Data: China Employment Series


The Varying Shadow of China’s Banking System, University of Toronto Working Paper No.605, May 2018


Structural Change and Aggregate Employment Fluctuations in China and the US (with Wen Yao) University of Toronto Working Paper No. 600, April 2018


Structural Change and the Dynamics of China-US Real Exchange Rate (with Jenny Xu and Yong Wang). Preliminary draft.


Trade, Migration and Productivity: A Quantitative Analysis of China (with Trevor Tombe). Forthcoming, American Economic Review. Old working paper version (June, 2015)


Factor Market Distortions across Time, Space, and Sectors in China Appendix (with Loren Brandt and Trevor Tombe), Review of Economic Dynamics vol. 16(1), pp. 39-58, January 2013


Understanding China’s Growth: Past, Present and Future, Journal of Economic Perspectives, Fall, 2012. Presentation Slides


Accounting for China’s Growth (with Loren Brandt), University of Toronto Working Paper No.394, February 2010.


Growth and Structural Transformation in China (with Loren Brandt and Chang-Tai Hsieh), in Loren Brandt and Thomas Rawski ed. China’s Great Economic Transformation, pp. 569-632, Cambridge University Press, 2008.


What Ails China: A Long-Run Perspective on Growth and Inflation (or Deflation) in China (with Loren Brandt) published in A.E. Safarian and Wendy Dobson ed., East Asia in Transition: Economic and Security Challenges, University of Toronto Press, 2002.


Soft Budget Constraint and Inflation Cycles: A Positive Model of the Macro Dynamics in China during Transition Appendix (with Loren Brandt), Journal of Development Economics, 24(2), 2001.


Redistribution in a Decentralized Economy: Growth and Inflation in China under Reform (with Loren Brandt), Journal of Political Economy, 108(2), 2000.


The Dragon that Slew Keynes (with Loren Brandt), op-ed piece appeared in Asian Wall Street Journal, April 7, 2000.



Growth and Development (non-China)


Modernization of Agriculture and Long Term Growth (with Dennis Tao Yang), Journal of Monetary Economics 60(3), 2013.


Agriculture and Aggregate Productivity: A Quantitative Cross-Country Analysis (with Diego Restuccia and Dennis Tao Yang), Journal of Monetary Economics 55(2), 2008.



Fiscal Policy


Using Financial Market Information to Enhance Canadian Fiscal Policy (with Huw Lloyd-Ellis), Public Finance and Management 6(2), 2006.


Tax Smoothing under Stochastic Interest Rate: A Re-evaluation of Clinton’s Fiscal Legacy (with Huw Lloyd-Ellis and Shiqiang Zhan), Journal of Money, Credit, and Banking, 37(4), 2005.


Fiscal Shocks and Fiscal Risk Management (with Huw Lloyd-Ellis), Journal of Monetary Economics, 48(2), 2001.


Endogenous Capital Utilization, Investor’s Effort and Optimal Fiscal Policy, Journal of Monetary Economics, 36(3), 1995.


Optimal Fiscal Policy in a Stochastic Growth Model, Journal of Economic Theory, 58(2), 1992.