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In this paper we estimate whether monetary policy rules of Bank of Russia have changed during the recent past. Russia has moved towards inflation targeting throughout past years, and this is reflected in our empirical estimations. We start by estimating various monetary policy rules for Russia, concluding that a variant of Taylor rule depicts Bank of Russia's monetary policy quite well during the past decade or so. Moreover, there clearly have been two breaks in the coefficients of the estimated monetary policy rule, possibly signifying shift towards traditional inflation targeting, but also the current recent economic turbulence. [ABSTRACT FROM AUTHOR]

We estimate several monetary policy rules for Russia for the period 2003-2015. We find that the traditional Taylor rule describes the conduct of monetary policy in Russia reasonably well, whether coefficients are restricted to being the same or allowed to change over the sample period. We find that the Bank of Russia often overshot its inflation target and that extensive overshooting is associated with large depreciations of the ruble, testifying to the importance of the exchange rate in the conduct of monetary policy in Russia. [ABSTRACT FROM AUTHOR]

Several charts showing the trends in the monetary policy in China including one on reserve requirement ratios, interest rates and loan growth are presented.

The article discusses the results of a study which assessed the monetary policy of China. Topics covered include the different estimations to examine the influence of reserve requirements on the enactment of monetary policy. Also mentioned is the analysis of the effectiveness of bank lending channel method.

The article discusses the monetary policy in China. Topics covered include the different characteristics of banks in the country as well as the presence of interest rates in countries with advanced economies. Also mentioned is the importance of an effective monetary policy framework to enhance the economy of China.

This paper focuses on monetary policy in China. A set of different specifications for the monetary policy reaction function are empirically evaluated using monthly data for 1998-2014. Overall, the performance of the estimated policy rules is surprisingly good. Chinese monetary policy displays countercyclical reactions to inflation and leaning-against-the-wind behaviour. The paper shows a notable increase in the overall responsiveness of Chinese monetary policy over the course of the estimation period. The central bank interest rate is unresponsive to economic conditions during the earlier years of the sample, but response becomes significant in later years. This finding comports with the view that the monetary policy of the People's Bank of China has come to place greater weight on price-based instruments. A time-varying estimation procedure suggests that the two monetary policy objectives are generally assigned to different instruments. The money supply instrument continues to be utilized to control the price level. Since 2008, the interest rate instrument has been mainly used to achieve the targeted output growth. [ABSTRACT FROM AUTHOR]

This paper focuses on monetary policy in China. A set of di¤erent specifications for the monetary policy reaction function are empirically evaluated using monthly data for 1999-2012. Variation is allowed both in the policy targets as well as in the monetary policy instrument itself. Overall, the performance of the estimated policy rules is surprisingly good. Chinese monetary policy displays countercyclical reactions to infiation and leaning-against-the-wind behaviour. The paper shows that there is a notable increase in the overall responsiveness of Chinese monetary policy over the course of the estimation period. The central bank interest rate is irresponsive to economic conditions during the earlier years of the sample but does respond in the later years. This finding supports the view that the monetary policy settings of the Peoples Bank of China have come to place more weight on price-based instruments. A time-varying estimation procedure suggests that the two monetary policy objectives are assigned to di¤erent instruments. The money supply instrument is utilised to control the price level and (after 2008) the interest rate instrument has been used to achieve the targeted output growth. [ABSTRACT FROM AUTHOR]

We present a small-scale dynamic stochastic general equilibrium model that features price rigidities, habit formation in consumption and costs in capital adjustment. We estimate the key parameters and calibrate the model with data for the Chinese economy. Our interest centres on the impact of technology and monetary policy shocks for different structures of the Chinese economy. In particular, we evaluate how a rebalancing of the economy from investment-led to consumption-led growth would affect the economic dynamics after a shock occurs. Our findings suggest that a rebalancing would reduce the volatility of the real economy in the event of a technology shock, which provides support for policies aiming to increase the consumption share in China. [ABSTRACT FROM AUTHOR]

This paper evaluates the usefulness of a McCallum-type monetary policy rule based on money supply for maintaining price stability in mainland China. We examine whether excess money relative to rule-based values provides information that improves the forecasting of price developments. The results suggest that our monetary variable helps in predicting both consumer and corporate goods price inflation, but the results for consumer prices depend on the forecasting period. Moreover, results using a structural vector autoregression suggest that our measure of excess money supply could be used to identify monetary policy shocks in the Chinese economy. [ABSTRACT FROM AUTHOR]

The article discusses the conclusion of a study which examined the monetary policy of China. Topics covered include the impact of ownership type on the reserve requirements in loan growth in the country. Also mentioned is the launch and implementation of alternative monetary policy measures to enhance the country's economy.

A list of references used in a study about the monetary policy of China is presented including "Evidence on the Bank Lending Channel in Europe" by Y. Altunbas et al, "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations" by M. Arellano and S. Bond and "Inside the Bank Lending Channel" by L. Gambacorta.

The article discusses the methodology used in a study of the monetary policy of China. Topics covered include the investigation of the use of the bank lending channel methodology to enact the policy. Also mentioned are details about the equations used in examining the monetary policy of the country.

The article assesses the different data used to assess the monetary policy in China. Topics covered include the missing values or variables to effectively determine the effective policy in the country. Also mentioned is the important role played by the Chinese Banking Regulatory Commission (CBRC) in analyzing the performance of the Chinese banking sector.

The article presents an introduction to research on the transmission of monetary policy in China. Topics covered include the assessment of the effectiveness of the bank lending channel to implement the policy. Also mentioned are the influences of monetary policy on the supply of loans from banks in the country.