Macroeconomic Cycles in China

Stefan Oppers

No 1997/135, IMF Working Papers from International Monetary Fund

Abstract: This paper investigates the macroeconomic cycles China has experienced since the onset of reform in the late 1970s. It finds that the recurrent inflationary episodes that characterize the cycles are associated primarily with surges in the main components of aggregate demand. The most recent cycle stands out in achieving for the first time a reduction in inflation without a major slowdown in growth. The soft landing was facilitated by a number of factors, including increases in capacity as a result of the surge in investment spending early on in the cycle.

Keywords: WP; price liberalization; administered price; price reform; excess demand; retail price; People’s Republic of China; business cycles; inflation; liberalization measure; RPI inflation; Price controls; Output gap; Price adjustments; Potential output; Asia and Pacific (search for similar items in EconPapers)
Pages: 35
Date: 1997-10-01
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Citations: View citations in EconPapers (21)

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