Property taxes and home prices: A tale of two cities

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Home-purchase restriction, property tax and housing price in China: A counterfactual analysis (2015, methodology): “Recently, Bai et al. (2014) establish the consistency result of the HCW method for nonstationary data, and hence make the method a valuable tool for studying macroeconomic policies.”
Do China's high-speed-rail projects promote local economy?—New evidence from a panel data approach (2017, methodology): “Similar to Bai et al. (2014), we chose a control group of prefectural-level cities by excluding all HSR cities that were completed or still under construction and their adjacent non-HSR cities (subsequently “neighbors of HSR cities”) from the pool of all prefectural-level cities in China within the ”
The treatment-effect estimation: A case study of the 2008 economic stimulus package of China (2015, background): “Bai, Li, and Ouyang (2014) extend the HCW approach to the case with non-stationary data and prove that, as long as the data follows I(1), the OLS estimator of the correlation coefficient is the unique and consistent estimator that can uncover the post-treatment counterfactuals using the…”