The savings multiplier

A theory of macroeconomic development based on the novel concept of savings multiplier is developed. Capital accumulation changes relative prices, amplifying incentives to save as the economy grows. The savings multiplier hinges on two mechanisms. First, accumulation raises wages and leads to redistribution from the consuming old to the saving young. Second, higher wages raise the price of old-age care and, in anticipation of this, the young save more. Our theory captures important aspects of China׳s development and suggests new channels through which the one child policy and the dismantling of social benefits have fueled China׳s savings rates.     

沈抚连接带“三生”空间的功能均衡性分析

随着人口增长和城市化发展,国土空间利用类型之间的竞争关系逐步增强,空间问题日益突显。自十八大报告明确提出"三生"空间以来,以生产、生活、生态划分的土地空间类型越来越被关注。该研究以沈抚连接带为研究区域,从土地空间的生产、生活和生态功能出发,构建"三生"功能评价指标体系。采用熵权法进行"三生"功能评价,利用GIS技术分析"三生"功能的空间格局。研究结果表明,"三生"功能均较强的街道具有较高的经济发展水平,如五三街道、李石街道,分值为64.96、54.59;生活功能较强的街道一般相邻城市,如五三街道、白塔街道、李石街道,分值为23.15、15.82、11.14,人均道路面积和公共服务设施完备度是主要影响因素;生态功能较高的街道多集中在浑河景观带和北部生态区,如高坎街道、满堂街道、东陵街道,分值为20.50、19.98、19.96,水面面积率、森林覆盖率和景观Shannon多样性是主要影响因素;生产功能较强的街道集中在建设快速区内,如李石街道、五三街道,分值为39.25、25.85,工业产值和服务业产值是主要影响因素。总体上看,受城市和经济建设活动影响强烈的街道的"三生"空间的功能不均衡性较为明显。     

Monetary policy in open economies: Practical perspectives for pragmatic central bankers

This paper reviews and interprets some of the key policy implications that flow from a class of DSGE models for optimal monetary policy in the open economy. The framework suggests that good macroeconomic outcomes in open economies are possible by focusing inflation targeting that is implemented by a Taylor type rule, a rule that in equilibrium is reflected in the exchange rate as an asset price. Optimal monetary policy will not be able deliver a stationary (‘stable’) nominal exchange rate – let alone a fixed exchange rate or one that remains inside a target zone – because, absent a commitment device, optimal monetary can’t deliver a stationary domestic price level. Another feature in the data for inflation targeting countries that is consistent with monetary policy via Taylor type rule is that it will tend push the nominal exchange rate in the opposite direction from PPP in response to an ‘inflation’ shock—the ‘bad news god news’ result of Clarida and Waldman (2008. Is Bad News about Inflation Good News for the Exchange Rate. In: John Campbell, (Ed.), Asset Prices and Monetary Policy, Chicago: University of Chicago Press), Clarida and Waldman (2014. Bad News About Inflation is Good News for the Nominal Exchange Rate Under Optimal Monetary Policy: DSGE Theory and a Decade of Empirical Evidence). This is so even though in the long run of these models the nominal exchange rate must in expectation obey PPP.     

试论立德树人视野下的高校辅导员与学生关系——深入学习贯彻习近平总书记关于教育的重要论述

高等教育的根本任务是“立德树人”,辅导员是高等院校从事思想政治教育的中坚力量,是“立德”教育任务的重要执行者,大学生是思想不断发展的未完成个体,具有基本价值判断能力和较强的时代特征.“立德树人”教育任务的完成,需要高校认清辅导员和大学生的应然关系和实然关系的基础上和谐师生关系,才能从根本上完成德育任务.     

Overlapping Generations and Environmental Policy： An Introduction

A small but growing body of literature uses overlapping generations （OLG） models to study environmental policy for long-lived problems such as climate change. An OLG model, unlike the infinitely lived representative agent model, dis- tinguishes between impatience with respect to one＇s own future utility, and attitudes toward successors＇ utility. I discuss the problem of time inconsistency, the role of Markov perfection, and show that a class of OLG models can be studied using me- thods developed to analyze models of non-constant discounting. An example illu- strates the techniques and determines the conditions under which, in equilibrium, there is under-investment or over-investment in natural capital.     

Liquidity commonality in order-driven trading: evidence from the Athens Stock Exchange

We examine the presence of liquidity commonality in the order-driven Athens Stock Exchange (ASE). Unlike the majority of liquidity commonality studies that focus on the bid–ask spread, our analysis extends deeper in the Limit Order Book, providing insight on the price impact of both small and large trades. We utilize a 6-month FTSE/ATHEX-20 intraday data set to estimate the liquidity factor model of Chordia et al. (2000). To this end, we conduct single-equation analysis as well as panel data analysis with the use of two-way clustered errors, correcting for simultaneous firm and time correlations. Moreover, we apply standard principal component analysis on stock liquidities to extract the marketwide liquidity component. We find that liquidity commonality is low at the bid–ask spread, whereas it increases deeper in the book; consequently, large traders face liquidity risks associated with both individual stock and marketwide illiquidity. Moreover, our empirical evidence hints that liquidity commonality is asynchronous, suggesting that the ASE trading process includes various levels of information speed. Our analysis contributes to the understanding of liquidity commonality in order-driven trading, especially in emerging markets like the ASE where trading activity is limited and information speed is low.     

The economic benefits of market timing the style allocation of characteristic-based portfolios

Many exchange traded funds track simple characteristic-based equity portfolios such as the market capitalization, the fundamental value or the inverse volatility portfolio. This paper provides theoretical and empirical evidence for the economic benefits in exploiting the timing-gains that result from the time-varying relative performance of these characteristic-based portfolios. Under a factor model for expected returns, we show that this dynamic portfolio allocation can be efficient across the low-dimensional set of characteristic-based portfolios. We assess the out-of-sample performance on the S&P 100 universe over the period 1990–2013 and show gains in stability and significant positive risk-adjusted returns for the dynamic style portfolio. We conduct several robustness tests and extensions confirming the benefits of dynamic style allocation across characteristic-based portfolios.     

Causality and volatility patterns between gold prices and exchange rates

This paper provides a new perspective on the link between gold prices and exchange rates. Based on gold prices denominated in five different currencies and the related bilateral exchange rates, we put causalities and short-run volatility transmission under closer scrutiny. We provide evidence that the identification of a strong hedge function of gold requires an explicit modeling of the volatility component. For all currencies, exchange rate depreciations initially have a negative impact on the gold price after one day which turns out to be positive after two days in most of the cases. Contrary to previous studies, our results point to a specific role of the dollar in the context of gold-exchange rate relationships: volatility of dollar exchange rates more frequently results in strong hedging functions of gold prices. Furthermore, the gold price denominated in the US dollar tends to increase after a depreciation of the dollar.     

高职教育投入与辽宁经济发展关联分析

本文重点研究教育投入与经济增长的协调关系。通过分析教育投入与经济增长的关系,可以为我国制定教育发展战略的目标提供更为科学的理论基础和有效的决策依据。从而达到经济增长与教育发展的互利共赢。     

多层微波集成电路中微带线层间互连仿真

针对多层微波集成电路设计的微带线层间互连问题，介绍了垂直通孔互连、垂直带条互连和层耦合过渡互连三种高性能的互连方法，并且采用三维电磁仿真软件HFSS对这三种互连结构进行了建模和仿真。仿真结果表明，垂直通孔互连和垂直带条互连在0.1～25 GHz的频宽范围内，回波损耗S11<-20 dB，插入损耗S21>-1 dB，互连性能优良，而层耦合过渡互连在20～68 GHz内回波损耗S11 <-20 dB，插入损耗S21>-1 dB，具有在毫米波频段实现互连的潜力。