A Bridge on Economic Issues between China and the World
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Verifying China’s COVID-19 Recovery Using the FRBSF China CAT
Remy Beauregard, John G. Fernald, Mark M. Spiegel, Dec 23, 2020Using the FRBSF China Cyclical Activity Tracker, we confirm the robustness of China’s recovery from the COVID-19 downturn. The FRBSF “China CAT” estimates that first quarter 2020 China GDP plunged 6.4 standard deviations below its detrended level a year earlier, but by the end of the third quarter, China economic activity had recovered to only 0.1 standard deviations below trend. As such, the FRBSF China CAT index validates the accuracy...
Assessing and Addressing the Coronavirus-Induced Economic Crisis: Evidence from 1.5 Billion Sales Invoice
Zhuo Chen, Pengfei Li, Li Liao, Zhengwei Wang, Aug 31, 2022We probe the effects of the COVID-19 pandemic and the subsequent containment policies on business activities in China by exploiting big data on 1.5 billion sales invoices. The average drop in sales was between 23% and 35%, depending on firm size, for the 12-week period after the Wuhan lockdown.
The Impact of Rural-Urban Migration on House Prices in China
Carlos Garriga, Aaron Hedlund, Yang Tang, Ping Wang, Jan 27, 2021Rural-urban migration is an integral part of the dynamic process of structural transformation. The interplay between population inflows and house prices depends on various geographical differences in the economic and policy climate. In the case of China, we highlight particularly the roles played by location-specific hukou restrictions and local land supply.
Gender-Targeted Job Ads: Patterns, Impacts, and Mechanisms
Peter Kuhn, Kailing Shen, Feb 27, 2019Gender-targeted job ads are common in many emerging economies. Using data from jobboards—which differ substantially in terms of culture, size, and user groups targeted—our empirical evidence suggests that policies that target workers’ application decisions may be at least as important as policies that target employers’ screening decisions, if not more.
Unequal School Enrollment Rights and Increased Inequality: The Case of Shanghai
Muyang Zhang, Jie Chen, Jan 03, 2018In Shanghai, housing entitlements with enrollment access to a good public primary school is associated with a 0.1-0.35 percentage point lower annual rental yield. This rental yield gap is the opportunity cost of securing such housing, which is within the affordability range of most middle-income families in Shanghai. This implies that, should there be no credit constraint for homeownership, children from middle-income families should have a higher likelihood of accessing better public education. We find, however, that the enrollment rights between homeowners and renters, together with the credit constraint to own a home, actually lowers the chance of children from middle-income families of attending better public schools relative to those children from families with high initial wealth. This resulting reduced intergeneration mobility exacerbates the social inequality in China.
