Date of Award

5-1-2022

Language

English

Document Type

Dissertation

Degree Name

Doctor of Philosophy (PhD)

College/School/Department

Department of Economics

Content Description

1 online resource (viii, 150 pages) : color illustrations.

Dissertation/Thesis Chair

Chun-Yu Ho

Committee Members

Betty Daniel, Zhongwen Liang, Jack Rossbach

Keywords

Currency board, Innovation, Monetary policy, Real exchange rate, Interest rates, Currency boards, Foreign exchange rates, Manufacturing industries

Subject Categories

Economics

Abstract

Chapter 1 is the product of joint work with Chun-Yu Ho. China’s monetary policy framework has evolved considerably in the past two decades, increasingly moving from using quantity-based instruments and targets to using price-based instruments and targets. This paper assesses the effectiveness of monetary policy in China by examining the influence of monetary policy on market interest rates using an event-study approach. We find that the effectiveness of price-based instruments in impacting market interest rates increases over time, and that price-based instruments are as effective as quantity instruments during the period since the completion of interest rates liberalization. Furthermore, central bank communications, an increasingly important aspect of monetary policy, affect medium- and long-term market interest rates.

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