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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
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
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
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
Passive Investing and the Rise of Mega-Firms 5Related mechanisms are at play in Bhattacharya and O’Hara (2018) and Cong and Xu (2016) who study how ETFsaffectmarketeبنciencyandliquidity, Bond and Garcia (2022) who study the efects of lowering the costs of passive investing, and Haddad, Huebner, and Loualiche (2022) who study how passive investing afects the elasticity of asset demand curves
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
Fiscal Policy in a Model With Financial Frictions Nominal deposits at the financial intermediary, at, which pay an uncontingent nominal gross in-terest rate Rt Nominal public debt, dt, which yields an uncon-tingent nominal gross return Rdt Arrow securities over all possible events (which, however, I do not include explicitly in the nota-tion since they are in zero net supply)
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 22Since the normalized stock price is St = St dSt dSt Bt , applying integration by parts, we get = St St Hence, we obtain the discounted price evolution by removing the riskless drift term rdt
Do Stock Prices Move Too Much to be Justified by SubsequentChanges in . . . It has often been claimed in popular dis- cussions that stock price indexes seem too "volatile," that is, that the movements in stock price indexes could not realisticallybe attributed to any objectivenew information, since movementsin the price indexes seem to be "too big" relative to actual subsequent events Recently, the notion that financial asset prices are too volatile to accord with