Title: Research on Chinese Economic Fluctuations Based on New Keynesian Perspective
Abstract: In this paper,we resort to the New Keynesian DSGE model for the question of impact of monetary policy shock,technology shock,real money balances shock and preference shock on inflation and economic growth of China.Impulse response analysis,variance decomposition and historical decomposition are used for the price level and aggregate output volatility fluctuations empirical research.We found that technology shock is one of the main factors of the output,and monetary policy shock is the main source of inflation fluctuations;the volatility of inflation level is closely related to monetary policy adjustment,and aggregate supply shock tends to play a negative role of pulling down output.At present,China is in a critical period of deepening reform.To correctly understand and identify the source of China's economic fluctuations will be important to both economic restructuring and policy makers.
Publication Year: 2014
Publication Date: 2014-01-01
Language: en
Type: article
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