Deflationary Expansion: an Overshooting Perspective to the Recent Business Cycle in China

Gang Gong and Justin Lin ()
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Gang Gong: China Center for Economic Research

Macroeconomics Working Papers from East Asian Bureau of Economic Research

Abstract: Deflationary expansion has puzzled economists both in and outside China. We study this business cycles phenomenon within a model of discrete time dynamics. We find that deflationary expansion could be possible if driven by an overshooting in investing and if the state of the economy maintains high rate of growth. This expression is consistent with the recent variables. The high steady state of growth could be explained by the current institutional environment of China.

Keywords: Deflationary Expansion; China; Existence and Stability Conditions of Equilibrium; Business Fluctuations; monetary policy; Central Banking; Supply of Money and Credit (search for similar items in EconPapers)
JEL-codes: C62 E32 E50 P24 (search for similar items in EconPapers)
Date: 2005-01
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Journal Article: Deflationary expansion: An overshooting perspective to the recent business cycle in China (2008)
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