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Carlos Garriga

Federal Reserve Banks - Research Division

P.O. Box 442

St. Louis, MO 63166-0442

United States

SCHOLARLY PAPERS

42

DOWNLOADS
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Top 24,751

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5,061

TOTAL CITATIONS
Rank 4,299

SSRN RANKINGS

Top 4,299

in Total Papers Citations

219

Scholarly Papers (42)

1.

The Economic Effects of Real Estate Investors

Real Estate Economics, 51(3), 655-685, 2023
Number of pages: 80 Posted: 07 May 2020 Last Revised: 03 Jun 2025
Carlos Garriga, Pedro Gete and Athena Tsouderou
Federal Reserve Banks - Research Division, IE Business School and University of Miami
Downloads 429 (168,873)
Citation 28

Abstract:

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Institutional investors, house prices, housing affordability, supply elasticity, propensity to invest.

2.
Downloads 358 (207,676)
Citation 1

Reconstructing the Great Recession

FRB of St. Louis Working Paper No. 2013-006B
Number of pages: 38 Posted: 14 Feb 2013 Last Revised: 18 Jul 2013
Washington University in St. Louis, Federal Reserve Banks - Research Division, Federal Reserve Bank of St. Louis and Federal Reserve Banks - Federal Reserve Bank of St. LouisFederal Reserve Banks - Federal Reserve Bank of St. Louis
Downloads 198 (382,331)

Abstract:

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residential investment, multisector models, business cycle accounting

Reconstructing the Great Recession

Number of pages: 42 Posted: 19 Aug 2020
Washington University in St. Louis, Federal Reserve Banks - Research Division, International Monetary Fund (IMF) and Federal Reserve Banks - Federal Reserve Bank of St. LouisFederal Reserve Banks - Federal Reserve Bank of St. Louis
Downloads 160 (466,500)
Citation 1

Abstract:

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3.

A General Equilibrium Theory of College with Education Subsidies, In-School Labor Supply, and Borrowing Constraints

Number of pages: 40 Posted: 04 Dec 2007
Carlos Garriga and Mark P. Keightley
Federal Reserve Banks - Research Division and affiliation not provided to SSRN
Downloads 297 (254,893)
Citation 3

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Student Loans, Education Subsidies, Higher Education

4.

Mortgage Debt, Consumption, and Illiquid Housing Markets in the Great Recession

FRB St. Louis Working Paper No. 2017-30
Number of pages: 72 Posted: 28 Nov 2017
Carlos Garriga and Aaron Hedlund
Federal Reserve Banks - Research Division and University of Missouri
Downloads 284 (267,252)
Citation 51

Abstract:

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Housing, Consumption, Liquidity, Debt, Great Recession

5.

Household Debt and the Great Recession

Number of pages: 24 Posted: 14 Apr 2017 Last Revised: 15 Oct 2019
Carlos Garriga, Bryan Noeth and Don Schlagenhauf
Federal Reserve Banks - Research Division, Federal Reserve Banks - Federal Reserve Bank of St. Louis and Federal Reserve Banks - Federal Reserve Bank of St. Louis
Downloads 280 (271,230)

Abstract:

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6.

The Loan Structure and Housing Tenure Decisions in an Equilibrium Model of Mortgage Choice

FRB of St. Louis Working Paper No. 2008-024A
Number of pages: 45 Posted: 17 Jul 2008 Last Revised: 28 Jan 2009
Matthew Chambers, Carlos Garriga and Don Schlagenhauf
Towson University, Federal Reserve Banks - Research Division and Florida State University
Downloads 232 (328,850)
Citation 29

Abstract:

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Housing finance, first-time buyers, life-cycle

7.

Inflation, Part 3: What is the Fed's Current Goal? Has the Fed Met its Inflation Mandate?

Economic Synopses, No. 25, 2022
Number of pages: 3 Posted: 06 Sep 2022
Carlos Garriga and Devin Werner
Federal Reserve Banks - Research Division and Federal Reserve Banks - Federal Reserve Bank of St. Louis
Downloads 229 (333,232)

Abstract:

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inflation

8.

A Model of Price Swings in the Housing Market

FRB of St. Louis Working Paper No. 2012-022A
Number of pages: 30 Posted: 18 Jul 2012
Federal Reserve Banks - Research Division, Washington University in St. Louis and Federal Reserve Bank of St. Louis
Downloads 227 (337,699)
Citation 18

Abstract:

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Residential investment, mortgages rates

9.

Crises in the Housing Market: Causes, Consequences, and Policy Lessons

FRB St. Louis Working Paper No. 2019-33
Number of pages: 41 Posted: 27 Nov 2019
Carlos Garriga and Aaron Hedlund
Federal Reserve Banks - Research Division and University of Missouri
Downloads 206 (369,861)

Abstract:

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housing, mortgages, debt, crisis, foreclosures

10.
Downloads 193 (395,523)
Citation 38

Mortgages and Monetary Policy

FRB St. Louis Working Paper No. 2015-33
Number of pages: 55 Posted: 23 May 2016 Last Revised: 06 Mar 2019
Carlos Garriga, Finn Kydland and Roman Šustek
Federal Reserve Banks - Research Division, Carnegie Mellon University - David A. Tepper School of Business and Queen Mary, University of London
Downloads 68 (912,349)
Citation 16

Abstract:

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Mortgage finance, monetary policy, general equilibrium, housing investment, redistribution

Mortgages and Monetary Policy

FRB of St. Louis Working Paper No. 2013-037A
Number of pages: 59 Posted: 07 Dec 2013
Carlos Garriga, Finn Kydland and Roman Šustek
Federal Reserve Banks - Research Division, Carnegie Mellon University - David A. Tepper School of Business and Queen Mary, University of London
Downloads 64 (938,792)
Citation 1

Abstract:

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mortgages, debt servicing costs, monetary policy, transmission mechanism, housing investment

Mortgages and Monetary Policy

NBER Working Paper No. w19744
Number of pages: 71 Posted: 20 Dec 2013 Last Revised: 14 Jun 2023
Carlos Garriga, Finn Kydland and Roman Sustek
Federal Reserve Banks - Research Division, Carnegie Mellon University - David A. Tepper School of Business and Bank of England - Monetary Assessment and Strategy Division
Downloads 61 (966,800)
Citation 21

Abstract:

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11.

Accounting for Changes in the Homeownership Rate

Number of pages: 50 Posted: 31 Aug 2007
Matthew Chambers, Carlos Garriga and Don Schlagenhauf
Towson University, Federal Reserve Banks - Research Division and Florida State University
Downloads 159 (469,621)

Abstract:

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Mortgage innovation, heterogeneity, life cycle

12.

Mortgage Contracts and Housing Tenure Decisions

Number of pages: 41 Posted: 17 Sep 2007
Matthew Chambers, Carlos Garriga and Don Schlagenhauf
Towson University, Federal Reserve Banks - Research Division and Florida State University
Downloads 147 (502,974)
Citation 4

Abstract:

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Housing finance, first-time buyers, life-cycle

13.

Optimal Fiscal Policy in the Design of Social Security Reforms

Number of pages: 37 Posted: 31 Aug 2007
Juan Carlos Conesa and Carlos Garriga
University of Barcelona and Federal Reserve Banks - Research Division
Downloads 141 (521,245)
Citation 6

Abstract:

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Optimal Taxation, Ramsey Policies, and Constrained Optima

14.

Optimal Response to a Transitory Demographic Shock in Social Security Financing

FRB of St. Louis Working Paper No. 2007-041A
Number of pages: 36 Posted: 15 Sep 2007
Juan Carlos Conesa and Carlos Garriga
University of Barcelona and Federal Reserve Banks - Research Division
Downloads 120 (596,393)
Citation 2

Abstract:

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Optimal taxation, Ramsey Policies, Constrained Optima

15.

Equilibrium Mortgage Choice and Housing Tenure Decisions With Refinancing

Number of pages: 56 Posted: 09 Nov 2007
Matthew Chambers, Carlos Garriga and Don Schlagenhauf
Towson University, Federal Reserve Banks - Research Division and Florida State University
Downloads 115 (617,542)
Citation 1

Abstract:

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Housing finance, first-time buyers, life-cycle

16.

The Tax Treatment of Homeowners and Landlords and the Progressivity of Income Taxation

FRB of St. Louis Working Paper No. 2007-053A
Number of pages: 42 Posted: 21 Dec 2007
Matthew Chambers, Carlos Garriga and Don Schlagenhauf
Towson University, Federal Reserve Banks - Research Division and Florida State University
Downloads 113 (626,371)
Citation 1

Abstract:

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Incomplete markets, heterogeneous consumers

17.

The Limited Impact of Free College Policies

Number of pages: 51 Posted: 23 Jan 2023
Federal Reserve Banks - Research Division, World Bank, affiliation not provided to SSRN and Georgetown University
Downloads 112 (630,858)

Abstract:

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higher education, free college, financial aid. JEL codes: E24, I21

18.

Optimal Response to a Demographic Shock

Number of pages: 31 Posted: 04 Feb 2005
Juan C. Conesa and Carlos Garriga
Universitat Pompeu Fabra and Federal Reserve Banks - Research Division
Downloads 104 (669,616)

Abstract:

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Did Housing Policies Cause the Postwar Boom in Homeownership?

FRB of St. Louis Working Paper No. 2012-021A
Number of pages: 37 Posted: 18 Jul 2012 Last Revised: 18 Feb 2013
Matthew Chambers, Don Schlagenhauf and Carlos Garriga
Towson University, Florida State University and Federal Reserve Banks - Research Division
Downloads 64 (938,792)

Abstract:

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Housing …finance, fi…rst-time buyers, life-cycle

Did Housing Policies Cause the Postwar Boom in Homeownership?

NBER Working Paper No. w18821
Number of pages: 37 Posted: 22 Feb 2013 Last Revised: 05 Jun 2023
Matthew Chambers, Carlos Garriga and Don Schlagenhauf
Towson University, Federal Reserve Banks - Research Division and Florida State University
Downloads 39 (1,224,220)
Citation 1

Abstract:

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20.

Optimal Taxation With Imperfect Competition and Aggregate Returns to Specialization

Number of pages: 31 Posted: 31 Aug 2007
University of East Anglia (UEA) - School of Economic and Social Studies, Federal Reserve Banks - Research Division and University of Barcelona - Department of Economic Theory
Downloads 101 (684,672)
Citation 1

Abstract:

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Optimal taxation, returns to specialization, monopolistic competition

21.

The Geography of Housing Market Liquidity During the Great Recession

Number of pages: 101 Posted: 29 Apr 2020
Matthew Famiglietti, Carlos Garriga and Aaron Hedlund
Independent, Federal Reserve Banks - Research Division and University of Missouri
Downloads 97 (704,534)

Abstract:

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22.

Generational Policy and the Macroeconomic Measurement of Tax Incidence

FRB of St. Louis Working Paper No. 2009-003A
Number of pages: 35 Posted: 29 Jan 2009
Juan Carlos Conesa and Carlos Garriga
University of Barcelona and Federal Reserve Banks - Research Division
Downloads 86 (765,566)

Abstract:

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Generational Accounting, Ramsey Taxation

23.

Rural-Urban Migration, Structural Transformation, and Housing Markets in China

NBER Working Paper No. w23819
Number of pages: 49 Posted: 18 Sep 2017 Last Revised: 03 Apr 2023
Carlos Garriga, Aaron Hedlund, Yang Tang and Ping Wang
Federal Reserve Banks - Research Division, University of Missouri, Nanyang Technological University (NTU) and Washington University in St. Louis - Department of Economics
Downloads 84 (777,583)
Citation 11

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Nominal Rigidities in Debt and Product Markets

FRB St. Louis Working Paper No. 2016-17
Number of pages: 54 Posted: 25 Aug 2016 Last Revised: 05 Jan 2019
Carlos Garriga, Finn Kydland and Roman Sustek
Federal Reserve Banks - Research Division, Carnegie Mellon University - David A. Tepper School of Business and Bank of England - Monetary Assessment and Strategy Division
Downloads 55 (1,027,773)

Abstract:

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Mortgage contracts, sticky prices, monetary policy, yield curves, redistributive vs. aggregate effects.

Nominal Rigidities in Debt and Product Markets

NBER Working Paper No. w22613
Number of pages: 54 Posted: 12 Sep 2016 Last Revised: 16 Apr 2023
Carlos Garriga, Finn Kydland and Roman Šustek
Federal Reserve Banks - Research Division, Carnegie Mellon University - David A. Tepper School of Business and Queen Mary, University of London
Downloads 28 (1,385,838)

Abstract:

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25.

The Postwar Conquest of the Home Ownership Dream

FRB St. Louis Working Paper No. 2016-7
Number of pages: 60 Posted: 27 Apr 2016 Last Revised: 03 Jan 2019
Matthew Chambers, Carlos Garriga and Don Schlagenhauf
Towson University, Federal Reserve Banks - Research Division and Florida State University
Downloads 82 (790,029)

Abstract:

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Housing finance, first-time buyers, life-cycle

26.

Indirect Taxation and the Welfare Effects of Altruism on the Optimal Fiscal Policy

Federal Reserve Bank of St. Louis Working Paper No. 2009-47A
Number of pages: 22 Posted: 21 Sep 2009
Carlos Garriga and Fernando Sánchez Losada
Federal Reserve Banks - Research Division and University of Barcelona - Department of Economic Theory
Downloads 70 (875,328)
Citation 1

Abstract:

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optimal taxation, altruism, dynamic general equilibrium

27.

Intergenerational Policy and the Measurement of Tax Incidence

FRB of St. Louis Working Paper No. 2013-016A
Number of pages: 30 Posted: 18 Apr 2013
Juan Carlos Conesa and Carlos Garriga
University of Barcelona and Federal Reserve Banks - Research Division
Downloads 67 (899,324)
Citation 3

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Unfunded liabilities, generational accounts, optimal reforms

28.

Optimal Management of an Epidemic: Lockdown, Vaccine and Value of Life

FRB St. Louis Working Paper No. 2020-46
Number of pages: 41 Posted: 11 May 2022
Federal Reserve Banks - Research Division, Washington University in St. Louis and Federal Reserve Banks - Federal Reserve Bank of St. Louis
Downloads 57 (989,921)
Citation 3

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Optimal Policy, Epidemic, Lockdown, Vaccine, COVID-19, Pandemic

29.

Estate Taxation with Warm-Glow Altruism

Number of pages: 23 Posted: 30 Jan 2009
Carlos Garriga and Fernando Sánchez Losada
Federal Reserve Banks - Research Division and University of Barcelona - Department of Economic Theory
Downloads 54 (1,020,567)

Abstract:

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optimal taxation, altruism, dynamic general equilibrium

30.

Optimal Fiscal Policy in Overlapping Generations Models

FRB St. Louis Working Paper No. 2017-32
Number of pages: 27 Posted: 28 Nov 2017
Carlos Garriga
Federal Reserve Banks - Research Division
Downloads 51 (1,074,648)
Citation 16

Abstract:

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Optimal taxation, uniform commodity taxation

31.

Inflation, Part 1: What is it, Exactly?

Number of pages: 3 Posted: 23 Jun 2022
Carlos Garriga and Devin Werner
Federal Reserve Banks - Research Division and Federal Reserve Banks - Federal Reserve Bank of St. Louis
Downloads 42 (1,157,785)

Abstract:

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inflation

32.

Putting Recent Inflation in Historical Context

Number of pages: 2 Posted: 17 Jun 2021
Matthew Famiglietti and Carlos Garriga
Federal Reserve Banks - Federal Reserve Bank of St. Louis and Federal Reserve Banks - Research Division
Downloads 39 (1,196,171)

Abstract:

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inflation

33.

From Flipping to Holding: Dynamic Strategies of Housing Investors

Number of pages: 87 Posted: 16 Apr 2026 Last Revised: 20 Apr 2026
Federal Reserve Banks - Research Division, IE Business School, University of Miami and Instituto Tecnológico Autónomo de México (ITAM) - Department of Business Administration
Downloads 37 (1,222,651)

Abstract:

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Housing investment, holding periods, buy-and-hold, flipping, real estate investors, leverage, portfolio choice, house prices, rental yields

34.

Predicting the Yield Curve Inversions that Predict Recessions: Part 1

Number of pages: 3 Posted: 09 Mar 2022
Matthew Famiglietti and Carlos Garriga
Federal Reserve Banks - Federal Reserve Bank of St. Louis and Federal Reserve Banks - Research Division
Downloads 36 (1,236,159)

Abstract:

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35.

A Simple Evaluation of Two Decades of Inflation Targeting: Lessons for the New Monetary Policy Strategy

Number of pages: 3 Posted: 14 Jun 2021 Last Revised: 20 Nov 2022
Matthew Famiglietti and Carlos Garriga
Federal Reserve Banks - Federal Reserve Bank of St. Louis and Federal Reserve Banks - Research Division
Downloads 36 (1,236,159)

Abstract:

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inflation, monetary policy

36.

Rural-Urban Migration and House Prices in China

NBER Working Paper No. w28013
Number of pages: 56 Posted: 02 Nov 2020 Last Revised: 17 Jul 2023
Carlos Garriga, Aaron Hedlund, Yang Tang and Ping Wang
Federal Reserve Banks - Research Division, University of Missouri, Nanyang Technological University (NTU) and Washington University in St. Louis - Department of Economics
Downloads 36 (1,236,159)
Citation 1

Abstract:

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37.

Are U.S. Housing Markets Hot, Hot, Hot?

Number of pages: 2 Posted: 09 Mar 2022
Matthew Famiglietti, Carlos Garriga and Aaron Hedlund
Federal Reserve Banks - Federal Reserve Bank of St. Louis, Federal Reserve Banks - Research Division and University of Missouri
Downloads 34 (1,263,436)

Abstract:

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38.

Inflation, Part 2: How Do We Construct and Choose an Index?

Economic Synopses, No. 16, 2022
Number of pages: 3 Posted: 23 Jun 2022 Last Revised: 05 Aug 2022
Carlos Garriga and Devin Werner
Federal Reserve Banks - Research Division and Federal Reserve Banks - Federal Reserve Bank of St. Louis
Downloads 29 (1,332,057)

Abstract:

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inflation, consumer price index (CPI), personal consumption expenditures (PCE)

39.

Construction Permits and Future Housing Supply: Implications for 2020

Number of pages: 3 Posted: 09 Mar 2022
Matthew Famiglietti, Carlos Garriga and Aaron Hedlund
Federal Reserve Banks - Federal Reserve Bank of St. Louis, Federal Reserve Banks - Research Division and University of Missouri
Downloads 26 (1,372,601)

Abstract:

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MoNK: Mortgages in a New-Keynesian Model

NBER Working Paper No. w26427
Number of pages: 65 Posted: 06 Nov 2019 Last Revised: 18 Mar 2023
Carlos Garriga, Finn Kydland and Roman Šustek
Federal Reserve Banks - Research Division, Carnegie Mellon University - David A. Tepper School of Business and Queen Mary, University of London
Downloads 25 (1,430,393)

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Monk: Mortgages in a New-Keynesian Model

FRB St. Louis Working Paper No. 2019-32
Posted: 06 Dec 2019 Last Revised: 15 Dec 2019
Carlos Garriga, Finn Kydland and Roman Sustek
Federal Reserve Banks - Research Division, Carnegie Mellon University - David A. Tepper School of Business and Charles University in Prague

Abstract:

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Mortgages, cash-flow effects, sticky prices, monetary policy transmission, monetary policy communication

41.

Predicting the Yield Curve Inversions that Predict Recessions: Part 2

Number of pages: 2 Posted: 09 Mar 2022
Matthew Famiglietti and Carlos Garriga
Federal Reserve Banks - Federal Reserve Bank of St. Louis and Federal Reserve Banks - Research Division
Downloads 21 (1,436,435)

Abstract:

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42.

Residency Rights, Migration, and the Housing Affordability Trade-off

Number of pages: 46 Posted: 24 Feb 2026
Carlos Garriga and Yang Tang
Federal Reserve Banks - Research Division and Nanyang Technological University (NTU)
Downloads 19 (1,470,786)

Abstract:

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Housing markets, homeownership, wealth inequality, migration, residence policies, hukou system