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China's Macroeconomic Development : The Role of Gradualist Reforms
Chen, Kaiji; Zha, Tao - National Bureau of Economic Research - 2023
This paper reviews recent literature on China's macroeconomic development, emphasizing the critical role of the gradualist approach over the past four decades. Beyond China's structural transformation, we explore various aspects such as high saving rates, the housing boom, an expanding current...
Persistent link: https://www.econbiz.de/10014322782
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Population and Welfare : The Greatest Good for the Greatest Number
Adhami, Mohamad; Bils, Mark; Jones, Charles I.; Klenow, … - National Bureau of Economic Research - 2023
people as well as their standard of living. We decompose social welfare growth -- measured in consumption-equivalent (CE …) units -- into contributions from rising population and rising per capita consumption. Because of diminishing marginal … utility from consumption, population growth is scaled up by a value-of-life factor that exceeds one and empirically averages …
Persistent link: https://www.econbiz.de/10014447320
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Monetary Policy Transmission under Financial Repression
Chen, Kaiji; Xiao, Yiqing; Zha, Tao - National Bureau of Economic Research - 2023
According to the conventional bank lending channel of monetary policy, wholesale funding in economies with well-developed financial markets moves negatively with retail deposits in response to changes in the monetary policy rate, thereby weakening the transmission of monetary policy. We present...
Persistent link: https://www.econbiz.de/10014322783