THE SWEDISH MARKET PRICE APPROACH TO MONETARY POLICY OF THE 1930s

Recently, some analysts have prescribed the combined use of certain market prices as a useful strategy for monetary policy. In light of problems with conventional (time-series) empirical tests of the approach, one may consider an alternative "test" of this strategy: examining historical episodes when the strategy was employed. The Swedish experience during the early 1930s provides one such example. This experience, fathered by Knut Wicksell, is an example of a fiat money-flexible exchange rate regime in which (i) a short-term interest rate was used as a policy instrument, (ii) market prices were used as policy guides or intermediate indicators, and (Hi) price stability was the explicitly voiced goal of monetary policy. Monetary or reserve aggregates were neither proposed nor employed as policy guides or targets in pursuing this price stabilization objective. This Swedish experience is important since it provides a rare example of a market price approach to monetary policy. This paper demonstrates that the approach worked remarkably well.     

THE SWEDISH MARKET PRICE APPROACH TO MONETARY POLICY OF THE 1930s

Recently, some analysts have prescribed the combined use of certain market prices as a useful strategy for monetary policy. In light of problems with conventional (time-series) empirical tests of the approach, one may consider an alternative "test" of this strategy: examining historical episodes when the strategy was employed. The Swedish experience during the early 1930s provides one such example. This experience, fathered by Knut Wicksell, is an example of a fiat money-flexible exchange rate regime in which (i) a short-term interest rate was used as a policy instrument, (ii) market prices were used as policy guides or intermediate indicators, and (Hi) price stability was the explicitly voiced goal of monetary policy. Monetary or reserve aggregates were neither proposed nor employed as policy guides or targets in pursuing this price stabilization objective. This Swedish experience is important since it provides a rare example of a market price approach to monetary policy. This paper demonstrates that the approach worked remarkably well.     

Planning and coordination of economic policy in market economies

The purpose of the paper is to analyze the experience of capitalist countries in implementing national economic planning. Planning procedures are examined in order to ascertain whether plans have succeeded in coordinating economic policy. Five operational criteria are formulated that must be satisfied by planning procedures if policy coordination is to be achieved. The planning experience of four capitalist countries, France, Japan, The Netherlands, and Sweden, is then evaluated in the light of the five operational criteria. The conclusion is that planning has been far from successful in coordinating policy.     

渐进资本开放下中国货币政策的独立性

对中国资本流动程度和中国货币政策独立性的回归检验结果表明:中国的经济实践是符合不可能三角命题的。在1980—2003年间,在事实上钉住美元的固定汇率制度下,中国实行着较为严格的资本管制政策和享有独立的货币政策,但货币政策主要依赖于数量调控工具,汇率和利率的价格调控微乎其微,货币政策的独立性受到极大的挑战。     

城市化进程中的生育政策取向研究——基于山东及部分二孩试点地区的经验分析

由于城市化进程的推进,农民和市民收入出现多元化,现行城乡有别的生育政策难以继续贯彻执行,客观上要求城乡统一生育政策。分析了20世纪70年代"晚、稀、少"政策、二孩生育政策试点的计划生育效果,当前的人口形势,不同生育政策下的政策生育率,国际社会的经验等问题,提出了我国未来生育政策的取向。     

Technology policy: Fitting concept with reality

We have crossed an historical Rubicon into an era in which the capacity to innovate increasingly complex technologies has created a set of opportunities and problems that make our reductionist and simplistic linear models of policy and governance obsolete. America must base its technology policy on a synthesis of both international experience and new conceptualizations. The most important recent experience with successful technological innovation has taken place in Asia, whereas the most rapid conceptual advances appear to be occurring in Europe and the U.S. Complexity is the key factor in both.     

完善我国农业信贷政策的现实选择

农业信贷政策是政府农业政策体系中的一个重要的构成部分。借鉴其他国家在农业发展过程中实施的农业信贷政策措施,完善我国农业信贷政策,以促进我国农业现代化发展,从根本上提升中国农业的整体素质和国际竞争力。     

大学生形势与政策教育拓展训练研究

形势与政策教育是高校思政工作的重要内容,是高校思政理论课的重要组成部分,是提升大学生思政素质的重要渠道。拓展训练在形势与政策教育中具有把说教模式转变为分享模式,为大学生辨析社会形势和国家政策提供专职服务平台和整合教育资源的应用价值,拓展训练通过实施方案构建和拓展训练实践体验两个方面的结合,有力地推动了学生形势与政策素质的科学发展。     

Monetary policy, macroeconomic adjustment and currency speculation under floating exchange rates: the case of Bulgaria

This paper deals with the Bulgarian experience with exchange rate policy and the related macroeconomic adjustment in the transition period. It is argued that in the context of the Bulgarian macroeconomic environment, the exchange rate regime and the exchange rate policy (or the lack of such) did play a crucial role in determining the patterns of macroeconomic adjustment in this period. A simple general equilibrium model is suggested that provides some insights into the stylized performance of an economy under certain assumptions, similar to those characterizing the transitional state of the Bulgarian economy. Finally, some aspects of Bulgarian macroeconomic performance in recent years are analysed on the basis of the available empirical information and using the framework of the theoretical model. The paper concludes with the policy lessons of this experience.     

Financial structure and exchange rate experience: Mexico 1954–1977

This paper discusses the Mexican experience regarding exchange rate policy and the development of the financial market since the 1950's. The unique structure of Mexican financial institutions is described, with emphasis on how they have conditioned possibilities for monetary and exchange rate policy intervention.     

高校《形势与政策》课程基本问题探析

加强《形势与政策》课程建设,是思想政治理论课建设的重要内容,是实现大学生形势政策教育规范化与制度化的基本途径与必然要求。长期的思想政治理论课程的开设实践,使《形势与政策》建成规范化课程的条件逐渐成熟。建设《形势与政策》课程,一要明确课程的性质与地位;二要构建相对稳定的知识体系;三要坚持正确的教学原则。     

我国境外投资所得税政策与发展

在经济一体化进程不断深化的环境下,我国境外投资出现发展变化,因而境外投资所得税政策有待改进,应与时俱进,借鉴国外成熟政策经验,增强我国企业的市场竞争力,提高政策执行力,同时对境外投资企业提供有利的税收政策支持和保护。     

国际生物经济发展政策及对我国的启示

被誉为"第四次浪潮"的生物经济是一种全新的经济形态,将成为21世纪20年代后世界经济发展的主体。为了能成为生物经济浪潮的引领者,世界各国都制定了各种优惠政策来促进生物经济的发展,充分发挥生物经济对经济社会的推动作用。对在生物经济领域领先国家的生物技术产业发展政策进行梳理和分析,并在此基础上提出发展我国生物技术产业的政策和建议。     

An Interactive Economic Policy Approach to Manage Structural Change: The case of industry conversion in the German state of Bremen

The present paper deals with (1) the regional experience of a severe and sudden structural change sometimes faced by regions and cities which display considerable industrial specialisation, and (2) a proactive regional economic policy response: it offers a theoretical explanation of this policy and discusses the basic philosophy behind it, the agents involved, the instruments it employs and its effects. The German state (Land) of the Free Hanseatic City of Bremen is a port and industry centre that has not only had considerable experience of industrial decline, but also of proactive industrial policy involvement. In addition, being the centre of the defence industry in northern Germany, Bremen experienced dramatic structural change due to the disarmament process that occurred during the 1990s. Bremen's industrial defence conversion approach has been widely considered as a case for further developing network forms of regional economic policy and for a managed industrial diversification strategy. It has indeed developed as a way to manage industrial change during the last ten years. This paper will discuss (1) the basic industrial problem; (2) some background conditions needed for success; (3) the approach and instruments developed; (4) the results obtained; and (5) a theoretical consideration on the basis of the experience.     

Capital Flows to Asia: The Role of Monetary Policy

Monetary policy played an important role in the Asian experience with capital inflows. Central banks used monetary policy to contain the threat of overheating, but the resulting increases in interest rates attracted additional inflows. Empirical measurement of these links shows that tight monetary policy was an important source of inflows to Indonesia and Thailand in recent years, and that the independence of monetary policy decreased during the inflow period.     

OVERVALUED: SWEDISH MONETARY POLICY IN THE 1930s

The article discusses Sweden's monetary policy in the 1930s, which has been hailed as the first and only example of successful price‐level targeting. Our contribution is twofold. First, we argue that the crucial measure that immediately ended deflationary expectations and enabled a swift recovery was a strong and involuntary devaluation of the currency, not the adoption of a new monetary policy framework. Second, starting from the recent literature on monetary policy at the zero‐lower bound, we conclude that Sweden's exchange rate policy is more relevant for the current discussion than its tentative experience with price‐level targeting.     

中美创新战略规划政策工具比较研究

基于Rothwell和Zegveld的政策工具理论,以中国《“十三五”科技创新规划》和美国《2015年美国创新战略》的政策文本为研究对象,对中美创新战略规划的政策工具进行比较研究。结果表明:中美两国使用的环境型政策工具最为频繁,同时中国环境型政策工具的使用比率高于美国;两国使用供给型政策工具的比例相当,但中国供给型政策工具的内部机构不尽合理;两国使用最少的为需求型政策工具,中国需求型政策工具的使用比例尤其低。与美国相比,中国在个别政策工具运用方面存在过溢、错位、缺位等不良现象,就此借鉴美国政策工具的运用经验,提出了完善中国创新战略规划政策工具布局的建议。     

拉动国内消费需求的制约因素与政策取向

无论经济学的基本原理还是各国的实践经验,都证明经济增长的主要动力应该是国内消费。在阐述拉动国内消费理论的基础上,探析了国内需求的制约因素及成因,从实施积极的财政政策和稳健的货币政策等方面提出了拉动国内消费需求的政策取向。     

Selecting Your Inflation Targeters: Background and Performance of Monetary Policy Committee Members

Abstract. This paper starts by describing the composition of monetary policy committees (MPCs) in inflation‐targeting and non‐targeting countries. The experience of MPC members on their inflation performance is then compared, opposing inflation targeters with non‐targeters. Our sample covers the major Organization for Economic Cooperation and Development countries, in the period 1999–2008. Our results first show that MPCs are different in inflation‐targeting (versus non‐targeting) countries. They also reveal that policy‐makers' backgrounds influence inflation, and that the influence of MPCs' experience is much greater in inflation‐targeting countries, while size effects are more important for committees that do not target inflation.     

Does trade liberalization assist third-world industrial development? Experience and lessons of the 1980s

The 1980s can be regarded as a decade of trade liberalization in developing countries. This article reviews the evidence on the impact of trade policy reform measures on economic performance, and identifies a number of policy implications that can be drawn from this experience.