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The Impact of Monetary Policy Asymmetry on Urban and Rural Areas |
ZHANG Weijin,HU Chuntien |
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Abstract In light of the dual economy in China, VAR model confirms that there exist monetary policy asymmetric effects in which rural consumption tends to respond with a larger magnitude and is more persistent to a monetary shock than its counterpart. To analyze the mechanism underlying this monetary policy asymmetry, we further develop a dynamic stochastic general equilibrium (DSGE) model that captures the imbalanced financial development between urban and rural areas in China. Our DSGE model performs satisfactorily well in the sense that it replicates the impulse response of both urban and rural consumption to a monetary shock in the VAR model. Our analysis indicates that difference in asset allocation between urban and rural residents suffices to generate the asymmetric impacts on urban and rural areas of monetary policies in China.
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Received: 11 October 2013
Published: 24 February 2014
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Corresponding Authors:
ZHANG Weijin
E-mail: softmagic211@aliyun.com
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