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WITHSTANDING THE GREAT RECESSION LIKE CHINA

机译:像中国一样大幅衰退

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摘要

Data show that the United States, Europe, and even countries with lesser ties to the international financial system have suffered large permanent losses in aggregate output and employment since the financial crisis, despite unprecedented monetary injections. However, the symptoms of the Great Recession were not observed in China, despite a 45% permanent drop in its exports relative to historical trend. We study the precise channels through which the stimulus programs work in China and construct a simple model to rationalize the dramatically different impacts of stimulus programs across countries.
机译:数据显示,自金融危机以来,尽管有史无前例的货币注资,美国,欧洲乃至与国际金融体系关系较弱的国家在总产值和就业方面都遭受了巨大的永久损失。然而,尽管中国出口相对于历史趋势永久下降了45%,但并未在中国观察到大萧条的症状。我们研究了刺激计划在中国开展工作的确切渠道,并构建了一个简单的模型来合理化刺激计划在各国之间产生的截然不同的影响。

著录项

  • 来源
    《The Manchester school》 |2019年第2期|138-182|共45页
  • 作者

    Wen Yi; Wu Jing;

  • 作者单位

    Fed Reserve Bank St Louis, St Louis, MO 63102 USA|Tsinghua Univ, Beijing, Peoples R China|Beijing Univ, Beijing, Peoples R China;

    Tsinghua Univ, Beijing, Peoples R China;

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  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
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