Why the Effects of Oil Price Shocks on China's Economy are Changing

doi:10.5547/01956574.41.6.swan

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	Why the Effects of Oil Price Shocks on China's Economy are Changing
	Wang, Shouyang 1,2; Zhang, Xun 1; Zhao, Lin 3,4
	2020-11-01
发表期刊	ENERGY JOURNAL
ISSN	0195-6574
卷号	41 期号:6 页码:107-132
摘要	Some studies on developed economies have revealed that the impacts of oil price shocks have decreased while conclusions about China remain occluded. We investigate the changing effects of oil price shocks on China's macroeconomy and discuss the causes. A time-varying parameter vector autoregressive (VAR) model reveals that impacts of oil price shocks on China's economy have shown a down-ward trend since 1997. The responses of the real output are much greater and last longer than those of inflation. Then a new Keynesian dynamic stochastic general equilibrium model is developed to synthetically explore the causes. The results indicate that decreasing oil intensity and monopoly power reduce the effects of oil price shocks, while increasing capital intensity in production amplifies them. Other factors-such as changing price stickiness, deregulation of refined oil prices, and shifts in monetary policy targets-have limited effects on the relationship between oil price shocks and China's macroeconomy.
关键词	Oil price shocks Macroeconomy China Dynamic stochastic general equilibrium model Time varying
DOI	10.5547/01956574.41.6.swan
收录类别	SCI
语种	英语
资助项目	National Natural Science Foundation of China[71850002] ; National Natural Science Foundation of China[71422015] ; National Center for Mathematics and Interdisciplinary Sciences, Chinese Academy of Sciences
WOS研究方向	Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology
WOS类目	Economics ; Energy & Fuels ; Environmental Studies
WOS记录号	WOS:000599806600005
出版者	INT ASSOC ENERGY ECONOMICS
引用统计
文献类型	期刊论文
条目标识符	http://ir.amss.ac.cn/handle/2S8OKBNM/57865
专题	中国科学院数学与系统科学研究院
通讯作者	Zhang, Xun
作者单位	1.Chinese Acad Sci, Acad Math & Syst Sci, 55 Zhongguancun East Rd, Beijing 100090, Peoples R China 2.Univ Chinese Acad Sci, Sch Econ & Management, Beijing, Peoples R China 3.Shanghai Univ Finance & Econ, Inst Adv Res, Shanghai 200433, Peoples R China 4.Minist Educ, Key Lab Math Econ SUFE, Shanghai 200433, Peoples R China
推荐引用方式 GB/T 7714	Wang, Shouyang,Zhang, Xun,Zhao, Lin. Why the Effects of Oil Price Shocks on China's Economy are Changing[J]. ENERGY JOURNAL,2020,41(6):107-132.
APA	Wang, Shouyang,Zhang, Xun,&Zhao, Lin.(2020).Why the Effects of Oil Price Shocks on China's Economy are Changing.ENERGY JOURNAL,41(6),107-132.
MLA	Wang, Shouyang,et al."Why the Effects of Oil Price Shocks on China's Economy are Changing".ENERGY JOURNAL 41.6(2020):107-132.