CEMA Working Papers

From China Economics and Management Academy, Central University of Finance and Economics
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96: Dollarization and inflation in a two-country optimization model

Heng-Fu Zou

95: Short-run analysis of fiscal policy and the current account in a finite horizon model

Heng-Fu Zou

94: 'The spirit of capitalism' and long-run growth

Heng-Fu Zou

93: Dynamic Effects of Federal Grants on Local Spending

Heng-Fu Zou

92: On the dynamics of privatization

Heng-Fu Zou

85: Inflation, Growth, and Income Distribution: A Cross-Country Study

Hongyi Li and Heng-Fu Zou

83: PPP May not Hold Afterall: A Further Investigation

Serena Ng and Pierre Perron

80: A dynamic model of capital and arms accumulation

Heng-Fu Zou

79: The spirit of capitalism and savings behavior

Heng-Fu Zou

78: Taxes, Federal Grants, Local Public Spending, and Growth

Heng-Fu Zou

77: The composition of public expenditure and economic growth

Shantayanan Devarajan, Vinaya Swaroop and Heng-Fu Zou

76: Dynamics of Income Distribution

Hongyi Li, Danyang Xie and Heng-Fu Zou

75: Should Public Capital Be Subsidized or Provided?

Shantayanan Devarajan, Danyang Xie and Heng-Fu Zou

74: Income Inequality Is Not Harmful for Growth: Theory and Evidence

Hongyi Li and Heng-Fu Zou

73: Explaining International and Intertemporal Variations in Income Inequality

Hongyi Li, Lyn Squire and Heng-Fu Zou

72: How does fiscal decentralization affect aggregate, national, and subnational government size?

Jing Jin and Heng-Fu Zou

63: Liquidity, Bargaining, and Multiple Equilibria in a Search Monetary Model

Shouyong Shi

59: Fiscal Federalism in a Dynamic Model

Du Du and Heng-Fu Zou

58: Fiscal decentralization, public spending, and economic growth in China

Tao Zhang and Heng-Fu Zou

57: Military spending and stochastic growth

Liutang Gong and Heng-Fu Zou

56: Foreign Aid Reduces Labor Supply and Capital Accumulation

Liutang Gong and Heng-Fu Zou

55: Money, social status, and capital accumulation in a cash-in-advance model

Liutang Gong and Heng-Fu Zou

54: Optimal taxation and intergovernmental transfer in a dynamic model with multiple levels of government

Liutang Gong and Heng-Fu Zou

53: Direct preferences for wealth, the risk premium puzzle, growth, and policy effectiveness

Liutang Gong and Heng-Fu Zou

50: Simulated Maximum Likelihood Estimation of the Linear Expenditure System with Binding Non-Negativity Constraints

Chihwa Kao, Lung-Fei Lee and Mark Pitt

30: The growth impact of intersectoral and intergovernmental allocation of public expenditure: With applications to China and India

Tao Zhang and Heng-Fu Zou

28: The Macroeconomic Impact of Decentralized Spending and Deficits: International Evidence

Francesca Fornasari, Steven Webb and Heng-Fu Zou

24: Vector Autoregressive Models with Structural Changes in Regression Coefficients and in Variance-Covariance Matrices

Jushan Bai

22: Power Risk Aversion Utility Functions

Danyang Xie

21: A Theory of Supervision with Endogenous Transaction Costs

Antoine Faure-Grimaud, Jean-Jacques Laffont and David Martimort

12: A Critique of the Stochastic Discount Factor Methodology

Raymond Kan and Guofu Zhou

11: Endogenous Structure of the Division of Labor, Endogenous Trade Policy Regime, and a Dual Structure in Economic Development

Xiaokai Yang and Dingsheng Zhang

8: Foreign Aid Reduces Domestic Capital Accumulation and Increases Foreign Borrowing: A Theoretical Analysis

Liutang Gong and Heng-Fu Zou

3: Do Debt Flows Crowd Out Equity Flows or the Other Way Round?

Assaf Razin, Efraim Sadka and Chi-Wa Yuen

1: Fiscal Decentralization in Developing Countries: The Effects of Local Corruption and Tax Evasion

Jan Brueckner