Abstract
Zhejiang has experienced high economic growth as well as wild business cycle fluctuations since reforming and opening. According to the stylized facts, this paper estimates the dynamic stochastic general equilibrium model to summarize the Zhejiang business fluctuations. And we can draw the main conclusions from the quantitative analysis: technology advances and labor changes are the main drivers of Zhejiang business fluctuations, while government consumption and net exports had only ignorable impacts.
Keywords
This is a preview of subscription content, log in via an institution.
Buying options
Tax calculation will be finalised at checkout
Purchases are for personal use only
Learn about institutional subscriptionsReferences
P. Chen, Real shocks and Taiwanese economic fluctuations-comparative analysis based on closed and open RBC models. Taiwan Res. J. 115(3), 43–53 (2011)
K. Chen, Y. Zhou, L. Gong, The business cycle in China. Global Econ. 10, 47–56 (2004)
T. Cogley, J.M. Nason, Output dynamics in real-business-cycle models. American Econ. Rev. 85(3), 492–511 (1995)
Q. Geng, F. Jiang, T. Fu, Policy-related subsides, overcapacity and China’s economic–fluctuation–empirical testing based on RBC model. China Ind. Econ. 278(5), 27–36 (2011)
F.E. Kydland, E.C. Prescott, Time to build and aggregate fluctuations. Econometrica: Journal of the Econometric Society, 1345–1370 (1982)
R.G. King, S.T. Rebelo, Resusciting Real Business Cycles. Working Paper, (2000)
L. Yang, L. Li, Money shock and Chinese economic fluctuations-quantitative analysis based on a DSGE model. Mod. Econ. Sci. 33(5), 1–10 (2011)
Acknowledgements
This paper is supported by the foundation of Zhejiang Gongshang University and Humanities and Social Sciences Youth Fund of Ministry of Education (10YJC790091).
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2014 Springer Science+Business Media New York
About this paper
Cite this paper
Zhang, S., Hu, X. (2014). Analysis of Zhejiang Business Fluctuations with Dynamic Stochastic General Equilibrium Model. In: Watada, J., Xu, B., Wu, B. (eds) Innovative Management in Information and Production. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-4857-0_9
Download citation
DOI: https://doi.org/10.1007/978-1-4614-4857-0_9
Published:
Publisher Name: Springer, New York, NY
Print ISBN: 978-1-4614-4856-3
Online ISBN: 978-1-4614-4857-0
eBook Packages: EngineeringEngineering (R0)