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September 20, 2025PLoS ONEOpen Access

Confidence, animal spirits, and the macroeconomy in China: Based on mixed-frequency data models

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Changes in the real estate market and GDP significantly influence consumer confidence, while industrial production does not.
Consumer confidence is a Granger cause of the CPI, indicating it has a reactionary role in inflation trends.
The study utilizes mixed-frequency Granger causality tests and data from January 2006 to June 2024 for analysis.
Despite its effect, animal spirits extracted from confidence do not drive substantial economic fluctuations in China.

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This analysis shows how real estate, GDP, and unemployment influence consumer confidence, suggesting animal spirits have limited economic impact.

Lu et al. (2025) studied this question.

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This analysis shows how real estate, GDP, and unemployment influence consumer confidence, suggesting animal spirits have limited economic impact.