Investment Spending in Australia: Further Study and Interpretation*

Recent work in macro theory suggests that aggregate 'demand' policies have direct supply-side effects in the short run, if Lucas's standard specification of the nonlinear adjustment costs for capital is generalized In this paper, we estimate an investment equation (involving Tobin's valuation ratio and Australian data) which nests three hypotheses: Lucas's standard specification of adjustment costs, a simple generalization which permits labour to be involved in the installation of capital and a model which allows for liquidity constraints. The results support the suggested alternative formulation of the q-theory     

What Explains the Stock Market's Reaction to Federal Reserve Policy?

This paper analyzes the impact of changes in monetary policy on equity prices, with the objectives of both measuring the average reaction of the stock market and understanding the economic sources of that reaction. We find that, on average, a hypothetical unanticipated 25‐basis‐point cut in the Federal funds rate target is associated with about a 1% increase in broad stock indexes. Adapting a methodology due to Campbell and Ammer, we find that the effects of unanticipated monetary policy actions on expected excess returns account for the largest part of the response of stock prices.     

国际策展经验与亚洲当代艺术:CIGE2009论坛

Sook-Kyung Lee泰特利物浦美术馆每两年举办一次利物浦双年展,我们的顾问有来自包括台北等亚洲其他地区的策展人,正因为有了这些身份多元的策展人的参与,使得我们能够在展览当中充分地体现出不同地区的一些作品。     

商业银行委托贷款的发展现状、存在问题以及对策建议

委托贷款的出现实现了企业、金融机构和政府三方面的“共赢”,在促进经济发展、缓解企业资金紧缺以及增加商业银行中间业务收入等方面起到积极的作用,但同时也存在着潜在的风险,给金融机构的经营以及金融监管带来了一定的影响。本文着重分析委托贷款的发展现状、存在问题,并针对性的提出政策建议。     

客源地出游力的社会经济现象假说——基于中国国内旅游出游力研究

本文提出了"客源地社会经济属性决定其出游力大小"的假说,并以中国国内旅游出游力为例进行实证分析.在对中国31个省、直辖市、自治区的21个社会经济变量因子分析的基础上,验证了研究假说,得出旅游本质上是一种社会经济现象.通过引入三角图解法,将中国31个省、直辖市、自治区的出游力在社会经济规模因子、居民生活水平因子、对外联系水平因子等3个维度上进行分解,探寻中国省际出游力的区域差异.并采用ArcGIS样紊曲线差值法,研究发现中国省际出游力地域空间形态整体呈现"三级阶梯状",与中国三大阶梯分界线大致吻合,累计70%的旅游出游力集中在第三阶梯.中国存在"四大旅游客源地":冀鲁豫、苏浙沪、鄂湘粤和四川.     

日本二元经济转换时期的产业结构变化与相关政策分析

根据刘易斯以及费景汉.拉尼斯的二元经济的理论,可以判定日本经济在上世纪中叶,以日本的产业结构为主导发生了巨大变化,显现出二元经济结构转换的特征。政府为了引导日本经济发展以及顺利度过转折时期采取了一系列的有效政策。这些变化和政策,对面临二元经济转换时期的我国经济提供了重要的参考经验。     

VOTING,LOBBYING, AND THE DECENTRALIZATION THEOREM

This paper revisits the well‐known fiscal “Decentralization Theorem” by relaxing the role of the assumption that governments are benevolent, while retaining the assumption of policy uniformity. If, instead, decisions are made by majority voting, the theorem fails. Specifically, (i) centralization can welfare‐dominate decentralization even if there are no externalities and regions are heterogeneous and (ii) decentralization can welfare‐dominate centralization even if there are positive externalities and regions are homogeneous. Similar results are obtained if a benevolent government is subject to lobbying. Hence, the Decentralization Theorem is not robust to relatively minor deviations away from the benchmark of a purely benevolent government.     

An Exploration of Rent Seeking*

The aim of this paper is 10 survey critically the recent literature on rent seeking and Directly Unproductive Profit-Seeking Activities (DUP). The links with the related literatures on transactions costs and property rights are also explored. It is argued that a clearer understanding of wasteful competition emerges if the framework of constitutional economics is adopted. It is furthermore argued that a dynamic framework is most suitable to analyze wasteful competition