Long-Term Development Trend of China’s Economy and Importance of the Circular Economy

In 2003, China’seconomy grew at a rateof over 9 percent with per capita GDP hittingUS$ 1,090 for the first time, which means that China’s economy and socialdevelopment have entered a high-growth cycle characterized by rapid structuralchanges. However, this round of high growth is based on resources and an ecologicalenvironment completely different from those of twenty five years ago. Based on ananalysis of the new features of future economic development in China, as well as theresource an…     

Tax progression and inequality of income distribution

The Lorenz curve of income after tax is known to dominate the one before tax for all given income distributions if and only if average tax liability is monotone increasing with income. This note provides a general formulation of the equivalence in both, some weak and some strong sense.     

中国与国际秩序的再思考:一种政治社会学的视角

借鉴政治社会学有关抗争艺术的理论模式,作者尝试对中国在西方主导的国际秩序中的战略行为和思维做了新的理论概括。中国在单极体系下的抗争艺术可以分为两个层面:作为战略行为在现有秩序中的依法抗争以及作为战略思维对现有秩序进行反思的日常抗争。重新思考中国与国际秩序的关系,应该超越维持现状和修正主义二分法。中国学习和接受既有国际规范只是社会化的一个方面,中国如何影响国际规范的演变则是社会化过程中尚待理论化的另一方面。中国正积极探索未来国际秩序的若干模式,其中,协商秩序作为一种国际秩序的理想模式具有重要的理论和实践意义。     

The Problem of Epistemic Cost: Why Do Economists Not Change Their Minds (About the “Coase Theorem”)?

Errors in the history of economic analysis often remain uncorrected for long periods due to positive epistemic costs (PEC) involved in allocating time to going back over what older generations wrote. In order to demonstrate this in a case study, economists' practice of the “Coase Theorem” is reconsidered from a PEC point of view.     

Sources of exchange rate fluctuations with Taylor rule fundamentals

This paper investigates the sources of exchange rate fluctuations when monetary policy follows a Taylor rule interest rate reaction function. We first present a simple dynamic exchange rate model with Taylor rule fundamentals which is triangular in the long-run impacts of shocks to the output market, the interest rate differential, and the Taylor rule. We then proceed to assess the relative importance of various shocks in exchange rate determination by estimating a structural VAR with long-run identification restrictions based on the triangular structure of the model. We find demand shocks to be less important than in earlier VAR studies, with both supply shocks and nominal shocks explaining a substantial part of real exchange rate fluctuations.