This paper proposes an estimator combining empirical likelihood (EL) and the generalized method of moments (GMM) by allowing the sample average moment vector to deviate from zero and the sample weights to deviate from n-1. The new estimator may be adjusted through free parameter [delta][set...

The cyclical volatility of U.S. gross domestic product suddenly declined during the early 1980s and remained low for over 20 years. I develop a labor search model with worker heterogeneity and match-specific costs to show how an increase in the supply of high-skill workers can contribute to a...

This paper investigates the effect of industrial policies on resource misallocation using a rich data-set of Chinese firms. Using a difference-in-di¤erence approach, we provide evidence that government policies favoring particular industries lead to increased resource misallocation (i.e., an...

This paper examines the early effects of dismantling the one-child (fertility) policy, which China relaxed in 2013 and eliminated prior to 2017. Birth rates, female labor force participation, and saving behavior have already changed. Between 2015 and 2017, the proportion of households with...