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Was China's Inflation in 2004 Led by an Agricultural Price Rise?

机译:中国2004年的通货膨胀是由农产品价格上涨引起的吗?

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The escalation of agricultural prices starting from the end of 2003 raised concern about a new round of inflation in China. This paper assesses the impacts of China's 2003 agricultural output decline on agricultural prices and inflation using a general equilibrium model calibrated to actual data. The results indicate that the 5% decline in agricultural output can only explain 50% of observed changes in agricultural prices, 40% of observed changes in the consumer price index, and 20% of observed changes in the commodity price index. This suggests that China's 2003 agricultural output decline was not sufficient alone to produce the observed agricultural price increases and inflationary pressure in 2004. This position is counter to the conventional view that agricultural prices led to the 2004 inflation.
机译:从2003年底开始的农产品价格上涨引发了人们对中国新一轮通货膨胀的担忧。本文使用根据实际数据校准的一般均衡模型评估了2003年中国农业产量下降对农产品价格和通货膨胀的影响。结果表明,农业产出下降5%只能解释观察到的农产品价格变化的50%,观察到的消费者价格指数变化的40%和观察到的商品价格指数变化的20%。这表明,仅凭2003年中国的农业产量下降不足以产生观察到的2004年农产品价格上涨和通货膨胀压力。这一立场与传统观点相反,后者认为农产品价格导致了2004年通货膨胀。

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