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A DSGE Model of China

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

No 10028, CEPR Discussion Papers from C.E.P.R. Discussion Papers

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.

Keywords: Bayesian Inference; China; DSGE; Indirect Inference (search for similar items in EconPapers)
JEL-codes: C11 C15 C18 E27 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dge, nep-mac and nep-tra
Date: 2014-06
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Journal Article: A DSGE model of China (2015) Downloads
Working Paper: A DSGE Model of China (2014) Downloads
Working Paper: A DSGE Model of China (2014) Downloads
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