Working Papers
WP1262Title:Chinese Household Asset Allocation and Heterogeneous Agents Consumption BehaviorAuthor:Zang  Xuheng  and  Zhang  Xin   View Count:30
       Abstract:In this paper, we apply the empirical methodology of two-asset model to identify the heterogeneous agents and study the effect of household asset structure on the marginal propensity to consume out of transitory income changes and precautionary savings empirically based on CFPS data. We find that compared with those with sufficient liquid assets, the consumers with liquidity constraint have a high
WP1261Title:Housing Price, Migration Friction and the City-Size Distribution in China——Theory Model and Structural EstimationAuthor:Liu  Xiuyan  and  Li  Songlin   View Count:26
       Abstract:What are the key factors of the city-size distribution? Why is urban system in China so even that primacy index of a city cluster is usually lower? In order to answer these questions, this paper constructs theoretical model involving with migration decisions of heterogeneous individuals and also endogenous housing prices. We attribute the existing city-size distribution to four dimensions includin
WP1260Title:House Price and "Labor Shortage" of Chinese ManufactureAuthor:Tong  Jiadong;  Liu  Zhuqing   View Count:28
       Abstract: Using the data of 286 Chinese cities, the paper examines the effects of house price increase on Chinese manufacture employment, in order to explain the reason of "labor shortage" in Chinese manufacture with a new perspective. The basic results show increasing house price significantly rises the labor demand in construction industry and "squeeze out" the labor in manufacture, which results in stru
WP1259Title:The impact of global oil price shocks on China's agriculture marketsAuthor:Zhang  Chuanguo  and  Liu  Feng   View Count:54
       Abstract:This paper investigated global oil price’s shocks and its spillover effects on China's agriculture markets using improved ARMA-GARCH-ARJI model and ARMA-EGARCH model. The results show that all change rates of prices (index) had significant skewed normal volatility clustering effects, and the volatility of oil price was characterized by an intermittent jump feature. In terms of its spillover effect
WP1258Title:Will Economic Uncertainty Weaken the Effectiveness of Monetary Policy?Author:Su  Zhi,Liu  Chengcheng  and  Wei  Xueli   View Count:46
       Abstract:In recent years,economic uncertainty increases the difficulties of the central bank’s policy operation and implementation,and it makes the industrial structural upgrade as well as other economic reform tasks which need funds to support face more challenges,it has become an important research direction to accurately grasp the relationship between economic uncertainty and the effectiveness of moneta
WP1257Title:Can Market-oriented Reform Promote Industrial Technology Progress?——Empirical Evidence of China’s High-tech IndustriesAuthor:Dai  Kuizao  and  Liu  YouJin   View Count:41
       Abstract:How the marketization of China affects technical progress of industry? This paper use the industrial marketization index and 1995-2014 panel data of China's high-tech industry make a study. The results show that the marketization has greatly promoted the technological progress of China 's high-tech industry, and the promotion effect has been enhanced after entered WTO. And the marketization promot
WP1256Title:Escape Spatial Poverty Taps on the Hu Huanyong Line: A Perspective of Geographic ExternalitiesAuthor:Xu  Chunhua  and  Gong  Weijin   View Count:85
       Abstract:By using a variety of econometric regression models to analyze the 2005~2012 spatial panel data of 505 poverty regions at the county level in China, this paper analyzes the impact on spatial poverty taps on the Hu Huanyong Line from the perspective of first geographic externalities (FGE) and second geographic externalities (SGE), gets following results: firstly, land capital, physical capital, soc
WP1255Title:Diversity Agglomeration, Specialization Agglomeration and City economic ResilienceAuthor:Wang  Shiping  and  Qian  Xuefeng   View Count:69
       Abstract:Using the 286 Chinese cities data in 2003-2011, this paper examines the relationship and mechanism between the city agglomeration and the city economic resilience. We find that: (1) city agglomeration significantly improves the city economic resilience. (2) the diversity agglomeration also has significant effect on the city economic resilience, but the specialization agglomeration not. (3) for the
WP1254Title:Demography, Labor Quality and Total Factor ProductivityAuthor:Yi  Zhen  and  Zhu  Chao   View Count:70
       Abstract:The role of population demographics in economic development is one of the oldest themes in economics. Recent literature provides empirical support for an effect of demographic structure on economic growth. This literature does not give attention to the possibility that age structure might also have an effect on total factor productivity (TFP). This paper characterizes the behavior of economic part