Why the Effects of Oil Price Shocks on China's Economy are Changing
文献类型：期刊论文
| 作者 | Wang, Shouyang1,2; Zhang, Xun1; Zhao, Lin3,4 |
| 刊名 | ENERGY JOURNAL
 |
| 出版日期 | 2020-11-01 |
| 卷号 | 41期号:6页码:107-132 |
| 关键词 | Oil price shocks Macroeconomy China Dynamic stochastic general equilibrium model Time varying |
| ISSN号 | 0195-6574 |
| DOI | 10.5547/01956574.41.6.swan |
| 英文摘要 | 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. |
| 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 |
| 语种 | 英语 |
| WOS记录号 | WOS:000599806600005 |
| 出版者 | INT ASSOC ENERGY ECONOMICS |
| 源URL | [http://ir.amss.ac.cn/handle/2S8OKBNM/57864]  |
| 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. |
入库方式： OAI收割
来源：数学与系统科学研究院
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