国民经济研究局：中国货币政策传导的内外机制（英文版）

Using a novel indicator for the People's Bank of China monetary policy stance, we estimate a policy rule that accounts for the dual nature of its price stability mandate---encompassing domestic inflation and the exchange rate---and for the evolution of its operational framework. The "Ins": The domestic transmission follows textbook patterns, with exceptions due to the active management of the renminbi and the financial account. The "Outs": International spillovers are