China’s current fiscal system is largely decentralized while its governance structure is rather centralized with strong top-down mandates and a homogenous governance structure. Due to large differences in initial economic structures and revenue bases, the implicit tax rate and fiscal burdens to support the functioning of local government vary significantly across jurisdictions. Regions initiall...

This paper studies the financial market responses to macroeconomic news announcements, in the form of volatility and jumps. The traditional empirical literature using daily or lower-frequency data finds mixed or relatively weak evidence of big price movements during the announcement periods, which seems to falsify the efficient market hypothesis. However, with the advance of high frequency data...

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U.S. productivity growth has slowed significantly since 1973; moreover, U.S. productivity continues to grow at a slower rate than that of our major trading partners. What caused these things to happen? The answer to this question is still unsettled, although a number of potential explanations are being debated in the economics literature. These include energy prices, labor quality, measurement ...

We examine the complex relationship between taxes and local economies at county level. Specifically, we explore impacts of different types state-level taxes, including income payroll property other as well sales tax, on key economic performance indicators. Our study aims to comprehensively analyze how taxation influences entrepreneurship, innovation, labor markets, overall growth in communities...

The agricultural and rural sectors in Indonesia have experienced a dynamic transformation. This process of transformation reflected the changes employment income structure. paper analyzes employment, structures, dietary patterns various ecosystems, namely wetland paddy, dry land secondary, vegetables, plantation. We use micro panel data collected from 1,155 households 8 provinces, 33 villages J...

Many U.S. states imposed temporary moratoria on farm and nonfarm residential mortgage foreclosures during the Great Depression. This article describes the conditions that led some states to impose these moratoria and other mortgage relief during the Depression and discusses the economic effects. Moratoria were more common in states with large farm populations (as a percentage of total state pop...

This paper calls attention to processes of entry into and exit from poverty, and to the resulting rates of replacement or turnover in the poverty population. In addition to the fluctuating income components of labor supply, wages, and employment, movement into and out of poverty is associated with normal life-cycle transitions--marriage, divorce, and remarriage; household departures and formati...