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Essays on Macroeconomics

Zhao, Yang (2007) Essays on Macroeconomics. Doctoral Dissertation, University of Pittsburgh. (Unpublished)

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This dissertation consists of two chapters on different topics in macroeconomics. The first chapter studies the economic effect of privately-issued banking notes (private money). I build a model in which money is divisible and price is endogenous. The analysis shows that the private banknotes serve as short term credit for bankers. Given that the Friedman rule, which suggests a deflationary monetary policy, is not available, privately-issued banking notes improve resource allocation in the economy. The welfare improvement is not restricted to bankers. Nonbankers, though they have no right to issue private money, also enjoy welfare improvement. The second chapter is based on a paper co-authored with Ying Fang, who was my fellow graduate student at the University of Pittsburgh and now is a professor at Xiamen University. In this chapter we use crossing-city data to estimate the effect of property rights protection on China's economic performance. We adopt the historical enrollments of Protestant lower primary schools in the early 20th century as the instrumental variable for current property rights protection in China. We find that property rights protection dominates others potential determinants of economic performance, such as geography or government policy.


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Item Type: University of Pittsburgh ETD
Status: Unpublished
CreatorsEmailPitt UsernameORCID
ETD Committee:
TitleMemberEmail AddressPitt UsernameORCID
Committee CoChairTemzelides, Tedtedt@pitt.eduTEDT
Committee CoChairRawski, Thomastgrawski@pitt.eduTGRAWSKI
Committee MemberDeJong, Daviddejong@pitt.eduDEJONG
Committee MemberGal-Or, Estheresther@katz.pitt.eduESTHER
Committee MemberDuffy, Johnjduffy@pitt.eduJDUFFY
Committee MemberRipoll, Marlaripoll@pitt.eduRIPOLL
Date: 27 September 2007
Date Type: Completion
Defense Date: 14 May 2007
Approval Date: 27 September 2007
Submission Date: 25 June 2007
Access Restriction: No restriction; Release the ETD for access worldwide immediately.
Institution: University of Pittsburgh
Schools and Programs: Dietrich School of Arts and Sciences > Economics
Degree: PhD - Doctor of Philosophy
Thesis Type: Doctoral Dissertation
Refereed: Yes
Uncontrolled Keywords: banking; China; Christian; institutions; money; private money
Other ID:, etd-06252007-163354
Date Deposited: 10 Nov 2011 19:48
Last Modified: 15 Nov 2016 13:45


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