关键词: 转型经济, 经济波动, 典型事实, Bai-Perron检验

Abstract: The paper examines the business cycleduring the reform and opening up period in China from 6 aspects of total demand, industry, productivity, employment and wage, price level, currency and interest by using the macroeconomic data of China from 1978 to 2013. Compared to the existing results, we find that there are two main features of China’s business cycle. Firstly, the transitional period falls into two stages, the first stage is from 1978 to 1990, in which the economic fluctuations are attributable to supply shock, while in the latter stage beginning from 1991 to present, the volatility of the output becomes smaller and mainly be driven by the demand shock; Secondly, the ratio of the employee in the first industry to that in the second and tertiary industry is strongly counter-cyclical, which shows the phenomenon that the rural surplus labor force flow into the city when the economy is prosperous, otherwise return back to the countryside.

Key words: Transition Economy, Economic Fluctuations, Stylized Facts, Bai-Perron Test