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| 02482nam 2200325zi 4500 |
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| 001 | 9.895664 |
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| 003 | CaOODSP |
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| 005 | 20221107174106 |
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| 006 | m o d f |
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| 007 | cr mn||||||||| |
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| 008 | 210125e20210121onca ob f000 0 eng d |
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| 040 | |aCaOODSP|beng|erda|cCaOODSP |
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| 043 | |aa-cc--- |
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| 086 | 1 |aFB3-5/2021-3E-PDF |
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| 100 | 1 |aBailliu, Jeannine N., |eauthor. |
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| 245 | 10|aChinese monetary policy and text analytics : |bconnecting words and deeds / |cby Jeannine Bailliu, Xinfen Han, Barbara Sadaba and Mark Kruger. |
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| 264 | 1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |cJanuary 21, 2021. |
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| 264 | 4|c©2021 |
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| 300 | |a1 online resource (ii, 28 pages) : |billustrations (chiefly colour). |
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| 336 | |atext|btxt|2rdacontent |
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| 337 | |acomputer|bc|2rdamedia |
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| 338 | |aonline resource|bcr|2rdacarrier |
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| 490 | 1 |aStaff working paper = |aDocument de travail du personnel, |x1701-9397 ; |v2021-3 |
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| 504 | |aIncludes bibliographical references (pages 14-15). |
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| 520 | 3 |a"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. |
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| 650 | 0|aMonetary policy|zChina|xEconometric models. |
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| 650 | 6|aPolitique monétaire|zChine|xModèles économétriques. |
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| 710 | 2 |aBank of Canada, |eissuing body. |
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| 830 | #0|aStaff working paper (Bank of Canada)|v2021-3.|w(CaOODSP)9.806221 |
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| 856 | 40|qPDF|s1.67 MB|uhttps://publications.gc.ca/collections/collection_2021/banque-bank-canada/FB3-5-2021-3-eng.pdf |
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