Inflation in mainland China : modelling a roller coaster ride

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Title: Inflation in mainland China : modelling a roller coaster ride
Author: Funke, Michael
Organization: Bank of Finland
Department / Unit: Institute for Economies in Transition (BOFIT)
Series: BOFIT Discussion Papers
Series number: 6/2005
Year of publication: 2005
Publication date: 15.7.2005
Published in: Published in Pacific Economic Review (2006), Vol. 11, No. 4, pp. 413-430
Pages: 27 s.
Keywords: Phillipsin käyrä; inflaatio; Kiina; Bofit-kokoelma
JEL: C22; E31
Abstract: The New Keynesian Phillips curve (NKPC) posits the dynamics of inflation as forward looking and related to marginal costs.In this paper we examine the empirical relevance of the NKPC for mainland China.The empirical results indicate that an augmented (hybrid) NKPC gives results that are consistent with the data generating process.It is in this respect that the NKPC provides useful insights into the nature of inflation dynamics in mainland China as well as useful insights for the conduct of monetary policy. Keywords: China, inflation, New Keynesian Phillips curve JEL-Classification: C22, E31

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