Yu-Monetary easing policy and long-run food prices-Evidence from China-EM2014.pdf

Yu-Monetary easing policy and long-run food prices-Evidence from China-EM2014.pdf

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1、EconomicModelling40(2014)175–183ContentslistsavailableatScienceDirectEconomicModellingjournalhomepage:www.elsevier.com/locate/ecmodMonetaryeasingpolicyandlong-runfoodprices:EvidencefromChina☆XiaohuaYu⁎CourantResearchCentre‘PovertyEquityandGrowth’,Universityo

2、fGöttingen,Wilhelm-Weber-Str.2,37073,Göttingen,GermanyarticleinfoabstractArticlehistory:ThemoneyeasingpolicyinthepastdecadeincurredasignificantimpactonfoodpricesthroughchannelsofbothAccepted25March2014demandandsupply,andleadstoaproblemofwelfaredistributioninC

3、hina.Throughtheconstructionofathe-Availableonlinexxxxoreticalmodel,thispaperempiricallystudiestheimpactofmoneysupplyon7majorfoodproductsinChina.Wefindthatexceptforthepriceofricewhichisstableandthepriceofwheatflourwhichslightlyincreases,allotherKeywords:foodpri

4、cesincludingsoybeanoil,poultrymeat,pork,beefandmutton,declineinresponsetomoneyexpansion.MoneyeasingpolicyThismainlyresultsfromarelativelylargerstimulatingeffectofmoneyexpansiononsupplytothatondemand.FoodpriceLong-runThegovernmentsshouldmakeprecautionarypolic

5、iestoprotectfarmersfromwelfareloss.China©2014ElsevierB.V.Allrightsreserved.1.IntroductionThecurrentliteratureondomesticfoodpriceanalysismainlyfocusesontheeffectsofpass-throughfrominternationalmarket,risingoilIncompanywithrapideconomicgrowth,moneysupplyexpand

6、sprices,increasingbiofueldemands,andchangesinstocks(AndersonspeedilyinChina.Particularly,theexpansionaryspeedofmoneysupplyandNelgen,2012;HeadeyandFan,2008;MeyerandYu,2013;hasreachedarecordlevelinthepastdecade.Moneysupply,measuredWright,2011).Chinesegovernmen

7、tsregardfoodsecurityasoneofbythebroaddefinitionM2,increasedbymorethan10foldsfromthemostsensitivepolicyissues,sothatthedomesticfoodmarketis8.85trillionyuaninDecember1999toahistoricalrecordof103.6tril-heavilyintervened(Yangetal.,2008;YuandJensen,2010;Yuandliony

8、uaninMarch2013,whichisnowthelargestintheworld.Incon-Zhao,2009).Table2showsthattheself-sufficientratesformajorfoodtrast,foodConsumerPriceIndex(CPI)onlyincreasedby87%.products(exceptforsoybeans)are

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