We study the efficiency of capital allocations at state-controlled and privately owned business groups in China. Using highly granular data on within-group capital transfers, we document stark differences: while private groups allocate more capital to units with better investment opportunities,...

This paper empirically assesses the incidence and efficiency of Round I of the federal urban Empowerment Zone (EZ) program using confidential microdata from the Decennial Census and the Longitudinal Business Database. To ground our welfare analysis, we develop a heterogeneous agent general...

Considerable prior analysis has gone into the study of zoning restrictions on locational choice and on fiscal burdens. The prior work on zoning - particularly fiscal or exclusionary zoning - has provided both inconclusive theoretical results and quite inconsistent empirical support of the...

Pensions and contemporary socioeconomic change / Assar Lindbeck -- Different approaches to pension reform from an economic point of view / Jonathan Gruber, David A. Wise -- Labor mobility, redistribution, and pension reform in Europe / Alain Jousten, Pierre Pestieau -- France: the difficult path...