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- W2357943354 abstract "During the process of economic development, public resource arrangements and efficiency are very important for government and the whole of society. Few studies have addressed Chinese macroeconomic fluctuations based on the allocation of fiscal expenditure resources and supply changes in natural resources controlled by the government. This remains an essential research problem because most resources, especially land, are controlled by the government in China. Here, we construct a Dynamic New Keynesian DSGE model with land supply and fiscal expenditure shocks to study Chinese economic fluctuation. In order to avoid problems when calibrating parameters, Bayesian methods were adopted to increase the degree of accuracy. We found that the economic impact of public resource allocation between the central government and local government is similar. The economic impact between land supply shock and land property tax shock is different. The resource allocation of land has the greater affect and an immediate expansionary effect on actual output, followed by a crowding out effect on actual output. The effect of land supply shock on fluctuations in actual output and economic inflation is increasing gradually. We conclude by discussing the government’s guidance role in the process of arranging public expenditure between the central and local government, and arranging land supply." @default.
- W2357943354 created "2016-06-24" @default.
- W2357943354 creator A5032498552 @default.
- W2357943354 date "2013-01-01" @default.
- W2357943354 modified "2023-09-25" @default.
- W2357943354 title "Land Supply Shocks, Public Resource Arrangement and Economic Fluctuations Based on Dynamic New Keynesian Economics" @default.
- W2357943354 hasPublicationYear "2013" @default.
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