We develop a new framework to examine the effects of retail central bank digital currencies (CBDCs) on financial inclusion and stability, particularly how the results depend on an economy's existing degree of financial development. We demonstrate that when offering CBDCs in underdeveloped...

Mergers often induce firms to modify both product quality and variety. The impact of such changes has received scant attention in merger literature, which mostly focuses on price changes. We develop a game-theoretical model to investigate the changes of quality, variety, and price after a merger...

Mechanically strong but highly porous structured ceramics are desirable for a range of applications like water purification and energy conversion. Yttria-stabilized zirconia membranes, possessing a hierarchical arrangement of voids from hundreds of micrometers to nanometers, were prepared by a...

Export VAT refund rebate and export tax (EVRRET) measures have been adopted on energy intensive products in recent years in China. They are proclaimed to be climate policy, yet there is no explicit and unique carbon cost set on export - the implicit export carbon tax rates vary dramatically...