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利差调整泰勒规则与中国货币政策反应函数的实证研究.docx

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利差调整泰勒规则与中国货币政策反应函数的实证研究 Title:AnEmpiricalStudyontheTaylorRuleandtheChineseMonetaryPolicyReactionFunctioninInterestRateAdjustments Abstract: ThispaperaimstoempiricallyinvestigatetheeffectivenessandimplicationsofinterestrateadjustmentsusingtheTaylorruleandtheChinesemonetarypolicyreactionfunction.TheTaylorruleisawidely-usedguidelineforcentralbankstosetinterestratesbasedoninflationandoutputgapconditions.TheChinesemonetarypolicyreactionfunction,ontheotherhand,capturesthepolicyresponsetodomesticeconomicconditions.Byanalyzingthesetwoframeworks,thisstudyshedslightontherelationshipbetweeninterestrateadjustmentsandeconomicstabilityinChina. Introduction: Monetarypolicyplaysacrucialroleininfluencingeconomicactivityandstability.TheTaylorruleframework,developedbyJohnB.Taylor,providesamathematicalexpressiontoguidecentralbanksinsettinginterestratesbasedonmacroeconomicconditions.Additionally,theChinesemonetarypolicyreactionfunctionoutlineshowthePeople'sBankofChina(PBOC)adjustsinterestratesinresponsetodomesticeconomicindicators.UnderstandingtheseframeworksisessentialinassessingtheeffectivenessofChina'smonetarypolicyinachievingitsobjectivesofstableinflationandsustainableeconomicgrowth. LiteratureReview: PreviousstudieshaveexaminedtheimplementationoftheTaylorruleinvariouscountriesanditsimpactoneconomicperformance.ManyempiricalstudiessuggestthattheTaylorruleprovidesausefulbenchmarkforevaluatingcentralbankpolicies.SeveralstudieshavealsoexploredtheChinesemonetarypolicyreactionfunctionanditsimplicationsfortheChineseeconomy.ThisresearchcontributestotheexistingliteraturebyexaminingbothframeworksinthecontextofChina. Methodology: Toinvestigatetherelationshipsbetweeninterestrateadjustmentsandeconomicconditions,weemployaneconometricanalysisusingtime-seriesdatafromChinaoveraspecificperiod.Thedependentvariableinouranalysisisthechangeininterestrates,whiletheindependentvariablesincludeinflation,outputgap,andotherrelevantmacroeconomicindicators.OuranalysiswillprovideinsightsintohowthePBOCrespondstoc