This paper aims to study the impact of salesperson human capital investment on the export performance of heterogeneous enterprises in China. To distinguish the different effects on the staff level and the management level, we define the human capital investment for the overall salespersons as...

We examine the dynamic nonlinear effects of world economic and political uncertainty on the leverage ratios of various economic sectors in China across different quantiles and time horizons. Empirical evidence from the QARDL approach suggests that world uncertainty has a positive long-term...

I develop a simple analytical New Keynesian model with a cost channel to gain new insights into the general properties of tax shocks. In this paper, I formally show that the cost channel itself can rule out the sunspot liquidity traps and secure a unique equilibrium with tax shocks. I also...

I introduce the real cost channel in the benchmark New Keynesian model to study government spending multipliers. Even though this new model shows previous evidence that the output gap multiplier in normal times can be overestimated by ignoring the cost channel, I provide a simple Markov chain...

Differentiated terms for clean and dirty capital loans have become a popular tool among commercial banks as they promote themselves as advocates of environmental sustainability. The question remains whether such initiatives by the commercial banks are consistent with the welfare objective of the...