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The Value of Big Data in a Pandemic
Kairong Xiao, May 05, 2021This article summarizes a study of the economic and public health effects of the Health Code app in China. By exploiting the staggered implementation of this technology across 322 Chinese cities, this study finds that the Health Code app significantly reduced virus transmission and facilitated economic recovery during the COVID-19 pandemic. A macroeconomic susceptible-infectious-recovered (SIR) model calibrated to the micro-level estimates shows...
“I Still Haven’t Found What I’m Looking For”: Evidence of Directed Search from a Field Experiment
Haoran He, David Neumark, Qian Weng, Jun 16, 2021We explore the impact of wage offers on job applications, testing implications of the directed search model and trying to distinguish it from random search. We use a field experiment conducted on an online Chinese job board, with real jobs for which we randomly varied the wage offers across three ranges. We find that higher wage offers raise application rates overall, which is consistent with directed search...
VoxChina Covid-19 Forum (First Edition): Public Health and Public Policy
VoxChina, Apr 11, 2020Covid-19 poses unprecedented challenges to the global health and global economy. We are pleased to initiate a series of Covid-19 Public Health and Public Policy Virtual Forums to discuss the impact and policy responses to Covid-19.
Superstition Everywhere
Jinfan Zhang, Huancheng Du, Mar 09, 2022In Chinese culture, digit 8 (4) is taken as lucky (unlucky). We find that the numerological superstition has a profound impact across China’s stock, bond and foreign exchange markets, affecting asset prices in both the primary and secondary markets. The superstition effect, i.e., the probability of asset price ending with a lucky (unlucky) digit far exceeds (falls short of) what would be expected by chance, is everywhere.
Implicit Guarantees and the Rise of Shadow Banking: the Case of Trust Products
Franklin Allen, Xian Gu, C. Wei Li, Jun Qian, Yiming Qian, Sep 06, 2023The prevalent implicit guarantees provided by financial intermediaries have been a central feature of shadow banking products in China. Our theoretical investigation shows that providing implicit guarantees can be the second-best arrangement and mitigate capital misallocation.
