The Impact of New Monetary Policy Instruments on the Bond Market  

作　　者：Jian CHAI Yue PAN Xiaokong ZHANG Lingyue TIAN 

机构地区：[1]School of Economics and Management,Xidian University,Xi'an 710126,China

出　　处：《Journal of Systems Science and Information》2023年第3期277-296,共20页系统科学与信息学报（英文）

基　　金：Supported by the Youth Innovation Team of Shaanxi Universities(2020-68);Shaanxi Province Qin Chuangyuan“Scientist+Engineer”Team Building Project(2022KXJ-007);Xidian University School of Economics and Management Research Innovation Practice Seed Fund(YJSJ23008)。

摘　　要：Establishing a modern central banking system in China necessitates the deployment of a novel suite of monetary policy instruments and unencumbering of the channels through which these policies are transmitted.A critical aspect of evaluating the soundness and efficacy of monetary policy is to examine its capacity for tempering non-stationary volatility in the bond market.We use a synthetic difference in differences model(SynthDid),which draws upon panel data from eight countries spanning October 2011 to June 2022 period,to accurately determine the efficiency of the transmission of these monetary policy instruments.The Medium-term Lending Facility(MLF)can mitigate fluctuations in both medium-and long-term bond markets.Implementing a unified lending cycle of one year and expanding MLF collateral enhance the transmission efficiency of the newly established monetary policy instruments to the bond market.Additionally,the utilization of the Standing Lending Facility(SLF)substantially reduces the risk associated with short-and medium-term bond markets.Nevertheless,the efficacy of monetary policy transmission via different instruments varies in different periods.

关 键 词：new monetary policy bond market synthetic difference in differences medium-term lending facility standing lending facility 

分 类 号：F831.51[经济管理—金融学] F821.0