Data Management

Business Cycles, Consumption And Risk-Sharing: How Different Is China?

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Executive Summary

In this paper, the authors address the macroeconomic time series and identifying dimensions in which China differs from economies that are typically the subject of business-cycle research. They show that naively applying the standard business-cycle tools to China is no more ridiculous than applying it to Canada, although the dimensions along which the model struggles is different. For China, the model cannot account for the low level of consumption as a proportion of income observed in the data.

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