Habit Formation,Borrowing Constraints and the Real Business Cycle in China:An Empirical Study on a RBC Model
基于1979-2009年中国数据，在RBC模型中引入习惯形成和借贷约束，发现该模型能解释消费、就业、投资和产出波动的82%、79%、99%和99%，优于其他RBC模型。
This article firstly displays the stylized facts of China's macroeconomic fluctuations in 1979-2009, its consumption and investment is highly correlated with GDP output,GDP output's volatility is lower than investment's and is more than consumption's.By using dynamic stochastic general equilibrium method,it introduces the habit formation and borrowing constraints into the RBC model to analyze the business cycles in China. It is found that this model can explain about 82.22%,79.09%,99.75%,and 99.57%of the actual consumption, employment,investment and output volatility.After comparative analyzing,it shows that this model would explain better China's macroeconomic fluctuations than the RBC model that does not include labor,than the RBC model that includes dividable labor and than the RBC model that includes dividable labor and habit formation,which implies that the introduction of habit formation and borrowing constraints into the model greatly improves simulation results.