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作者：Xu, Zhiwei
作者单位：Fudan University; Shanghai Institute of International Finance & Economics
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作者：Ma, Xiao; Zhang, Yiran
作者单位：Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University; Fudan University; Fudan University
摘要：Using comprehensive patent data, we document: (1) multinational affiliates and their foreign parent firms comprise a significant portion of patents filed in China; and (2) there are subsequent transfers and spillovers of these technologies to domestic firms. Guided by this evidence, we develop a model of multinational production featuring cross-country idea flows, transfers, and spillovers. Quantitatively, we find that without multinational production and knowledge spillovers, the idea stock o...
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作者：Hall, George J.; Sargent, Thomas J.
作者单位：Brandeis University; New York University
摘要：After 2000, ratios of tax collections to GDP and government expenditures to GDP have departed from 19th and 20th century US patterns. Before 2000, wartime government expenditure/GDP surges were accompanied by permanent rises in expenditure/GDP and tax collection/GDP ratios. Part of the War on COVID expenditure/GDP surge has persisted, but so far tax collections have not risen relative to GDP. If that discrepancy persists, the consolidated federal government budget constraint portends permanent...
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作者：Chen, Kaiji
作者单位：Emory University
摘要：This discussion evaluates Fang, Wang, and Wu's study on collateral-based monetary policy in China, which exploits the 2018 expansion of eligible collateral under the Medium-Term Lending Facility. The paper develops a theoretical model-linking collateral eligibility to bond pricing, employs a novel triple-difference strategy using dual-listed bonds, and finds that policy reduces bond spreads in both secondary and primary markets. The discussion highlights the paper's methodological contribution...
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作者：Jia, Dun
作者单位：Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University
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作者：Eberly, Janice; Wang, Neng
作者单位：Northwestern University; National Bureau of Economic Research
摘要：We develop a two-sector general-equilibrium model with capital accumulation and convex adjustment costs to analyze sectoral capital reallocation and asset pricing. Consumers weigh the diversification benefits of spreading investment across sectors against the productivity gains of concentrating capital in the more productive sector. We derive conditions under which sectoral capital reallocation shapes both sectoral and aggregate outcomes. Our framework highlights the importance of heterogeneit...
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作者：Cui, Wei
作者单位：University of London; University College London
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作者：Li, Kai
作者单位：Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University
摘要：This discussion of Reallocating and Pricing Illiquid Capital: Two Productive Trees by Janice Eberly and Neng Wanghighlights its tractable two-sector model with costly capital reallocation, which links diversification benefits, adjustment frictions, and asset pricing. I outline four promising directions for future research: quantifying the diversification-friction trade-off, exploring business cycle and asset pricing dynamics, examining growth under uncertainty, and connecting to the capital re...
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作者：Krueger, Dirk
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作者：Dong, Feng; Mei, Dongzhou; Sun, Haoning
作者单位：Tsinghua University; Central University of Finance & Economics
摘要：China's increasing use of structural monetary policy raises questions about its optimal role. This study investigates when and how SMP should be deployed using a multisector DSGE model incorporating distinct financing conditions and intermediary constraints for SOEs and POEs. We find that credit tightening disproportionately raises POE credit spreads, which conventional policy struggles to correct. Credit shocks significantly amplify resource misallocation and necessitate active SMP to address...
