Standard macroeconomic models show that uncertainty plays a significant role in
consumption and saving decisions under rather mild conditions, namely the convexity of the …

内容提要: 本文构建了一个包含房价高速增长, 住房需求内生和生命周期特征的Bewley 模型,
用于研究高房价对中国城镇居民储蓄率和财产不平等的影响. 我们发现, 房价的高速增长通过 …

The textbook neoclassical growth model predicts that countries with faster productivity
growth should invest more and attract more foreign capital. We show that the allocation of …

The US dollar's dominance seems under threat. The near collapse of the US financial
system in 2008–2009, political paralysis that has blocked effective policymaking, and …

China's currency, the renminbi (RMB), has taken the world by storm. The RMB is well on its
way to becoming a significant international currency, one that is used widely in international …

We study an at‐scale natural experiment in which debit cards were given to cash transfer
recipients who already had a bank account. Using administrative account data and …

This study investigates the impact of long-term care insurance (LTCI) on the non-health
consumption of elderly households. By exploiting a quasi-experiment on the public LTCI …

This paper studies how demographic variation affects the aggregate household saving rate.
We focus on China because it is experiencing an historic demographic transition and has …

We show that in an open-economy OLG model, the interaction between growth differentials
and household credit constraints—more severe in fast-growing countries—can explain three …

A general equilibrium model that properly captures the risks in old age, the role of family
insurance, changes in demographics, and the productivity growth rate is capable of …