Bank of Finland paper analyses Chinese monetary policy

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A discussion paper, published on July 17 by the Bank of Finland's Institute for Economies in Transition, studies the effectiveness of unconventional 'non-market' monetary policy tools used by the People's Bank of China.

The authors, Qianying Chen, Michael Funke and Michael Paetz, develop a dynamic stochastic general equilibrium model to assess the impact of credit quotas, reserve requirements and "window guidance", where the central bank persuades banks to lend to certain sectors using "gentle

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