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ZHANG, GUANGBIN (2) answer(s).
 
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ID:   186217


Exports to China and Local Employment in South Korea / Kim, Jiyoung ; Go ,Sun   Journal Article
Wang, Xi Journal Article
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Summary/Abstract We estimate the effect of exports to China on local employment in South Korea, exploiting variations in trade and employment across 220 South Korean municipalities between 2007 and 2017. To identify the effect of exports on employment, we use a novel instrument: China's exports to the US. This isolates the demand-side factors for South Korean exports to China from the supply-side factors that lead to biased estimations using ordinary least squares regressions. The results of a two-stage least squares estimation using municipality-level data confirm that increased exports to China contribute to a rise in employment in South Korean local labor markets. This effect occurs mostly in the service and construction industries rather than in the manufacturing sector.
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2
ID:   186216


Mixed Monetary–Fiscal Policies and Macroeconomic Fluctuations: an Analysis Based on the Dynamic Stochastic General Equilibrium Model / Wang, Xi ; Zhang, Guangbin ; Li, Jiayang   Journal Article
Wang, Xi Journal Article
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Summary/Abstract The existing literature on macroeconomic policy research is mainly concerned with the impact of a single monetary or fiscal policy on China's macroeconomic fluctuations in a closed economy. However, the effect of a mix of monetary and fiscal policies has been neglected. This paper addresses this issue with an open economy dynamic stochastic general equilibrium model. It applies impulse-response and welfare analyses to explore the stabilization effect of various mixes of monetary and fiscal policies. The results show that the optimal monetary policy and fiscal policy mix varies in different cases. When government spending shocks happen, the aggressive fiscal policy and passive monetary policy would be the best choice. In contrast, for domestic interest rate shocks, foreign interest rate shocks, and foreign consumption shocks, the passive fiscal policy and aggressive monetary policy are more applicable. This article explains China's economic fluctuations and highlights the importance of mix of monetary and fiscal policies in the face of different shocks.
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