A DSGE Model of China
Taylor & Francis
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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
Dai, L., Minford, P. and Zhou, P. (2015) 'A DSGE Model of China', Applied Economics, 47 (59), pp. 6438-6460
This article was published on 22/9/15 in Applied Economics, available online at: http://dx.doi.org/10.1080/00036846.2015.1071477
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