New working paper updated. 

"A Story of Fire and Water: Cryptocurrency, Nomad Miners, and the Environment"  "水与火之歌：虚拟货币，迁徙矿工与环境问题" (with Wenyi Lu and Ye Yuan) --------> The draft is available at SSRN 

Cryptomining is highly energy-intensive, yet its environmental externalities remain poorly quantified. Exploiting seasonal fluctuations in hydroelectric supply in the world's (former) largest mining hub, we uncover a novel "nomadic" pattern: mining operations shift from hydro-to coal-dependent regions during the dry season and reverse in the wet season. This seasonal surge in coal-powered mining drives a 17.6% increase in coal-related emissions. We estimate a pollution-health cost of $0.75 for every $1 of coal-powered Bitcoin. Our findings highlight substantial environmental costs of cryptomining but also suggest that targeted electricity pricing could incentivize cleaner energy adoption in this mobile, energy-intensive industry. 

I truly appreciate the picture on the left—it was generated with the assistance of ChatGPT. 

New working paper updated.

"The Spatial Consequences of Hukou Reform"  "户籍政策如何改变城市形状" (with Da Fang, Yu Qin and Yepeng Zhang) --------> The draft is available at SSRN 

This paper examines how relaxing internal migration restrictions affects urban spatial forms in China. Exploiting the 2014 Hukou reform as a quasi-natural experiment, we employ a difference-in-differences approach, and find that cities implementing the reform experienced significant deterioration in urban shapes—an effect more pronounced in smaller cities, those facing natural or fiscal constraints, and cities more reliant on land sales revenue. The mechanism analysis reveals that local governments affected by the reform were more likely to expand into peripheral zones to supply additional industrial land, but often did so without sufficient public investment. These expansions may be misaligned with market demand, leading to decreased land price and higher rates of transaction failures. 

The Latest Version of our working paper "Greetings, Comrades! Mass Media and Policy Delivery in 1980s China" is now updated!  "同志们好！1980年代中国的媒体与政策实施效果" (with Ye Yuan) ----->  Please click for the manuscript:  SSRN 

We study the role of mass media in shaping policy effects and household compliance in the world’s largest authoritarian state. Evaluating two landmark policies in 1980s China, we show that the expansion of radio and television facilitated both policies’ delivery and increased household compliance with policy-intended behaviors. We identify three mechanisms: (1) radio/television raised the visibility and reach of newly introduced policies; (2) prolonged exposure fostered habitual reliance and deepened the penetration of state propaganda; and (3) media persuasion substituted for coercive enforcement. Mass media can ease rollout, extend reach, and reduce resistance in top-down policy delivery.