Textbook Treatments of the Financial Market in the IS-LM Model

Intermediate macroeconomics textbooks introduce financial markets into the IS-LM analysis but typically as a beginning-of-period consideration. Here the financial market is introduced in an end-of-period model.     

谈电梯使用中开放性让渡的安全性

通过对井道封闭性与电梯运行中开放过程的分析,提出实现电梯安全使用的必要措施及检验中应关注的焦点。     

“一带一路”背景下中蒙俄经济走廊贸易潜力研究

在我国大力倡导“一带一路”，推动全球对外经贸合作深入发展的今天，建立“中蒙俄经济走廊”，充分发挥中俄蒙三国的经济互补性，挖掘三国之间的贸易潜力和合作空间，对三国的经济发展均有重要的战略意义。基于此研究背景，本文利用2002～2015年中俄对外贸易面板数据，通过引力模型分析了中蒙俄三国的贸易潜力。结果表明，近几年中俄两国之间的实际贸易额呈下降趋势，贸易增长潜力较大；中蒙两国之间的贸易虽呈现“贸易过度”的状态，但贸易额波动较大，且贸易总量较小。最后，从加强基础设施建设，增强政治、经济和文化交流以及完善边贸管理体制等3个方面对建立“中蒙俄经济走廊”提出了政策建议。     

Free‐riding in multi‐party alliances: The role of perceived alliance effectiveness and peers' collaboration in a research consortium

Research summary : Multi‐party alliances rely on partners' willingness to commit and pool their efforts in joint endeavors. However, partners face the dilemma of how much to commit to the alliance. We shed light on this issue by analyzing the relationship between partners' free‐riding—defined as their effort‐withholding—and their perceptions of alliance effectiveness and peers' collaboration. Specifically, we posit a U‐shaped relationship between partners' subjective evaluations of alliance effectiveness and their free‐riding. We also hypothesize a negative relation between partners' perceptions of the collaboration of peer organizations and their free‐riding. Results from a mixed‐method study—combining regression analysis of primary data on a major inter‐organizational research consortium and evidence from two experimental designs—support our hypotheses, bearing implications for the multi‐party alliances literature. Managerial summary : Free‐riding is a major concern in multi‐party alliances such as large research consortia, since the performance of these governance forms hinges on the joint contribution of multiple partners that often operate according to different logics (e.g., universities, firms, and government agencies). We show that, in such alliances, partners' perceptions have relevant implications for their willingness to contribute to the consortium's shared goals. Specifically, we find that partners free‐ride more—that is, contribute less—when they perceive the effectiveness of the overall alliance to be either very low or very high. Partners also gauge their commitment to the alliance on the perception of the effort of their peers—that is, other organizations similar to them. These findings provide managers of multi‐party alliances with additional levers to motivate partners to contribute fairly to such joint endeavor. Copyright © 2015 John Wiley & Sons, Ltd.     

东北地区与长三角等地区域旅游合作对比研究

文章对比分析了国内区域旅游合作研究与实践的热点地区长三角、泛珠三角、环渤海三个区域的合作过程中取得的成功经验,指出了合作过程中存在的问题。通过东北地区与上述三个区域的对比,分析了东北地区区域旅游合作的基础、优势、存在的问题,针对东北区域旅游合作的实际问题提出了相应建议。     

Overcoming Contemporary Mythology: An Essay

Over the last 35 years, a free market, laissez faire program has increasingly dominated perceptions as to what constitutes correct economic theory and policy. Most adherents of this program trace its origins to Adam Smith, and claim that its dominant position is the result of superior theory.

The argument here is that Adam Smith is not the theoretical ancestor of modern laissez faire economics, and that there are fundamental differences between Smith’s position on laissez faire and that of conventional neoclassical theory. A difference between “soft” and “hard” laissez faire is made, where Smith represents the former position; neoclassical theory the latter. Further, and more important, it is argued that the current laissez faire program is an outgrowth of a political program instituted in the 1930’s and financially supported in the present era by conservative foundations to promote an ideological framework that permits the development of specific governmental (and non-governmental) actions.     

The ECFA and its expected effect on cross-strait trade and investment: a Taiwanese perspective

To come to terms with the realization of ASEAN+1, Taiwan had concluded with mainland China a special free trade agreement (FTA), the Economic Cooperation Framework Agreement (ECFA) in June 2010. This framework agreement provides an early harvest agreement of near-term tariff elimination, including detailed product schedules for goods and services from each side, with the final shape of fuller trade liberalization in goods and services taking years to negotiate and realize. The conclusion of the ECFA has been considered as a major breakthrough in cross-strait talks and economic relationships, even though it is by no means free from controversies inside Taiwan. The authors are therefore motivated by hot debates in Taiwan to reflect on the expected trade effect of the ECFA by taking into account the factor of cross-strait global production networks. In particular, we examine with a proposed model and statistical robustness, the trend of Taiwan-based firms' localization in mainland China, driven in part by constant movements in global production networks, which generates complicated and dynamic relationships between Taiwan's investment-induced trade and structural shift in Taiwan's exports to mainland China. Based on our empirical findings, we reflect on the conventional views on the trade effect of the free trade agreement. The results of our analyses tend to support a cautious view about the trade effect of the ECFA. Without denying the significance of the ECFA and deepening cross-strait economic relationships, we argue that the impact of the ECFA should be interpreted in a wider context than just the trade perspective, as the conventional wisdom and the existing evaluations suggested.     

Meanings of leisure among young consumers of a Rio de Janeiro low-income community

This study investigated the meanings attached to leisure by low-income young consumers. In order to achieve this research objective, the study was conducted in a low-income community in the city of Rio de Janeiro. We used semi-structured interviews with community leaders and observation to acquire a preliminary knowledge of the field. We then interviewed 80 young people with ages varying from 15 to 25?years old. The data were treated qualitatively and quantitatively, using cluster analysis. The results showed, as expected, that these consumers have limited resources for leisure activities, due to lack of money, time or both. However, although the subjects recognise leisure as an important part of their lives, they attribute different meanings to it. Also, their understanding of free time and leisure varies somewhat. The findings provide evidence that these consumers' view of leisure, to some extent, resembles a pre-industrial understanding of leisure, associated with time for rest and time with family and friends. The results also permitted the identification of four different clusters, based on the meanings attributed to leisure and free time, individual aspirations and demographic characteristics.     

Inflation Expectations and Risk Premiums in an Arbitrage‐Free Model of Nominal and Real Bond Yields

Differences between yields on comparable‐maturity U.S. Treasury nominal and real debt, the so‐called breakeven inflation (BEI) rates, are widely used indicators of inflation expectations. However, better measures of inflation expectations could be obtained by subtracting inflation risk premiums (IRP) from the BEI rates. We provide such decompositions using an affine arbitrage‐free model of the term structure that captures the pricing of both nominal and real Treasury securities. Our empirical results suggest that long‐term inflation expectations have been well anchored over the past few years, and IRP, although volatile, have been close to zero on average.     

自由贸易区战略助推人民币区域化——基于CAFTA的实证研究

2008年全球金融危机的爆发使得以中国为代表的新兴经济体开始寻求本币国际化的进程。自由贸易区战略和人民币区域化之间有何关联?本文根据人民币的事实境外流通状况和发展趋势,选定CAFTA作为人民币区域化的辐射范围,分析人民币区域化的贸易总量和结构条件后认为:(一)人民币区域化的贸易总量条件已经具备,在贸易结构条件上则喜忧参半;(二)人民币区域化必须具备相应的贸易结算基础,否则人民币区域化将无法得到实体经济的有力支持;(三)自由贸易区内区域性贸易逆差在推动人民币区域化进程中有一定作用。最后提出运用自贸区战略的巧实力助推人民币区域化的政策建议。