Since the Tax Sharing Reform in 1994, the local government revenue of the People's Republic of China (PRC) has faced downward risk problems. This paper reviews the fiscal and taxation reforms in the central and local governments of the PRC and focuses on evaluating the effectiveness of fiscal...

On the eve of its economic reforms, China achieved a much higher level of secondary education than other countries with a similar per capita income at the time. This study investigates the pre-reform formation of China's human capital by examining a massive rural education expansion program...

This paper studies the role of observational learning in search markets where buyers do not take the list price as a take-it-or-leave-it offer. Using a unique data from the Beijing housing market, we estimate a structural model in which buyers infer a seller’s reservation value from the...

This paper studies human-capital spillovers and its persistence by exploiting a unique event in modern Chinahe send-down movement. From 1962 to 1979, the Chinese central government mandated the temporary resettlement of roughly 18 million urban youths to rural areas across the country. The...