00000nam 2200000zi 4500 9.895664 CaOODSP 20221107174106 m o d f cr mn||||||||| 210125e20210121onca ob f000 0 eng d CaOODSP eng rda CaOODSP a-cc--- FB3-5/2021-3E-PDF Bailliu, Jeannine N., author. Chinese monetary policy and text analytics : connecting words and deeds / by Jeannine Bailliu, Xinfen Han, Barbara Sadaba and Mark Kruger. Ottawa, Ontario, Canada : Bank of Canada = Banque du Canada, January 21, 2021. ©2021 1 online resource (ii, 28 pages) : illustrations (chiefly colour). text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2021-3 Includes bibliographical references (pages 14-15). "Given China's complex monetary policy framework, the People's Bank of China's (PBOC) monetary policy rule is difficult to infer from its observed behaviour. In this paper, we adopt a novel approach, using text analytics to estimate and interpret the unknown component in the PBOC's reaction function. We extract the unknown component in a McCallum-type monetary policy rule for China through a state-space model framework using a set of summary topics extracted from official PBOC documents. Then, using a set of sectional topics extracted from the same set of PBOC documents, we provide this component with its rightful interpretation. Our results show that this unknown component is related to the Chinese government's agenda of supply-side structural reforms, suggesting that monetary policy is used as a tool to achieve structural reform objectives. Structural vector autoregression (SVAR) results confirm these findings by providing evidence of the importance of the government's supply-side reform objectives for the conduct of monetary policy"--Abstract, page ii. Monetary policy China Econometric models. Politique monétaire Chine Modèles économétriques. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 2021-3. (CaOODSP)9.806221 PDF 1.67 MB https://publications.gc.ca/collections/collection_2021/banque-bank-canada/FB3-5-2021-3-eng.pdf