On the Hysteresis,Multiple Equilibria and Reverse Soft-landing:China's Experience of Demand Management
通过建模需求管理决策，研究中国2003年以来扩张期的经验对宏观经济学的启示，发现保守型需求管理导致多重均衡，而激进型需求管理通过微调实现反向软着陆。
By modeling the decision-making of demand management,this paper attempted to explore the implication of China's experience in its expansionary phase since 2003 for macroeconomics.For China's economy, quasi-AK growth and vintage investment model were built so that economic growth was driven by capital accumulation and actual national income exerted hysteresis,and then Phillips curve was formed with hysteresis accommodated. In combination with the refined Phillips curve,while conservative demand management reached multiple equilibria of national income,aggressive demand management reached unique one and could make the reverse soft-landing of China's economic equilibrating adjustment through fine-tapping operation.