Working Papers
WP1289Title:“Irrational” Housing Demand——A Study based on the Dual Attributes of HouseAuthor:Gong  Gang,  Zhang  Lu  and  Wei  Xiye   View Count:49
       Abstract:In modern economics, a house is considered in two properties: one as a normal commodity, and the other as a financial asset. This paper studies the housing market based on dual properties. We construct a dynamic model with “heterogeneous expectations”. We find that the higher the growth rate of housing price, the larger is the demand for house. This is contrasted to the normal demand curve of a co
WP1289Title:Exchange Rate Stabilization: A Simple Interest-Subsidy Rule——Analysis on Dynamic Exchange Rate ModelAuthor:Liu  Yun,Xu  Zhiwei  and  Wang  Pengfei   View Count:45
       Abstract:Renminbi has depreciated continuously since the end of 2015, and the situation is getting severe under the pressure of public’s pessimistic expectation. How to stabilize the exchange rate has become one of the biggest challenges faced by the Chinese government in this “new normal” economy. This paper constructs a dynamic exchange rate model incorporated with capital control, trying to dig out the
WP1288Title:Demand-Induced Innovation——Evidence from the Chinese Household Appliance IndustryAuthor:LyuTie  and  Huang  Yana   View Count:47
       Abstract:Although the theory of Demand-induced Innovation has been widely accepted, there is little empirical research on the causality between consumer demand and enterprise innovation. This paper use Chinese Urban Household Income and Expenditure Survey to construct the market size of household appliance, and matched the market size with relevant sectors from China Annual Survey of Industrial Firms. We e
WP1287Title:Can Compulsory Education Law Improve Intergenerational Mobility?Author:Chen  Binkai,Zhang  Shujuan  and  Shen  Guangjun   View Count:43
       Abstract:Social mobility affects national stability and long-term growth; equality of opportunity is crucial for sound development of society. Using data from the Chinese Household Income Project Survey 2013 and National Population Survey 2005, this paper employs the temporal and geographical variations in the Compulsory Education Law (CEL) implementation as an exogenous shock to identify how education pol
WP1286Title:The Global Value Chains and Their Extension in China: Regional Interactions and Value-added GainsAuthor:Pan  Wenqing  and  Li  Genqiang   View Count:63
       Abstract:Based on the Trans-national Inter-regional Input Output Tables including trade information of different regions of China, this paper studies the supply-demand roles of China's domestic regions and value-added interactions among China and other Asia-Pacific economies during the extension process of global value chains into China's domestic regions from the perspectives of both demand and supply of
WP1286Title:Do Related Transactions Stimulate or Inhibit the Enterprise Innovation?Author:Li  Zengfu,LiXu  and  Huang  Dongxiao   View Count:31
       Abstract:On the one hand, related transactions are prevailing in Chinese enterprises. On the other hand, lacking of core technology innovation is a vital problem for Chinese enterprises. Consequently, does this phenomenon affects the enterprise's technological innovation? Previous study did not involve this. Analyzing from the theory, we think the related transactions can stimulate the enterprises innovati
WP1285Title:Can “Bring In” Induce “Go Global”——The Impact of FDI on OFDI of ChinaAuthor:Li  Lei,  Xian  Guoming  and  Bao  Qun   View Count:50
       Abstract:In the background of Chinese rapidly growing OFDI, this paper has constructed a new level of micro-data at the enterprise level from 2004 to 2013 to empirically investigate how much the FDI has influenced the OFDI. Our estimates, suggest that FDI have strong positive spillover effects on OFDI by domestic firms in china. Each 1% increase in horizontal, forward and backward FDI spillover, will resul
WP1284Title:Discrimination again Rural Migrants and Labor Market Mismatch—A General Equilibrium Based ExplanationAuthor:Xun  Chen  and  Shu  Xu   View Count:73
       Abstract:While the existence of wage discrimination in urban labor market against rural migrants has already been well studied, its economic mechanism and consequences on labor market are still unclear. We develop a statistical discrimination model in this paper and structurally estimate the model using micro data. By doing this, we present the inherent mechanism of wage discrimination against rural migran
WP1283Title:Does land price inflation “Squeeze out” Enterprise’s investment?——Evidence from Chinese manufacture enterpriseAuthor:Zhang  Lu  and  Yang  Guang   View Count:78
       Abstract:This article study the impact of rapid growth of land price on manufacture enterprise’s external finance and investment. We find that the increase of land asset value due to housing price growth do reduce enterprise’s investment rate, through a “Relocation Channel” of firm land holding, instead of “Collateral Channel” due to financial friction. Specifically, in theoretical section, we construct a