![Fiscal Decentralization and Fiscal Multiplier in China](/sites/g/files/asqsls6756/files/index_3.jpg)
B.E. Journal of Macroeconomics, November 2021
This study analyses China's fiscal decentralization post-tax reform, revealing that revenue decentralization strengthens spending policies, while expenditure decentralization weakens efficacy, impacting provincial spending multipliers.
![Solving Euler Equations via Two-Stage Nonparametric Penalized Splines](/sites/g/files/asqsls6756/files/a049_thumb.jpg)
Journal of Econometrics, 2020
New research proposes a novel estimation-based approach to solving asset pricing models for both stationary and time-varying observations.
![Estimation and Inference of Change Points in High-Dimensional Factor Models](/sites/g/files/asqsls6756/files/a048_thumb.jpg)
Journal of Econometrics, November 2020
New research highlights the importance of the “structural break,” where factor loading coefficients change over time.
![Mechanism design with costly verification and limited punishments](/sites/g/files/asqsls6756/files/a007_thumb.jpg)
Journal of Economic Theory, January 2020
The head of personnel has a job to allocate among a finite number of applicants. How does the principal maximize her expected payoff in such an environment?