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The Long-run and Short-run Multipliers of Fiscal Policy in the Chinese Economy

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  • Xiao-Ming Li

Abstract

To examine the long-run and short-run multipliers of fiscal policy in China, simple models with some basic characteristics of the Chinese economy are developed and then estimated using cointegration and error correction approaches. Empirical results confirm some similarities between the Chinese economy and well-developed market economies, but also uncover the unique features that China possesses, in terms of the multipliers of permanent and temporary changes in government spending, Okun's coefficient, and the short-run adjustment mechanism.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Journal of Chinese Economic and Business Studies.

Volume (Year): 2 (2004)
Issue (Month): 2 ()
Pages: 115-131

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Handle: RePEc:taf:jocebs:v:2:y:2004:i:2:p:115-131

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Keywords: Multiplier; fiscal policy; China;

References

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  1. Barro, Robert J., 1981. "Output Effects of Government Purchases," Scholarly Articles 3451294, Harvard University Department of Economics.
  2. Meng,Xin, 2000. "Labour Market Reform in China," Cambridge Books, Cambridge University Press, number 9780521771269, April.
  3. David Aschauer, 1988. "Is public expenditure productive?," Staff Memoranda 88-7, Federal Reserve Bank of Chicago.
  4. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March.
  5. King, R.G. & Baxter, M., 1990. "Fiscal Policy In General Equilibrium," RCER Working Papers 244, University of Rochester - Center for Economic Research (RCER).
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