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A Multi-Country NOEM Analysis of China with Cross-Country Heterogeneity

Nan Shi-2013-01-01-Durham e-Theses (Durham University)
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TL;DRAbstract

This thesis develops a multi-country model for China based on the New Open Economy Macroeconomics to study China's interactions with the United States, the Euro Area and the rest of the world. The model is estimated to identify heterogeneous structural characteristics of these economies using the Bayesian approach. Then the estimated model is simulated to find the international transmission of productivity improvements originated in each area. In particular, the model is applied to the modelling of heterogeneous external asset and liability positions and to analysis of the influences of international investment on the spillover effects of the shocks. Our model provides a comprehensive framework with heterogeneous structural features for open economy analysis between multiple countries, while the scale of the model is moderate and the identification is robust. In addition, our work broadens the family of general equilibrium models designed for the Chinese economy.
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\nOur estim

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This thesis develops a multi-country model for China based on the New Open Economy Macroeconomics to study China's interactions with the United States, the Euro Area and the rest of the world. The model is estimated to identify heterogeneous structural characteristics of these economies using the Bayesian approach. Then the estimated model is simulated to find the international transmission of productivity improvements originated in each area. In particular, the model is applied to the modelling of heterogeneous external asset and liability positions and to analysis of the influences of international investment on the spillover effects of the shocks. Our model provides a comprehensive framework with heterogeneous structural features for open economy analysis between multiple countries, while the scale of the model is moderate and the identification is robust. In addition, our work broadens the family of general equilibrium models designed for the Chinese economy.
\n
\nOur estim

Keywords

Spillover effectEconomicsProductivityDynamic stochastic general equilibriumOpen economyGeneral equilibrium theorySmall open economyPosition (finance)

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