A DSGE model of China

Li Dai; Patrick Minford; Peng Zhou

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.

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Year of publication:	2014
Authors:	Dai, Li ; Minford, Patrick ; Zhou, Peng
Publisher:	Cardiff : Cardiff Univ, Cardiff Business School, Economics Section
Subject:	China \| DSGE \| Bayesian Inference \| Indirect Inference \| Dynamisches Gleichgewicht \| Dynamic equilibrium \| Induktive Statistik \| Statistical inference \| Bayes-Statistik \| Bayesian inference \| DSGE-Modell \| DSGE model

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Extent:	Online-Ressource (31 S.) graph. Darst.
Series:	Cardiff economics working papers. - Cardiff : [Verlag nicht ermittelbar], ISSN 1749-6101, ZDB-ID 2257349-5. - Vol. E2014/4
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	Systemvoraussetzungen: Acrobat Reader
Other identifiers:	hdl:10419/109048 [Handle]
Classification:	C11 - Bayesian Analysis ; C15 - Statistical Simulation Methods; Monte Carlo Methods ; c18 ; E27 - Forecasting and Simulation
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10010358430