Lessons from studying a simple macroeconomic model for China
Updating (Chow, 1985) and (Chow, 2010), this note finds that (1) the consumption equation continues to hold but the investment equation fails; (2) the investment equation holds if investment data for 2008 and 2009 are revised downward to reflect government expenditures as a part of the stimulus package during the world economic downturn; (3) small errors in one or two observations can reverse the sign of a significant regression coefficient in econometric practice.
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- Chow, Gregory C, 1985. "A Model of Chinese National Income Determination," Journal of Political Economy, University of Chicago Press, vol. 93(4), pages 782-92, August.
- Chow, Gregory C., 2010. "Note on a model of Chinese national income determination," Economics Letters, Elsevier, vol. 106(3), pages 195-196, March.
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