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This paper analyzes the effects of energy price shocks from a general equilibrium standpoint of the features of modern business cycles. This study modifies a typical real business cycle model with indivisible labor by explicitly including energy as a productive input and modeling the relative price of energy as an exogenous random process. In closed models, the production technology of firms is described...
This paper analyzes the effects of energy price shock from a general equilibrium standpoint. We develop a dynamic stochastic general equilibrium (DSGE) model for the China economy. The model explicitly includes energy in the technology used by domestic firms. By using the quarterly data of 1996-2005 in China, we argue the model is an ideal framework for Chinese energy problem analysis. With the model...
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...
This paper uses a version of Hansen's (1985) real business cycle (RBC) model to mimic Chinese business cycle 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 contributes to more than 90.3% of Chinese economic fluctuations, and RBC model is an ideal framework for...
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...
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