A literature debates the explanations for the cyclical properties of emerging markets using either trend shocks (Aguiar and Gopinath 2007) or financial frictions (Neumeyer and Perri 2004; Garcia-Cicco, Pancrazi, and Uribe 2010). We state a formal proposition that makes explicit the parametric...

We use Chinese firm-level data from 2001 to 2007 to estimate the (dis)connection between firms’ R&D and productivity and find that the productivity effect of R&D investment is very low. We conjecture that firms conduct/report unproductive R&D in order to obtain policy benefits. To explore this...

We investigate the effects of on-the-job training on firm productivity and wages.We use a large panel data set of manufacturing firms in China with national representativeness.We combine the propensity score matching and the difference-in-differences techniques to estimate the treatment effect...

This paper discusses a novel mechanism — worker training — in relation to the effect of output trade liberalization on firm productivity. Using disaggregated Chinese firm‐level production data from 2004 to 2006, we find strong evidence that output trade liberalization boosts firm...