Government Spending,Liquidity Shocks and Real Business Cycle in China
建立了一个包含政府消费冲击和流动性偏好冲击的小型开放经济RBC模型，解释了中国经济周期中消费波动大于产出、就业平滑等特征，模型能解释约92%的实际波动。
Since initiation of the reform and opening - up policy,there are many facts same with international economy:consumption and output are negative correlated with TB/GDP,and there are many facts different form international economy;firstly,consumption's volatility is more than GDP output's;secondly,employment is much smoothing.This paper tries to explain the features of China's business cycle from the perspective of open economy.To do this,in respect of the omnipresence and omnipotence of China's government in macroeconomic management,it establishes a RBC model of three sections in small open economy that incorporates government consumption shocks and preference shocks representing liquidity shocks.It finds that these economic mechanisms have important impacts on real macroeconomic variables,this model can explain about 92%of the actual volatility,and can reasonably predict the negative correlations of TB/GDP with macroeconomic variables.It implies the business cycle in China can be explained well by the RBC in the small open economy.