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Inflation In China: Modelling A Roller Coaster Ride

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  • Michael Funke

Abstract

. The New Keynesian Phillips curve (NKPC) posits the dynamics of inflation as forward looking and related to marginal costs. In this paper we examine the empirical relevance of the NKPC for China. The empirical results indicate that an augmented (hybrid) NKPC gives results that are consistent with the data generating process. It is in this respect that the NKPC provides useful insights into the nature of inflation dynamics in China as well as useful insights for the conduct of monetary policy.

Suggested Citation

  • Michael Funke, 2006. "Inflation In China: Modelling A Roller Coaster Ride," Pacific Economic Review, Wiley Blackwell, vol. 11(4), pages 413-429, December.
    • Handle: RePEc:bla:pacecr:v:11:y:2006:i:4:p:413-429
    DOI: 10.1111/j.1468-0106.2006.00325.x
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    Cited by:

    1. repec:zbw:bofitp:2008_022 is not listed on IDEAS
    2. Jarko Fidrmuc & Katarína Danišková, 2020. "Meta-Analysis of the New Keynesian Phillips Curve in Developed and Emerging Economies," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 56(1), pages 10-31, January.
    3. Jeffrey Zax, 2014. "Housing allocations, imputed rents and inequality in urban China," ERSA conference papers ersa14p1682, European Regional Science Association.
    4. Mehrotra, Aaron & Peltonen, Tuomas & Santos Rivera, Alvaro, 2010. "Modelling inflation in China--A regional perspective," China Economic Review, Elsevier, vol. 21(2), pages 237-255, June.
    5. Juuso Kaaresvirta & Aaron Mehrotra, 2009. "Business surveys and inflation forecasting in China," Economic Change and Restructuring, Springer, vol. 42(4), pages 263-271, November.
    6. Nagayasu, Jun, 2009. "Regional Inflation in China," MPRA Paper 24722, University Library of Munich, Germany.
    7. Funke, Michael & Paetz, Michael & Pytlarczyk, Ernest, 2011. "Stock market wealth effects in an estimated DSGE model for Hong Kong," Economic Modelling, Elsevier, vol. 28(1-2), pages 316-334, January.
    8. Narayan, Paresh Kumar & Narayan, Seema & Smyth, Russell, 2009. "Understanding the inflation-output nexus for China," China Economic Review, Elsevier, vol. 20(1), pages 82-90, March.
    9. J. James Reade & Ulrich Volz, 2011. "From the General to the Specific," Discussion Papers 11-18, Department of Economics, University of Birmingham.
    10. Mehrotra, Aaron & Peltonen, Tuomas & Santos Rivera, Alvaro, 2010. "Modelling inflation in China--A regional perspective," China Economic Review, Elsevier, vol. 21(2), pages 237-255, June.
    11. Zhang, Chengsi & Murasawa, Yasutomo, 2012. "Multivariate model-based gap measures and a new Phillips curve for China," China Economic Review, Elsevier, vol. 23(1), pages 60-70.
    12. Juuso Kaaresvirta & Aaron Mehrotra, 2009. "Business surveys and inflation forecasting in China," Economic Change and Restructuring, Springer, vol. 42(4), pages 263-271, November.
    13. repec:zbw:bofitp:2007_019 is not listed on IDEAS
    14. José Mauricio Gil-León & Juan Pablo Cely-Acero, 2022. "Price Dynamics in the Departments of Colombia: Estimation of the Neo-Keynesian Phillips Curve," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 97, pages 11-43, July-Dece.
    15. Zhang, Chengsi & Zhou, You, 2016. "The Global Slack Hypothesis: New Evidence from China," International Review of Economics & Finance, Elsevier, vol. 42(C), pages 339-348.
    16. Gil León, José Mauricio & Cely Acero, Juan Pablo, 2022. "Dinámica de los precios en los departamentos de Colombia: estimación de la curva de Phillips neokeynesiana," Revista Lecturas de Economía, Universidad de Antioquia, CIE, issue No. 97, pages 11-43, May.

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