Oil price shocks and policy responses in the post‐reform Chinese economy
用可计算一般均衡模型分析1986年油价冲击对中国的影响，并探讨了削减实际吸收、官方汇率贬值和紧缩货币等政策组合的应对效果。
This study analyses the impact of the 1986 oil price shock on China and the policy options for accommodating the shock. A computable general equilibrium model is used to capture the complex interactions in the Chinese economy in response to the shock. Interpreted in the theoretical framework of the ‘Booming Sector’ model, the results of the model provide insights on both the real and monetary effects of the shock, and suggest that a combination of policy instruments such as a cut in real absorption, depreciation of the official exchange rate and tight monetary control are required to facilitate adjustment.