;
Shijiazhuang Central Sub-branch of the People’s Bank of China |
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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.
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Received: 09 July 2015
Published: 01 January 1900
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