Research

Labor economics, political economy, and finance.

Working papers

Memories of War: Wartime Sacrifice and Educational Recovery in China

with Yizheng Wang

Best Paper Award of 2026 Econometrics Society Asian Summer School in Econometrics and Statistics Workshop.

Abstract

Main Findings: Counties with greater recognized wartime sacrifice show larger postwar gains in basic schooling. A one-unit increase in the IHS of native-county martyrs per 100,000 residents in 1953 is associated with a 1.130 percentage-point increase in formal schooling and a 0.813 percentage-point increase in primary completion. The formal-schooling result remains positive under flexible cohort controls.

Contributions: Links 63,739 War of Resistance profiles from the national martyr registry to 6.63 million respondents in the 1982, 1990, and 2000 censuses. The cohort design uses local war timing to study educational recovery within a national expansion. Dated school names and memorial facilities document commemoration. Facility availability during childhood is positively associated with formal schooling.

Previously circulated as War and Human Capital Accumulation: Evidence from the Second Sino-Japanese War.

Conference presentations
  • 2026 Spring CETW (Renmin University of China)
  • YES × Chengdu: China Economic Theory and Policy Workshop (Southwest University of Finance and Economics) (2026)
  • 2026 Annual Workshop on Economics of Education in China (AWEEC) (Tsinghua University)
  • 2026 PHBS Think Tank Conference
  • 2026 Asian Summer School in Econometrics and Statistics (UCAS, Beijing)
  • 2026 SERC (Singapore)
  • 2026 YES Annual Conference (Nanjing, China)
  • 2026 Jobs and Development Conference (HKUST, Hong Kong)
  • 6th Peking University Doctoral Forum on Economics of Education (Peking University, October 16, 2026; scheduled presentation).

Early-Life Deprivation, Political Identity, and Face Consumption: Evidence from China

with Yizheng Wang and Fengsheng Xu

Draft available upon request

First Prize of 2025 Chinese Economists Society (CES) Academic Rising Star Paper Competition.

Abstract

Main Findings: Famine survivors who later joined the CPC spend significantly more on face-related consumption in adulthood, with larger effects among post-reform entrants, men, rural residents, and those with low trust in government.

Contributions: Using a triple-differences (DDD) strategy to identify how historical famine exposure with political affiliation jointly shape long-term consumption behavior.

Conference presentations
  • 2025 Chinese Economists Society (CES) Academic Rising Star Paper Competition
  • 3rd Xishan Economic Forum (2025)
  • 2025 International Conference on Consumption Studies
  • 2026 CES Annual Conference.

Empower with Extracting: The Innovation Effects of Structural Fiscal Incentives

with Lezheng Liu, Yizheng Wang, and Zehua Ye

Revise and resubmit, Oxford Economic Papers

Abstract

Main Findings: Local fiscal incentives tied to high-tax firms increase R&D investment but discourage innovation quality, as firms shift toward strategic rather than substantive innovation.

Contributions: Develops a theoretical framework linking tax-sharing arrangements to innovation misallocation, and implements a generalized DID strategy based on China’s VAT reform. The analysis highlights how tax-base protection and reduced external competition distort firms’ innovation choices.

Conference presentations
  • 2025 CUFE-OEP Conference
  • YES × Chengdu: China Economic Theory and Policy Workshop (2024)
  • 2nd Forum on China’s Digital Economy Development (2024)
  • 2nd Forum on the Evaluation of China’s Economic Policies (2024)
  • 47th Xiangzhang Economics Seminar (Beijing) (2024)
  • 7th International Conference on Government and Market Economics (Tsinghua University) (2025)
  • 5th Xiangzhang Forum on Taxation (Dongbei University of Finance and Economics) (2025).

The Effects of E-Commerce on Rural Revitalization: Evidence from China’s Rural E-Commerce Demonstration County Program

with Siyi Wang and Weijie Luo

Under review

Abstract

Main Findings: Using a staggered DID model, we find that the Rural E-Commerce Demonstration County (REDC) policy significantly improves local economic outcomes, increasing per capita income by 10.9% across Chinese counties.

Contributions: Our study provides novel empirical evidence on the role of e-commerce in rural revitalization in a developing-country context. We further apply machine learning models, including random forest, SVM, and ML, to identify and predict the policy's underlying transmission channels.

Conference presentations
  • 2nd Annual Conference on Inclusive Finance, FinTech, and Sustainable Development (2024)
  • 2nd Xishan Economic Forum (2024).

Work in progress

Where Thorns Bloom: Tutoring Firm Entry, Educational Competition, and Marriage Outcomes

with Shihan Weng

Cultural Heritage and Judicial Local Protectionism in China

with Yizheng Wang

Jinyuan Liu