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The construction and empirical study of China's Financial Conditions Index in new situation

机译:新形势下中国金融条件指标的建设与实证研究

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The paper constructe China's Financial Conditions Index and estimate the index based VAR methodology. The empirical results show that these variables play an important role in monetary policy and should be considered when the central bank implement monetary policy. Through the empirical analysis of Financial Conditions Index in the sample period, we confirm that the FCI can predict inflation rate well and China's monetary policy is against the economic cycle. It finds the FCI could serve as a auxiliary indicator of China's monetary policy.
机译:本文建立中国的财务状况指标,估计基于指数的var方法。 经验结果表明,这些变量在货币政策中发挥着重要作用,应当在央行实施货币政策时审议。 通过对样品期的财务状况指数的实证分析,我们确认FCI可以预测通货膨胀率,而中国的货币政策是针对经济周期的。 它发现FCI可以作为中国货币政策的辅助指标。

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