NOMINAL GDP TARGETING AND CENTRAL BANK CONSERVATIVENESS

Dai, Yuwen ;  Xu, Bin

ABDC-B

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Abstract

In the literature on monetary economics, there is the ‘inflationary bias’ result which predicts that the rate of inflation will be biased towards a higher level under discretionary monetary policy than under a rule‐based policy regime. It is established that a credible nominal target can eliminate this ‘inflationary bias’. In this paper, we examine the case of nominal GDP targeting, which is a rule‐based monetary regime. Depending on the degree of conservativeness by the central bank, we show in a stylized model the choice of different combination of inflation and real GDP targets can still result in an ‘inflationary bias’, and there also exists the possibility of a ‘dis‐inflationary bias’.

Keyword

monetary policy ;  nominal GDP targeting ;  central bank ;  conservatism ;  inflationary bias ;  E52 ;  E58

如何留住民营企业家

许斌

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Abstract

中国经济2017年的表现远远超出了很多专家的预想，开始从过去相对悲观的新常态阶段，进入了一个崭新的时代。过去大家一直在呼吁和等待中国经济由依靠投资和出口拉动的传统增长模式，转变为依靠消费和产业升级拉动的新型增长模式。

Keyword

民营企业家 ;  中国经济 ;  增长模式 ;  产业升级 ;  拉动 ;  出口 ;  投资 ;  消费

2017中欧企业社会责任(CSR)报告

李铭俊 ;  丁远 ;  蔡舒恒 ;  许斌 ;  芮萌 ;  陈世敏 ;  吕文珍 ;  陈少晦 ;  田明 ;  焦胜 ;  李文

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Keyword

Corporate Social Responsibility ;  CSR

Opinion: Reforms Fail to Impress Companies in China

Xu, Bin ;  Zhou, Dongsheng

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China Business Survey 2017 中国商业报告

Fernandez, Juan Antonio ;  Xu, Bin ;  Zhou, Dongsheng ;  Puyuelo, Maria J. ;  Dai, Yuwen

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China Business Survey 2016 中国商业报告

Fernandez, Juan Antonio ;  Xu, Bin ;  Zhou, Dongsheng ;  Puyuelo, Maria J.

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未来中国经济，高“智商”与高“情商”齐驱

许斌

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中国经济上半年数据比预料的要好，这在PPI（生产价格指数）和PMI（采购经挥指数）的表现上得到了证实。PPI连续54个月负增长，表明过去几年中目的实体经济尤其是制造业处境非常困难，去年下半年由负转正表明中国实体经济开始回暖。制造业PMI在过去较长时间一直处存50以下，去年下半年后升至50以上。

Keyword

中国经济 ;  情商 ;  智商 ;  生产价格指数 ;  实体经济 ;  PMI ;  PPI ;  制造业

Prof Xu Bin discusses the G20 Summit (Starts at 00:58)

Xu, Bin

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Chinese RMB added to SDR basket: impact on Euro

Xu, Bin

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Abstract

The Chinese yuan officially became part of the IMF’s basket of currencies on October 1, 2016. CEIBS Professor of Economics and Finance Xu Bin explains what this means for the Euro.

Keyword

Chinese currency added to IMF basket. Why it’s a good move.

Xu, Bin

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Abstract

The Chinese yuan officially became part of the IMF’s basket of currencies on October 1. In this excerpt from a previous interview in August 2015, CEIBS Professor of Economics and Finance Xu Bin explains why this is a good move not just for China but for the rest of the world.

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