Is risk shock a key factor driving business cycles in China?

doi:10.1515/bejm-2017-0010

CORC > 上海财经大学 > 上海财经大学

	Is risk shock a key factor driving business cycles in China?
	Li, Zhe 1,2; Luo, Shuixing 1
刊名	B E JOURNAL OF MACROECONOMICS
	2019-01
卷号	19 期号:1
关键词	financial frictions New Keynesian risk shocks
ISSN号	1935-1690
DOI	10.1515/bejm-2017-0010
英文摘要	This paper studies the impact of risk shock on the Chinese economy using a New-Keynesian model with financial frictions. The study shows that risk shock is an important driving force for the fluctuations of GDP, investment, capital, credit, and credit spread in China. However, the role of risk shock in driving China's business cycles is not as crucial as in the US economy (see Christiano, Motto, and Rostagno 2014). There are three main reasons that explain the different performance of risk shocks in China and the US: the volatility of risk shock, the effect of equity shock, and the influence of macroeconomic policies are all different in China and in the US. Our paper contributes to an understanding of the business cycles in China during the period from 1999 to 2015, particularly in comparison with business cycles in the US.
WOS研究方向	Business & Economics
语种	英语
出版者	WALTER DE GRUYTER GMBH
WOS记录号	WOS:000456343400007
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/407]
专题	上海财经大学
通讯作者	Li, Zhe
作者单位	1.Shanghai Univ Finance & Econ, Sch Econ, 777 Guoding Rd, Shanghai 200433, Peoples R China; 2.Shanghai Univ Finance & Econ, Key Lab Math Econ, 777 Guoding Rd, Shanghai 200433, Peoples R China
推荐引用方式 GB/T 7714	Li, Zhe,Luo, Shuixing. Is risk shock a key factor driving business cycles in China?[J]. B E JOURNAL OF MACROECONOMICS,2019,19(1).
APA	Li, Zhe,&Luo, Shuixing.(2019).Is risk shock a key factor driving business cycles in China?.B E JOURNAL OF MACROECONOMICS,19(1).
MLA	Li, Zhe,et al."Is risk shock a key factor driving business cycles in China?".B E JOURNAL OF MACROECONOMICS 19.1(2019).