0 Monetary and Fiscal Policy Effectiveness in China : Evidence from a FAVAR Model *

  title={0 Monetary and Fiscal Policy Effectiveness in China : Evidence from a FAVAR Model *},
  author={John P Fernald and Mark M. Spiegel and Eric Swanson},
A common concern regarding Chinese GDP data is that it is an unreliable or noisy measure of the true state of Chinese economic activity. In this paper, we use a broad set of Chinese economic indicators and a dynamic factor model framework to estimate Chinese “economic activity” and price conditions as latent variables. Our method allows each economic indicator to have periods of missing data and a potentially different start date, which is important in the Chinese context where new indicators… CONTINUE READING
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