基于转移概率和网络联系的辽宁省农村居民点适宜性评价

[目的]农村居民点适宜性评价在农村居民点调控、规划和预测中具有基础作用,且农村居民点适宜性评价应顾及农村居民点之间的社会经济活动联系。[方法]以辽宁省为研究区,首先运用逐步Logistic回归模型构建农村居民点转移概率,其次运用网络分析方法确定农村居民点图斑间的网络联系强度,最终通过加权求和方法确定农村居民点转化概率,进行农村居民点空间布局适宜性评价。[结果]辽宁省农村居民点可以划分为高度适宜类、较适宜类、一般适宜类和不适宜类4类,分别占农村居民点总面积的比例为28.18%、31.32%、13.26%和27.24%;从各地貌分区来看,高度适宜类主要集中分布在中部平原地区和东部山地丘陵区中的南方沿海地区,而不适宜类整体分布则较为零散;辽宁省中部平原区位条件好,东部沿海地区区位条件也较好,西部山地丘陵区地区较差。[结论]研究方法和结论有助于全面把握农村居民点社会经济与区位适宜性特征,为农村居民点科学规划提供科学指导。     

Central bank disclosure as a macroprudential tool for financial stability

The Basel Capital Accord (pillar 3) states that disclosure of information (transparency) is essential to financial stability. This study analyzes, through inflation reports, the disclosure of information from the Central Bank of Brazil concerning the credit market. We consider credit risk and capital buffers as measures of financial stability in this analysis. Furthermore, in order to measure the perception of the monetary authority on the credit market, we built two indices based on the central bank’s communication on credit development. We performed a panel data analysis based on a sample of 125 banks for the period from June 1999 to September 2014 (7000 observations). The findings suggest that central bank communication regarding expectations concerning the credit market contributes to financial stability. Therefore, this kind of communication of central banks (about credit development) may constitute an important macroprudential tool to improve financial stability.     

The Neutrality Illusion: Biased Economics,Biased Training,and Biased Monetary Policy. Testing the Role of Ideology on FOMC Voting Behaviour

This research is trying to shed light on two myths that are usually widespread: the first one being the idea of the academic economist as a neutral scientist finding uncontestable consensual truths, thanks to uncontestable empirical methods, the second, the idea of the central banker as a Weberian neutral bureaucrat setting aside personal beliefs to act mechanically for the common good. Deconstructing this ‘neutrality illusion’, this work argues that economics is actually a divided and ideologically marked discipline despite its aim at natural-science-type-legitimacy. It argues in a related discussion that such ideological bias also impedes a purely neutral conduct of monetary policy, undermining the very idea of central bank independence. Linking these two arguments, it argues that graduate training in economics is the first place for the formation of biased preferences, because of the substantial ideological sorting that exists across universities. Using a unique database on FOMC members’ votes and ideology, the paper tests this idea empirically and despite unavoidable caveats, finds robust evidence of a systematic impact of the ideological features of their alma mater on FOMC members’ voting behaviour – impact that we found more important than the other traditional determinants of central bankers’ actions.     

We share; we connect: how shared brand consumption influences relational brand connections

This research examines how married consumers form relational brand connections. Findings from two studies contribute to research on identity‐related brand consumption by showcasing how shared brand consumption and marital satisfaction influence relational brand connections and the perceived importance of the brand to the marital relationship. This research has important theoretical contributions and managerial implications. From a theoretical perspective, the authors show how consumers incorporate brands into their interpersonal relationships through shared brand consumption and that relational brand connections influence brand‐related outcomes, such as brand attitudes, purchase intentions, brand affect, and brand separation distress. From a managerial perspective, the findings highlight the importance of considering relational aspects of brand consumption when designing branding strategy and advertising appeals.     

FX Intervention in the New Keynesian Model

We develop an open-economy New Keynesian Model with foreign exchange (FX) intervention in the presence of a financial accelerator and shocks to risk appetite in international capital markets. We obtain closed-form solutions for optimal monetary and FX intervention policies assuming the central bank cannot commit to future policies, and we compare the solution to that under policy commitment. We show how FX intervention can help reduce the volatility of the exchange rate, of inflation, and of the output gap, thus mitigating welfare losses associated with shocks in the international capital markets. We also show that, when the financial accelerator is strong, there is a risk of indeterminacy (self-fulfilling currency and inflation movements) although FX intervention can reduce this risk and thus reinforce the credibility of the inflation targeting regime. Model simulations match well the impact of a VIX shock obtained by local projections on a panel of inflation targeting emerging markets.     

Meanings of leisure for older people: an Australian study of line dancing

In Australia and in many parts of the world, older people participate in line dancing. Our phenomenological study explored whether attending a regular line dancing class might offer a group of older people opportunities for active and successful ageing. Our research investigated the meanings and practices fostered in a community line dancing class in Melbourne. We gathered data via an interview with the teacher of the group, observation of a class and two focus group interviews with 25 members. Data were analysed using Interpretative Phenomenological Analysis that is reported thematically under headings of: Belief in the efficacy of line dancing, Physical and emotional benefits, YouTube clips as instructional reinforcement and promotion, and Socialising. The findings show that participation in the class offered older student’s opportunities for dance and music engagement, active and successful ageing, health and well-being, social connection and purposeful leisure. The teacher of the class modelled serious and successful leisure and advocates for dance as holistic training for older people. We position our participants on a continuum of leisure engagement that ranges from the casual to the serious. Further research is required to support arguments for the efficacy of dance as a leisure pursuit for older adults.     

NOMINAL GDP TARGETING AND CENTRAL BANK CONSERVATIVENESS

In the literature on monetary economics, there is the ‘inflationary bias’ result which predicts that the rate of inflation will be biased towards a higher level under discretionary monetary policy than under a rule‐based policy regime. It is established that a credible nominal target can eliminate this ‘inflationary bias’. In this paper, we examine the case of nominal GDP targeting, which is a rule‐based monetary regime. Depending on the degree of conservativeness by the central bank, we show in a stylized model the choice of different combination of inflation and real GDP targets can still result in an ‘inflationary bias’, and there also exists the possibility of a ‘dis‐inflationary bias’.     

State‐Dependent Forward Guidance and the Problem of Inconsistent Announcements

Forward guidance can be provided as an unconditional promise, i.e. commitment to a specific low policy rate. Alternatively, the promise may include an escape clause, i.e. a condition defining the state of the economy under which the central bank would not keep such a low rate and, instead, it would revert to setting policy under discretion. The escape clause can be expressed as a threshold in terms of a specific variable. The present paper shows that, when such a threshold is expressed in terms of an endogenous variable (e.g. output, inflation), there are cases where it becomes impossible for the central bank to act in a way that is consistent with its promise. Consistency imposes limits on the policy rate that can be set since reverting immediately to the optimal discretionary rate can be incompatible with exceeding the threshold.     

Investor behaviour and reaching for yield: Evidence from the sterling corporate bond market

We provide evidence on how corporate bond investors react to a change in yields, and how this behaviour differs in times of market‐wide stress. We also investigate ‘reaching for yield’ across investor types, as well as providing insights into the structure of the corporate bond market. Using proprietary sterling corporate bond transaction data, we show that insurance companies, hedge funds and asset managers are typically net buyers when corporate bond yields rise. Dealer banks clear the market by being net sellers. However, we find evidence for this behaviour reversing in times of stress for some investors. During the 2013 ‘taper tantrum’, asset managers were net sellers of corporate bonds in response to a sharp rise in yields, potentially amplifying price changes. At the same time, dealer banks were net buyers. Finally, we provide evidence that insurers, hedge funds and asset managers tilt their portfolios towards higher risk bonds, consistent with ‘reaching for yield’ behaviour.     

宏观审慎政策、经济周期与银行风险承担*

本文基于中国227家商业银行2005－2016年非平衡面板数据，实证检验中国宏观审慎政策实施对于银行风险承担的影响。结果表明：宏观审慎政策增强会在一定程度上抑制银行风险承担，而且这种显著的负向关系并不随着银行风险代理变量、经营辐射范围以及是否有外资入股等条件的改变而发生变化。经济周期会对宏观审慎政策的有效性产生非对称性影响，即相比在经济上行时期，在经济下行时期的宏观审慎政策对银行风险承担的抑制作用更强且更为显著。就可能的影响机制而言，本文发现宏观审慎政策通过提高银行盈利能力，从而降低银行风险承担。