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Research on China’s Monetary Policy Objectives

In: Research on China’s Monetary Policy System and Conduction Mechanism

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  • Wei Liu

    (Renmin University of China)

Abstract

For a long time, New Keynesian and neoclassical economists have always disagreed on the effectiveness of the monetary policy. Both sides adhere to their basic positions and learn from each other’s analytical methods. Neoclassical economists such as Robert E. Lucas Jr. and Robert J. Barro have always questioned the effectiveness of Neo-Keynesian government intervention policies (including fiscal and monetary policies); however, in practice, the application of neo-Keynesian monetary policy has not reduced, but it has gradually become the most important policy basis in the financial macro-control system of various countries. In order to further consolidate the fundamental arguments for the effectiveness of the monetary policy, New Keynesian scholars have also accepted the “Lucas Critique” viewpoint (Lucas R., 1976) and constantly improved the micro-theoretical basis of the ultimate goal of monetary policy under open economic conditions.

Suggested Citation

  • Wei Liu, 2023. "Research on China’s Monetary Policy Objectives," Springer Books, in: Research on China’s Monetary Policy System and Conduction Mechanism, chapter 0, pages 75-129, Springer.
    • Handle: RePEc:spr:sprchp:978-981-19-9060-1_4
    DOI: 10.1007/978-981-19-9060-1_4
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