The paper studies the behavior of mid- to long-run real coal price in the Chinese market. The problem is of great importance because the coal takes a 70% share in China's energy mix, and China is the world's second largest carbon emitter. An accurate forecast in coal price is crucial in...

This paper examines the efficiency and welfare effects of intra-industry trade in the presence of imperfect competition and heterogeneous technologies. We show that when a Southern country has a relatively less concentrated industry and faces low demand, the output of the Northern country may...

type="main" xml:id="twec12188-abs-0001" <title type="main">Abstract</title> <p>Global imbalances are attributable to savings deficiency in some economies and savings glut in others. The recent global crisis has triggered widespread social conflict over income inequality. The inequality-saving link has again become a pressing...</p>

Based on the Deviation from Proportional Growth (DPG) model developed by H.B. Chenery and his coauthors (e.g., Chenery, 1960; Chenery et al., 1962; Chenery et al., 1986) and Structural Decomposition Analysis (SDA) model proposed by Syrquin (1976), this paper develops a new SDA model that directly...

A Fisher's Identity model is established to study Northern Song China's (960–1126) level of velocity of money using money supply and gross domestic product (GDP) data. Results of the exercise help rationalize what is called the “bronze coin” puzzle, which is the massive amount of minted...

For a given general linear model ℳ={y,Xβ,Σ}, we investigate relationships between the best linear unbiased estimations (BLUEs) under its two transformed models ℳ1={Ay,AXβ,AΣA′} and ℳ2={By,BXβ,BΣB′}. We first establish some expansion formulas for calculating the ranks and inertias...

This paper develops a signaling theory where brain drain as well as the opposite of brain drain, a phenomenon we call “lame-drain” can result. In particular, we assume there are three types of agents according to their intrinsic abilities; education (with endogenous intensity) consists of...