Direct regulations have two regimes. In one, all firms behave in the same manner and in the other they behave differently. Past work assumed all firms were identical, thereby neglecting the non-monotonicity in comparative statics arising from the regime change

By showing that increases in the sum of aggregate income and aggregate Marshallian consumer surplus represent potential Pareto improvement, this paper builds a theoretical ground for using aggregate Marshallian consumer surplus as a social welfare indicator. The optimal income distribution that...

The monopolistic competition model is suitable for markets with a large group of relatively small firms. However, it hardly describes oligopoly markets where several multi-national companies dominate the markets and each giant firm produces a large number of products. Such a market structure...

Firms' proliferation behavior in a differentiated product market is studied using an oligopolistic competition model with multiproduct firms. The model has the following characteristics: (1) the elasticity of substitution across firm's own products and the elasticity of substitution across...

We study infectious diseases using a Susceptible-Infected-Recovered-Deceased model with endogenous cross-region human mobility. Individuals weigh the risk of infection against economic opportunities when moving across regions. The model predicts that the mobility rate of susceptible individuals...

China’s economic development is facing "threefold pressure" which is defined as contractions in demand, supply shocks and weak expectations. This paper argues that the structural adjustment from an industrial society to a knowledge society gets stuck is the key reason for China’s economic...

We study a Free Trade Area with Rules of Origin and show that there are two distinct regimes. Comparative statics results for the two regimes are exact opposites and a regime switch occurs when ROO become restrictive enough. Consequently, imports into the FTA of the intermediate good first fall...

Introduction -- Chapter 1 Keynote speech & Dialogue: Global Financial Turbulence and Changes in the World Order -- Chapter 2 Roundtable Ⅰ: China Economic Outlook -- Chapter 3 Global Financial Turbulence and China's Financial Market -- Chapter 4 Global Financial Turbulence and China's Economic...