Notice of RetractionShort-term real interest, expected inflation and unanticipated monetary policy shock — From the evidence of Shanghai Futures Exchange

Notice of Retraction

After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.

We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.

The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.

According to the monetary policy operation of the People´s Bank of China from 2007 January to 2010 June, the paper decomposed the monetary policy shock as anticipated and unanticipated components. By using Shanghai Futures Exchange (SHFE)´s daily trading data, variables such as short-term real interest rates and expected inflation are structured under 0 to 3 month, 3 to 6 month, 6 to 9 month and 9 to 12 month interval. The direction and degree of the impaction of monetary policy shock on the real interest rate and expected inflation was estimated by CEV analysis. The results showed that the real interest rate and monetary policies had negative correlation, but inflation and monetary policies are positive relative, especially 6 to 9 month and 9 to 12 month interval.