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By using the quarterly data of 1996-2005 in China, we use a dynamic stochastic general equilibrium modeling framework to compare the different design of monetary policy: an interest rate feedback rule and a money growth rule. Drawing on our econometric analysis, we argue that model, closed with interest rate feedback rule comes closer to the data. The paper also suggests to incorporate the sticky...
Based on the China economy data 1996-2005, two issues are addressed in this paper. First, we examine the ability of the DSGE model to describe stylized facts about China economy. The model succeeds to replicate the variability observed in 1996-2005. Second, we compare two methods of motivating money in DSGE Model. Drawing on our econometric analysis, we argue that the cash-in-advance model, closed...
This paper constructs a dynamic stochastic general equilibrium (DSGE) model which incorporates money by MIU (Money-in-the-Utility Function) approach, and applies it to Chinese business cycle model analysis from 1996 to 2005. The comparison of simulation results and actual data implies that the model can reflect economic fluctuations. Quantitative analysis demonstrates that technology shock and money...
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