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The Fundamental Institutions of Chinas Reforms and Development . . . The Fundamental Institutions of China's Reforms and Development by Chenggang Xu Published in volume 49, issue 4, pages 1076-1151 of Journal of Economic Literature, December 2011, Abstract: China's economic reforms have resulted in spectacular growth and poverty reduction However, China's instituti
Applying Asset Pricing Theory to Calibrate the Price of Climate Risk Abstract Pricing greenhouse gas emissions is a risk management problem It involves making trade-offs between consumption today and unknown and potentially catastrophic damages in the (distant) future The optimal price is necessarily based on society’s willingness to substitute consumption across time and across uncertain states of nature A large body of work in macroeconomics and finance
Can informal health providers help improve health? Signi cantly higher treatment e ects in areas with better quality of primary health facilities Informal health providers should be regarded as complementary with rather than substituting the existing public health system Non-poor households were able to translate their improved knowledge into better care-seeking behavior and better health outcomes
The Pricing Kernel in Options - American Economic Association 2See Chernov (2003) for an empirical study that estimates the pricing kernel using a cross-section of securities 3For evidence on U-shaped pricing kernels, see for instance Jackwerth (2000), A t-Sahalia and Lo (2000), Rosenberg and Engle (2002), Bakshi, Madan, and Panayotov (2010), Chabi-Yo (2012), Christo ersen, Heston, and Jacobs (2013), Song and Xiu (2016), and Cuesdeanu and Jackwerth
Closing the Revolving Door - American Economic Association Regulators can leave their government position for a job in a regulated firm Using granular payroll data on 22 million federal employees, we uncover the first system-atic evidence of revolving door incentives We exploit the fact that post-employment restrictions on federal employees, which reduce the value of their outside option, trigger when the employee’s base salary exceeds a threshold
Fiscal Policy in a Model With Financial Frictions I A DSGE Model with Financial Frictions and Fiscal Policy Due to space constraints, I will only briefly de-scribe the main elements of the model that I employ for my investigation The interested reader can find a more detailed exposition in Fernández-Villaverde (2010) Suffice it to say in terms of motivation that the model is based on the work of Ben S Bernanke, Mark Gertler, and Simon
Rural-Urban Migration, Structural Transformation, and Housing Markets . . . Yang Tangx This paper investigates the interrelationship between urbanization, structural transformation, and the post-2000 Chinese housing boom through the lens of a dynamic spatial equilibrium model that features migration and a rich housing market structure with mortgages Urbanization and structural transformation emerge as key drivers of China's house price boom, while at the same time
Testing for Asset Price Bubbles using Options Data 1 Introduction Price bubbles arise because buyers often purchase an asset not to hold it forever and capture its perpetual cash flows but to resell it at a higher price sometime in the future The existence of a bubble is therefore closely related to investors’ expectations about the future evolution of the asset price Thus, options, with their forward-looking nature, are the natural
Who’s Getting Globalized? - American Economic Association We thank Rohit Naimpally, Guo Xu, Fatima Aqeel and Max Perez Leon for excellent research assistance, and Alvaro González, Leonardo Iacovone, Clement Imbert, Horacio Larreguy, Philip Osafo-Kwaako, John Papp, and the World Bank Making Markets Work for the Poor Initiative for assistance in obtaining segments of the data We have benefited greatly from many discussions with Glen Weyl, as well as
Technological Innovation, Resource Allocation, and Growth Introduction Economists since Schumpeter have argued that technological innovation combined with resource reallocation is the driver of long-term economic growth However, the impact of technical change on economic growth and business cycle uctuations remains di cult to quantify mainly due to the scarcity of directly observable measures of innovation Similarly, while technology shocks play a