An Empirical Study about Phillips Curve in China
This paper does an empirical study to Phillips curve with data of China based on introduction and analysis of their shapes and policy significance of the curve. We draw and analyze designs of China Phillips curve's three formations. We think that transition ought to start from expansionary fiscal policy to Neutral fiscal policy, after brief review to some macro-economic policy which had important influence on the curves.
This paper incorporates labor search frictions into a model with lumpy capital to explain a set of stylized facts about the United States labor market dynamics over business cycles. All of these facts are related to …rm size: (1) job creation is procyclical in both small and large …rms; (2) job destruction is countercyclical in large …rms, but, paradoxically, it is procyclical in small …rms; and (3) job creation and job destruction are more volatile in large …rms than in small …rms. The model is calibrated to US data and its predictions are broadly consistent with the facts. The success of the model relies on the interaction between labor search and lumpy capital. Search frictions imply that even if two …rms have the