Statistical measurement of the impact of monetary policy on price levels

Ouyang, Shuai; Du, Ziqing; Cai, Mei-Ling

doi:10.3934/nar.2020011

Cited by 3 publications

(2 citation statements)

References 41 publications

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“…The renewable energy industry is a capital intensive industry, and policy incentives have great effects on renewable energy [27,28]; for example, loose monetary policy can promote corporate investment by providing more bank loans [29]. In particular, the impacts on technologyintensive enterprises are even greater [30]. However, policy uncertainty will reduce the returns and increase the investment risks [31][32][33], thus inhibiting corporate investment behavior [34,35].…”

Section: Literature Reviewmentioning

confidence: 99%

Do the Green Credit Guidelines Affect Renewable Energy Investment? Empirical Research from China

2021

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How to promote renewable energy investment is central to energy transformation and green development. To take China’s “green credit guidelines” policy as a quasi-natural experiment, we investigate the impacts of green credit policy on renewable energy investment. Using the samples of 1021 Chinese listed enterprises during 2007–2017, we find that: Firstly, the introduction of the green credit guidelines has promoted renewable energy investment. Secondly, short-term debts play a mediating role in the impacts of green credit guidelines on renewable energy investment, while long-term debts play a masking role, and financing constraints do not play a significant role. Thirdly, the heterogeneous impacts on renewable energy investment are reflected in different ownerships and enterprise scales, with significant impacts on the state-owned enterprises and small ones.

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Section: Literature Reviewmentioning

confidence: 99%

Do the Green Credit Guidelines Affect Renewable Energy Investment? Empirical Research from China

2021

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“…But they are only able to provide circumstantial evidence for the importance of higher farm incomes (the farm channel). 4 We build on their work by providing econometric evidence for each stage of the farm channel's operation, and by 4 Temin and Wigmore's principal evidence comes from a state-level regression of the level of auto sales in all of 1933 on farm income and other income in 1933. They interpret a larger coefficient on farm income as evidence in support of their hypothesis.…”

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Recovery from the Great Depression: The Farm Channel in Spring 1933

Hausman

Rhode

Wieland

2019

American Economic Review

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US industrial production rose 57 percent. We show that an important source of recovery was the effect of dollar devaluation on farm prices, incomes, and consumption. Devaluation immediately raised traded crop prices, and auto sales grew more rapidly in states and counties most exposed to these price increases. The response was amplified in counties with more severe farm debt burdens. For plausible assumptions about farmers' relative MPC, the incidence of higher farm prices, and the aggregate multiplier, this redistribution to farmers accounted for a substantial portion of spring 1933 growth. This farm channel thus provides an example of how the distributional consequences of macroeconomic policies can have large aggregate effects. That recovery in 1933 benefited from redistribution to farmers suggests an important limitation to the use of 1933 as a guide to the effects of monetary regime changes in other circumstances. (JEL E32, E65, N12, N52, Q11, Q12) " [T]he depression in the manufacturing industry of the country is due chiefly to the fact that agricultural products generally have been selling below the cost of production, and thereby destroyed the purchasing power

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Heterogeneous determinants of the exchange rate market in China with structural breaks

Chen

Zhi

et al. 2021

Applied Economics

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Statistical measurement of the impact of monetary policy on price levels

Cited by 3 publications

References 41 publications

Do the Green Credit Guidelines Affect Renewable Energy Investment? Empirical Research from China

Do the Green Credit Guidelines Affect Renewable Energy Investment? Empirical Research from China

Recovery from the Great Depression: The Farm Channel in Spring 1933

Heterogeneous determinants of the exchange rate market in China with structural breaks

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