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Zhejiang International Studies University

Academic institutionasia · cn
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Research library6linked papers
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Selected work

Representative Papers

Monetary Policy and Exchange Rate Fluctuations

Sep 18, 2025

This study investigates how exchange rate volatility—specifically the USD/CNY exchange rate—under monetary policy shocks affects China’s export competitiveness. Method: We model exchange rate dynamics using stochastic processes, incorporate monetary policy shock variables, and employ provincial-level panel regressions combined with numerical simulations, using the Revealed Comparative Advantage (RCA) index as the primary metric. Contribution/Results: In the short run, moderate RMB depreciation (≤¥0.2 per USD) significantly enhances RCA. In the long run, following the August 2015 exchange rate reform (“8.11 Reform”), reduced exchange rate volatility—i.e., greater stability—drives provincial RCA levels toward convergence at higher values, uncovering a novel transmission channel: “exchange rate stabilization → strengthened manufacturing competitiveness.” These findings provide micro-level empirical evidence and theoretical refinement for understanding the dynamic interplay between exchange rate policy and industrial competitive advantage.

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Heterogeneous Agents in the Data Economy

Sep 11, 2025

This paper addresses the theoretical gap in characterizing investor heterogeneity in data investment capability within the data economy. Method: Departing from the representative-agent paradigm, it constructs the first analytically tractable heterogeneous-agent model, endogenizing data investment capability within agents’ utility functions and dynamic investment decisions. Contribution/Results: The model demonstrates how capability disparities systematically generate asymmetric growth in investment scale, productivity gains, and technological progress, while exacerbating financing frictions and economic inequality. Its core theoretical innovation is the formal identification of “data investment capability” as a key structural determinant of data factor allocation and economic divergence. This provides a rigorous foundation for designing data property rights regimes, tiered incentive mechanisms, and inclusive data governance frameworks—advancing both theoretical understanding and policy-relevant analysis of data-driven economic development.

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How Big Data Dilutes Cognitive Resources, Interferes with Rational Decision-making and Affects Wealth Distribution ?

Aug 28, 2025

This study investigates how big data exacerbates wealth inequality by diluting individual cognitive resources and impairing rational decision-making. Method: We propose a novel “information entropy–cognitive resource” transmission mechanism, treating cognitive capacity as a scarce decision-making endowment; we revise the CARR utility function by incorporating dynamic consumption adjustment weights to address the Lucas critique’s limitations under behavioral heterogeneity. Integrating mean-field game modeling, theoretical derivation, and empirical analysis, we construct a firm-level wealth distribution model with financial frictions. Contribution/Results: Counterintuitively, reducing financial frictions increases average firm wealth but widens wealth dispersion. Optimal inequality mitigation occurs when the effective consumption weight approaches 0.5—yielding minimal wealth inequality and maximal utility conversion efficiency. This finding underscores the critical role of bounded rationality and information overload in shaping macroeconomic inequality outcomes.

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Analysis Theory of Data Economy: Dataization, Technological Progress and Dynamic General Equilibrium

Jul 17, 2025

This paper investigates how datafication reshapes the dynamic general equilibrium between consumption and capital accumulation by catalyzing technological progress. Method: We develop a representative-agent model incorporating data as a production factor, derive theoretically the nonlinear mechanisms through which datafication and technological progress jointly affect equilibrium paths, and conduct a difference-in-differences (DID) empirical analysis leveraging China’s open-data policy reforms. Contribution/Results: We find that datafication not only accelerates the economic translation of technological progress but also significantly extends the duration of its positive growth effects. Numerical simulations and phase-diagram analysis further demonstrate that datafication stabilizes the equilibrium and raises the steady-state level of output. These findings provide microfoundations and macroeconomic evidence supporting the proposition that “data—as a novel factor of production—enables high-quality development.”

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Recent publications

Latest Papers

Monetary Policy and Exchange Rate Fluctuations

Sep 18, 2025

This study investigates how exchange rate volatility—specifically the USD/CNY exchange rate—under monetary policy shocks affects China’s export competitiveness. Method: We model exchange rate dynamics using stochastic processes, incorporate monetary policy shock variables, and employ provincial-level panel regressions combined with numerical simulations, using the Revealed Comparative Advantage (RCA) index as the primary metric. Contribution/Results: In the short run, moderate RMB depreciation (≤¥0.2 per USD) significantly enhances RCA. In the long run, following the August 2015 exchange rate reform (“8.11 Reform”), reduced exchange rate volatility—i.e., greater stability—drives provincial RCA levels toward convergence at higher values, uncovering a novel transmission channel: “exchange rate stabilization → strengthened manufacturing competitiveness.” These findings provide micro-level empirical evidence and theoretical refinement for understanding the dynamic interplay between exchange rate policy and industrial competitive advantage.

0 citationsRead paper

Heterogeneous Agents in the Data Economy

Sep 11, 2025

This paper addresses the theoretical gap in characterizing investor heterogeneity in data investment capability within the data economy. Method: Departing from the representative-agent paradigm, it constructs the first analytically tractable heterogeneous-agent model, endogenizing data investment capability within agents’ utility functions and dynamic investment decisions. Contribution/Results: The model demonstrates how capability disparities systematically generate asymmetric growth in investment scale, productivity gains, and technological progress, while exacerbating financing frictions and economic inequality. Its core theoretical innovation is the formal identification of “data investment capability” as a key structural determinant of data factor allocation and economic divergence. This provides a rigorous foundation for designing data property rights regimes, tiered incentive mechanisms, and inclusive data governance frameworks—advancing both theoretical understanding and policy-relevant analysis of data-driven economic development.

0 citationsRead paper

How Big Data Dilutes Cognitive Resources, Interferes with Rational Decision-making and Affects Wealth Distribution ?

Aug 28, 2025

This study investigates how big data exacerbates wealth inequality by diluting individual cognitive resources and impairing rational decision-making. Method: We propose a novel “information entropy–cognitive resource” transmission mechanism, treating cognitive capacity as a scarce decision-making endowment; we revise the CARR utility function by incorporating dynamic consumption adjustment weights to address the Lucas critique’s limitations under behavioral heterogeneity. Integrating mean-field game modeling, theoretical derivation, and empirical analysis, we construct a firm-level wealth distribution model with financial frictions. Contribution/Results: Counterintuitively, reducing financial frictions increases average firm wealth but widens wealth dispersion. Optimal inequality mitigation occurs when the effective consumption weight approaches 0.5—yielding minimal wealth inequality and maximal utility conversion efficiency. This finding underscores the critical role of bounded rationality and information overload in shaping macroeconomic inequality outcomes.

0 citationsRead paper

Analysis Theory of Data Economy: Dataization, Technological Progress and Dynamic General Equilibrium

Jul 17, 2025

This paper investigates how datafication reshapes the dynamic general equilibrium between consumption and capital accumulation by catalyzing technological progress. Method: We develop a representative-agent model incorporating data as a production factor, derive theoretically the nonlinear mechanisms through which datafication and technological progress jointly affect equilibrium paths, and conduct a difference-in-differences (DID) empirical analysis leveraging China’s open-data policy reforms. Contribution/Results: We find that datafication not only accelerates the economic translation of technological progress but also significantly extends the duration of its positive growth effects. Numerical simulations and phase-diagram analysis further demonstrate that datafication stabilizes the equilibrium and raises the steady-state level of output. These findings provide microfoundations and macroeconomic evidence supporting the proposition that “data—as a novel factor of production—enables high-quality development.”

0 citationsRead paper