We estimate the size of the likely unofficial income of a household with a government official by the difference between the income that would be necessary to explain their observed home purchase behavior and the official income. Using unique and comprehensive administrative records on the House...

We estimate an equilibrium model of residential sorting with endogenous traffic congestion to evaluate the efficiency and equity impacts of urban transportation policies. Leveraging fine-scale data on household travel diaries and housing transactions with home and work locations in Beijing, we...

We advance a novel hypothesis that China's recent anti-corruption campaign may have contributed to the recent resurgence of the state-owned enterprises (SOEs) in China as an unintended consequence. We explore the nexus between the anti-corruption campaign and the SOE resurgence by presenting...

Housing and land prices in China have experienced dramatic hikes over the past decade or two. Moreover, housing and land prices have also become more dispersed across Chinese cities. This paper intends to explore how housing and land market frictions may affect not only the aggregate but also...

Using both the onset of the US-China trade war in 2018 and the most recent Russia-Ukraine war and associated trade tensions, we show a counterintuitive pattern in global trade. Namely, while the average firm trading with these nations significantly decreases their trade with these jurisdictions...

We use a dynamic hierarchical factor model to identify the national, regional, and local factors of the city-level housing price growth in China from 2005 to 2015. During the zero-lower-bound (ZLB) episode in the U.S., local factors account for 78% of variations in the month-on-month city-level...