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International Conference on Engineering and Business Management (EBM 2010 PAPERBACK)

Chengdu,China,China,3.24-3.26,2010

ISBN: 978-1-935068-05-1 Scientific Research Publishing, USA

Paperback 6066pp Pub. Date: March 2010

Category: Engineering

Price: $280

Title: Crisis Shocks, Government Expenditure and Monetary Policy Efficiency
Source: International Conference on Engineering and Business Management (EBM 2010 PAPERBACK) (pp 4093-4102)
Author(s): Jieqiu WAN, School of Business, Soochow University, Suzhou, China, 215021
Tao XU, School of Business, Soochow University, Suzhou, China, 215021
Abstract: Abstract: Both fiscal policy and monetary policy are important for macroeconomic management. The government expenditure can affect the micro-foundation of the monetary policy, and hence change the monetary policy efficiency. In this paper, we have constructed an open-economy dynamic stochastic general equilibrium (DSGE) model, and analyzed the impact of government expenditure on monetary policy in China. Our results indicate that the government expenditure shocks and the international trade shocks have significant impacts on monetary policy. The fiscal policy can influence money supply through consumption and capital formation. To improve the monetary policy efficiency in China, it is necessary both to enhance the monetary policy independence, coordinate policies, and to perfect the RMB exchange rate formation mechanism.
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