Many scholars have used different metrics to quantify power grid vulnerability in the literature, but how correlated these metrics are is an interesting topic. This paper defines vulnerability as the performance drop of a power grid under a disruptive event, and selects six frequently used...

We explore the influence of property taxes on home prices, taking advantage of a policy experiment of property taxation in Shanghai and in Chongqing starting from January 2011. Using the approach suggested by Hsiao, Ching and Wan (2012) we estimate hypothetical home prices in the absence of...

In this paper, we consider the problem of estimating a semiparametric partially linear varying coefficient model. We derive the semiparametric efficiency bound for the asymptotic variance of the finite-dimensional parameter estimator. We also propose an efficient estimator for estimating the...

According to the conventional view, recessions improve resource allocation by driving out less productive firms. This paper posits an additional scarring effect: recessions impede the developments of potentially superior firms by destroying them during their infancy. A model is developed to...

Disasters cause tremendous damage every year. In this paper, we have specifically studied emergency response to disaster-struck scale-free networks when some nodes in the network have redundant systems. If one node collapses, its redundant system will substitute it to work for a period of time....

We explore the link between short-run cycles and long-run growth by examining the cyclicality of R&D. Existing theories propose that R&D is concentrated when output is low, but aggregate data repeatedly show that R&D appears procyclical. We estimate the relationship between R&D and output using...