This paper studies the effect of house price co-movement on inter-city labor migration. We construct instrumental variables for pairwise house price co-movement with banking integration, which is largely exogenous given the institutional background of China. We find that house price co-movement...

In this paper, we show that fertility shapes the risky investment decisions of the rich and the poor in opposite ways. By exploiting the staggered adoption of two-child policy in place of one-child policy in China, we document that increased fertility encourages richer households to participate...

The urbanization of China has been accompanied by large-scale state-led relocation (SLR) programs. This paper studies the effects of urban SLR on labor market participation. With three waves of China Household Finance Survey (CHFS), we find that urban SLR reduces labor market participation, on...

Using a unique survey data of Chinese households, we study the impact of house price growth and house price risk on entrepreneurship. House price risk, measured as the sensitivity of house price growth to local GDP growth, negatively impacts the entrepreneurship of homeowners relative to...

With unique house transaction data, we study the distributional effect of high-speed rail (HSR) by examining the house price premium of industrial parks in two important core-periphery pairs of China. For “Shanghai-Suzhou” pair, the premium of manufacturing industrial parks grows in the...

The Public Institution Reform of China in 2011 effectively downsized public institutions, which is an important component of the public sector. Using this reform as a quasi-natural experiment, this paper studies the impact of public sector downsizing on private firm profits.With the instrument...