Analysis of China's Economy Since Macro-Control

Author: Zhou Changcai
Publisher:
Publish Date: 2004-01-01
Features: The innovative aspects of this book are primarily reflected in the following aspects: 1. Using the Taylor model, it first presents a model of inflation and economic growth in China's macroeconomic regulation and derives the optimal path of inflation and economic growth over time, providing the economic significance of almost all parameters in the model. 2. It points out that the inflation path in 1994 deviated from the optimal path, analyzing the reason for this deviation as the reform mentality of macroeconomic regulation decision-makers. Due to this deviation, the inflation path in 1994 remained high. The book refers to this path as the "Reform Elevation Curve." 3. It incorporates the unemployment variable into the aforementioned macroeconomic model, transforming it into a model that includes inflation, growth, and unemployment. Correspondingly, it introduces the concept of "employment deepening." The book uses detailed data to demonstrate that adding the unemployment variable aligns with the actual situation of China's macroeconomic regulation. 4. It introduces the market-oriented reform variable into the aforementioned macroeconomic model, transforming it into a model that includes inflation, growth, unemployment, and reform. The book uses detailed data to demonstrate that adding the reform variable aligns with the actual situation of China's macroeconomic regulation.