Stock Prices, Output and the Monetary Regime

Should monetary policy react to stock prices? The answer depends on whether stock prices are good predictors of future economic activity. Using long annual time-series data for the G-7 countries, data going back over 150 years for some countries, we find that stock prices do not systematically predict output growth regardless of the monetary regime in effect. We also find no evidence of a nonlinear relationship between stock prices and output except during the gold standard, when stock price booms and busts had some predictive power for output growth volatility.     

关于我国农业产出增长因素的计量研究

改革开放以来,我国农业产出逐年增长,但增速起伏非常大。从长期来看,其增长与农业从业人员、化肥施用量、农业机械总动力的增长存在协整关系;在短期内,其增速的变化主要取决于前推第三年农业机械总动力增长的变化,而且与自身上一年对长期均衡水平的偏离有关。农作物播种面积和财政农业科技三项费用的农业产出弹性不明显。加快农业富余人员彻底转移、提高农业生产机械化水平、加强科学种田与合理施肥引导、推动农业内部结构调整、合理配置农业R＆D公共投入,是我国实现农业产出持续、稳定和快速增长的政策必须选择。     

投资者结构与股价波动关系——基于理论的思考

长期以来,人们认为机构投资者可以稳定股市。本文从更广的视角研究了投资者结构与股价波动的关系。本文结论如下：（1）在市场产品机构、交易制度和规则体系等要素给定的情况下,股价波动是投资者结构参数的函数。（2）机构投资者与稳定股市没有必然的联系。即使在市场的产品结构和交易制度等要素给定的情况下．不同的投资者结构中机构投资者比例的增加既可以增加股价波动,也可以减少股价波动。（3）在一些投资者结构中,股价波动反而随着理性机构投资者比例的增加而增加。即使在投资者结构中其他参数相同的情况下,理,比机构投资者的比例过多或过少均有可能增加波动。（4）即使在上市公司不分红且没有重大利好消息支持股价的情况下,在一定的投资者结构中,机构投资者仍能通过买入来制造股价波动。并从中获利。但这种策略能够成功依赖于市场中其他类型投资者的结构。（5）适度的羊群行为会使股价波动最小,而过强或者过弱的羊群行为都使股价波动增加。     

六安市城市生活垃圾产量的预测

阐述了六安市城市生活垃圾产量预测的两种方法——根据人均垃圾日产量指标预测和根据垃圾年增长率预测。为缺乏相关基础资料的小城市探索了一些新的垃圾产量的预测方法。     

人民币升值对我国资产价格波动的影响

随着我国经济持续增长和外汇储备的逐年增加,人民币升值步伐有越来越快的趋势.自2005年7月,我国宣布结束维持十年之久的人民币汇率盯住美元政策以来,人民币已累计升值30％.人民币升值导致了我国资产价格的波动,特别是我国股票和房地产价格的起伏波动.如何应对由人民币升值引起的国内流动性过剩导致资产价格波动,成为政府面临的新挑战.     

The Impact of Inflation Uncertainty on Output Growth and Inflation in Thailand*

We explore the impact of inflation uncertainty on output growth in Thailand, an emerging market economy with moderate inflation. Inflation and output uncertainty are modeled in a bivariate constant conditional correlation generalized autoregressive conditional heteroskedastic (AR(p)‐cccGARCH(1,1)) specification. We include the exchange rate in the mean equations, and use the headline and core inflation rates and industrial production to generate inflation and output uncertainty series. These series are then used in Granger causality tests to make inferences about the effect of monetary policy‐induced inflation uncertainty. Causality tests show a positive relation from inflation to inflation uncertainty. Additionally, increased inflation uncertainty decreases output. These results are consistent with real costs associated with moderate inflation. Finally, we find no evidence that monetary policy reduced these costs.     

经济转型与包容性增长的关联度

包容性增长是时代发展的必然要求,体现了公平与正义的科学内涵,是一种理想的经济发展方式。在经济转型深化阶段,中国经济社会问题的解决迫切需要以包容性增长理念为引导,将经济转型、政治转型、社会转型、文化转型等多种转型相互融合与协同推进,切实转变经济发展方式,才能实现国民经济的持续良好发展。     

论中国可接受的产出缺口区间与宏观经济走势

2008年中国经济增长步伐明显放缓,中国经济已步入收缩期。在全球金融动荡的背景下,分析中国当前的宏观经济形势与近期走势、及时调整经济政策具有重要的现实意义。文章构建状态空间模型进行Kalman滤波,估算我国1978—2008年的潜在产出与产出缺口,分析我国经济长期增长趋势、可接受的产出缺口区间与可接受的经济增长区间,据此对2009年经济走势进行预测并提出相应的政策建议。     

Transmission of Stock Prices and Volatility from the Influential Major Markets on the Emerging Market: A Case Study of the Korean Stock Market

Abstract

This study investigates how the 1997 crisis has changed the Korean market by focusing on price and volatility spillovers from the US, Chinese, and Japanese markets. Using the exponential general autoregressive conditional heteroskedastic (EGARCH) model, new information on stock prices originating in the US market was transmitted to the Korean market for all periods. The price spillover effect from the Japanese market to the Korean market became stronger from the crisis period. Asymmetry in the spillover effect on market volatility was more pronounced in the Korean market after the financial crisis.     

城市垃圾焚烧飞灰熔融过程中物质挥发情况研究

城市垃圾焚烧飞灰中含有大量有害物质,必须予以处置。熔融固化处理是安全的处理方法,但飞灰熔融过程中有有害物质挥发,造成二次污染。对在高温下飞灰中的重金属（Pb、Cr、Cd）和SO3、Cl的挥发情况进行了研究,采用动态热重—红外—差热分析对飞灰在升温过程中物质的分解挥发情况进行了动态跟踪。     

Openness and Real Exchange Rate Volatility: In Search of an Explanation

The puzzle that real exchange rates are less volatile in open economies is an important challenge to exchange rate theory. Adjustment of domestic prices to nominal exchange rate movements can account for only a small proportion of this effect. Real and nominal shocks display no obvious correlation with openness. It is shown here that real effective exchange rates are more strongly mean-reverting in more open economies, even after controlling for exchange rate regime effects. This is predicted by the theory of current account sustainability, because of its emphasis on ratios to GDP rather than to trade flows.

The International Business Cycle in a Changing World: Volatility and the Propagation of Shocks in the G-7

The changing relationships between the G-7 countries are examined through VAR models for quarterly growth, estimated over sub-periods and using a rolling data window. Trivariate models are employed, each including the US and a European (E15) aggregate. The results show that conditional volatility of growth has declined relatively more since 1980 for E15 than for the US, aggregate European shocks have increased impact on “core” European countries from around 1980, the effects of the US on Europe are largest during the 1970s and the late 1990s, and E15 has a steadily increasing impact on the US economy over time. JEL Classification Numbers: E32, F02, F43     

Output Expectations and Forecasting of UK Manufacturing

This paper analyses both quarterly data from the Confederation of British Industry (CBI) Survey on respondents’ expectations of recent and forthcoming manufacturing output and monthly Office of National Statistics (ONS) figures on actual manufacturing output within the UK. Quarterly output expectations of the CBI manufacturers are explained from the monthly ONS observations using a bounded rationality approach. The logistic formulation models the diffusion process across respondents. There is a backward-looking CBI Survey perspective, explained by past ONS observations, and a forward-looking perspective, explained from future ONS statistics. Also, the forecasting of monthly manufacturing output from earlier values, along with the quarterly CBI Survey information, is examined and tested against the alternative Pesaran/Thomas method. The study provides econometric evidence for the validity of the logistic model and shows that bounded rationality can explain the formation of predictions among business managers in the UK manufacturing sector. The emerging consensus from the literature, supported by this paper, is that the logistic format is a superior approximation to the true data generating process compared with the earlier standard Anderson/Pesaran/Thomas approach. An adjustment to the Survey is used, which achieves perfect symmetry with up and down versions of the data. The benefits of this adjustment are tested in the forecasting section.

融资融券业务与我国股票市场长期波动性

作为我国股票市场交易制度的重大改革举措之一,融资融券业务及其对股票市场的影响一直以来在学界与业界尚存争议。基于融资融券推出前后的市场收益率,结合收益率波动特征,将融资融券业务作为虚拟变量引入GARCH与EGARCH模型进行定量分析。结果表明,融资融券业务对我国股票市场长期波动性影响并不显著,相关性分析发现融资融券业务在发展初期的规模局限或是影响不显著的主因,在有序规制前提下稳步推进融资融券业务规模扩张,是促进其为股票市场带来积极影响的有效路径。     

中国高新技术产业研发资本存量和研发产出效率

本文运用中国高新技术产业的面板数据，在测算研发资本存量的基础上．构建了柯布一道格拉斯型研发生产函数．研究了研发生产的要素投入问题、研发生产的性质及其相关影响因素。研究发现：（1）在我国高新技术产业研发生产中，研发资本的贡献高于研发人员的贡献，研发生产过程表现出规模报酬递增的特征；（2）外资产权、企业规模对研发产出效率呈显著正效用；国有产权、以企业数为指标的市场结构以及绩效（利润和税收）对研发产出效率呈显著负效用：（3）我国国有及国有控股高新技术企业产权清晰度较高．对研发产出效率负面影响较小；法制不健全、政策不稳定等外部因素对我国高新技术产业研发产出效率负面影响较大。     

基于上市公司的人力资本对企业产出影响的实证研究

文章在柯布一道格拉斯生产函数的基础上,引入人力资本,考察人力资本如何对产出产生影响。研究结果表明：员工教育水平、员工工资水平和管理层持股对产出有显著积极影响;高管任期对劳动力产出弹性的影响也非常大。     

输出理论对大学英语口语与写作教学的启示

输出理论是指在学习第二门语言遇到问题时会促使我们进一步学习这种语言的理论。正因为意识到了学习时遇到问题,学习者就会改善它的输出,从而学习有关这门语言的新知识。尽管苏安宣称这种输出并不是第二语言知识获得的唯一途径,但在语言产生的相关大脑活动中,输出理论促使了第二语言的学习,它有别于输入理论,却又可以加强输入。本文在介绍了苏安的输出理论的基础上,阐述了这一理论对英语口语和写作教学的指导意义。     

Impact of Beijing Olympic-related Investments on Regional Economic Growth of China: Interregional Input–Output Approach*

Using the interregional input–output model, the present paper analyzes the impact of Olympic-related investments on the economic development of Beijing and its surrounding areas, as well as the rest of China. The interregional input–output model provides a satisfactory simulation and analysis of Olympic-related investments that are implemented in Beijing and other areas and their spillover effects on other regions. We estimate that from 2002 to 2007, Olympic-related investments will add 2.02, 0.23 and 0.09 percent annually to gross regional products of Beijing, its surrounding areas and the rest of China, respectively.     

Multivariate GARCH Volatility Across Major Industry Groups of the Stock Exchange of Thailand

This paper examines the volatility on the time-series relations among the returns of industry group indices in the stock exchange of Thailand. Does volatility of the return series in one industry group indices necessarily lead to volatility in other industry group indices among the sample of eight industry groups？ This research will be valuable to investors utilizing a better understand diversification needed to get good returns. Daily data （2,116 days） are used in this paper covering data for the nine-year period from January 5, 2004, to August 31, 2012. Multivariate Generalized Autoregressive Conditional Heteroscedasticity was tested consisted of： （1） Diagonal VEC Model; （2） Baba Engle Kraft Kroner Models （BEKK Models）; （3） Vector Autoregressive Moving Average GARCH Model （VARMA GARCH Model）; and （4） Constant Conditional Correlation Model （CCC Model）. The findings indicated that the major result shows that, volatility in one industry group necessarily lead to volatility in other industry group indices in the opposite way and in the similar way.