-
作者：Huang, Hanwei; Ju, Jiandong; Yue, Vivian Z.
作者单位：City University of Hong Kong; Tsinghua University; National Bureau of Economic Research; Emory University
摘要：We study the evolution of China's production and trade patterns during its integration into the global economy. Using firm-level microdata, we document how production and exports shifted across industries and within industries across firms. We quantify a Ricardian-Heckscher-Ohlin model with heterogeneous firms to account for these changes. Counterfactuals show capital deepening pushed China's production and exports toward greater capital intensity, while labor-biased productivity growth provid...
-
作者：Livshits, Igor; Park, Youngmin
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Bank of Canada
摘要：We establish that inefficiently lax financial regulation can arise democratically. Lax regulation leads to banks issuing risky mortgages at less than actuarially fair interest rates. This creates additional demand for houses and increases house prices, generating nontrivial distribution of winners and losers. Renters and individuals with large nonhousing wealth suffer from the induced banking fragility, while young middle-wealth households benefit from mispriced mortgages and old homeowners be...
-
作者：Ourens, Guzman
作者单位：Tilburg University
摘要：This paper documents that agricultural sectors diversify less than other manufacturing activities. A simple model shows that this difference can contribute to welfare divergence in a way that is qualitatively different to what results when uneven growth happens in the intensive margin. When consumers have love of variety, they endogenously reduce their expenditure share on the sector that diversifies production the least, pushing terms of trade against the lagging economy. Empirical evidence s...
-
作者：Li, Nan; Papageorgiou, Chris; Xu, Tong; Zha, Tao
作者单位：International Monetary Fund; Southwestern University of Finance & Economics - China; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Emory University; National Bureau of Economic Research
摘要：We use financial reforms as a case study to understand the temporal clustering of policy changes across countries, shedding light on the broader phenomenon of global policy contagion. We construct a comprehensive database of domestic financial reforms spanning 90 countries from 1973 to 2014. Using this dataset, we estimate a semistructural model that incorporates key factors identified in the literature. We find that (1) geopolitical influence and cross-country learning drove the global surge ...
-
作者：Loewenfeld, Moritz; Zheng, Jiakun
作者单位：University of Vienna; Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS)
摘要：Allowing risk preferences to depend on the correlation between lottery outcomes can explain behavioral anomalies, while empirical evidence is limited and mixed. Using the framework of correlation sensitivity, we classify preferences into three types and adapt a choice task to categorize subjects. Experiments show that aggregate choices exhibit correlation sensitivity opposite to regret and salience theory predictions. Clustering analysis reveals that a correlation-sensitive minority drives the...
-
作者：Gillitzer, Christian
作者单位：University of Sydney
摘要：How does the targeting of personal income tax cuts affect the output multiplier? This paper provides quantitative evidence using a heterogeneous-agent New-Keynesian model calibrated to match US distributions of income, wealth, marginal tax rates, and marginal propensities to consume. Labor supply is determined by household preferences on the intensive margin and search frictions on the extensive margin. The model evaluates tax cuts for the bottom-90 (B90%) and top-10% of the income distributio...
-
作者：Fang, Min; Han, Libin; Huang, Zibin; Lu, Ming; Zhang, Li
作者单位：China Europe International Business School; State University System of Florida; University of Florida; Dongbei University of Finance & Economics; Shanghai University of Finance & Economics; Shanghai Institute of International Finance & Economics; Shanghai Jiao Tong University; Sun Yat Sen University
摘要：We investigate a land policy in China that allocated more urban land quotas to underdeveloped regions to reduce regional gaps. Empirically, the policy decreased productivity in eastern areas relative to the inland. A spatial equilibrium model with migration, land quota constraints, and agglomeration shows the policy distorts labor and production across regions, causing substantial output losses. Though regional gaps narrowed, workers from underdeveloped areas migrated less and earned less. Wit...
-
作者：Che, Xiaogang; Li, Tong; Lu, Jingfeng; Zheng, Xiaoyong
作者单位：Vanderbilt University; National University of Singapore; North Carolina State University
摘要：We examine a two-stage selling mechanism design problem, where the buyer makes her report and the seller endogenously decides his effort (hidden investment) to generate a possibly better outside offer. The optimal mechanism shows that the seller's effort depends on the reported value of the buyer; a higher value lowers the seller's incentive to invest in the outside offer. After the price of the outside offer is realized, if the buyer's virtual value is less than the price, the seller takes th...
-
作者：Malpede, Maurizio
作者单位：University of Pavia; Centro Euro-Mediterraneo sui Cambiamenti Climatici (CMCC)
摘要：Although extractive industries have been associated with women's empowerment and lower infant mortality in Africa, this article provides evidence that the rapid increase in the demand for lithium-ion batteries reduced the education rates of children living in cobalt mining villages in sub-Saharan Africa. Children exposed to cobalt mining also exhibit slower cognitive and physical development than those living in noncobalt mining communities. The estimates are robust to spatial spillover effect...
-
作者：Shi, Wei; Wang, Chunchao; Yu, Pei
作者单位：Jinan University; South China Normal University; Rice University
摘要：We propose a model for network-mediated interactions incorporating higher-order relationships such as triadic interactions. The marginal utility of an individual's action depends explicitly on endogenous actions of multiple units. Conditions ensuring a unique Nash equilibrium are derived using a variational inequality approach. We estimate the model parameters via maximum likelihood and derive their large sample properties. Applying our model to data from a primary school teamwork experiment i...
