U.S. Money Supply and China’s Business Cycles

This article models the U.S. dollar as a world currency in a global DSGE framework, and investigates the spillover effects of the U.S. money supply shock on China’s economy. Exchange rate targeting and capital controls in the context of dollar hegemony are investigated. Given a positive U.S. money supply shock, both the inflation and real GDP of China will be below their steady-state levels in the medium term; while for the U.S. there is no inflation pressure. The spillover of liquidity effect exists. Cost-push effects and relative price effects are employed to discuss the transmission mechanism. Under the U.S. money supply shock, a fully liberalizing reform with no capital controls and a floating exchange rate of Renminbi is not the best reform for China.     

美国奥巴马总统“气候行动计划”解读

2013年6月,美国总统奥巴马在华盛顿乔治城大学发表关于应对气候变化的讲话,发布了"总统气候行动计划",重申到2020年美国实现在2005年基础上减排温室气体17%的承诺,并从减少温室气体排放、应对气候变化的不利影响和领导国际合作三个方面系统阐释了美国联邦政府将采取的一系列举措,这是迄今为止美国政府最全面综合的气候政策。通过分析和梳理该"气候行动计划"推出的背景、主要内容以及美国各界的反应等,指出了该计划的实质和存在的一些问题,包括在实施范围、执行力度、持续性和有效性等方面的局限性。     

Operational performance of U.S. public rail transit and implications for public policy

In today's tough economic environment, governments at all levels face significant budget shortfalls and public rail transit systems must compete with other public services for government subsidies. It is critical that public rail transit systems be concerned with their operational performance and efficient use of resources. In this paper, we develop a methodology that measures a rail transit system's performance relative to that of other rail transit systems, compares its performance to an appropriate efficient benchmark system, and identifies the sources of its inefficiency. We analyze the relationship between public subsidies and operational performance of public rail systems and show an inverse relationship between subsidization and efficiency.     

退休老年人身体形态与力量素质相关关系的研究

近年来老年人的身体健康现状日益成为人们关注的焦点问题之一,为了对退休老年人的身体健康状况有进一步的了解,对58-68年龄段退休老年人进行身体形态和力量素质的测试。研究发现身高与握力（r=0.659）、体重和握力（r=0.655）均有显著相关性,且呈正相关趋势,身高与体重（r=-0.243）呈负相关。因此在适度原则下,应加强以力量素质为主的体育锻炼,其对于提高身体素质,增进健康有非常重要的意义。     

高校大学生体质健康状况分析研究

文章通过查阅资料法,对目前我国高校大学生体质健康状况分析,发现我国普通高校大学生体质健康水平总体有呈逐年下降趋势,大学生身体形态水平总体呈上升趋势,身体机能和身体素质水平总体有所下降,特别是力量素质下降最为明显。     

Do telecom carrier takeovers create value? Longitudinal analysis of U.S. telecom carrier takeovers from 1996 to 2005

Takeovers by telecommunications carriers have surged during between 1996 and 2005, stimulated by the Telecommunications Act of 1996. In this study, we hypothesize and test the short-term and long-term performance of telecommunications carrier mergers and acquisitions (M&As) between 1996 and 2005 according to three main categories (strategic types, bidder characteristics, and payment methods). For short-term performance, this study investigates abnormal market returns of bidding firms after M&A announcements and our study shows that telecommunications carrier M&A announcements do result in a significant increase in shareholder wealth in the short run. However, from a long-term perspective, which has been investigated in terms of the survival rate and the operating performance after M&As, the telcos experience a statistically significant decrease of up to 10%. The results also show that though strategic type, bidder characteristics, and payment method play an important role in the value creation of M&As in the short term, only the bidder size matters in the success of M&As over a long period of time.     

Modeling the time varying volatility of housing returns: Further evidence from the U.S. metropolitan condominium markets

This study extends the literature on modeling the volatility of housing returns to the case of condominium returns for five major U.S. metropolitan areas (Boston, Chicago, Los Angeles, New York, and San Francisco). Through the estimation of ARMA models for the respective condominium returns, we find volatility clustering of the residuals. The results from an ARMA‐TGARCH‐M model reveal the absence of asymmetry in the conditional variance. Dummy variables associated with the housing market collapse unique to each metropolitan area were statistically insignificant in the conditional variance equation, but negative and statistically significant in the mean equation. Condominium markets in Los Angeles and San Francisco exhibit the greatest persistence to volatility shocks.     

U型槽钢构件火焰矫正

本文为了阐述钢结构变形的主要种类并介绍U型槽钢构建焊缝变形的火焰矫正施工方法,在多年工作经验的基础上还结合了同行的相关资料,在实际的工作中作出了有益的尝试。     

基于图像分析光学伪装效果的定量评价系统

针对传统的伪装效果评价容易受到试验条件、时间、经费等多方面限制的问题,提出了一种基于图像定量评价光学伪装效果的方法。利用AHP对颜色和形状进行权重的分析,得出颜色和形状的权重系数W1和W2,通过颜色评价系数对伪装图案与背景的图像颜色相似度进行定量评价,利用横纵比差值来对伪装图案与背景的图像形状相似度进行评价,最终得出基于图像分析光学伪装评价效果的定量评价系统。实验结果表明,该评价系统可实现对伪装图案与背景的颜色和形状相似程度的定量评价。     

Macroeconomic Announcements and the Distribution of Price-Endings in the U.S. Treasury Market

We investigate how new information impacts quote clustering in the bond market. We find that clustering, along with quote activity, price volatility and bid-ask spreads, increases sharply in the minutes following releases of macroeconomic news. Each returns to near-normal levels within the hour. Effects are strongest for more liquid on-the-run notes and for the announcements typically associated with substantial information flow. The strong positive comovement of clustering, quote activity, price volatility, and bid-ask spreads supports the conclusion that innovations of these variables are endogenous to the arrival and incorporation of information into prices.