This study revisits the Chamley-Judd zero capital taxation result in a model with wealth-in-utility. I prove that when wealth is contained in the utility function, the optimal capital income tax rate is positive in the steady state

Gang Yi—Deputy Governor and Administrator, State Administration of Foreign Exchange (SAFE), People's Bank of China—returned to Indiana University-Purdue University Indianapolis (IUPUI)—where he was awarded an honorary degree. Following are remarks and a lecture on the Chinese economy he...

The demand for money in China is estimated separately for the periods before and after the economic reform. Besides the traditional transactions demand variable, the expected rate of inflation (as a measure of the opportunity cost of holding money) and the monetization process are also...