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FEC Articles Express:FEC 2019 June Issue


Frontiers of Economics in China

Volume 14, Issue 2 (June 2019)

Symposium: Causes of and Policy Responses to the Deceleration in China’s Economic Growth

Joseph E. Stiglitz

An Agenda for Reforming Economic Theory


Yuanyuan Chen, Shuaizhang Feng, Yujie Han

Research on the Education of Migrant Children in China: A Review of the Literature


Stephen Martin

Kreps & Scheinkman with Product Differentiation


Mohsen Bahmani-Oskooee, Muhammad Aftab

Malaysia-Japan Commodity Trade and Asymmetric Effects of Exchange Rate Changes


Guanfu Fang, Guanliang Hu, Lan Yao

Reference Dependent Preference and Labor Supply: Evidence from China


Farkhondeh Jabalameli, Ehsan Rasoulinezhad

Do BRICS Have Similar Disaggregated Trade Patterns with Different Regions?

An Agenda for Reforming Economic Theory

Joseph E. Stiglitz

Business School, Graduate School of Arts and Sciences (Department of Economics) and School of International and Public Affairs, Columbia University, Chief Economist of The Roosevelt Institute

Abstract: In this article, Nobel Prize Laureate Joseph Stiglitz argues that the standard macro-economic paradigm has failed not only to predict the crisis but also to provide insights into the design of a regulatory framework that would make a recurrence less likely. He points out that many of the underlying assumptions of the standard paradigm always seemed implausible and many of its predictions, such as those concerning the micro-economic behavior of the constituents (firms and households), are inconsistent with the empirical evidence. He then identifies a number of key modeling challenges, what he views as key ingredients that have to be incorporated in any model that is going to describe economic fluctuations or be the basis of a well-designed regulatory or monetary framework.



Research on the Education of Migrant Children in China:

A Review of the Literature

Yuanyuan Chen

School of Economics, Shanghai University of Finance and Economics

Key Laboratory of Mathematical Economics (Ministry of Education), Shanghai University of Finance and Economics

Shuaizhang Feng, Yujie Han

Institute for Economic and Social Research, Jinan University

Abstract: With the rapid urbanization and mass internal migration in China during the past several decades, the population of children who migrate with their parents to the cities has now reached over 35 million. The education of migrant children poses significant challenges to China’s hukou based education system. In this paper, we first review the policy developments and descriptive studies related to migrant children’s education to offer a comprehensive view of the issue. We then provide in-depth examination of several important quantitative literatures, including the effect of parental migration on children’s education, schooling choices of migrant children and their impacts on school performance, peer effects of migrant children in urban public schools. Overall, although considerable progress has been made regarding migrant children’s education in China, more fundamental policy reforms are necessary to improve the quality of migrant children’s education at the compulsory education level and beyond.


Reference Dependent Preference and Labor Supply:

Evidence from China

Guanfu Fang

School of Business, Shanghai University of International Business and Economics

Guanliang Hu, Lan Yao

School of Economics, Shanghai University of Finance and Economics

Abstract: This paper investigates the daily labor supply decisions of Hangzhou cabdrivers. We find that Hangzhou cabdrivers’ wage elasticity is significantly positive, their working decisions are largely affected by shift time, and crude proxy variables for income; hours targets can hardly explain their working behavior. Nevertheless, Hangzhou cabdrivers are still affected by reference dependent preference. Using new empirical strategies, we show that cabdrivers are more likely to continue working when wage rates are unexpectedly low and more likely to quit when wage rates are unexpectedly high.



Journal Profile

Frontiers of Economics in China (FEC)is a quarterly peer-reviewed journal edited by Institute for Advanced Research, Shanghai University of Finance and Economics, and published by Higher Education Press.  Established in 2006 and with Guoqiang Tian as the Editor, the journal has a strong Editorial Advisory Board (with several Nobel Prize winners as board members), as well as a dedicated Co-Editors’ team and an Editorial Board comprised of leading overseas and domestic Chinese economists.

Issued quarterly and distributed worldwide, the FEC is available both online and in hard-copy.  With more than 600 institutional subscribers worldwide and indexed in more than 10 databases including EBSCO-BSU, EconLit, ESCI, Gale, ProQuest, RePEc and SCOPUS, the journal was ranked as one of “The Highest International Impact Academic Journals of China” in 2016.

The FEC welcomes submissions of theoretical and empirical papers from all fields of economics, particularly those with an emphasis on the Chinese economy and other emerging, developing or transition economies.  While the journal is primarily interested in original research papers, it also welcomes submissions of opinion articles, literature surveys, and book reviews.

Based on data from the WOS website, scholars from about 400 institutions (2/3 of which are outside China), including NBER, WHO, Harvard University, MIT, UC-Berkeley, Oxford University, National University of Singapore, Seoul National University, University of Bonn, University of Tokyo, Peking University and Tsinghua University, have cited articles published in FEC.  Among the journals that have cited FEC articles are American Economic Review, Science, International Economic Review, China Economic Review, Journal of Comparative Economics, Journal of Economic History, Journal of Economics & Management Strategy, and Journal of Population Economics.


Editor: Guoqiang Tian, Shanghai University of Finance and Economics

Executive Editor: Zhiqi Chen, Carleton University


Chunrong Ai, University of Florida

Kevin X.D. Huang, Vanderbilt University

Neng Wang, Columbia University

Quan Wen, University of Washington


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