This paper challenges established claims of comparable degrees of market integration in Europe and China on the eve of industrialization. Our empirical strategy focuses on the dynamics of price convergence and accounts for general equilibrium effects arising from common shocks and network...

This paper challenges established claims of comparable degrees of market integration in Europe and China on the eve of industrialization. Our empirical strategy focuses on the dynamics of price convergence and accounts for general equilibrium effects arising from common shocks and network...

This paper challenges established claims of comparable degrees of market integration in Europe and China on the eve of industrialization. Our empirical strategy focuses on the dynamics of price convergence and accounts for general equilibrium effects arising from common shocks and network...

This paper revisits the market integration in China under the gradual economic reform, using a novel data set of monthly prices for 267 goods across 173 cities from 1997 to 2012 with price regulations dramatically removed. We provide new evidence to show that the Law of One price (LOP) holds in...

Reducing energy intensity is crucial for maintaining national energy security and achieving green economic transition. External circulation involving imitating or obtaining the patents, marketing skills and management experience in the host country via the enterprise’s outward foreign direct...

We estimate the causal effects of ambient temperature on outdoor productivity, using the performance data of professional soccer players in the Chinese Super League (CSL) from 2014-2018. We exploit exogenous variation in the players’ exposure to temperature by matching it with hourly stadium...

Empirical tests of market integration are tests of price differences across locations with only tenuous reference to economic theory. We develop a simple model that illustrates the links between price convergence and the gains from trade, providing a theoretical rationale for empirical analysis....