Over the past four decades, government debt as a fraction of GDP has been on an upward
trajectory in advanced economies, approaching levels not reached since World War II. While …

Enhancing urban innovation is the basic for promoting regional and national innovation.
With data of 103 Chinese cities from 2007 to 2016, this paper takes low-carbon pilot cities …

We develop a model of political cycles driven by time-varying risk aversion. Agents choose
to work in the public or private sector and to vote Democratic or Republican. In equilibrium …

A common view is that bailouts of firms by governments are needed to cure inefficiencies in
private markets. We propose an alternative view: even when private markets are efficient …

We survey the literature on dynamic elections in the traditional settings of spatial
preferences and rent seeking under perfect and imperfect monitoring of politicians. We …

This paper studies the optimal level of discretion in policymaking. We consider a fiscal policy
model where the government has time‐inconsistent preferences with a present bias toward …

When is financial repression—namely, policies that force banks to hold government debt—
optimal? With commitment, such policies are never optimal because they crowd out banks' …

Political booms, measured by the rise in governments' popularity, predict financial crises
above and beyond better known early warning indicators, such as credit booms. This …

Four stylized facts motivate this paper:(i) business cycle movements are wider in emerging
countries (EC) than in developed ones;(ii) EC experience greater economic policy …

China's carbon emissions is heavily influenced by economic growth, which can be largely
related to the local officials' promotion incentives. The current study was conducted to test …