Should monetary policy respond to asset price misalignments?

This paper analyses the relationship between monetary policy and asset prices using a structural rational expectations open economy model that allows for the effect of asset prices and exchange rates on aggregate demand. We assume that asset prices and exchange rates follow a partial adjustment mechanism whereas they are positively affected by past changes, thus allowing for ‘momentum trading’, while at the same time we allow for reversion towards fundamentals. We then conduct stochastic simulations using two alternative monetary policy rules, inflation-forecast targeting and the standard Taylor rule. The results indicate that, under both rules, interest rate setting that takes into account asset price misalignments leads to lower overall macroeconomic volatility, as measured by the postulated loss function of the central bank.     

Does labour supply respond to a flat tax?

We exploit the exogenous change in marginal tax rates created by the Russian flat tax reform of 2001 to identify the effect of taxes on the labour supply of men and women. We apply a weighted difference‐in‐difference regression approach and instrumental variables to estimate labour supply functions using a panel dataset. The mean regression results indicate that the tax reform led to a statistically significant increase in hours of work for men but had no effect on work hours for women. However, we find a positive response to tax changes in both tails of the female work hour distribution. We also find that the reform increased the probability of finding a job among both men and women. Despite significant variation in individual responses, the aggregate labour supply elasticities are trivial. This suggests that reform‐induced changes in labour supply are an unlikely explanation for the amplified personal income tax revenues that followed the reform.     

Investigating the failure to best respond in experimental games

Experimental Economics - We examine strategic sophistication using eight two-person 3?×?3 one-shot games. To facilitate strategic thinking, we design a ‘structured’...     

局域网中影响访问响应的原因与对策

我们对网上邻居的工作原理进行了探讨,然后通过对计算机局域网中网络邻居访问响应慢的问题进行分析,找出引起网络邻居访问响应慢问题可能存在的原因及其解决的办法。局域网中“慢”的问题主要出在硬件和软件两个方面。     

中国“入世”：怎么看与怎么办

“入世”了,人们都说是“狼来了”。其实,这是我们自己主动“引狼入室”的,而且是为了“与狼共舞”,并使我们自己也能成为“狼”。有的外来者赶紧声明,“我们不是狼”。不管进来的是狼,还是狐狸,反正来者都不是“吃素的”。但我们“引狼入室”,也绝对不是要自当“狼食”。因此,对于中国“入世”到底怎么看?“入世” 以后到底怎么办?大家众说纷纭,在这里,我也想谈点自己的看法与想法,归纳起来可以叫做两个“一、四、四” 的思路性看法。     

何以激发越轨创新——双元领导与责任知觉的作用

在开放式创新背景下,越轨创新逐渐成为突破创新瓶颈、摆脱创新困境的重要途径。对研发部门421位员工进行两时点问卷调研,并运用层次回归、Bootstrapping法构建双元领导影响越轨创新的中介―调节模型。结果表明,双元领导和责任知觉对越轨创新具有显著正向预测作用;责任知觉在双元领导与越轨创新间起部分中介作用;游戏动态性在责任知觉与越轨创新间起正向调节作用。研究结论从领导行为和员工责任感知视角揭示了越轨创新发生的路径及边界条件,为开放式创新下的个体自主创新管理提供了重要借鉴。     

How to subcontract?

Firms compete for a contract and subcontract part of the work. If subcontracting takes place before the award of the contract, the revenue equivalence result breaks down, as subcontractors anticipate that their bids influence the probability of the firm winning the contract. Properties of the optimal subcontracting mechanism are discussed.     

全球化的测量

全球化指数以越来越细致的笔触描绘了一幅整合所带来的得失的图景。前几年的排行榜结果显示,最全球化的国家一般都是最平等,自然资源保护最有力,政治制度最完善,腐败程度最低的国家,这挑战了人们在诸如收入不平等、工资、环保、腐败以及政治自由等事务方面的传统智慧。     

学会学习

随着新经济时代的到来,学习已成为生存、竞争和发展的迫切需要。坚持用科学的精神指导学习,在“思、问、行、恒”上下功夫,才能适应时代,与时俱进。     

How to talk to multiple audiences

Stochastic fictitious play (SFP) assumes that agents do not try to influence the future play of their current opponents, an assumption that is justified by appeal to a setting with a large population of players who are randomly matched to play the game. However, the dynamics of SFP have only been analyzed in models where all agents in a player role have the same beliefs. We analyze the dynamics of SFP in settings where there is a population of agents who observe only outcomes in their own matches and thus have heterogeneous beliefs. We provide conditions that ensure that the system converges to a state with homogeneous beliefs, and that its asymptotic behavior is the same as with a single representative agent in each player role.     

怎样在柬埔寨投资设厂

经过多年动荡、战乱并日益走向和平、稳定的中南半岛，其重要的地理位置和丰富的自然资源，越来越受到各国投资者的重视。柬埔寨自１９９１年各政治派别达成和平协议，１９９２年成立柬王国政府以来，外国投资开始陆续进入，中资企业也纷纷到柬寻求商机。一、中国企业能够参与对柬市场的开发目前，我国已正式加入世贸组织，融入世界经济的步伐加快，出口规模和对外直接投资规模都需进一步拓展。中国企业到柬投资具有较强的比较优势，尤其是我国的一些中小企业、民营企业是可以有所作为的。笔者以为，现阶段应从以下几个方面着手。１．应积极…