@article{Wu:102507,
      recid = {102507},
      author = {Wu, Libo and Li, Jing and Zhang, ZhongXiang},
      title = {Inflationary Effect of Oil-Price Shocks in an Imperfect  Market: A Partial Transmission Input-output Analysis},
      address = {2011-03},
      number = {838-2016-55752},
      series = {SD},
      pages = {44},
      year = {2011},
      abstract = {This paper aims to examine the impacts of oil-price shocks  on China’s price levels. To that end, we develop a partial  transmission input-output model that captures the  uniqueness of the Chinese market. We hypothesize and  simulate price control, market factors and technology  substitution - the three main factors that restrict the  functioning of a price pass-through mechanism during  oil-price shocks. Using the models of both China and the  U.S., we separate the impact of price control from those of  other factors leading to China’s price stickiness under  oil-price shocks. The results show a sharp contrast between  China and the U.S., with price control in China  significantly preventing oil-price shocks from spreading  into its domestic inflation, especially in the short term.  However, in order to strengthen the economy’s resilience to  oil-price shocks, the paper suggests a gradual relaxing of  price control in China.},
      url = {http://ageconsearch.umn.edu/record/102507},
      doi = {https://doi.org/10.22004/ag.econ.102507},
}