This note examines the role of risk aversion in computing the welfare cost of consumption fluctuations under different utility and consumption process specifications. We find that the welfare cost of consumption fluctuations under a Constant-Relative-Risk-Aversion (CRRA) utility specification...

We estimate the distribution dynamics of city income and size in China during 1984-2003 using stochastic kernel. Our results show that intra-distribution mobility are significant in both income and size and provide evidences on China experienced internal brain drain.

A shift-share model is employed to analyse the interregional productivity variations in Chinese manufacturing and mining industry. Our empirical results show that sector productivity difference is huge; surprisingly, the most productive coastal regions are found to be specialized in...