交通行业人才开发主体的博弈研究

交通行业人才开发主体之间的博弈行为,直接决定着交通行业人才开发平台运行的效率与管理模式。文章引入博弈理论分析了各主体之间的相互关系,解析人才开发主体的机理．并提出了合作的管理思路。     

从新斯旺模型看我国利率与汇率政策的组合

本文介绍了一个考虑了资本流动时竞争效应与平衡表效应的新斯旺模型。该模型从资产市场与产品市场的角度描述经济的内外部均衡,说明了如何通过利率与汇率政策来管理危机或经济失衡。通过分析我国的新斯旺模型,本研究发现具有竞争效应小于平衡表效应的特征。在当前我国面临内外部失衡的状况下,模型说明我国应采取利率上调与人民币升值的“双升”的政策组合。当然针对复杂的经济矛盾还需要配合其他政策。     

Optimizing the aerodynamic efficiency of intermodal freight trains

We develop an aerodynamic loading assignment model for intermodal freight trains based on an integer-programming framework to help terminal managers make up more fuel-efficient trains. This is the first use of optimization modeling to address the aerodynamics and energy efficiency of railroad intermodal trains. Several recommendations regarding railway equipment use, operations, and policy are proposed to improve fuel-efficiency and reduce emissions from intermodal transportation. Analysis of one major railroad intermodal route reveals the potential to reduce fuel consumption by 15 million gallons per year with corresponding savings of $28,000,000. Greater benefits are possible through broader implementation of the model.     

基于DEMATEL-ISM的国内甩挂运输发展影响因素研究

为了降低国内社会物流成本、提升运输效率、支持国家绿色化物流发展、推广先进运输方式,对国内甩挂运输发展的影响因素进行研究。集成决策实验室分析(DEMATEL)法和解释结构模型(ISM)法,运用Python软件构建了国内甩挂运输发展影响因素的多层递阶结构模型,并基于模型分析了影响因素之间的递阶关系。结果表明：1)政府扶持力度X₃和发展现代物流意识X₁₃这2个因素的重要程度远高于其他发展因素,作为原因因素直接或间接影响每个发展因素;2)运输平台网络构建水平X₁₀作为强结果因素,主要受到大数据技术应用情况X₁₁和“互联网+”模式结合情况X₁₂等强原因因素的影响;3)甩挂运输联盟是发展国内甩挂运输的中坚因素,但其内部具有不稳定性。因此,针对国内甩挂运输发展问题,应重点关注政府扶持力度和发展现代物流意识,并加快甩挂运输联盟向甩挂运输平台转化,甩挂运输联盟内部建议采用新技术保证联盟健康发展。研究结果可为发展国内甩挂运输提供思路,从而促进实现物流行业的可持续性发展。     

Determinants of interest rate swap spreads

This study argues that an interest rate swap, as a non-redundant security, creates surplus which will be shared by swap counterparties to compensate their risks in swaps. This action in turns affects swap spreads. Analyzing the time series impacts of the changes of risks of swap counterparties on swap spreads, we conclude that both lower and higher rating bond spreads have positive impacts on swap spreads. We also derive a risk–spread relation to test if swap counterparties are firms with differential credit ratings. Since the risk allocation between swap counterparties varies over business cycles, hence this factor needs to be controlled. We conclude that (1) similar results hold if the business cycle factor is controlled and (2) swap spreads contain procyclical element and are less cyclical than lower credit rating bond spreads.     

Fiscal expansion, monetary policy, interest rate risk premia, and wage reactions

We examine the macroeconomic implications of fiscal policy in a small open economy, with emphasis on the interactions between fiscal, monetary and labour market policies. The paper uses the NBNZ-DEMONZ macroeconometric model. Novel features of the model are that it includes an endogenous interest rate risk premium (IRRP), and forward-looking monetary and fiscal policy reaction functions which capture the essence of New Zealand's Reserve Bank and Fiscal Responsibility Acts. The most important empirical result is that the postulated IRRP, proxying financial market mechanisms, can contribute at least as much as the monetary policy reaction function to maintaining price stability. Also of significance are that an income tax cuts package shows more damped real GDP and underlying inflation paths than does an expenditure increases equivalent; and that the inflationary and real sector impacts of a personal income tax cut package depend heavily on how the cut is `shared' between firms and workers. The nature and interdependence of monetary and fiscal policies and labour market conditions are therefore crucial to the macroeconomic outcomes.     

游说竞争、信息披露与公共政策的走向

公共政策是调节各方面利益关系的产物,有组织的利益集团可以通过游说来影响公共政策,在政策制定过程中他们通过与某些决策的相关信息部门形成某种利益纽带。利益集团在相互竞争中形成某种制约性的力量,公共决策机制的设计就要充分利用利益集团之间的相互制衡,以达到公共权力分散和牵制的效果。     

Hicksian Income in the Conceptual Framework

In seeking to replace accounting conventions by concepts in the pursuit of principles‐based standards, the FASB/IASB joint project on the conceptual framework has grounded its approach on a well‐known definition of income by Hicks. We welcome the use of theories by accounting standard setters and practitioners, if theories are considered in their entirety. Cherry‐picking parts of a theory to serve the immediate aims of standard setters risks distortion. Misunderstanding and misinterpretation of the selected elements of a theory increase the distortion even more. We argue that the Boards have selectively picked from, misquoted, misunderstood and misapplied Hicksian concepts of income. We explore some alternative approaches to income suggested by Hicks and by other writers, and their relevance to current debates over the Boards' conceptual framework and standards. Our conclusions about how accounting concepts and conventions should be related differ from those of the Boards. Executive stock options (ESOs) provide an illustrative case study.     

Estimating affine multifactor term structure models using closed-form likelihood expansions

We develop and implement a technique for closed-form maximum likelihood estimation (MLE) of multifactor affine yield models. We derive closed-form approximations to likelihoods for nine Dai and Singleton (2000) affine models. Simulations show our technique very accurately approximates true (but infeasible) MLE. Using US Treasury data, we estimate nine affine yield models with different market price of risk specifications. MLE allows non-nested model comparison using likelihood ratio tests; the preferred model depends on the market price of risk. Estimation with simulated and real data suggests our technique is much closer to true MLE than Euler and quasi-maximum likelihood (QML) methods.     

现代物流中货物集散渠道系统的构建研究

依据社会化物流的特点,考虑货物集中与分散的机制,构建了适于社会化综合物流的集散渠道系统框架,并且对系统的结构、功能及特征进行了详细描述.