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A DSGE model of China

Li Dai, A. Patrick Minford and Peng Zhou ()

Applied Economics, 2015, vol. 47, issue 59, 6438-6460

Abstract: We use available methods for testing macro models to evaluate a model of China over the period from Deng Xiaoping's reforms up until the crisis period. Bayesian ranking methods are heavily influenced by controversial priors on the degree of price/wage rigidity. When the overall models are tested by Likelihood or Indirect Inference methods, the New Keynesian model is rejected in favour of one with a fair-sized competitive product market sector. This model behaves quite a lot more 'flexibly' than the New Keynesian.

Date: 2015
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Working Paper: A DSGE Model of China (2014) Downloads
Working Paper: A DSGE Model of China (2014) Downloads
Working Paper: A DSGE Model of China (2014) Downloads
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