Price dynamics in limit order markets

This article presents a one-tick dynamic model of a limit ordermarket. Agents choose to submit a limit order or a market orderdepending on the state of the limit order book. Each traderknows that her order will affect the order placement strategiesof those who follow and the execution probability of her limitorder is endogenous. All traders take this into account which,in equilibrium, generates systematic patterns in transactionprices and order placement strategies even with no asymmetricinformation.     

国际贸易计价货币的选择——兼论人民币国际化

本文以出口商预期利润最大化为视角，介绍和归纳了出口商计价货币选择的有关模型。得出结论：一国货币作为国际贸易发票货币取决于货币汇率的波动性；该国占据的出口市场份额以及该国出口产品的差异性程度，并利用经验数据检验了以上结论，展望了人民币国际化的前景。     

重庆市统筹城乡战略思路及成效分析

重庆市城乡居民收入差距不断加大,二元经济结构显著,呈现“大城市大农村”的二元城乡结构。自获批全国统筹城乡综合配套改革试验区以来,以三个试验区为突破口,配套推进六个方面的相关改革,确定“一圈两翼”的发展格局,实施土地流转及大力发展劳务经济等相关政策措施,城乡统筹全面铺开,取得相当大成效,但距离目标存在一定的差距。     

A new estimate of transaction costs

Transaction costs are important for a host of empirical analysesfrom market efficiency to international market research. Buttransaction costs estimates are not always available, or whereavailable, are cumbersome to use and expensive to purchase.We present a model that requires only the time series of dailysecurity returns to endogenously estimate the effective transactioncosts for any firm, exchange, or time period. The feature ofthe data that allows for the estimation of transaction costsis the incidence of zero returns. Incorporating zero returnsin the return-generating process, the model provides continuousestimates of average round-trip transaction costs from 1963to 1990 that are 1.2% and 10.3% for large and small decile firms,respectively. These estimates are highly correlated (85%), withthe most commonly used transaction cost estimators.     

河南省制造业存在的问题及对策研究

金融危机之后，河南省制造业增加值的增速严重下滑，凸显出对资源依赖程度高，产业组织松散且配套能力弱等问题。文章分析了河南省制造业发展面临的问题原因，并对河南省制造业的发展提出了政策建议。     

大学生党员保持先进性的机制构建

大学生党员是党员队伍的新生力量，是大学生队伍中的先进分子。由于部分大学生党员对“中国共产党的性质”这一根本性的问题缺乏足够深入的认识，以致于在入党动机、政治素养、理想信念、党员意识等方面出现了许多不容忽视的问题。只有正确认识问题本质，通过学习、教育、实践、考评及激励引导机制的构建、创新，才能真正形成让学生党员长期受教育，永葆先进性的长效机制。     

High wage-economy, sloanism and fordism: the American experience during the golden age

This paper provides an interpretation of the pattern of massconsumption in the American economy at the beginning of thelast century centered on 'sloanism' instead of 'fordism'. Thefinancial, product and marketing innovations associated withGeneral Motor's Alfred Sloan are considered the central featuresof the mass production regime. The American economy was a 'highwage' economy (Hobson) which depended mainly on the high productivityin agriculture (not only in industry) and the new politicalcoalitions and institutions that appeared in the 1930s (andnot in the post-war period as the fordists maintain).