Working Paper Series


Serial No.



#2021-030 Sangyup Choi (Yonsei University) and Junhyeok Shin (Yonsei University) Bitcoin: An Inflation Hedge but Not a Safe Haven
#2021-029 Charles Leung (City University of Hong Kong) Handbook of Real Estate and Macroeconomics: An Introduction 
#2021-028 Georgios Georgiadis (European Central Bank), Helena Le Mezo (European Central Bank), Arnaud Mehl (European Central Bank & CEPR) and Cedric Tille (Geneva Graduate Institute & CEPR) Fundamentals vs. policies: can the US dollar’s dominance in global trade be dented?
#2021-027 Paul Castillo (Central Bank of Peru) and Juan Pablo Medina (Universidad Adolfo Ibanez, Chile) Foreign Exchange Intervention, Capital Flows, and Liability Dollarization
#2021-026 Fei Guo (Xian Jiaotong University) and Isabel Kit-Ming Yan (City University of Hong Kong)

Fiscal Decentralization and Fiscal Multiplier in China


Fei Guo (Xian Jiaotong University), Isabel Kit-Ming Yan (City University of Hong Kong), Tao Chen (University of Macau) and Chuntien Hu (Xian Jiaotong University)

Fiscal Multiplier, Monetary Shock and Hand-to-Mouth Household

#2021-024 Richard K. Green (University of Southern California) Is housing still the business cycle? Perhaps not.​
#2021-023 James D. Shilling (DePaul University) and Piyush Tiwari (University of Melbourne) On Bank Pricing of Single-family Residential Home Loans: Are Australian Households Paying Too Much?​
#2021-022 Abhijit Ramalingam (Appalachian State University) and Brock V. Stoddard (Appalachian State University)  Does reducing inequality increase cooperation?​
#2021-021 Abhijit Ramalingam (Appalachian State University), Brock V. Stoddard (Appalachian State University) and James M. Walker (Indiana University) Naturally occurring enhancements to competition for talent in teams​
#2021-020 Kyung Hwan Baik (Sungkyunkwan University), Subhasish M. Chowdhury (University of Bath) and Abhijit Ramalingam (Appalachian State University) Group Size and Matching Protocol in Contests
#2021-019 Can Xu (University of Groningen), Jan Jacobs (University of Groningen, CAMA and CIRANO) and Jakob de Haan (University of Groningen and CESifo, Munich) Does household borrowing reduce the trade balance? Evidence from developing and developed countries
#2021-018 Edmond Berisha  (Montclair State University), John Meszaros (U.S. Postal Service), and Rangan Gupta (University of Pretoria) Income Inequality and House Prices across US States 
#2021-017 Afees A. Salisu (University of Ibadan), Rangan Gupta (University of Pretoria), Sayar Karmakar (University of Florida), and Sonali Das (University of Pretoria) Forecasting Output Growth of Advanced Economies Over Eight Centuries: The Role of Gold Market Volatility as a Proxy of Global Uncertainty
#2021-016 Bertrand Candelon (Université catholique de Louvain), Angelo Luisi (Université catholique de Louvain), and Francesco Roccazzella (Université catholique de Louvain) Fragmentation in the European Monetary Union: Is it really over?
#2021-015 King King Li (Shenzhen University) and Bo Huang (Chinese University of Hong Kong) Wishful Thinking in Macroeconomic Expectations​
#2021-014 Joe Cho Yiu Ng (City University of Hong Kong) International Macroeconomic Aspect of Housings
#2021-013 Muharrem Yesilirmak (ADA University & CERGE-EI)

A theoretical general equilibrium analysis of local teacher labor markets under different compensation regimes

#2021-012 Kuzey Yilmaz (Cleveland State University) and Muharrem Yesilirmak (ADA University & CERGE-EI) Access to transportation, residential segregation, and economic opportunity
#2021-011 Stephen Malpezzi (University of Wisconsin-Madison)  Housing “Affordability” and Responses During Times of Stress: A Brief Global Review
#2021-010 Yuxi Yao (University of Western Ontario) Accounting for the Decline in Homeownership among the Young
#2021-009 Shihe Fu (Xiamen University) and V. Brian Viard (Cheung Kong Graduate School of Business) A Mayor’s Perspective on Tackling Air Pollution
#2021-008 Reneé van Eyden (University of Pretoria), Rangan Gupta (University of Pretoria), Christophe André (OECD) and Xin Sheng (Anglia Ruskin University) The Effect of Macroeconomic Uncertainty on Housing Returns and Volatility: Evidence from US State-Level Data
#2021-007 Ying Fan (Hong Kong Polytechnic University), Charles Ka Yui Leung (City University of Hong Kong) and Zan Yang (Tsinghua University)

Financial Conditions, Local Competition, and Local Market Leaders: The Case of Real Estate Developers

#2021-006 Naijia Guo (Chinese University of Hong Kong) and Charles Ka Yui Leung (City University of Hong Kong) Do Elite Colleges Matter? The Impact on Entrepreneurship Decisions and Career Dynamics
#2021-005 Charles Ka Yui Leung (City University of Hong Kong) and Edward Chi Ho Tang (Hong Kong Shue Yan University)

The Dynamics of the House Price-to-Income Ratio: Theory and Evidence


Kuang-Liang Chang (National Sun Yat-sen University) and Charles Ka Yui Leung (City University of Hong Kong)

How did the asset markets change after the Global Financial Crisis?​


Max Breitenlechner (University of Innsbruck), Georgios Georgiadis (European Central Bank) and Ben Schumann (Free University of Berlin)

What goes around comes around: How large are spillbacks from US monetary policy?


Daniel J. Benjamin (UCLA / NBER), Jakina Debnam Guzman (Amherst College), Marc Fleurbaey (Paris School of Economics), Ori Heffetz (Cornell University / The Hebrew University of Jerusalem / NBER) and Miles Kimball (University of Colorado Boulder / NBER)

What Do Happiness Data Mean? Theory and Survey Evidence


Youngjin Yun (Bank of Korea) and Byoungsoo Cho (Bank of Korea)

Is the Monetary Policy Effect Different for Bank Lending to Households and Firms?