“女人”与经济

据考证,高跟鞋的发明者是路易十四,这个身高只有156公分的小个子法国国王,为了让自己显得更加挺拔和伟岸,让鞋匠把自己的鞋跟拔高,上有所好,下必甚焉,高跟鞋一下子风靡起来.如今,高跟鞋演变至今天已经变成女性的一种象征符号,鞋跟的高度也越来越让人望而生畏.有人说,女人高跟鞋的高度跟她内心的欲望成正比,台湾明星小S曾在电视节目上袒露心声:没穿高跟鞋就会觉得没有安全感.看来不仅金钱能让一个人有安全感,高跟鞋也能让女人有安全感.这是为什么呢?女人总想,虽然我没有钱,但是我打扮,我漂亮,我穿上高跟鞋可以亭亭玉立、高人一等……高跟鞋快速增高的确会给女性带来快捷、廉价的心理慰藉.     

Financial Liberalization in a Small Open Economy

We address three related questions concerning financial liberalization in a small open economy. Does financial liberalization and the resulting capital inflow improve production efficiency in the domestic economy? Who benefits from financial liberalization in the long run and in the short run? Should financial liberalization be implemented gradually or hastily? Our main results are as follows. First, whether financial deregulation in one sector can improve production efficiency may depend on financial regulation in other sectors. Second, financial liberalization may have opposite welfare implications to domestic agents with different productivity in the long run. Third, although some domestic agents lose in the long run, they actually benefit from financial liberalization during the transitional process of deregulation. Finally, a gradual implementation helps achieve a smooth transition.     

Family Labor Supply and Proposed Tax Reforms in the Netherlands

This paper presents a discrete choice static neo-classical labor supply model for married or cohabiting couples in the Netherlands. The model simultaneously explains the participation decision and the desired number of hours worked. Due to its discrete nature, institutional details of the tax system can be fully incorporated. The model is estimated using Dutch cross-section data. The results are used to simulate the first order labor supply effects of several proposed reforms of the Dutch income tax system. In particular, it is shown that some of the proposed reforms would have a negative effect on the number of married females who prefer a small part-time job. This pitfall is avoided in the proposal that has gone to Parliament.     

Monetary Policy Analysis in a Small Open Credit-Based Economy

This paper describes a simple framework for monetary policy analysis in a small open economy where bank credit is the only source of external finance. At the heart of the model is the link between banks’ lending rates (which incorporate a premium over and above the marginal cost of borrowing) and firms’ net worth. In contrast to models in the Stiglitz-Weiss or Kiyotaki-Moore tradition, the supply of bank loans is perfectly elastic at the prevailing rate. The central bank sets the refinance rate and provides unlimited access to liquidity at that rate. The model is used to study the effects of changes in official interest rates, under both fixed and flexible exchange rates. Various extensions are also discussed, including income effects, the cost channel, the role of land as collateral, and dollarization.

我国构建开放型经济新体制与推动建设开放型世界经济

过去五年,我国对外开放环境发生深刻变化,国家对构建开放型经济新体制进行了系统部署,加快发展更广领域、更高水平、更深层次的开放型经济,开放型经济新体制逐步健全,具有了新的内涵特征。进入新时代,在继续高标准推进相关改革,推动形成全面开放新格局的同时,将加快推动建设开放型世界经济。这是在经济全球化进程面临新难题新挑战下顺应历史大势的正确方向,也是各国经济利益深度融合大趋势下推进全球化的可行方案,有其历史与时代的内在逻辑。构建开放型经济新体制与推进建设开放型世界经济,既是两个重要的发展命题与时代要求,相互间又有着密切的联系;既是现实问题,也是理论课题。应深入研究,使两者互相促进、相辅相成。     

Endogenous Growth and External Balance in a Small Open Economy

This paper puts forward an intertemporal model of a small open economy which allows for the simultaneous analysis of the determination of endogenous growth and external balance. The model assumes infinitely lived, overlapping generations that maximize lifetime utility, and competitive firms that maximize their net present value in the presence of adjustment costs for investment. Domestic securities are assumed perfect substitutes for foreign securities and the economy is assumed small in the sense of being a price taker in international goods and assets markets. It is shown that the endogenous growth rate is determined solely as a function of the determinants of domestic investment, such as the world real interest rate, the technology of domestic production and adjustment costs for investment and is independent of the preferences of domestic households and budgetary policies. The preferences of consumers and budgetary policies determine the savings rate. The current account and external balance are functions of the difference between the savings and the investment rates. The world real interest rate affects growth negatively but has a positive impact on external balance. The productivity of domestic capital affects growth positively but causes a deterioration in external balance. Population growth, government consumption and government debt affect the current account and external balance negatively, but do not affect the endogenous growth rate.     

Monetary Policy in a Small Open Economy with Imperfect Pass-Through

Atlantic Economic Journal - This paper studies the stabilization and welfare properties of various monetary policy regimes in a tractable framework suitable for the analysis of monetary policy in a...     

Welfare Effects of Capital Taxation in a Small Open Economy

In a small open economy, the welfare effect of capital taxation depends on the allocation of the tax revenue as well as the tax system. If tax revenues are used to finance debt or government spending, an increase in either residential or territorial capital taxation will reduce the welfare of the representative individual. If tax revenues are transferred intergenerationally, an increase in the residential capital tax rate will increase the steady-state welfare when the after-tax interest rate is greater than the growth rate. If the revenue is rebated to the tax payer, an introduction of territorial capital taxation may increase welfare when the growth rate is relatively high. In the case where either the revenue from residential capital taxation is rebated to the tax payer or the revenue from territorial capital taxation is transferred intergenerationally, the welfare-maximizing tax rate appears to be zero.     

Assessing Productivity Gains from International Trade in a Small Open Economy

Empirical evidence suggests that exporter firms tend to charge higher markups than non-exporters due to trade barriers. The exporters’ markup premium, however, may disappear in a special case, namely when the home country is small relative to its trade partners and trade barriers are low. This can be because competition is more intense in the large export destination than in the small home country, so that firms are able to set higher markups for locally sold products but not for exports. This paper provides empirical evidence on the validity of this special case by estimating markups for firms in Luxembourg who generally export to larger countries. The estimated negative markup premium for exporters has important implications for the productivity measurement. In a sufficiently small open economy, exporters’ productivity may be biased downward, when the firm-level markup variation is not controlled for in the productivity estimation. The bias in the productivity estimates further leads to the inaccurate conclusion that openness to international trade lowers allocative efficiency.     

中国与俄罗斯:谁更市场化?

在俄罗斯的经济改革进行了10余年之后和尚未正式加入WTO之前,欧盟就决定承认俄罗斯已进入市场经济体系;与此形成鲜明对比的是,中国已经进行了20多年改革开放,也已经加入了WTO,美国仍将中国视为"非市场经济"国家,而且,这种待遇将延续至中国加入WTO之后15年.这多少有些令人费解,人们不免问一句:这是为什么?     

农村税费改革面临的问题及解决对策

农村税费改革得到了广大农民的理解和拥护，农民负担得到了切实的减轻，但在改革中也出现了困难乡镇财力缺口加大，农业税收征管法制化、规范化建设相对滞后，两田制村庄税改隐患较大，村级债务影响税收征管，农业税收征收成本过高，村级资金管理不透明，宣传工作不全面等问题，文中提出了针对性的解决对策。     

Imperfect Intersectoral Labor Mobility and Monetary Shocks in a Small Open Economy

In this paper, we model the assumption of imperfect labor mobility across sectors in the New Open-Economy Macroeconomics framework to assess its impact on output, inflation, and welfare. Following a permanent home monetary expansion in a small open economy, we find that the above-mentioned assumption leads to: (i) less expansionary effects on (traded) output in the short term, although also less contractionary in the long term; (ii) lower short-term inflation but higher in the long term; and (iii) less intertemporal welfare, with even a ??beggar thyself?? problem being possible.     

Monetary Policy in Illiquid Markets: Options for a Small Open Economy

Two impediments to effective monetary policy operation include illiquidity in bond markets and the zero bound of interest rates. Under these conditions alternative means of enacting monetary policy may be required. This paper empirically explores policy options implemented through equity and currency markets that will generate similar inflation responses at different time horizons. In terms of GDP loss the least costly means of achieving a particular long run inflation outcome is via the current monetary policy arrangements. Currency market alternatives are volatile but less expensive than the equity market in terms of output loss for short term inflation horizons.

金融深化理论在开放经济中的发展

研究开放经济中的金融深化问题,既是理论发展的需要也是实践的需要.自20世纪70年代罗纳德·Ⅰ·麦金农和爱德华·S·肖提出金融深化理论以来,发展中国家金融深化任务远未完成,而且当代经济开放程度越来越高,金融发展对经济发展的推动作用更加强劲,循着传统金融深化理论进行制度与政策设计已不能满足发展中国家的需要.20世纪90年代以来爆发的系列金融危机充分说明,发展中国家在一个更加开放的环境下实施金融深化和金融自由化,非常需要一套正确的理论作为指导.     

The Effects of Inflation in a Small Open Economy with Durability in Consumption

This paper explores the dynamic effects of inflation in a small open economy when consumption exhibits certain degree of durability. With labor/leisure choice, and money introduced through a cash-in-advance (CIA) constraint on consumption expenditure, it is demonstrated that higher inflation reduces the steady state level of employment, investment, output and consumption. The country runs a current account surplus, despite the fall in output. Consistent with empirical evidence, durable consumption exhibits initial excess volatility. Numerical calibration shows that the steady state real effects of inflation are very significant in this model.