Are output fluctuations transitory? New evidence from 24 Chinese provinces

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The fact that an occurrence of a unit root in real output is inconsistent with the notion that business cycles are stationary fluctuations around a deterministic trend makes this an important topic for empirical investigation. We examine this issue for 24 Chinese provinces using the recently developed Lagrange multiplier panel unit root test which allows for a structural break. Our main finding is that real gross domestic product (GDP) and real GDP per capita for Chinese provinces are stationary fluctuations around a deterministic trend.

Original languageEnglish
Pages (from-to)327-336
Number of pages10
JournalPacific Economic Review
Issue number4
Publication statusPublished - Dec 2004
Externally publishedYes

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