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Title:Output and price fluctuations in China's reform years: What role did money play? PDF Logo
Authors:Zhang, Yin
Wan, Guanghua
Issue Date:2004
Series/Report no.:Research Paper, UNU-WIDER, United Nations University (UNU) 2004/56
Abstract:The Chinese economy underwent cyclical fluctuations in growth and inflation in the reform period. Contrasting views exist on the role of money in such fluctuations. This paper assesses these views employing structural VEC models based on the exchange equation. It is found that in the long run money accommodates, rather than causes, changes in output and prices. In the short run, price fluctuations are mostly attributable to shocks that have permanent effects on prices and money but not on real output. These shocks also account for a large proportion of fluctuations in money, and strongly influence the movements of output. – money ; output fluctuation ; price fluctuation ; structural VEC model ; China
Document Type:Working Paper
Appears in Collections:WIDER Research Papers, United Nations University (UNU)

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