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Monetary Policy Efficiency in China

By using the stochastic frontier analysis, this paper analyses the efficiency of monetary policy in China. According to monetary transmission theory, central bank could influence money aggregate, production level and price level by employing monetary instruments. Using the monthly data from September 2002 to October 2009, we investigate the output efficiency of monetary policy instruments on money aggregate and real gross domestic production. We find that monetary policy in China is efficient because it can stimulate economy effectively; China Central Bank is rather independent; financial innovation and economy cycle are the two factors which would affect the efficiency of monetary policy.