INEFFICIENT INFORMATION AGGREGATION AS A SOURCE OF ASSET PRICE BUBBLES

This paper presents a new theory of bubbles, or discrepancies between the market clearing price and the fundamental value of an asset. In our setting, Bayesian traders, oriented towards long-term gains, receive private information ('news') and also make inferences from noisy price signals. Price exhibits higher variance than fundamental value (the latter defined as fully-aggregated expected value) especially when news is informative but infrequent. The corresponding bubbles are self-limiting but may exhibit momentum and overshooting. A parametric example, involving the exponential/gamma conjugate families, is provided.
We don't have any penetrating explanations of yesterday's stock market, but we certainly believe that stocks do not fall 86½ points for nothing.
The general case for a drop in the market after its recent record highs is clear enough. The Fed…,… the tax bill.
None of this, though, was any different on Thursday than it was with the market at its peak six sessions ago. News…and rumors yesterday…were certainly negative but scarcely dramatic.
Some market pros believe this kind of a drop is merely the market catching up with what it already knew. We doubt it. Our hunch is that something changed between Wednesday and Thursday, and that eventually we'll learn what it was ( Wall Street Journal Editorial, Friday, September 12, 1986).     

从投入产出视角看城乡经济关系的发展与演变

利用矩阵分解技术,证明了农业经济产出过程农业内部乘数效应、外部乘数效应和城市涓滴效应共同决定。在对北京1985—2007年的投入产出分析的基础上,对城乡经济关系得出新的理解：在城镇化和市场化初期,农业经济的大部分收益来自于城镇的涓滴作用;随着城镇飞速发展,城乡二元结构对比强烈,农业的绝大部分收益来自农业内部;最后,在食品安全、生态保育和一系列社会问题以及经营者在农村寻求经济机会的推动下,农业和城市经济开始结合,城市反哺农业。研究表明,在各个时期,农业经济的发展在很大程度上依赖于城市经济,在市场化初期这种程度在60%—70%左右,而在今后的城乡一体化发展阶段,农业的绝大部分收益会来自于城市经济的涓滴作用,农业的食品、生态和社会功能应摆在优先重要位置。     

90年代广东省产业结构变动趋向时空差异分析

本文通过对90年代广东产业结构变动的时空形态进行分析研究,揭示了广东产业结构变动趋向的时空差异,探讨形成这种差异的原因,并对广东今后产业结构走向及产业结构在地区间的协调发展提出建议。     

江苏省经济结构转变趋向分析

本文在分析江苏省改革开放２０年来经济结构变动趋向的基础上,揭示了经济结构变动的主要内部特征,并对今后经济结构优化提出了一些建议。     

ASYMMETRIC INFORMATION AND MODELS OF CREDIT RATIONING

This paper outlines the development and exposits some of the central ideas and implications of asymmetric information in the credit market.     

海滨沙滩旅游地兴衰探源及其重构研究--以茂名水东湾旅游度假区为例

在深入剖析茂名水东湾旅游度假区发展兴衰原因的基础上，认为海滨沙滩旅游地竞争优势强弱的变化是决定该旅游地发展兴衰的关键，而重构传统海滨沙滩旅游地发展战略的核心即是要重塑其竞争优势。据此提出了重构茂名海滨沙滩旅游的具体战略措施。     

退牧还草区农牧民家庭收入结构转型效益

农户家庭收入结构转型效益的研究对于揭示政策影响下农户家庭经济收入增长的内在本质具有重要意义。从不同退牧还草模式的角度,采用半结构访谈的数据采集方法与分位回归模型,分析了不同生态功能区农牧民家庭收入结构的转型效益。结果表明:生态补偿方式与收入转型需求错位,生态功能区农牧民家庭收益普遍降低,补偿性收入所占比重较大;受农牧民家庭经济特征影响,各种收入来源对农牧民家庭的收入效益贡献不一;资源禀赋和社会经济的地区差异,以及当地传统生产生活习惯与退牧还草政策的影响,各生态功能区农牧民家庭收入结构转型效益存在差异。退牧还草生态工程体系缺乏完善,尤其替代生计补偿缺乏针对性,有碍于农牧民家庭收入结构的有效转型。     

北京住宅价格分布与城市空间结构演变

结合特征价格模型和Moran's I指数,对随机抽样的北京2001、2003和2005年住宅价格进行定量分析,发现:2001—2005年,基于天安门、CBD、中关村和奥林匹克中心的城市多中心模型越来越优于单中心模型,说明北京城市空间结构有向多中心演变的趋势;传统行政中心天安门对住宅价格的影响逐渐减小,而代表城市新兴职能的中关村和奥林匹克中心的影响则在扩大,城市职能结构会影响城市空间结构;面积大小、楼层高低、地铁站距离、重点学校距离等因素也对住宅价格有所影响。     

DEFLATION OF INPUT-OUTPUT TABLES FROM THE USER'S POINT OF VIEW: A HEURISTIC APPROACH

This paper considers the problem of deflating an input-output table from the viewpoint of the user. In many practical cases certain margins of this table are readily available in constant prices, whereas the entire table is not. This reduces the problem to estimating the matrix of sectoral intermediate deliveries in constant prices. The traditional approach for this purpose is based on the double deflation method. Since double deflation is sensitive to aggregation, however, it typically does not provide correct answers. Therefore, a heuristic approach is proposed as an alternative. It is based on the biproportional projection method. An empirical evaluation indicates that the heuristic approach clearly performs better.     

FINANCIAL RESTRUCTURING: IMPACT ON HOUSING

The purpose of this paper is to describe the primary factors that helped encourage the growth of savings and loan business and its development as the primary mortgage originating and investing intermediary. This will be followed by a discussion of how and why changes have been made to alter the sheltered environment of the business. Finally, the paper will focus on several options for the future structure of the savings and loan business and the implications each has on our mortgage delivery system and housing
The paper concludes that the country in general and its housing needs, in particular, would be best served by freeing up the asset and liability powers of thrifts. In order to meet the mortgage finance needs of the country, it is recommended that increased emphasis be put on making mortgages investment grade assets that will be able to compete with other investments for funds in the capital market generally. To do this, the government must refrain from price fixing (i.e., setting specific prepayment penalties, savings rates, etc.); establishing terms and conditions on mortgages (i.e., regulating mortgage forms); changing contractual provisions on mortgages (i.e., due-on-sale prohibitions), and avoiding noncompetitive behavior by government credit programs.     

TRADE NEGOTIATIONS, INFORMATION AND DOMESTIC POLITICS: THE ROLE OF DOMESTIC GROUPS

A domestic ratification game nested within an international bargaining game establishes that domestic politics influences the outcome of international negotiations. When information on the domestic side is incomplete, an informational role of lobbies is established. Cooperation is more likely when domestic lobbies provide information to Congress about a treaty presented for ratification, especially when cooperation would not otherwise occur. As government becomes more divided, cooperation is less likely; when it does occur, the legislature is better off – internal divisions worsen the external leverage of states, while a united home front is the executive's best chance for obtaining her ideal agreement.     

DISTRIBUTIONAL CONFLICT, FINANCIAL ADAPTATION AND DELAYED STABILIZATIONS

In this paper we model delayed stabilizations as the rational outcome of a distributional conflict between two risk averse groups in the presence of post-stabilization payoff uncertainty and costly policy reversion. We show that in the initial stages of an extreme inflation episode there is a bias towards maintaining the current inefficient (but certain) revenue collection system which prevents the adoption of the required fiscal adjustment program. The access by those with higher income to a financial adaptation technology increases the average rate of inflation through time for any given government deficit, raising the welfare costs of not reaching an agreement and increasingly redistributing the burden of inflation to those with lower income. This process, if strong enough, will eventually trigger the necessary political support for the required fiscal adjustment. Delayed stabilizations will, nevertheless, induce the poor into accepting conditions that they did not find optimal before.     

我国各省市农业投入与产出的效率评价

发展两型社会农业的重要前提就是对农业生产效率进行评价。将DEA评价方法应用于2008年我国31个省市农业生产的效率评价。通过各个省市农业生产的投入与产出数据的分析,发现北京等5个省市农业生产的产出已达到规模最优,农业生产在投入结构上也是技术有效的;我国其它的26个省市农业生产效率还比较低,这些省市农业生产投入结构不够合理。总体上,我国农业生产的技术化程度还不高,在技术效率和规模效率方面需要加强。     

北京"基本部分"测算的经验研究--以区位商法和投入产出分析为基础

城市或区域之经济活动的“基本/非基本部分”这个划分揭示了城市或区域与其内外的重要联系。区位商法是公认的最简单的判定基本部门和测算基本部分的方法,在国内外得到了广泛的应用。文章以北京市投入产出表和全国投入产出表的数据为基础,验证了用区位商法测算基本部分的有效性,发现用传统的区位商法测算基本部分的误差很大。论文对用区位商值判定的误差进行了阈值敏感分析和部门分析。对传统的区位商法进行了改进,确定了改进的区位商法的公式形式,并对公式进行了验证。另外,在投入产出分析的框架下得出了一个以中间使用率为基础的新的测算基本部分的经验公式,用北京市多年的数据对该公式进行了验证。