ISE 2022年第3期上线了！本期稿件荟萃了我刊前任执行主编、Canadian Journal of Economics主编、加拿大卡尔顿大学经济系陈智琦教授与德勤管理咨询副总监丁虹博士关于买方势力下的政府补贴与产品多样性的文章，多伦多都会大学经济系Constantine Angyridis教授与欧道明大学经济系周海汶教授关于搜索、技术选择与失业的文章，以及自然资源视角下中国对外直接投资与经济增长的实证分析，中部非洲经济与货币共同体国家公共债务可持续性的实证分析，经济政策不确定性影响居民消费的传导机制分析，“自由恋爱”或“父母包办”对于婚姻幸福的影响等分析文章。

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ISE 2022年第3期目录

International Studies of Economics (ISE)

Issue 3, 2022

Subsidy and product diversity in the presence of buyer power

Zhiqi Chen, Hong Ding

买方势力下的政府补贴与产品多样性

Search, technology choice, and unemployment

Constantine Angyridis, Haiwen Zhou

搜索、技术选择与失业

China's OFDI and the economic growth: From the perspective of natural resource

Ling Feng, Lulan Ge

中国对外直接投资与经济增长——自然资源视角下的实证分析

An empirical study of public debt sustainability based on fiscal fatigue and fiscal space in CEMAC countries

Ulrich Ekouala Makala

公共债务可持续性：基于中部非洲经济与货币共同体（CEMAC）国家

财政疲劳和财政空间的实证分析

The transmission mechanism analysis of the impact of economic policy uncertainty on household consumption

Yanwei Gu, Guancheng Jiang, Xiao Liang

经济政策不确定性影响居民消费的传导机制分析

Way of love and after-marriage well-being: Evidence from China

Bowen Li, Cai Zhou, Ji Luo

什么样的婚姻更幸福：“自由恋爱”还是“父母包办”？

摘要

Subsidy and product diversity in the presence of buyer power

Zhiqi Chen, Hong Ding

Abstract: This paper analyzes the effectiveness of government subsidies in promoting product diversity when a downstream firm has buyer power. Using an extension of the Dixit-Stiglitz model of monopolistic competition, we compare the effects of subsidies on the equilibrium number of differentiated products and social welfare in the case where products are sold directly to consumers versus the case where they are distributed through a monopoly retailer with buyer power. We find that a production subsidy promotes product diversity in both cases, but the mechanisms through which a subsidy raises the number of products are different. Compared with the case where products are distributed directly to consumers, retailer buyer power reduces product diversity and social welfare. Furthermore, it weakens the effectiveness of the subsidy in promoting product diversity. At any given subsidy rate the equilibrium number of products is smaller, and a rise in the subsidy rate leads to a smaller increase in the number of products.

买方势力下的政府补贴与产品多样性

摘要：本文分析了在下游企业拥有买方势力的情况下，政府补贴对于提升产品多样性的效力。使用Dixit-Stiglitz垄断竞争模型的扩展版，我们对比了产品直接卖给消费者和产品通过拥有买方势力的垄断零售商分销这两种情况下政府补贴对于均衡情况下差异产品种类和社会福利的效果。我们发现，在这两种情况下，生产补贴都能提高产品多样性，但是补贴提高产品种类数目的作用机制在两种情况下是不同的。相比产品直接销售给消费者，零售商买方势力会降低产品多样性和社会福利，还会削弱政府补贴在提升产品多样性上的有效性。给定任何补贴率，均衡情况下的产品种类数目会更小，而且提高补贴率带来的产品种类的增长也更小。

Search, technology choice, and unemployment

Constantine Angyridis, Haiwen Zhou

Abstract: Technology variations among countries account for a significant part of their income differences. In this paper, a firm's technology choice is embedded in a search theoretic framework for unemployment. More advanced technology is assumed to have a higher setup cost, but it is more productive. The model is tractable and the following results are derived analytically. An increase in the unemployment benefit leads to an increase in the equilibrium wage rate, giving an incentive to firms to choose a more advanced technology. Thus, this result regarding unemployment insurance in models with wage posting carries through with Nash bargaining as well. As a consequence, the equilibrium unemployment rate increases. Furthermore, an increase in the bargaining power of workers increases the unemployment rate but has an ambiguous impact on the equilibrium level of technology and the wage rate. Finally, an increase in the exogenous job separation rate or the interest rate increases the unemployment rate and decreases the wage rate but does not affect the equilibrium level of technology.

搜索、技术选择与失业

摘要：国家间的技术差异很大程度上解释了它们之间的收入差别。本文把公司的技术选择嵌入到失业的搜索理论框架，假定更先进的技术需要更高的配置成本，但其生产力也更高。该模型易于分析，对模型的推导分析得到了下列结果。失业补助的增加会引起均衡工资率的提高，促使企业选择更先进的技术。因此，在有工资的模型里这一关于失业保险的结果也与纳什议价理论相符。其结果便是均衡失业率会上升。此外，工人议价能力的增强也会提高失业率，但对于技术和工资率均衡水平的影响并不清楚。最后，外生的工作离职率或利率的增加会提高失业率并降低工资，但不会影响技术均衡水平。

China's OFDI and the economic growth: From the perspective of natural resource

Ling Feng, Lulan Ge

Abstract: Using a country-level panel data set of China's outward foreign direct investment (OFDI) during 2003–2015, we find that China increases its direct investment in an economy endowed with natural resources, which increases the exports of the resources to China. Facilitated by the industry-level data between 2003 and 2008, we further show that the increase of China's OFDI in the economies abundant in natural resources would boost the output of Chinese industries which use the resources intensively but shrink the industries that are less intensive in the resources. These findings are consistent with the Rybczynski theorem and suggest that China's OFDI increases its domestic supply of natural resources.

中国对外直接投资与经济增长——自然资源视角下的实证分析

摘要：基于动态要素结构理论，本文从自然资源视角探究了中国对外直接投资的经济增长效应。结合2003-2015年中国对169个国家（地区）的直接投资数据和2003-2008年中国行业面板数据，研究结果表明，东道国自然资源禀赋的提升有助于吸引中国的直接投资，同时，直接投资的增长也拉动了东道国对中国的出口。进一步地，东道国对中国的出口显著提升了中国资源密集型行业的产出。本文的研究有助于理解中国对外直接投资对经济增长的影响机制，同时也是对罗伯津斯基定理的有益补充。

An empirical study of public debt sustainability based on fiscal fatigue and fiscal space in CEMAC countries

Ulrich Ekouala Makala

Abstract: This paper seeks first to test whether there is evidence of fiscal fatigue in the Central Africa Economic and Monetary Community (CEMAC) countries. On the contrary, we want to investigate the impact of fiscal rules on fiscal space to see if the implementation of fiscal rules enhances fiscal space in the region. The findings show evidence of fiscal fatigue for the Republic of Congo, Equatorial Guinea, and Gabon while Cameroon, the Central African Republic, and Chad exhibit no fiscal fatigue behavior. For our second objective, while analyzing the determinants of fiscal space we found that the two fiscal rules (the balanced budget rule and debt rule) implemented in CEMAC Zone do not improve fiscal space. Therefore, there is a need for the fiscal policy stance to supervise the conduct of fiscal rules in the CEMAC region as fiscal rules themselves do not enhance the available fiscal space. Besides, we suggest CEMAC's fiscal policy authorities to integrate the expenditure rule in their fiscal policy framework to mitigate the government expenditure bias.

公共债务可持续性：

基于中部非洲经济与货币共同体（CEMAC）国家

财政疲劳和财政空间的实证分析

摘要：本文首先检验中部非洲经济与货币共同体（CEMAC）国家里是否存在财政疲劳的相关证据。我们还研究了财政规则对于财政空间的影响以确定财政规则的施行是否会提升该地区的财政空间。相关发现表明，刚果共和国、赤道几内亚、加蓬存在财政疲劳证据，喀麦隆、中非共和国、乍得并未显示出财政疲劳行为。在分析财政空间的决定因素时我们发现，CEMAC区域实施的两大财政规则（平衡预算规则和债务规则）并未改善财政空间。此外，我们建议CEMAC的财政政策当局将支出规则融合到其财政政策框架中以消弭政府支出偏差。

The transmission mechanism analysis of the impact of economic policy uncertainty on household consumption

Yanwei Gu, Guancheng Jiang, Xiao Liang

Abstract：Economic policy uncertainty is proven to have an important effect on household consumption. However, the literature on its transmission mechanism and on comparing the consumption response of urban and rural households, especially in China, is limited. In this paper, we propose two channels through which economic policy uncertainty affects household consumption, the precautionary saving channel and the investment-employment channel. Then, we use the household survey data (China Health and Nutrition Survey) to explore the heterogeneous effect among urban and rural households. We verify that an increase in economic policy uncertainty can significantly reduce household consumption through both channels. Further, the precautionary saving channel is more important in the urban household sample, while the investment-employment channel is more pronounced in the rural household sample. In addition, the heterogeneous effect also exists across households in different regions. Our results are robust with consideration of different estimation methods, the lagged effect of the uncertainty, and other characteristics of households.

经济政策不确定性影响居民消费的传导机制分析

摘要：经济政策不确定性对居民消费的重要影响已在现有文献中被广泛证实，但鲜有研究对其微观传导机制进行分析，并对城乡居民消费行为的差异反应展开对比分析。本文利用家庭调研数据（中国居民健康和营养调查CHNS）对上述问题进行深入讨论。研究发现，经济政策不确定性会通过预防性储蓄和投资-就业两种传导机制显著地抑制居民消费。城市居民消费行为主要受预防性储蓄机制影响，而农村居民消费受投资-就业机制的影响更大。同时，上述机制也能解释对不同地区居民消费的异质性影响。研究结论在控制了计量模型差异、影响的滞后效应以及其他居民异质性因素后依然稳健。

Way of love and after-marriage well-being: Evidence from China

Bowen Li, Cai Zhou, Ji Luo

Abstract：Based on 2010 China Family Panel Studies, we use Ordered Probit, Instrumental Variables, and Conditional Mixed Process to analyze the effect of different ways of love on after-marriage well-being. The findings are: (i) Compared with arranged marriage, free love can significantly increase the well-being of married residents. (ii) In heterogeneity analysis, the promotion effect of free love on well-being is more obvious among the couples 2 years after marriage, residents with positive personal values, the post-80s, and rural areas. (iii) In mechanism analysis, married residents who met through free love will significantly enhance their ability to get along with others, increase their intimacy with their spouses, improve family harmony, and reduce their emphasis on family succession, thus further enhancing their well-being.

什么样的婚姻更幸福：“自由恋爱”还是“父母包办”？

摘要: 基于2010年中国家庭追踪调查数据，本文采用Ordered Probit模型、工具变量和条件混合过程（CMP）估计等方法研究了自由恋爱式婚姻和父母包办式婚姻对于婚后居民主观幸福感的影响。研究发现，首先，相对于父母包办，自由恋爱显著地提高了已婚居民的主观幸福感，其中在学校自己认识、在工作场所自己认识、在居住地自己认识、经亲友介绍这几种婚姻相识途径更能提高已婚居民的主观幸福感。其次，异质性分析中，自由恋爱对主观幸福感的提升作用在婚后2年、具有积极个人价值观、80后和农村地区的居民中表现更为明显。最后，机制分析上，通过自由恋爱相识的已婚居民，在个人性格变化上会显著增加居民与人相处的能力，在对家庭观念变化上会增加与配偶的亲密性、提高家庭的美满和睦度、降低对传宗接代观念的重视程度，从而进一步增进了居民的主观幸福感程度。