Title :
Notice of Retraction
The Bernanke-Blinder Model in an Open Economy: Credit Channel, Money Transmission and Output Fluctuation
Author_Institution :
Sch. of Econ., Huazhong Univ. of Sci. & Technol., Wuhan, China
Abstract :
Notice of Retraction
After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.
We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.
The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.
This paper, using the monthly data from 1996-2009, analyzes the functioning of monetary policy transmission mechanisms in china, highlighting the role performed by the credit system. Firstly, We extend the Bernanke and Blinder model to the case of an open economy, deriving analytically the conditions for the functioning of the three monetary policy channels: money, exchange rate and credit. And then, By means of a structural VAR analysis, we evaluate the effectiveness of the transmission of monetary policy through the three channels. The results shows that, credit channel significantly enlarge the effects of monetary policy.
Keywords :
economics; exchange rates; Bernanke-Blinder model; credit channel; exchange rate; monetary policy transmission mechanisms; open economy; output fluctuation; structural VAR analysis; Analytical models; Biological system modeling; Economic indicators; Electric shock; Exchange rates; Mathematical model; SVAR; credit channel; monetary policy shocks;
Conference_Titel :
E-Business and E-Government (ICEE), 2010 International Conference on
Conference_Location :
Guangzhou
Print_ISBN :
978-0-7695-3997-3
DOI :
10.1109/ICEE.2010.752
