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A DSGE Model of China

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journal contribution
posted on 2022-03-01, 13:16 authored by Li Dai, Patrick Minford, Peng Zhou
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

History

DOI

Published in

Applied Economics

Publisher

Taylor & Francis

Version

  • AM (Accepted Manuscript)

Citation

Dai, L., Minford, P. and Zhou, P. (2015) 'A DSGE Model of China', Applied Economics, 47 (59), pp. 6438-6460

Print ISSN

0003-6846

Electronic ISSN

1466-4283

Cardiff Met Affiliation

  • Cardiff School of Management

Cardiff Met Authors

Peng Zhou

Cardiff Met Research Centre/Group

  • Welsh Centre for Business and Management Research

Copyright Holder

  • © The Publisher

Language

  • en

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    Welsh Centre for Business and Management Research - Journal Articles

    Categories

    Keywords

    Bayesian inference modelindirect inferenceDSGE modelsChina

    Licence

    CC BY-NC-ND 4.0

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