Gerlach, Stefan; Peng, Wensheng - Hong Kong Institute for Monetary Research (HKIMR), … - 2005
We estimate output gaps using three methods for Mainland China on annual data spanning 1982-2003. The estimates are similar and appear to co-move with inflation. Standard Phillips curves, however, do not fit the data well. This may reflect the omission of some important variable(s) such as the...