We propose measures of the total volatility spillover, the regional volatility spillovers of 11 countries, and the directional volatility spillovers between Chinese and world equity markets from February 1996 to December 2009, based on forecast-error variance decompositions in a generalized...

In response to the disruption of credit markets and the zero lower bound during the recent financial crisis, the Federal Reserve introduced a variety of new policy tools. Perhaps, the most visible of these tools is large scale asset purchases (LSAP) programs, often referred to as "quantitative...

Housing market is documented with several observations: considerably larger fluctuations in housing prices than in rents, correlation between housing prices and investment, lead-lag pattern of housing and macroeconomic variables. This paper constructs a two-sector housing model with home...

Based on the background of the banking industry in China, this paper establishes Cournot, Bertrand and Stackelberg mixed oligopoly competition models with deposit and interest rates as strategic variables between a representative state-owned bank and a representative foreign bank. We discuss and...

Exploiting the Central Environmental Inspections (CEI) in China as a quasi-natural experiment, we find that public firms in polluting industries experience significant gain in both profitability and market valuation after the regulatory shock, relative to firms in nonpolluting industries. The...