This paper extends the VECM cointegration model and PT (permanent-transitory) variance decomposition framework proposed by Lettau & Ludvigson (2004) and applies them on the Swedish data spanning from 1980q1 to 2004q4. There are strong statistical evidences that the movements of aggregate...

Do the middle classes in authoritarian, late-developing countries support democratization? Among scholars, there seems no clear consensus on this question. To fill this gap, this article examines the case of the middle class in China, based on data collected from a probability-sample survey. The...