Seven Fallacies Concerning Milton Friedman's “The Role of Monetary Policy”

This paper analyzes Milton Friedman's (1968a) article “The Role of Monetary Policy,” via a discussion of seven fallacies concerning the article. These fallacies are as follows: (i) “The Role of Monetary Policy” was Friedman's first public statement of the natural rate hypothesis. (ii) The Friedman–Phelps Phillips curve was already present in Samuelson and Solow's (1960) analysis. (iii) Friedman's specification of the Phillips curve was based on perfect competition and no nominal rigidities. (iv) Friedman's (1968a) account of monetary policy in the Great Depression contradicted the Monetary History’s version. (v) Friedman (1968a) stated that a monetary expansion will keep the unemployment rate and the real interest rate below their natural rates for two decades. (vi) The zero lower bound on nominal interest rates invalidates the natural rate hypothesis. (vii) Friedman's (1968a) treatment of an interest-rate peg was refuted by the rational expectations revolution. The discussion lays out the reasons why each of these seven items is a fallacy and infers key aspects of the framework underlying Friedman's (1968a) analysis.     

How have US banks adopted the Financial Accounting Standards Board's Level 3 fair value disclosure rules?

We examine how banks have complied with the Financial Accounting Standards Board's disclosure rules on Level 3 recurring fair value measurements. We document widespread noncompliance with the basic disclosure requirements. We also find that the noncompliant banks are smaller in size and are associated with lower audit quality, lower institutional ownership and less effective internal controls. Our results should be of use to regulators, auditors and audit committees in the United States, Australia and other countries for assessing the likelihood of noncompliance with fair value disclosure rules and improving the quality of fair value disclosures provided to investors.     

Institutional ownership,cross-shareholdings and corporate cash reserves in Japan

Cross-country studies document a negative relation between corporate governance and cash holdings. In contrast, this relation is found to be positive in the United States. In this paper, we examine the case of Japanese firms. Using institutional ownership and cross-shareholdings as the main governance variables, we show that better governance is associated with higher cash balances as in the United States. The reason is that better-governed firms make better investment decisions. Their investments are not driven by excess liquidity and result in higher profitability and higher firm valuation. Overall, our findings indicate that management profligacy is a bigger concern to shareholders than management propensity to hoard cash because of risk aversion.     

中国粮食仓储的历史与展望

粮食仓储作为中国历史发展中的重要载体,对于社会的繁荣、稳定和发展具有重要意义。本文主要论述了中国古代和现代粮食仓储的发展历史及其价值,并对粮食仓储未来的发展进行展望。     

上市公司发放现金股利的价值效应——基于委托代理问题视角的实证研究

现金股利发放反映了债权人、股东、管理者之间的利益分配关系,现金股利的价值效应受到委托代理问题的影响。采用2008—2017年沪深A股上市公司作为研究样本,在委托代理理论的分析框架下实证检验我国上市公司发放现金股利的价值效应。研究表明,发放现金股利可能会损害债权人利益,过度债务公司发放现金股利的价值效应较小,而债务不足公司发放现金股利的价值效应较大。基于管理者代理问题视角的研究发现,现金股利可以有效发挥降低管理者代理成本的作用,当管理者代理问题严重时公司发放现金股利的价值效应更大。基于控股股东代理问题视角的实证结果表明,现金股利可以作为替代性的治理机制约束控股股东行为,当控股股东代理问题严重时现金股利具有更高的价值效应。     

虚拟品牌社区顾客体验会带来其价值共创行为吗--基于手机虚拟品牌社区的实证研究

本文以顾客体验为切入点,基于价值共创理论、心理所有权理论和互惠规范理论,并运用于S-O-R理论框架,构建了虚拟品牌社区下,顾客参与价值共创行为产生的影响路径模型,通过问卷调查与实证分析得出:第一,顾客信息体验和娱乐体验越强,其参与价值共创的意愿程度越高,心理所有权部分中介了二者的促进关系;互动体验强化了社区顾客的心理所有权,并经由心理所有权的完全中介提高其参与共创意愿。第二,顾客参与共创意愿程度越高,其价值共创行为就越容易出现,社区的互惠规范正向调节了二者的关系。     

The restructuring of Italian agriculture and its impact upon capital–labour relations: Labour contracting and exploitation in the fresh fruit and vegetable supply chain of the Lazio Region,Central Italy

Labour contracting is anywhere on the rise globally, even in fully developed capitalist countries. Far from being an anomaly in the smooth everyday functioning of the economy, contractors are a crucial node in facilitating and ensuring global capital's control over local labour regimes. This article uses a global value chain perspective to investigate the re‐emergence of gangmasters and gang labour in the agricultural sector of Lazio, Central Italy. It analyses the fruit and vegetable supply chain formation and configuration in the Lazio Region with the aim of identifying the underlying processes leading to the creation of gangmasters by capital to have a cheap and disposable, especially migrant, labour force. It also intends to give a more nuanced understanding of labour contracting in this context.     

基于生态系统服务功能的森林社会效益价值评估——以云南省森林资源为例

森林除了具有经济价值和生态价值外,还具有基于生态系统服务功能所产生的社会效益价值。论文以云南省森林资源为例,采用房地产评估中常用的假设开发法为主要评估方法,结合森林资源所反映的社会效益价值增长特征,运用企业自由现金流量折现模型中的两阶段现金流折现模型,通过构建模型体系,分别从直接社会效益和间接社会效益两个维度对云南省森林资源的社会效益价值进行评估。其中,直接社会效益包括就业价值和景观游憩价值,间接社会效益包括科教价值、历史价值及文化价值,通过模糊综合评判计算各组成部分的不同影响权重得出直接和间接社会效益模型,以多元回归的方法构建森林生态总体社会效益价值模型并计算云南省森林社会效益价值。同时,将各部分价值结果分别与云南省第三产业GDP、人均GDP及云南省GDP进行对比分析,进而对云南省森林社会效益价值现有情况进行评价,并对今后的森林资源开发提出相关建议。     

How the iPhone Widens the U.S. Trade Deficit with China: The Case of the iPhone X

Through an examination of the case of the iPhone X, this paper demonstrates that Chinese companies involved in the production of the iPhone X have moved up along the global value chain. According to the bill of materials, those companies contributed 25.4% of the value added of the iPhone X. About 45% of the value added of the iPhone X originated in Japan, South Korea, and other economies. The iPhone trade remains a significant element of the statistical distortion of the China–US bilateral trade imbalance. In terms of gross value, the import of one iPhone X results in a USD332.75 trade deficit for the US; measured in terms of the value added, however the deficit is a mere USD104. The depreciation of the Chinese yuan (CNY) has very limited power to counterbalance the tariffs imposed by the Trump administration because the foreign value added embedded in Chinese exports is 33.9% on average. Simulation results show that to counterbalance a 25% tariff, the CNY would have to depreciate by 43.3% against the US dollar on average, and to fully compensate for a 25% tariff burden on the iPhone X, a 400% depreciation of the CNY would be necessary. Hedging the risk of the punitive U.S. tariffs by depreciating the CNY is impossible.