Deflationary expansion: An overshooting perspective to the recent business cycle in China

被引：22

作者：

Gong, Gang ^{[1
,2
]}

Lin, Justin Yifu ^{[3
,4
]}

机构：

[1] Nankai Univ, Sch Econ, Tianjin 300071, Peoples R China

[2] Leiden Univ, Dept Chinese Study, Leiden, Netherlands

[3] Peking Univ, China Ctr Econ Res, Beijing 100871, Peoples R China

[4] Hong Kong Univ Sci & Technol, Dept Econ, Hong Kong, Hong Kong, Peoples R China

来源：

CHINA ECONOMIC REVIEW | 2008年 / 19卷 / 01期

关键词：

deflationary expansion; overshooting; discrete time dynamic model; business cycles; Chinese economy;

D O I：

10.1016/j.chieco.2006.06.004

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Deflationary expansion has puzzled economists both in and outside China. We study this business cycles phenomenon within a model of discrete time dynamics. We find that deflationary expansion could be possible if driven by an overshooting in investment and if the state of the economy maintains high rate of growth. This expression is consistent with the recent time series variation of some key macroeconomic variables. The high steady state of growth could be explained by the current institutional environment of China. (C) 2006 Elsevier Inc. All rights reserved.

引用

页码：1 / 17

页数：17

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