This paper builds a dynamic multisector model to investigate the importance of sectoral productivity shocks and production linkages in accounting for business cycles in China. With structural parameters and sectoral productivity shocks calibrated to 46 industrial sectors, the model simulation...

Privacy protection is among the key features to consider in the design of central bank digital currency(CBDC). Using a nationally representative sample of over 3,500 participants, we conduct a randomized online survey experiment with treatments to examine how the willingness to use CBDC as a...

This paper examines a search model of money with divisible commodities of high and low quality, while keeping the assumptions of indivisible money and unit-inventory constraint. With no direct barter and a higher fixed cost of producing high relative to low quality, an increase in the money...

This paper examines the implications of incomplete risk-sharing for endogenous growth and welfare in a monetary economy. The market incompleteness comes from private information on idiosyncratic productivity shocks faced by individual consumers. Inflation tends to reduce the rate of growth and...

This paper investigates both analytically and quantitatively the role of intersectoral linkages in explaining sectoral employment comovement over the business cycle. We use a multisector dynamic stochastic general equilibrium model calibrated to the 2-digit SIC level intermediate input-use and...

As the need for clean coal technology grows, research and development efforts for integrated gasification combined cycle (IGCC) plants have increased worldwide. An IGCC plant couples a gas turbine with a gasification block. Various technical issues exist in designing the entire system. Among...