This paper builds a dynamic multisector model to investigate the importance of sectoral productivity shocks and production linkages in accounting for business cycles in China. With structural parameters and sectoral productivity shocks calibrated to 46 industrial sectors, the model simulation...

Dating the turning points and durations of business cycles has long been associated with NBER-type reference cycle indexes. More recently, such work has become additionally important for evaluating modern theoretical business cycle models and for analysing the time-varying characteristics of...