. The basic framework considers an economy with a large informal production sector and a heterogeneous work force. The labor … improves competitiveness, and expands the formal sector at the expense of the informal sector. Hence, in a two-sector economy …

The Chinese economy has undergone three major phases: the 1978-97 period marked as the SOE-led economy, the 1998 …-2015 phase as the investment-driven economy, and the new normal economy since 2016. All three economies have been shaped by the … one economy to another was driven mainly by regime changes in financial policies. …

) Fiscal stimulus or “helicopter drops of money” are powerful and, indeed, pull the economy out of the zero lower bound. More …

control inflation and influence the economy in the usual ways. The paper discusses models of fiscal limits and their … implications and lays out a research agenda to integrate political economy and empirical considerations with general equilibrium …