Primary commodity prices and the real exchange rate: the case of Australia 1900–91

How do real exchange rates of primary commodity exporters react to changes in the relative price of these exports? The relationship between these variables is examined using ninety-two years of Australian data. There is a significant positive correlation. However, the Australian real exchange rate does not display the downward trend that has been observed in the relative price of primary commodities. This is consistent with the hypothesis that the apparent long-run decline in the relative price of primary commodities is an artefact of inadequate quality adjustment in the price series for manufactures.     

Real Exchange Rate Targeting,Macroeconomic Performance and Sectoral Income Distribution in Developing Countries

This paper uses a two-sector general equilibrium model to analyse both steady-state and stochastic dynamic effects of two real exchange rate targeting policies: a constant-target, and a band-target rule. In the model, targeting is implemented by imposing a stochastic fully-rebatable tax on the consumption of non-traded goods. The first result is that when comparing only steady states, a real exchange rate appreciation favours labour and capital in the non-traded sector, while factors in the traded sector are favoured by depreciations. A second result is that both rules reduce the volatility of investment and the trade balance. The third key result is that in the stochastic economy sectoral income distribution outcomes depend on the design of the constant and band-target rules. In particular, a variety of outcomes may be generated depending on the magnitude of the constant target, or the amplitude of the band, relative to the volatility of productivity shocks.     

Book review

Abstract

Concerns about relatively high degrees of exchange rate pass-through in a number of emerging economies have contributed to a fear of floating. Despite the obvious policy relevance of this issue there is hardly any existing literature that has examined aggregate CPI pass-through for India, which has been liberalizing its economy since 1991. This paper estimates exchange rate pass-through (ERPT) at the aggregate level into India's CPI for the period 1980Q1 – 2005Q3. We also analyze whether exchange rate pass-through in India has changed over time, particular since 1991, which was the beginning of the country's economic liberalization program.     

Government Time Discounting and Required Rates of Return: UK History and Current Issues

The UK government first set financial objectives for the nationalised industries in 1961 and subsequently promoted the use of ‘discounted cash flow’ for investment appraisal. The nationalised industry regime evolved until, in the 1990s, it was succeeded by economic regulation regimes for the privatised utilities. Meanwhile discounting conventions emerged and have continued to evolve for wider government policy analysis, including aspects of climate change. Issues about the size and functions of public expenditure notwithstanding, UK government conventions are currently fairly uncontroversial: however, in the world at large, government discounting remains subject to many academic and international controversies and misunderstandings.     

领导—部属交换与员工组织公民行为：组织公平的缓冲作用实证研究

通过在上海、浙江等地按照“配比研究”的办法来选择研究样本进行结构化问卷调查，最终得到有效的主管／部属配对数据218条。据此，本研究采用验证性因子分析（CFA）、相关分析和层次回归分析法，检验了组织中领导—部属交换与组织公民行为的关系，以及组织公平在这一关系间的缓冲作用。研究结果表明：领导—部属交换与组织公民行为有显著的正相关；组织公平与组织公民行为有显著的正相关；组织公平对领导—部属交换和组织公民行为的关系具有一定程度的缓冲作用。     

Price adjustment and exchange rate pass-through

This paper develops a simple theoretical model that can be used to account for the determinants of exchange rate pass-through to consumer prices. While recent evidence has found low estimates of pass-through in many countries, there is little consensus on an explanation for this. Our paper argues that sticky prices represent a key determinant of exchange rate pass-through. We make this argument in two stages. First, holding the frequency of price change constant, we show that our model calibrated to data from low-inflation countries can reproduce the estimates of very low pass-through for these countries. The principal determinant of low pass-through in this case is the slow adjustment of prices. We then extend the model to allow the frequency of price change to be endogenous. Calibrating to a wider set of countries, including both low-inflation and high-inflation countries, we show that our model implies that exchange rate pass-through is increasing in average inflation, but at a declining rate. Performing the identical exercise on the data, we find a striking correspondence between the predictions of the model and those of the data.     

Import Contents of Final Expenditures in the United States

This paper applies the Kennedy and Thirlwall method of input-output formulation to study the differential import effect of final expenditures in the U.S. Import contents of consumption, investment, and government expenditures as calculated for 1958, 1963, 1967, 1972, 1977, 1981, and 1984. It also separates import effects of trade expansion, changes in the competitive position, shifts in the level of final demands and changes in the structure of final demands. It is found that the import fractions of the four final expenditures differ substantially, resulting in different income multipliers. [410]     

购货方纳税筹划的选择——基于《增值税暂行条例》视角

一般纳税人购货方的纳税筹划方法有结算方式、进项税额抵扣时间、购货价格折让率基础上的议价、运费扣税平衡点等。而小规模纳税人购货方的纳税筹划仅为购货价格的选择。企业可以按照自身的纳税人身份科学地进行增值税的纳税筹划，以达到少缴税或递延纳税的目的，为企业利润最大化终极目标服务。     

可能速度在交通安全评价中的应用

借助可能速度这一能够直观反映道路线形状况的指标,建立基于可能速度突变量的路段交通事故预测模型,预测得到的事故率可以作为安全系数,依照文中初定的评价标准,可评价突变处对应桩号位置的交通安全状况。