Li, Dai, Minford, Anthony Patrick Leslie ORCID: https://orcid.org/0000-0003-2499-935X and Zhou, Peng ORCID: https://orcid.org/0000-0002-4310-9474 2015. A DSGE model of China. Applied Economics 47 (59) , pp. 6438-6460. 10.1080/00036846.2015.1071477 |
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Official URL: http://dx.doi.org/10.1080/00036846.2015.1071477
Abstract
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 |
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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: | 06 Nov 2023 21:08 |
URI: | https://orca.cardiff.ac.uk/id/eprint/75350 |
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