Comparing the True Cost of Living Indices of Demographically Different Households

The comparison of true cost of living indices between demographically different households (relative equivalence scale) is argued to be sensitive to the way demographic characteristics enter demand analysis. In particular, parameters reflecting the cost of demographic characteristics at base prices, though themselves do not have welfare (equivalence scale) interpretation, can alter the benchmark from which demographically varying inflation effects are measured. The empirical analysis, based on a rank‐3 demand system applied to UK individual household data, shows that the inflation adjustment of child benefits can vary with the way demographic costs at base period prices are specified.     

Changing monetary transmission mechanisms within the EU

The paper presents a comparative analysis of monetary transmission mechanisms and changes in them after the secondERM in March 1983. The empirical model investigates the determination of money, income, prices, and interest rates in Germany, Denmark, and Italy based on the cointegratedVAR model. It provides empirical results on the macroeconomic effects of joining theERM and financial deregulation.     

The impact of Air Service Agreement liberalisation: The case of Nigeria

The positive impact of air transport liberalisation as suggested by economic theories and empirical studies has inspired many developing countries like Nigeria to liberalise some of its Air Service Agreements (ASAs). This paper seeks to examine the extent to which international air service liberalisation has impacted upon Nigeria ten years after it was introduced. The research developed a cross-sectional model with passenger traffic as the dependent variable, while macroeconomic factors (trade and GDP), historical links, distance and ASAs (a proxy for liberalisation) served as independent or predictor variables. The analysis revealed a set of ASA stages in the country's policy-making process (restricted Bilateral Air Service Agreement, Open Skies Agreement and Yamoussoukro Declaration). Further analysis showed that the predictor variables were all significant in explaining passenger demand. The model demonstrated that the liberalisation of market access to the Open Skies Agreement level could stimulate traffic growth by at least 65 percent. The findings can assist in guiding policy and industry stakeholders in future decisions relating to liberalisation and ASAs.     

Estimating Recreation Preferences Using Hedonic Travel Cost and Random Utility Models

Over the last decade, several authors have questioned thevalidity of the hedonic travel cost model, arguing instead that the random utility model is a superior method forvaluing recreational site attributes. This paper demonstrates that the two methods emanate from a similar utilitytheoretic framework; yet in practice these methods differ in the assumptions made in their application.Constraining the underlying utility functions to be consistent, both models are applied to the valuation ofrecreational site attributes in the Southeastern United States. The way in which each method estimates preferencesfor site attributes is shown to depend critically on the method and the functional form of theunderlying utility function.     

Some comments on the Sraffian Supermultiplier approach to growth and distribution

Abstract

The article discusses the Sraffian Supermultiplier (SSM) approach to growth and distribution. It makes 5 points. First, in the short run, the role of autonomous expenditure can be appreciated within a standard post Keynesian framework (Kaleckian, Kaldorian, Robinsonian, etc.). Second, and related to the first, the SSM model is a model of the long run and has to be evaluated as such. Third, in the long run, one way that capacity adjusts to demand is through an endogenous adjustment of the rate of utilization. Fourth, the SSM model is a peculiar way to reach what Garegnani called the “second Keynesian position.” Although, it respects the letter of the “Keynesian hypothesis,” it makes investment quasi-endogenous and subjects it to the growth of autonomous expenditure. Fifth, in the long run it is unlikely that “autonomous expenditure” is really autonomous. From a stock-flow consistent point of view this implies unrealistic adjustments after periods of changes in stock-flow ratios. Moreover, if we were to take this kind of adjustment at face value, there would be no space for Minskyan financial cycles. This also creates serious problems for the empirical validation of the model.     

成功实施六西格玛的若干因素探析

六西格玛是追求完美的管理哲学,它在应用中的首要问题是对其正确的理解,其次是甄别影响六西格玛成功实施的主要因素,文章分析了实施过程中常见的问题及原因。     

Seasonal Adjustment of Employment to Demand and Revenues in Tourist Hotels During Expansion and Stagnation

Abstract

The monthly distribution of employment in hotels is, presumably, strongly related to demand for hotel services and to the derived revenue. Analysis of the monthly distributions of these indicators at tourism hotels in Israel during the years 1992-1997 revealed two types of maladjustment. First, the amplitude of the distribution for bed-nights and revenues is much higher than the counterpart distribution for employment. Second, the distributions differ in their measure of skewness. While the employment distribution is negatively skewed towards the autumn months, the distributions of the revenues and more so that of the demand for bed-nights services, are positively skewed towards the spring. Hotel management seems to be more alert to reducing the employment maladjustment during years of stagnation than years of expansion. Several hypotheses are suggested in order to explain the maladjustment. A part of it is probably associated with the allocation of overtime working hours. Another portion seems to be related to the efforts made by hotel management to retain trained workers year round in return for their consent to work for low pay.     

边境城市发展需求管理理论初探与研究——以广西区崇左市为例

对边境城市的关注与建设是关系到国家社会安定团结的重要策略。以崇左市这个边境城市的建设为背景,从马斯洛需求层次理论和科学建设城市观的角度出发,把边境城市的发展提到了对其城市建设的需求管理上,把成功打造边境城市品牌的名片纳入到了边境城市提升经济地位的中心策略里,强调了满足边境城市发展的需求管理理论,可以有效地建立于邻国的友好往来、互惠互利的关系,并给边民们在心理上建立了有效的安定繁荣的心理效应,使得他们能够在此安居乐业,共创美好和平的新生活。     

基于产业异质性的银行贷款政策效应分析——来自上市银行的经验证据

在银行信贷资金配置存在产业间差异的假定下,建立引入产业因素的银行贷款决定模型,考察产业因素影响银行贷款渠道有效性的内在机制,并运用2007年到2010年14家上市银行和5组产业数据展开动态面板模型估计,结果表明：从贷款需求角度看,各个产业的产出对产业贷款的影响效应存在产业间差异;从贷款供给角度看,人民银行运用货币政策工具调控产业贷款的影响效应也存在产业间差异。也就是说,产业因素确实影响到人民银行调控各个特定产业贷款的力度。     

宝钞崩坏、白银需求与海外白银流入——对明代白银货币化的考察

明代民间白银货币的大量应用与大明宝钞的逐渐崩坏是相互伴随的,共同促进了白银货币化的进程。从民间开始的自下而上的白银货币化趋势冲击着明代的货币制度,最终明政府不得不以法令的形式认可了白银的货币地位。明代中国产银数量远远不足以满足政府和民间巨大的白银需求,明政府被迫开放海上贸易,凭借外贸出超优势,巨额海外白银滚滚流入国内,满足了明代中后期不断扩大的白银货币需求。