How justified is abandoning money in the conduct of monetary policy in Australia on the grounds of instability in the money‐demand function?

The role of money in the design and conduct of monetary policy has reemerged as an important issue in both advanced and developing economies, especially since the 2007 global financial crisis. A growing body of recent literature suggests that the causal relationship between money supply growth and inflation remains intact across countries and over time and that this relation is not conditional on the stability of the money‐demand function or whether money is endogenous or exogenous. Moreover, critical for a rule‐based monetary policy is the presence of a long‐run stable money‐demand function, rather than a short‐run money‐demand model that may exhibit instability for many reasons, including problems with estimating a money‐demand model with high‐frequency data. Provided that a stable money‐demand function exists, it could be useful to establish long‐run equilibrium relations among money, output, prices, and exchange rates, as the classical monetary theory suggests. Within this analytical framework, this paper addresses the question of whether money has any role in the conduct of monetary policy in Australia. The conventional wisdom is that the money‐demand function in Australia has been unstable since the mid‐1980s due to financial deregulation and reforms; this led to a change in the strategy of monetary policy for price stability in the form of inflation targeting that ignores money insofar as inflation and its control are concerned. This paper reports empirical findings for Australia, obtained from a longer quarterly data series over the period 1960Q1–2015Q1, which suggest that instability in the narrow‐money‐demand function in Australia was primarily due to the exclusion of variables which have become important in the deregulated environment since the 1980s. These findings are confirmed by an expanded form of the narrow‐money‐demand function that was found stable over the past two decades, although it experienced multiple structural breaks over the study period. The paper draws the conclusion that abandoning the monetary aggregate as an instrument of monetary policy in Australia, under a rule‐based monetary policy such as inflation targeting, cannot be justified by instability in the money‐demand function or even by lack of a causal link between money supply growth and inflation.     

Correlates of Narrow Bracketing

Behavior often deviates from standard predictions because individuals evaluate the consequences of choices separately (i.e., narrow bracketing) rather than jointly. The main existing theories classify different narrow bracketing phenomena as either (i) choice errors caused by cognitive limitations, or (ii) strategies to achieve self‐control. Using an online experiment, we find consistent evidence for theory (ii): mental budgets and narrow goals are related to each other and to measures of self‐control, but are distinct from other forms of narrow bracketing. Evidence for the complementary theory (i) is less consistent: few choice bracketing phenomena are related to each other and to cognitive skills.     

综放面沿空掘巷窄煤柱破坏规律研究

煤矿综放面窄煤柱尺寸较小,并且受到采动影响,往往产生较大的变形和移动,其破坏规律异常复杂。以某矿13278工作面为例,应用三维有限差分计算软件FLAC3D分析运料巷围岩及煤柱在工作面倾向、走向方向的破坏特征,得出该工作面生产过程中需要加强支护,防止出现安全事故。     

深部沿空掘巷窄煤柱合理宽度数值模拟分析

合理的煤柱宽度能够保证工作面巷道的稳定性,改善沿空掘巷维护状况,降低由于矿山压力造成的巷道变形,煤柱宽度的确定对于提高煤柱回收率、保障安全高效的生产起到积极作用。本文针对煤矿沿空掘巷具体生产地质条件,采用数值计算及现场试验相结合的方法,研究了沿空掘巷窄煤柱的合理的煤柱宽度,得到S2105瓦斯排放巷和S2106回风巷之间合理煤柱宽度为8 m,为该矿地质条件下煤柱留设的合理宽度确定提供了理论依据。     

Equities of scope as merger incentives under capital regulation: narrow versus synergy banking valuation

The call options theory of corporate security valuation is applied to narrow-banking contingent claims of one bank, while the cap options theory is applied to synergy-banking contingent claims of another bank. This article investigates efficiency gains specified as equities of scope associated with the likelihood of the two banks involved in merger under capital regulation. We find that merger incentives are encouraged when the narrowing banking is conducted by the consolidated bank, whereas discouraged when the synergy banking is conducted. Raising bank capital requirement leads to an increased interest margin of the consolidated bank with the narrow banking valuation; however, to a decreased margin of the consolidated bank with the synergy banking valuation. An increase in the capital regulation reduces the merger incentives in the narrow banking valuation whereas increases the merger disincentive in the synergy banking valuation. These findings are consistent with the organizational theory that predicts a comparative advantage of narrow banking proposals in bank mergers.     

电子货币影响短期利率的实证研究:基于狭义电子货币的视角

基于电子货币的狭义定义,本文从狭义电子货币影响货币供求的角度选择影响短期利率的解释变量并构建理论模型。在控制其他影响因素后,发现狭义电子货币对30天期Chibor利率的直接影响并不显著,而主要受传统货币电子化、移动网络等支付技术发展影响的变量,如货币供给流动性、金融电子化程度以及现金漏损率与30天期Chibor利率之间存在长期协整关系,货币供给流动性、金融电子化程度以及现金漏损率对30天期Chibor利率的影响方向均为正。     

Empirical analysis on China money multiplier

The paper firstly represents two kind statements of China money multipliers and theoretically analyzes the relationship between each structure factor and China money multiplier. Secondly, it summarizes the several features and the move trends of China narrow and broad money multipliers and their structure factors. Thirdly, the paper empirically analyzes how and what degree the each structure factor affects China narrow and broad money multipliers holding everything else constant. At last two important conclusions are got, that is, the required reserve ratio is the most associated with China money multipliers and the saving deposit ratio is more associated with that, the required reserve ratio and the interest rates can be used as the ways of affecting money aggregate by the People＇s Bank of China.     

凹槽差动式窄缝消能工的设计与研究

目前在河岸式多孔溢洪道上应用窄缝挑坎消能工,都是采用沿闸墩后用长墩隔开,至出口墩体升高加厚、急剧收缩成窄缝的结构形式,全程隔墩混凝土用量大,而且侧向水压力荷载强大影响到工程投资、结构安全与泄洪运行管理。本设计提出省去中隔墩,溢洪道出口在连续挑坎基础上增加凹槽式窄缝,借以实现继续应用收缩射流消能工。经模型试验表明：通过分段连续坎与窄缝的差动作用,加大入水面积和碰撞几率,水流在注入下游河床前空中消能充分,消能效果良好,值得在水利水电工程中推广应用。     

遗传算法在宽窄波束切换天线阵设计中的应用

采用对天线单元开关通断的方法,使天线阵形成不同的远场辐射方向图,实现阵列天 线方向图宽波束和窄波束的切换。对一个24元线阵天线阵进行了设计。提出了一种改进 的遗传算法及其目标函数模型。采用该算法对天线阵各个天线单元的电流幅度进行了优化 计算,计算结果显示能够产生满足设计要求的宽波束和窄波束方向图。最后采用HFSS软 件进行了仿真,计算结果与仿真结果吻合,证明了所提方法的有效性。     

丹凤县铁树沟铜矿矿床成因及找矿标志

铁树沟铜矿床是近年来在东秦岭地区铜找矿的新突破。以矿区地质为切入点,深入分析了矿床地质构造、含矿围岩蚀变、矿石特征、矿床成因、控矿因素和矿化富集规律等方面,从而提出了铁树沟铜矿矿床成因为岩浆期后含矿气水热液交代围岩而成的矽卡岩型铁铜矿床,并总结了找矿标志。