"Since the Reform and Opening up, China's economy has maintained a high annual growth rate of 9.72%, which is called 'China's miracle'. At the same time, the stability of economic growth has been gradually improved. According to Lin Jianhao and Wang Jinmei (2013), China's economy has entered a...

What is the exact nature of the consumption function? Can this term be defined so that it will be consistent with empirical evidence and a valid instrument in the hands of future economic researchers and policy makers? In this volume a distinguished American economist presents a new theory of...

We introduce an instrumental variables approach to estimate the importance of unmeasured quality growth for a set of 66 durable consumer goods. Our instrument is based on predicting which of these 66 goods will display rapid quality growth. Using pooled cross- relatively sections of households...