Population aging has significant economic and social costs, and this paper studies its impacts on inequality, both theoretically and empirically. First, we build a two-period overlapping-generation model with an uncertain lifetime and find that population aging has the overall effect of...

This study examines the impacts of political competition on eco-efficiency. We first develop a theoretical model in which local government officials compete against each other to maximize their own political score. We find that after an initial stage of decline, eco-efficiency eventually turns...

Factor inputs often generate joint products (by-product) that impair production. In some cases, called strong input-generated production externalities in this paper, these negative effects can be so strong that full use of factors becomes inefficient, and therefore factor use along the...

This paper discusses the relationship between industrial development and environmental protection. The paper argues that human beings cannot solve the problems linked to the environment and the natural resources in a stagnant manner, nor can human beings achieve sustainable development in the...

Aggregate implied volatility spread (IVS), defined as the cross-sectional average difference in the implied volatilities of at-the-money call and put equity options, is significantly and positively related to future stock market returns at daily, weekly, monthly, to semiannual horizons. This...