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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
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
Optimal Time-Consistent Debt Policies Abstract We study time-consistent debt policies in a trade-off model of debt in which the firm can freely issue new debt and repurchase existing debt A debt policy is time-consistent if in any state equityholders prefer to follow it rather than to deviate from it but lose credibility in sustaining debt discipline in the future In a class of policies, the optimal time-consistent debt policy
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
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
The Derivative Payoff Bias - American Economic Association A significant fraction of U S equity index derivatives expire “a m ” on the 3rd Friday of each month via constituent stocks’ opening trade price We show these prices are biased upwards since the advent of overnight trading in the early 2000s Equity prices drift up from Thursday close to 3rd Friday open and revert at the point derivative payofs are calculated As a result, equity
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