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Forthcoming papers 15


Chen, Shiyi, Wanlin Liu and Hong Song, “Broadband Internet, Firm Performance and Worker Welfare: Evidence and Mechanism”, Economic Inquiry, forthcoming

Chen, Sihao, “Exchange Rates, Local Currency Pricing and International Tax Policies”, Journal of Monetary Economics, forthcoming (with Michael Devereux, Shi Kang and Juanyi Xu)

Chu, Angus and Haichao Fan, “Do Stronger Patents Stimulate or Stifle Innovation? The Crucial Role of Financial Development”, Journal of Money, Credit and Banking, forthcoming (with Guido Cozzi, Shiyuan Pan and Mengbo Zhang).

Fan, Haichao, “Global Gains from Reduction in Trade Costs”, Economic Theory, forthcoming (with Edwin Lai and Steffan Qi).

Fan, Haichao, “A Model of Trade with Ricardian Comparative Advantage and Intra-sectoral Firm Heterogeneity”, Journal of Comparative Economics, forthcoming (with Edwin Lai and Steffan Qi).

Guo, Li, “Security Analysts and Capital Market Anomalies”, Journal of Financial Economics, forthcoming (with Frank Weikai Li and K.C. John Wei)

Kou, Zonglai and Xilin Wang, “Dynamic Effects of Minimum Wage on Growth and Innovation in a Schumpeterian Economy”, Economics Letters, forthcoming (with Angus C. Chu)

Kou, Zonglai and Xilin Wang, “Effects of Patents on the Transition from Stagnation to Growth”, Journal of Population Economics, forthcoming (with Angus C. Chu)Song, Hong, “The Effect of Educational Technology on Students’ Labor Market Performance”, Journal of Population Economics, forthcoming (with Yi Lu)

Song, Hong, “Gender Peer Effects on Students’ Academic and Noncognitive Outcomes: Evidence and Mechanism”, Journal of Human Resources, forthcoming (with Jie Gong and Yi Lu)

Wang, Zhi, “Career Incentives of City Leaders and Urban Spatial Expansion in China”, Review of Economics and Statistics, forthcoming (with Qinghua Zhang and Li'an Zhou)

Wang, Zhi, “Valuing primary schools in urban China”, Journal of Urban Economics, forthcoming (with Jimmy Chan, Qinghua Zhang, Xianhua Zai and Xian Fang)

Wang, Zhi, “Land-Use Regulation and the Intensive Margin of Housing Supply”, Journal of Urban Economics, forthcoming (with Qinghua Zhang and Ya Tan)

Xi, Xican, “The Size Distribution of Firms and Industrial Water Pollution: A Quantitative Analysis of China”, American Economic Journal: Macroeconomics, forthcoming (with Ji Qi and Xin Tang)

Zuo, Xuejing, “Multiple Switching and Data Quality in the Multiple Price List”, Review of Economics and Statistics, forthcoming (with Y. Jane Zhang and Chi Wai Yu)



Publication in 2020 (4)

Feng, Jin, Hong Song and Zhen Wang, “The Elderly’s Response to a Patient Cost-Sharing Policy in Health Insurance: Evidence from China”, Journal of Economic Behavior and Organization, 2020, 169, 189-207

Feng, Jin, “Retirement effect on health status and health behaviors in urban China”, World Development, 2020,126, (with Qin Li and James Smith)

Jin, Fei, “QML Estimation of the Matrix Exponential Spatial Specification Panel Data Model with Fixed Effects and Heteroskedasticity”, Economics Letters, 2020, 180, 1-5 (with Yuanqing Zhang and Shuhui Feng)

Wei, Xiao, “Incomplete Market Demand Tests for Kreps-Porteus-Selden Preferences”, Journal of Economic Theory, 2020, 185, (with Felix Kubler and Larry Selden)



Publications in 201915

Chu, Angus and Haichao Fan, “Innovation and Inequality in a Monetary Schumpeterian Model with Heterogeneous Households and Firms”, Review of Economic Dynamics, 2019, 34, 141-164 (with Guido Cozzi, Yuichi Furuakwa and Chih-Hsing Liao).

Chu, Angus, “Human Capital and Innovation in a Monetary Schumpeterian Growth Model”, Macroeconomic Dynamics, 2019, 23, 1875-1894 (with Lei Ning and Dongming Zhu).

Chu, Angus, “Inflation and Innovation in a Schumpterian Economy with North-South Technology Transfer”, Journal of Money, Credit and Banking, 2019, 51, 683-719 (with Guido Cozzi, Yuichi Furukawa and Chih-Hsing Liao).

Chu, Angus, “Growth: Scale or Market-Size Effects?”, Economics Letters, 2019, 178, 13-17 (with Guido Cozzi).

Chu, Angus, “A Tale of Two Growth Engines: Interactive Effects of Monetary Policy and Intellectual Property Rights”, Journal of Money, Credit and Banking, 2019, 51, 7, 2929-2052(with Ching-Chong Lai and Chih-Hsing Liao).

Fu, Zhonghao, “A Model-Free Consistent Test for Structural Change in Regression Possibly with Endogeneity”, Journal of Econometrics, 2019, 211, 206-242 (with Yongmiao Hong).

Gu, Dingwei, “When is Upstream Collusion Profitable?”, RAND Journal of Economics, 2019, 50, 326-341 (with Zhiyong Yao, Wen Zhou and Rangrang Bai).

Jin, Fei, “GEL Estimation and Tests of Spatial Autoregressive Models”, Journal of Econometrics, 2019, 208, 585-612 (with Lung-fei Lee).

Ju, Gaosheng, “Nonparametric Panel Estimation of Labor Supply”, Journal of Business & Economic Statistics, 2019, 37, 260-274 (with Li Gan and Qi Li).

Song, Hong, “Long-Term Impact of Trade Liberalization on Human Capital Formation”, Journal of Comparative Economics, 2019, 47, 42, 946-961 (with Jie Li, Yi Lu and Huihua Xie)

Wang, Cheng, “Optimal Self-Enforcement and Termination”, Journal of Economic Dynamics and Control, 2019, 101, 161-186 (with Youzhi Yang).

Wu, Libo (joint corresponding author), “Climate Change and Residential Electricity Consumption in the Yangtze River Delta, China”, Proceedings of the National Academy of Sciences, 2019, 116, 472-477 (with Yating Li and William A. Pizer (joint corresponding author)).

Zhang, Jun, “Tax Burden, Regulations and Development of Service Sector in China”, Emerging Markets, Finance and Trade, 2019, 55, 477-495 (with Hongsheng Fang, Linhui Yu and Yuanshuang Hong).

Zhang, Jun, “Financial Asset Allocations and R&D Activities: Evidence from China’s Listed Companies”, Emerging Markets, Finance and Trade, 2019, 55, 531-544 (with Guanchun Liu, Huihang Wu and Yuchao Peng).

Zuo, Xuejing (joint first author), “Measuring the Impact of Interaction between Children from a Matrilineal and a Patriarchal Culture on Gender Differences in Risk Aversion”, Proceedings of the National Academy of Sciences, 2019, 116, 6713-6719 (with Elaine M. Liu (joint first author)).



Publications in 201829

Chan, Jimmy, “Deliberating Collective Decisions”, Review of Economic Studies, 2018, 85, 929-963 (with Alessandro Lizzeri, Wing Suen and Leeat Yariv).

Chen, Shuo, “The Health Costs of the Industrial Leap Forward in China: Evidence from the Sulfur Dioxide Emissions of Coal-fired Power Stations”, China Economic Review, 2018, 49, 68-83 (with Yiran Li and Qin Yao).

Chen, Zhao, Yu Liu and Zhi Wang, “The Consequences of Spatially Differentiated Water Pollution Regulation in China”, Journal of Environmental Economics and Management, 2018, 88, 468-485 (with Matthew E. Kahn).

Chen, Zhao, “Newspaper Reports of Food Safety Scandals: Evidence from an Online Take-out Application in China”, Applied Economics Letters, 2018, 25, 187-191 (with Jingbing Feng).

Chu, Angus, “Effects of Patents versus R&D Subsidies on Income Inequality”, Review of Economic Dynamics, 2018, 29, 68-84 (with Guido Cozzi).

Chu, Angus, “Home Production and Small Open Economy Business Cycles”, Journal of Economic Dynamics and Control, 2018, 95, 110-135 (with Kuan-Jen Chen and Ching-Chong Lai).

Chu, Angus, Zonglai Kou and Xueyue Liu, “Labor union and the wealth-income ratio”, Economic Letters, 2018, 167, 29-35.

Chu, Angus, Haichao Fan, Guobing Shen and Xun Zhang, “Effects of International Trade and Intellectual Property Rights on Innovation in China”, Journal of Macroeconomics, 2018, 57, 110-121.

Fan, Haichao, “Minimum Wage and Outward FDI from China”, Journal of Development Economics, 2018, 135, 1-19 (with Lixin Tang and Faqin Lin).

Fan, Haichao, “Connect to Trade”, Journal of International Economics, 2018, 110, 50-62 (with Haoyuan Ding and Shu Lin).

Fan, Haichao, “On the Relationship between Quality and Productivity: Evidence from China's Accession to the WTO”, Journal of International Economics, 2018, 110, 28-49 (with Yao Amber Li and Stephen R. Yeaple).

Fan, Haichao, “Trade Liberalization and Markups: Micro Evidence from China”, Journal of Comparative Economics, 2018, 46, 103-130 (with Xiang Gao, Yao Amber Li, and Tuan Anh Luong).

Fan, Haichao, “Margins of Imports, Forward-Looking Firms, and Exchange Rate Movements”, Journal of International Money and Finance, 2018, 81, 185-202 (with Yao Amber Li and Chen Carol Zhao).

Fan, Xiaoyan, “The Role of Firm Factors in Demand, Cost, and Export Market”, Review of Economic Studies, 2018, 85, 2429-2461 (with Mark J. Roberts, Daniel Yi Xu and Shengxing Zhang).

Jin, Fei, “Irregular N2SLS and LASSO Estimation of the Matrix Exponential Spatial Specification Model”, Journal of Econometrics, 2018, 206, 336-358 (with Lung-fei Lee).

Ju, Gaosheng, “Identifying Latent Grouped Patterns in Panel Data Models with Interactive Fixed Effects”, Journal of Econometrics, 2018, 206, 554-573 (with Liangjun Su).

Lan, Xiaohuan, “Swiss Watch Cycles: Evidence of Corruption During Leadership Transition in China”, Journal of Comparative Economics, 2018, 46, 1234-1252 (with Wei Li).

Li, Huailu, “Does Competition Eliminate Discrimination? Evidence from the Commercial Sex Market in Singapore”, Economic Journal, 2018, 128, 1570-1608 (with Kevin Lang and Kaiwen Leong).

Liu, Qingfu, “Including Commodity Futures in Asset Allocation in China”, Quantitative Finance, 2018, 18, 1487-1499 (with Yiuman Tse and Linlin Zhang).

Liu, Yu, “Government Extraction and Firm Size: Local Officials' Responses to Fiscal Distress in China”, Journal of Comparative Economics, 2018, 46, 1310-1331.

Song, Hong, “The Effect of Teacher Gender on Student's Academic and Noncognitive Outcomes”, Journal of Labor Economics, 2018, 36, 743-778 (with Jie Gong and Yi Lu).

Wang, Cheng, “Optimal Sovereign Lending and Default”, Journal of International Economics, 2018, 111, 190-213 (with Jie Luo).

Wu, Libo (joint corresponding author), “China’s Emissions Trading Takes Steps Towards Big Ambitions”, Nature Climate Change, 2018, 8, 265-267 (with Frank Jotzo (joint corresponding author), Valerie Karplus, Michael Grubb, Andreas Löschel, Karsten Neuhoff, and Fei Teng).

Xi, Xican (joint first author), “Policy Distortions, Farm Size, and the Overuse of Agricultural Chemicals in China”, Proceedings of the National Academy of Sciences, 2018, 115, 7010-7015(with Yiyun Wu (joint first author), Xin Tang, Deming Luo, Baojing Gu, Shu Kee Lam, Peter Vitousek and Deli Chen).

Xu, Xian, “Optimal retirement time under habit persistence: what makes individuals retire early?”, Scandinavian Actuarial Journal, 2018, (3), 1-25 (with An Chen and Felix Hentschel).

Zhang, Qi, “Policy choice and economic growth under factional politics: Evidence from a Chinese Province”, China Economic Review, 2018, 47, 12-26 (with Zhiyun Li).

Zhang, Qi, “Intra-provincial Revenue Sharing and the Subnational Government’s Fiscal Capacity in China: The Case of Zhejiang Province”, China & World Economy, 2018, 26, 24-40 (with Tao Qian).

Zhang, Yuan, “A Decomposition Method on Employment and Wage Discrimination and Its Application in Urban China (2002-2013)”, World Development, 2018, 110, 1-12 (with Chen Yiupor).

Zhang, Yuan, “Reassessing the Lewis Turning Point in China: Evidence from 70,000 Rural Households”, China & World Economy, 2018, 26, 1-14 (with Ting Shao and Qi Dong).



Publications in 2017 29

Che, Jiahua, “Decentralization and Political Career Concerns”, Journal of Public Economics, 2017, 145, 201-210 (with Kim-Sau Chung and Yang K. Lu).

Chen, Shiyi, “Analysis of CO2 Emissions Embodied in China’s Bilateral Trade: a Non-Competitive Import Input-Output Approach”, Journal of Cleaner Production, 2017, 163, S410-S419 (with Yu Liu, Bin Chen and Wei Yang).

Chen, Shuo and Xiaohuan Lan, “There Will Be Killing: Collectivization and Death of Draft Animals”, American Economic Journal: Applied Economics, 2017, 9, 58-77.

Chen, Zhao, “Inter-industry Relatedness and Industrial-policy Efficiency: Evidence from China’s Export Processing Zones”, Journal of Comparative Economics, 2017, 45, 809-826 (with Sandra Poncet and Ruixiang Xiong).

Chen, Zhao, “Status Incentives and Corporate Giving: Evidence from China’s Political Reform on Private Enterprises”, Pacific Economic Review, 2017, 22, 841-860 (with Jipeng Zhang).

Chu, Angus, “Inflation and Economic Growth in a Schumpeterian Model with Endogenous Entry of Heterogeneous Firms”, European Economic Review, 2017, 98, 392-409 (with Guido Cozzi, Yuichi Furukawa and Chih-Hsing Liao).

Chu, Angus, “Short-run and Long-run Effects of Capital Taxation on Innovation and Economic Growth”, Journal of Macroeconomics, 2017, 53, 207-221 (with Ping-Ho Chen, Hsun Chu and Ching-Chong Lai).

Duan, Baige, “De Vylder Approximation to the Optimal Retention for a Combination of Quota-share and Excess of Loss Reinsurance with Partial Information”, Insurance: Mathematics and Economics, 2017, 76, 48-55 (with Xiang Hu and Lianzeng Zhang).

Fan, Haichao, “Domestic Creditor Rights and External Private Debt”, Economic Journal, 2017, 127, 2410-2440 (with Xiang Gao).

Fan, Haichao, “Revisiting Crude Oil Price and China's Stock Market”, Annuals of Economics and Finance, 2017, 18, 377-391 (with Haoyuan Ding, Huanhuan Wang and Wenjin Xie).

Fan, Jianyong, “Government Intervention, Land Market, and Urban Development: Evidence from Chinese Cities”, Economic Inquiry, 2017, 55, 115-136 (with Jipeng Zhang and Jiawei Mo).

Feng, Jin, “Relative Pay of Domestic Eldercare Workers in Shanghai, China”, Feminist Economics, 2017, 23, 135-159 (with Xiao-yuan Dong and Yangyang Yu).

Li, Dan, “Move in the Right Place at the Tight Time: The Economic Consequence of Manchuria 1910-11 Plague on Migrants”, Explorations in Economic History, 2017, 63, 91-106 (with Nan Li).

Li, Zhiyuan, “Trade Policy Uncertainty and Exports: Evidence from China’s WTO Accession”, Journal of International Economics, 2017, 106, 20-36 (with Ling Feng and Deborah Swenson).

Liu, Qingfu, “Overnight Returns of Stock Indexes: Evidence from ETFs and Futures”, International Review of Economics and Finance, 2017, 48, 440-451 (with Yiuman Tse).

Song, Hong, “The Cost of Attending an Elite College”, Economics Letters, 2017, 159, 173-176.

Wang, Yongqin, “A Comparative Study of Shadow Banking Activities of Non-Financial Firms in Transition Economies”, China Economic Review, 2017, 46, S35-S49 (with Du Julan and Chang Li).

Wang, Zhi, “To Build above the Limit? Land Use Regulations and Implementation in Urban China”, Journal of Urban Economics, 2017, 98, 223-233 (with Hongbin Cai and Qinghua Zhang).

Wei, Xiao, “What Are Asset Demand Tests of Expected Utility Really Testing?”, Economic Journal, 2017, 127, 784-808 (with Felix Kubler and Larry Selden).

Wu, Jianfeng, “The birth of edge cities in China: Measuring the effects of industrial parks policy”, Journal of Urban Economics, 2017, 100, 80-103 (with Siqi Zheng, Weizeng Sun,and Matthew Kahn).

Yao, Jing, “Gambler's Attention and the Mean-Variance Relation: Evidence from China,” Finance Research Letters, 2017, 23, 233-238 (with Lingyan Wu).

Zhang, Jinqing, “Dynamic Portfolio Optimization with Ambiguity Aversion”, Journal of Banking & Finance, 2017, 79, 95-109 (with Zeyu Jin and Yunbi An).

Zhang, Jun, “Asymmetric reform bonus: The impact of VAT pilot expansion on China's corportate total tax burden”, China Economic Review, 2017, 46, 17-34 (with Hongsheng Fang and Yuxin Bao).

Zhang, Jun and Qi Zhang, “The Political Logic of Partial Reform in China’s State-owned Enterprises”, Asian Survey, 2017, 40, 621-657 (with Zhikuo Liu).

Zhang, Qi, “Local Government’s Fiscal Pressure and the Industrial Dependence on Polluting Industries in China”, China & World Economy, 2017, 25, 1-22(with Ruoyu Wang).

Zhang, Qi, “Fiscal Decentralization and Pattern of County Public Expenditures in a Chinese Province,” Annals of Economics and Finance, 2017, 18, 199-223 (with Tao Qian).

Zhang, Qi, “Eating, Drinking, and Power Signaling in Institutional Authoritarianism”, Journal of Contemporary China, 2017, 26, 337-352 (with Jiangnan Zhu and Zhikuo Liu).

Zhang, Yuan, “Why Asia and China Have Lower Urban Concentration and Urban Primacy?”, Journal of the Asia Pacific Economy, 2017, 22, 90-105 (with Wan Guanghua and Yang Dan).

Zhu, Hongfei, “Can Funding Platforms’ Self-initiated Financial Innovation Improve Credit Availability? Evidence from China’s P2P Market”, Applied Economics Letters, 2017, 24, 396-398 (with Jinhong Mi).



Publications in 2016 17

Bu, Nanyang, “Joint Misrepresentation with Bribes”, Economic Theory, 2016, 61, 115-125.

Chan, Jimmy, “Approximate Efficiency in Repeated Games with Side-payments and Correlated Signals”, Theoretical Economics, 2016, 11, 53-87 (with Wenzhang Zhang).

Chen, Shuo, “Of Maize and Men: The Effect of a New World Crop on Population and Economic Growth in China”, Journal of Economic Growth, 2016, 21, 71-99 (with James Kung).

Chen, Zhao, “Chinese Returnees and High-Tech Sector Outward FDI: The Case of Changzhou”, Asian Economic Papers, 2016, 15, 195-215 (with Tony Fang).

Chu, Angus, “Growth Accounting and Endogenous Technical Change”, Economics Letters, 2016, 146, 147-150 (with Guido Cozzi).

Chu, Angus, “Growth and Parental Preference for Education in China”, Journal of Macroeconomics, 2016, 49, 192-202 (with Yuichi Furukawa and Dongming Zhu).

Fan, Haichao, “News Shock, Firm Dynamics and Business Cycles: Evidence and Theory”, Journal of Economic Dynamics and Control, 2016, 73, 159-180 (with Xiang Gao, Juanyi Xu and Zhiwei Xu).

Li, Zhiyuan, “The Connection between Imported Intermediate Inputs and Exports: Evidence from Chinese Firms”, Journal of International Economics, 2016, 101, 86-101 (with Ling Feng and Deborah Swenson).

Liu, Qingfu, “Determinants and Information Content of Intraday Bid-ask Spreads: Evidence from Chinese Commodity Futures Markets”, Pacific-Basin Finance Journal, 2016, 38, 135-148 (with Renhai Hua and Yunbi An).

Liu, Qingfu, “Extended Trading in Chinese Index Markets: Informed or Uninformed?”, Pacific-Basin Finance Journal, 2016, 36, 112-122 (with Renhai Hua and Yiuman Tse).

Wang, Zhi, “Wage Growth, Ability Sorting, and Location Choice at Labor-Force Entry: New Evidence from U.S. Census Data”, Journal of Urban Economics, 2016, 96, 112-120.

Wu, Jianfeng, “The Decomposition and Dynamics of Industrial Carbon Dioxide Emissions for 287 Chinese Cities in 1998-2009”, Journal of Economic Surveys, 2016, 30, 460-481 (with Maximilian Auffhammer, Weizeng Sun and Siqi Zheng).

Xie, Yiqing, “Fixed Export Costs and Export Behavior”, Southern Economic Journal, 2016, 83, 300-320 (with Luis Castro, Ben G. Li and Keith E. Maskus).

Xu, Xian, “Earthquake Disasters, Marriage, and Divorce: Evidence from China 2000-2011”, Disaster Prevention and Management: An International Journal, 2016, 25, 59-74 (with Jingbing Feng).

Zhang, Jun, “Uncovering the Truth about Chinese Urban Unemployment Rates”, China & World Economy, 2016, 24, 1-18 (with Liheng Xu and Huihui Zhang).

Zhang, Qi, “Collective Resistance under Authoritarianism: Elite-Mass Strategies in an Experimental Game”, Political Behavior, 2016, 38, 951-976 (with Dennis Chong and Mingxing Liu).

Zhou, Yi, “The Tragedy of the Anticommons in Knowledge”, Review of Radical Political Economics, 2016, 48, 158-175.


Publications in 201525

Chan, Jimmy, “Collusion Enforcement with Private Information and Private Monitoring”, Journal of Economic Theory, 2015, 157, 188-211 (with Wenzhang Zhang).

Chen, Shiyi, “Environmental Pollution Emissions, Regional Productivity Growth and Ecological Economic Development in China”, China Economic Review, 2015, 35, 171-182.

Chen, Shiyi, “Recurrent Support Vector Regression for a Nonlinear ARMA Model with Applications to Forecasting Financial Returns”, Computational Statistics, 2015, 18, 821-843 (with Kiho Jeong and Wolfgang K. Härdle).

Chen, Shuo, “Road to Success? The Effects of Road Toll on Economic Growth in China”, Applied Economics Letters, 2015, 22, 158-162 (with Xiaobo He).

Duan, Baige, “Optimal Reinsurance under Adjustment Coefficient Measure in a Discrete Risk Model Based on Poisson MA(1) Process”, Scandinavian Actuarial Journal, 2015, (5), 455-467 (with Lianzeng Zhang and Xiang Hu).

Gao, Hong, “Inclusive Urban Employment: How Does City Scale Affect Job Opportunities for Different People?”, Asian Economic Papers, 2015, 14, 98-128 (with Ming Lu and Hiroshi Sato).

Jiang, Xianglin, “Making Optimal Investment Decisions for Energy Service Companies under Uncertainty: A Case Study”, Energy, 2015, 88, 234-243 (with Qianli Deng, Limao Zhang and Qingbin Cui).

Jiang, Xianglin, “Strategic Design of Cost Savings Guarantee in Energy Performance Contracting under Uncertainty”, Applied Energy, 2015, 139, 68-80 (with Qianli Deng, Qingbin Cui and Limao Zhang).

Ju, Gaosheng, “Nonparametric Estimation of Structural Labor Supply and Exact Welfare Change under Nonconvex Piecewise-linear Budget Sets”, Journal of Econometrics, 2015, 188, 526-544 (with Li Gan and Xi Zhu).

Kou, Zonglai, “Hotelling’s Competition with Relative Performance Evaluation”, Economics Letters, 2015, 130, 69-71 (with Min Zhou).

Lan, Xiaohuan, “The Economics of Nationalism”, American Economic Journal: Economic Policy, 2015, 7, 294-325 (with Ben Li).

Lan, Xiaohuan, “The Achievement and Course-Taking Effects of Magnet Schools: Regression-Discontinuity Evidence from Urban China”, Economics of Education Review, 2015, 47, 128-142 (with Thomas Dee).

Li, Dan, “Intranational Risk Sharing and Its Determinants”, Journal of International Money and Finance, 2015, 51, 89-113 (with Chun-Yu Ho and Wai-Yip Alex Ho).

Lin, Shu and Haichun Ye, “Political Fractionalization and Delay in Fiscal Stabilizations: A Duration Analysis”, Public Choice, 2015, 164, 157-175 (with Kevin Grier).

Liu, Qingfu, “International Asset Allocation with Regime Switching: Evidence from the ETFs”, Asia-Pacific Journal of Financial Studies, 2015, 44, 661-687 (with Pan Jiang and Yiuman Tse).

Tan, Zhibo, “Financial Structure, Corporate Savings and Current Account Imbalances”, Journal of International Money and Finance, 2015, 54, 142-167 (with Yang Yao and Shang-Jin Wei).

Wang, Cheng, “Equilibrium Matching and Termination”, Journal of Monetary Economics, 2015, 76, 208-229 (with Youzhi Yang).

Wang, Cheng, “Outside Opportunities and Termination”, Games and Economic Behavior, 2015, 91, 207-228 (with Youzhi Yang).

Wang, Yongqin, “Sex Imbalance, Marital Matching and Intra-Household Bargaining: Evidence from China”, China Economic Review, 2015, 35, 197-218 (with Julan Du and Yan Zhang).

Wu, Jianfeng, “Does Spatial Concentration of Urban Development Mitigate Co2 Emissions? Evidence from China 2000-2008”, China Economic Review, 2015, 35, 220-231 (with Bo Qin).

Yang, Qing, “Exploring Consumer Perceived Risk and Trust for Online Payments: An Empirical Study on China’s Younger Generation”, Computers in Human Behavior, 2015, 50, 9-24 (with Chuan Pang, Liu Liu, David C. Yen and J. Michael Tarn).

Yao, Jing, “Dynamic Trading with Reference Point Adaptation and Loss Aversion”, Operations Research, 2015, 63, 789-806 (with Yun Shi, Xiangyu Cui, and Duan Li).

Zhang, Jun, “The Future is in the Past: Projecting and Plotting the Potential Rate of Growth and Trajectory of the Structural Change of the Chinese Economy for the Next 20 Years”, China & World Economy, 2015, 23, 21-46 (with Liheng Xu and Fang Liu).

Zhang, Jun, “Re-estimating China's Underestimated Consumption”, Comparative Economic Studies, 2015, 57, 55-74 (with Tian Zhu).

Zhu, Hongfei, “Land Ownership as an Urban Employment Disincentive for Rural Migrants in China”, The Developing Economies, 2015, 53, 135-149 (with Can Rao and Jingwen Yu).



Publications in 201420


Xu, Xian, “Climate Change as a Challenge to China’s Insurance Industry”, International Journal of Climate Change Strategies and Management, 2014, 6, 367-375.

Luo, Changyuan, “FDI, Market Signal and Financing Constraints of Firms in China”, Journal of International Trade & Economic Development, 2014, 23, 579-599 (with Lin Chen).

Shen, Guobing, “The Trade Effects of US Anti-dumping Actions against China Post-WTO Enty”, World Economy, 2014, 37, 86-105 (with Xiaolan Fu).

Quan, Qi and Sun, Lijian, “Financing Decisions in Newly Privatized Chinese Firms: Does A Stock Market Quotation Really Provide Discipline?”, Journal of Financial Intermediation, 2014, 23, 27-46 (with Nancy Huyghebaert).

Liu, Qingfu and Zhang, Jinqing, “Asymmetric Information and Volatility Forecasting in Commodity Futures Markets”, Pacific-Basin Finance Journal, 2014, 26, 79-97 (with Leokhou Wong and Yunbi An).

Cheng, Dazhong, “What's So Special about China's Producer Services? An Input-output Analysis”, China and World Economy, 2014, 22, 103-120 (with Peter W. Daniels).

Xie, Yiqing, “Outsourcing Versus Vertical Integration: Ethier-Markusen Meets the Property-rights Approach”, International Journal of Economic Theory, 2014, 10, 75-90 (with James R. Markusen).

Chen, Shiyi, “Large-Scale Land Use for Construction and Energy Consumption after the New Millennium with their Impact on Total-Factor Efficiency Change in China’s Regional Economy”, Energies, 2014, 7, 1986-2003 (with Shujian Zhang).

Li, Dan, “A mirror of history: China's bond market 1921-1942”, Economic History Review, 2014, 67, 409-434 (with Chun-Yu Ho).

Chen, Shiyi, “'Green' productivity growth in China's industrial economy”, Energy Economics, 2014, 44, 89-98 (with Jane Golley).

Tan, Zhibo, “A Comparative Study of Forecasting Performance of Three International Organizations”, Journal of Policy Modeling, 2014, 36, 745-757 (with Pingfan Hong).

Liu, Qingfu, “Hedging Industrial Metals with Stochastic Volatility Models”, Journal of Futures Market, 2014, 34, 704-730 (with Michael T. Chng and Dongxia Xu).

Wang, Zhi, “Fundamental Factors in the Housing Markets of China”, Journal of Housing Economics, 2014, 25, 53-61 (with Qinghua Zhang).

Chen, Zhao, “Returns to Dialect: Identity Exposure through Language in the Chinese Labor Market”, China Economic Review, 2014, 30, 27-43 (with Ming Lu and Le Xu).

Zhang, Yuan, “When A Son is Born: The Impact of Fertility Patterns on family Finance in Rural China”, China Economic Review, 2014, 30, 192-208 (with Weili Ding).

Xu, Xian, “Bilateral Intergenerational Moral Hazard: Empirical Evidence from China”, Geneva Papers on Risk and Insurance-Issues and Practice, 2014, 39, 651-667 (with Peter Zweifel).

Zhu, Hongfei, “The Role of Risk Preference in Immigration and Minimum Wage Policies”, BE Journal of Economic Analysis & Policy, 2014, 14, - (with Yulian Wang).

Wu, Libo, “Energy Efficiency Achievements in China's Industry and Transport Sectors: How Do They Rate?”, Energy Policy, 2014, 73, 38-46 (with Hong Huo).

Zhang, Zhongxiang, “Energy Prices: The Key to Enable the Market to Play a Decisive Role in Resource Allocation”, Energy & Environment, 2014, 25, 1473-1476.

Wu, Libo, “Advancing the Experiment to Reality: Perspectives on Shanghai Pilot Carbon Emissions Trading Scheme”, Energy Policy, 2014, 75, 22-30 (with Haoqi Qian and Jin Li).



Publications in 201328


Zhang, ZhongXiang, “Energy, Climate and Environmental Policy in China: Introduction to the Special Double Issue”, Energy & Environment, 2013, 24, 1201-1207.

Zhang, ZhongXiang, “Policies and Practiced of Low Carbon City Development in China”, Energy & Environment, 2013, 24, 1347-1372 (with Can Wang, Jie Lin and Wenjia Cai).

Li, Dan, “Railway Development and Military Conflicts in Prewar China”, Eurasian Geography and Economics, 2013, 54, 500-516.

Chen, Zhao, “Beyond Lewis: Rural-Urban Migration with Endogenous Policy Change”, China Agricultural Economic Review, 2013, 5, 213-230 (with Xiaofeng Liu and Ming Lu).

Yao, Jing, “Bounded Rationality as a Source of Loss Aversion and Optimism: A Study of Psychological Adaptation under Incomplete Information”, Journal of Economic Dynamics and Control, 2013, 37, 18-31 (with Duan Li).

Lin, Shu, “Does Inflation Targeting Help Reduce Financial Dollarization?”, Journal of Money, Credit and Banking, 2013, 45, 1253-1274 (with Haichun Ye).

Wang, Cheng, “Quantifying the Impact of Financial Development on Economic Development”, Review of Economic Dynamics, 2013, 16, 194-215 (with Jeremy Greenwood and Juan M. Sanchez).

Zhang, ZhongXiang, “Impacts of Border Carbon Adjustments on China's Sectoral Emissions: Simulations with a Dynamic Computable General Equilibrium Model”, China Economic Review, 2013, 24, 77-94 (with Qin Bao, Ling Tang and Shouyang Wang).

He, Lixin, “Income Redistributin in Urban China by Social Security System: An Empirical Analysis Based on Annual and Lifetime Income”, Contemporary Economic Policy, 2013, 31, 314-331 (with Sato Hiroshi).

Wu, Libo and Zhang, ZhongXiang, “Inflationary Effect of Oil-price Shocks in an Imperfect Market:A Partial Transmission Input-output Analysis”, Journal of Policy Modeling, 2013, 35, 354-369 (with Jing Li).

Wang, Cheng, “Incentives and the Cost of Firing in an Equilibrium Labor Market Model with Endogenous Layoffs”, International Economic Review, 2013, 54, 443-472.

Zhang, Qi, “The Political Economy of Private Sector Development in Communist China: Evidence from Zhejiang Province”, Studies in Comparative International Development, 2013, 48, 196-216 (with Mingxing Liu)

Wan, Guanghua and Zhang, Yuan, “Chronic and Transient Poverty in Rural China”, Economics Letters, 2013, 119, 284-286.

Chen, Shiyi, “Energy Consumption Restricted Productivity Re-estimates and Industrial Sustainability Analysis in Post-reform China”, Energy Policy, 2013, 57, 52-60 (with Amelia U. Santos-Paulino).

Xu, Xian, “The Impact of Disaster Relief on Economic Growth: Evidence from China”, Geneva Papers on Risk and Insurance-Issues and Practice, 2013, 38, 495-520 (with Jiawei Mo).

Yuan, Zhigang, “The Trend and Mechanism of Intergenerational Income Mobility in China: An Analysis from the Perspective of Human Capital, Social Capital and Wealth”, The World Economy, 2013, 36, 880-898 (with Lin Chen).

Tian, Suhua, “Bank Capital Interbank Contagion, and Bailout Policy”, Journal of Banking and Finance, 2013, 37, 2765-2778 (with Yunhong Yang and Gaiyan Zhang).

Yao, Jing, “Prospect Theory and Trading Patterns”, Journal of Banking and Finance, 2013, 3, 2793-2805 (with Duan Li).

Zhu, Hongfei, “Why is China's Employment Elasticity So Low? A Wage Bill Decomposition View”, Empirical Economics Letters, 2013, 12, - (with Yu Jingwen and Li Xiaolong).

Chen, Zhao and Wu, Jianfeng, “Chinese Manufacturing on the Move:Factor Supply or Market Access?”, China Economic Review, 2013, 26, 170-181 (with Chengchao Bao).

Kou, Zonglai, “Non-obviousness and Screening”, Journal of Industrial Economics, 2013, 61, 700-732 (with Patrick Rey and Tong Wang).

Zhang, Jun, “Symposium: Institutions, Economic Growth and International Trade”, Economic Systems, 2013, 37, 331-332 (with Ali M. Kutan).

Zhang, Jun, “The Evolving Pattern of the Wage-labor Productivity Nexus in China: Evidence from Manufacturing Firm-level Data”, Economic Systems, 2013, 37, 354-368 (with Xiaofeng Liu).

Bu, Nanyang, “Unfolding the Mystery of False-name-proofness”, Economics Letters, 2013, 120, 559-561.

Chen, Shiyi, “What Is the Potential Impact of a Taxation System Reform on Carbon Abatement and Industrial Growth in China?”, Economic systems, 2013, 37, 369-386.

Pan, Deng, “Before and After: the Impact of a Real Bubble Crash on Investors' Trading Behavior in the Lab”, Journal of Economic Behavior and Organization, 2013, 95, 186-196 (with Binglin Gong and Vivian Lei).

Chen, Shiyi, “Energy Consumption and Carbon Emission Based Industrial Productivity in China: A Sustainable Development Analysis”, Review of Development Economics, 2013, 17, 644-661 (with Amelia U. Santos-Paulino).

Song, Jun, “Manipulation Prevention and Hedging Effectiveness: Optimal Settlement Window Design for CSI300 Stock Index Futures”, Emerging Markets Finance and Trade, 2013, 49, 55-69 (with Rui Luo).



Publications in 201218


Zhang, Yuan, and Wan Guanghua, “The Rise of Middle Class in Rural China”, China Agricultural Economic Review, 2012, 4, 36-51 (with Niny Khor).

Li, Dan, “Examining the Role of Risk Aversion in Calculation the Welfare Cost of Consuming Fluctuations”, Applied Economics Letters, 2012, 19, 801-806 (with Chun-Yu Ho and Wai-Yip Alex Ho).

Zhang, Jun and Tang, Dongbo, “Foreign Value-added in China's Manufactured Exports: Implications for China's Trade Imbalance”, China and World Economy, 2012, 20, 27-48 (with Yubo Zhan).

Lin, Shu, “What to Target? Inflation or Exchange Rate”, Southern Economic Journal, 2012, 78, 1202-1221 (with Haichun Ye).

Zhang, Jun, “Guanxi and Entrepreneurship in Urban China”, Journal of the Asia Pacific Economy, 2012, 17, 315-331 (with Michael Troilo).

Zhu, Hongfei , He, Lixin and Yuan, Tangjun, “Could Education Retain Farmers in the Local Area?”, Hitotsubashi Journal of Economics, 2012, 53, 39-47.

Li, Huizhong, “Home Market Effects of Foreign Trade in China's Manufacturing Sector: Analysis Using International Standard Industry Classification Panel Data”, China and World Economy, 2012, 20, 1-15 (with Fei Qi and Shaoxuan Zhang).

Lu, Ming, “Identity, Inequality, and Happiness: Evidence from Urban China”, Word Development, 2012, 40, 1190-1200 (with Shiqing Jiang and Hiroshi Sato).

Jiang, Bibo, “Non-stationary Regression with Logistic Transition”, Econometrics Journal, 2012, 15, 255-287 (with Yoonsoon Chang and Joon Park).

Wang, Yongqin, “Incomplete Contrast, Bargaining and Optimal Division Structure”, Journal of Economics, 2012, 107, 81-96 (with Te Bao).

Liu, Qingfu, “Jump Spillovers in Energy Futures Markets: Implications for Diversification Benefits”, Energy Economics, 2012, 34, 1447-1464 (with Anthony H. Tu).

Zhang, ZhongXiang, “The Overseas Acquisitions and Equity Oil Shares of Chinese National Oil Companies: A Threat to the West but a Boost to China's Energy Security?”, Energy Policy, 2012, 48, 698-701.

Cheng, Dazhong, “Product-Destination Portfolio and Dynamics by Firm Ownership and Trade Mode: Evidence from Chinese Industrial Exporters”, China and World Economy, 2012, 20, 21-36.

Yuan, Tangjun, “China Economic Growth, Structural Change and the Lewisian Turning Point”, Hitotsubashi Journal of Economics, 2012, 53, 147-176 (with Kyoji Fukao).

Chen, Zhao, “Entrepreneurs, Organizational Members, Political Participation and Preferential Government Treatment: Evidence from China”, International Small Business Journal, 2012, 30, 873-889 (with Yongzhi Sun, Alexander Newman and Wei Xu).

Wang, Dihai, “Health Investment,Physical Capital Accumulation, and Economic Growth”, China Economic Review, 2012, 23, 1104-1119 (with Liutang Gong and Hongyi Li).

Zhu, Junfeng, “Who Plays the Key Role among Shanghai,Shenzhen and Hong Kong Stock Markets?”, China and World Economy, 2012, 20, 102-120 (with Jian Wang and Feifei Dou).

Zhang, Jun, ”Zhu Rongji Might Be Right: Understanding the Mechanism of Fast Economic Development in China“, The World Economy, 2012, 35, 1712-1732.



Publications in 201112


Lu, Qianjin, “Changing Money Market and Monetary Policy Operations in China: An Institutional Perspective”, Journal of Contemporary China, 2011, 20, 287-305 (with Man-Kwong Leung).

Chen, Shiyi, “Modeling Default Risk with Support Vector Machines”, Quantitative Finance, 2011, 11, 135-154 (with W.K. Hardle and R.A. Moro).

Wang, Cheng, “Termination of Dynamic Contracts in an Equilibrium Labor Market Model”, Journal of Economic Theory, 2011, 146, 74-110.

Song, Zheng, “Growing like China”, American Economic Review, 2011, 101, 196-233 (with Kjetil Storesletten and Fabrizio Zilibotti).

Chen, Shiyi and Zhang, Jun, “Structural Change, Productivity Growth and Industrial Transformation in China”, China Economic Review, 2011, 22, 133-150 (with Gary H. Jefferson).

Quan, Qi, “Ownership Dynamics after Partial Privatization: Evidence from China”, Journal of Law and Economices, 2011, 54, 389-429 (with Nancy Huyghebaert).

Lin, Shu, “The Role of Financial Development in Exchange Rate Regime Choices”, Journal of International Money and Finance, 2011, 30, 641-659 (With Haichun Ye).

Lu, Ming and Gao, Hong “Labour Market Transition, Income Inequality and Economic Growth in China”, International Labour Review, 2011, 150, 101-126.

Chen, Shiyi, “The Abatement of Carbon Intensity in China: Factor Decomposition and Policy Implications”, World Economy, 2011, 34, 1148-1167.

Liu, Qingfu, “Information Transmission in Informationally Linked Markets: Evidence from US and Chinese Commodity Futures Markets”, Journal of International Money and Finance, 2011, 30, 778-795 (with Yunbi An).

Song, Zheng, “The Dynamics of Inequality and Social Security in General Equilibrium”, Review of Economic Dynamics, 2011, 14, 613-635.

Feng, Jin and He, Lixin, “Public Pension and Household Saving: Evidence from Urban Chin”, Journal of Comparative Economics, 2011, 39, 470-485 (with Hiroshi Sato).



Publications in 201011


Wang, Dihai, “Health, Taxes and Growth”, Annals of Economics and Finance, 2010, 11, 73-94 (with Liutang Gong, Hongyi Li and Heng-fu Zou).

Li, Dan, “Spatial Dependence and Divergence across Chinese Cities”, Review of Development Economics, 2010, 14, 386-403 (with Chun-Yu Ho).

Yuan, Tangjun, “Comparative Output and Labor Productivity in Manufacturing Between China, Japan, Korea and the United States for ca. 1935 A production-side PPP Approach”, Explorations in Economic History, 2010, 47, 325-346 ( with Kyoji Fukao and Harry X. Wu).

Chen, Shiyi, “Forecasting Volatility with Support Vector Machines Based GARCH Model”, Journal of Forecasting, 2010, 29, 406-433 (with Wolfgang K Hardle and Kiho Jeong).

Wang, Cheng, “Equilibrium Lending Mechanism and Aggregate Activity”, International Economic Review, 2010, 51, 406-433 (with Ruilin Zhou).

Li, Dan, “Consumption Fluctuation and Welfare: Evidence from China”, World Development, 2010, 38, 1315-1327 (with Chun-Yu Ho and Wai-Yip Alex Ho).

Wang, Cheng, “Financing Development: The Role of Information Costs”, American Economic Review, 2010, 100, 1875-1891 (with Jeremy Greenwood and Juan M. Sanchez).

Wu, Libo and Zhang, ZhongXiang, “Oil Price Shocks and Their Short-and-Long-Term Effects on the Chinese Economy”, Energy Policy, 2010, 32, S3-S14 (with Weiqi Tang).

Li, Dan, “An Empirical Analysis of Household Choices on Housing and Travel Mode in Boston”, Annals of Regional Science, 2010, 45, 423-438 (with T.R. Lakshmanan, Chun-Yu Ho and William P. Anderson).

Luo, Changyuan and Zhang, Jun, “China Trade Policy Review: A Political Economy Approach”, The World Economy, 2010, 33, 1390-1413.

Luo, Changyuan and Zhang, Jun, “Declining Labor Share: Is China's Case Different?”, China and the World Economy, 2010, 1-18.