11 research outputs found

    The Fogel Approach to Health and Growth

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    According to Robert Fogel (1994a, 1994b), nutrition is the driving force for the increase in health human capital, which in turn has significantly promoted economic growth in the long run. In this paper, we take Fogel¡¯s finding to extend the standard Ramsey model by including the effect of consumption on nutrition and health human capital formation. It is demonstrated that there exist multiple equilibria in the modified Ramsey model with a subsistence level of consumption. That is to say, different countries may end up with different levels of long-run consumption, nutrition, health human capital, and physical capital.Health Human Capital, Consumption, Economic Growth, Poverty Trap

    Health, Taxes, and Growth

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    This paper studies capital accumulation and consumption in the traditional Ramsey model under an exogenous growth framework. The model has three important features: (1) treating health as a simple function of consumption, which enable the study of health and growth in an aggregate macroeconomic model; (2) the existence of multiple equilibria of capital stock, health, and consumption, which is more consistent with the real world situation-rich countries may end up with high capital, better health, and higher consumption than poor countries; (3) the fundamental proposition of a consumption tax instead of capital taxation from the traditional growth model does not hold anymore in our model. As long as consumption goods contribute to health formation, the issue of a consumption tax versus an income (or capital) tax should be re-examined.Health, Capital accumulation, Taxation

    Spillover impact of the U.S. monetary policy shock on China\u27s economy: capital flow channel

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    This study builds an open economy theoretical model with financial frictions to analyse the spillover impact of the U.S. monetary policy shock on China’s economy through capital flow channel. Bayesian technique is employed to estimate the TVP-VAR model and obtain three main results. First, the increase in the U.S. nominal interest rate causes the decline in China’s capital inflow, which has a negative spillover impact on China’s economy and leads to the decline in China’s real output. Second, this negative spillover impact on China’s economy has no structural time-varying characteristics. Third, the pass-through effect from international capital flow to China’s real output is greater than that of international capital flow itsel

    The heterogeneity spillover impact of U.S. permanent and temporary monetary shocks on China’s economy

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    This study adopts the New Keynesian theoretical model to analyse the heterogeneity spillover effect of U.S. permanent and temporary monetary policy shock on China’s economy through an exchange rate channel. It also employs the Bayesian technique to estimate SVAR model and obtain two main results. First, the permanent increase in the nominal interest rate in the U.S. causes Chinese yuan appreciation and U.S. dollar depreciation, which has a negative spillover impact on China’s economy and leads to the decline in China’s real output. Second, the temporary increase in the nominal interest rate in the U. S. leads to Chinese yuan depreciation, which has a positive spillover impact on China’ s macroeconomy and leads to the rise of China’s real output

    Genomic and Phylogenetic Characterization of Novel, Recombinant H5N2 Avian Influenza Virus Strains Isolated from Vaccinated Chickens with Clinical Symptoms in China

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    Infection of poultry with diverse lineages of H5N2 avian influenza viruses has been documented for over three decades in different parts of the world, with limited outbreaks caused by this highly pathogenic avian influenza virus. In the present study, three avian H5N2 influenza viruses, A/chicken/Shijiazhuang/1209/2013, A/chicken/Chiping/0321/2014, and A/chicken/Laiwu/0313/2014, were isolated from chickens with clinical symptoms of avian influenza. Complete genomic and phylogenetic analyses demonstrated that all three isolates are novel recombinant viruses with hemagglutinin (HA) and matrix (M) genes derived from H5N1, and remaining genes derived from H9N2-like viruses. The HA cleavage motif in all three strains (PQIEGRRRKR/GL) is characteristic of a highly pathogenic avian influenza virus strain. These results indicate the occurrence of H5N2 recombination and highlight the importance of continued surveillance of the H5N2 subtype virus and reformulation of vaccine strains