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In this paper, we propose a new traffic flow model, aiming to provide a possible explanation and meanwhile a useful simulation tool for the multi-fractal network traffic. It is shown that the Hurst exponent for the mainline traffic flow will appear crossover phenomena, if it consists of several self similar components with different Hurst exponents. Therefore, crossover phenomena are pervasive in...
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...
By using the quarterly data of 1996-2005 in China, this paper evaluates the usefulness of a monetary policy rule designed for developed economies. Drawing on our econometric analysis, we argue that the model comes closer to the data of China ,it is an ideal framework for chinese monetary policy analysis. The paper also suggests to make modifications of the typical policy rule to explain Chinese economy...
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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