Syllabus:  [pdf]

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Topic 1: Consumption and Saving Decisions under Incomplete Market with Applications to China

• Lecture notes: [pdf][slides]

• Applications:

  • ​ Understanding Chinese housing boom: a household's perspective, [note] [code]

    • Further reading: Dong, Liu, Xu, and Zhao, (2021, JEDC) [paper] [slides]

    • Supplementary materials:

      • Solving transition dynamics for a deterministic dynamic model, [note][code]

  • Evaluating Chinese monetary policy under uncertainty shocks, [paper​] [code]​​

    • Supplementary materials:​ Bayesian estimation [note][slides]

      • ​Example: estimating China's production function with factor utilization [code]  [data]

      • Estimate the RBC model using the artificial data [code]  

      • Generate artificial data from the RBC model [code]  

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Topic 2:  Production and Investment Decisions under Financial Frictions with Applications to China

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• Q-theory under financial friction: [note] ​with applications of stock bubbles and macro/micro volatilities

  • Further reading: Wang and Wen (2012, RED) [paper]​; Wang, Wen, and Xu (2018, RED) [paper]

• Interest rate liberalization and capital allocations, [note][code]

  • Further reading: Liu, Wang, and Xu, (2020, AEJ: Macro) [paper] [replication files]

• ​ Understanding Chinese housing boom: a firm's perspective, [note] [code]

  • Further reading: Dong, Guo, Peng, and Xu, (2021, JMCB) [paper] [slides]

• Exporting decisions with financial friction​

  • Further reading: Fan, Nie, and Xu, (2021, RED) [paper][slides]​

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