The impact of international financial crisis and the effect of China's macro policy response - based on an open economy DSGE - VAR Model

Leverages an open economy DSGE - VAR The model simulates and calculates the effects of the international financial crisis on China's economy and its transmission channels, and U.S. quantitative easing monetary policy spillover effects on China's economy ; and discuss China's monetary and fiscal policies in this framework anti- effect , identifies the long-term factors that cause China's economic fluctuations . The results of the study show that, first, Exchange channels and trade channels are the main channels for international finance The The crisis has an impact on China , US quantitative easing policy has a significant negative effect on China's economy. second , China government the Monetary and fiscal policy actions taken by the Government in response to the international financial crisis are timely and effective, Although the side effects are great; without these stimulus policy, China's real output in 2009 Year will drop 5 percent , Exports will also drop significantly. third, Consumer preference Impact, investment flush Click, Import price index impact, the main reason for China's macroeconomic fluctuation is the impact of interest rate shocks and foreign economic fluctuations .