金融危机与经济波动特征事实:中美两国比较

Business Cycle Stylized Facts during Financial Crisis:A Comparison between China and U.S.

本文对金融危机前后（2006-2009年）中关两国经济指标的波动性和协动性进行系统比较．发现两国的宏观经济波动特征有显著差异。这种差异有些属于金融危机期间的非常规现象，有些与中国特殊的调控措施、经济发展模式有关。就上述差异的理解对于分析宏观经济形势、制定宏观调控政策都是非常有帮助的。

This paper studies of the volatility and co-movement of macroeconomic time series of China and U.S. during 2006-2009. The economic fluctuations of the two countries are quite different. Some of the differences owe to the unprecedented financial crisis, some owe to the macroeconomic management and development model of Chinese characteristic. The understanding of the above difference is indispensable for maeroeconomie analysis and policy making.