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A DSGE model of China

Li, Dai, Minford, Anthony Patrick Leslie and Zhou, Peng 2015. A DSGE model of China. Applied Economics 47 (59) , pp. 6438-6460. 10.1080/00036846.2015.1071477

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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.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: D History General and Old World > DS Asia
H Social Sciences > HB Economic Theory
Uncontrolled Keywords: China, DSGE, Bayesian Inference, Indirect Inference
Publisher: Routledge
ISSN: 0003-6846
Date of First Compliant Deposit: 30 March 2016
Date of Acceptance: 2 July 2015
Last Modified: 30 Jun 2019 22:00

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