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journal contribution
posted on 2022-03-01, 13:16 authored by Li Dai, Patrick Minford, Peng ZhouWe 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
Published in
Applied EconomicsPublisher
Taylor & FrancisVersion
- AM (Accepted Manuscript)
Citation
Dai, L., Minford, P. and Zhou, P. (2015) 'A DSGE Model of China', Applied Economics, 47 (59), pp. 6438-6460Print ISSN
0003-6846Electronic ISSN
1466-4283Cardiff Met Affiliation
- Cardiff School of Management
Cardiff Met Authors
Peng ZhouCardiff Met Research Centre/Group
- Welsh Centre for Business and Management Research
Copyright Holder
- © The Publisher
Language
- en