农地市场对耕地零碎化的影响-理论与来自苏浙鲁的经验

农地市场可能是矫正耕地零碎化的一个工具.但是,由于存在较高的交易费用,农户自发交易耕地对耕地零碎化的影响可能是不显著的.此时,村集体介入农地市场可能降低交易费用,促进土地集中和规模经营,从而降低耕地零碎化程度.该文利用2000年苏浙鲁1083个农户的调查数据对以上假说进行了验证.     

农地市场对耕地零碎化的影响-理论与来自苏浙鲁的经验

农地市场可能是矫正耕地零碎化的一个工具。但是,由于存在较高的交易费用,农户自发交易耕地对耕地零碎化的影响可能是不显著的。此时,村集体介入农地市场可能降低交易费用,促进土地集中和规模经营,从而降低耕地零碎化程度。本文利用2000年苏浙鲁1083个农户的调查数据对以上假说进行了验证。     

THE IMPACT OF BESTSELLER RANK ON DEMAND: EVIDENCE FROM THE APP MARKET*

This article uses daily data on the ranking by sales of the top 100 apps sold through Apple’s App Store to provide evidence of the causal impact of today’s bestseller rank information on tomorrow’s demand. The estimates indicate that the willingness to pay of consumers is about $4.50 greater for a top ranked app than for the same unranked app. The results also indicate that the effects of bestseller status on willingness to pay decline steeply with rank at the top ranks, but remain economically significant for the apps in the first half of the top 100 list.     

FINANCIAL INNOVATION AND THE DEMAND FOR MONEY: EVIDENCE FROM THE PHILIPPINES

This paper tests whether financial innovations in the Philippines distorted the long-run relation between real money balances, income and interest rates. Using data for the monetary base, M1 and M3 over the period 1980–1998, we cannot reject the hypothesis that there does not exist a standard money demand relation between M1 and M3, real income and interest rates. However, when we allow for the impact of financial innovations, this finding is reversed for M1. Estimates of ECM models for these measures also show that financial innovations impacted real money balances for M1, but not M3. This evidence supports the Philippine central bank's choice of a monetary aggregate as its policy instrument to achieve its policy objectives. [E41, E58]     

内部人交易与股票市场回报——来自中国市场的证据

本文系统地分析了自2007年6月1日以来,我国上市公司内部人的公开市场交易行为。本文的结论表明,在实施了内部人交易监管法规以来,我国上市公司的内部人依然能够利用私有信息在二级市场上赚取超额收益。当内部人购买或出售公司股票时,股票市场都会出现异常反应。而这些超额收益的大小直接受到公司的股权集中度、企业是否为国有等因素的影响。公司治理结构越差,则内部人赚取的超额收益越多。依据上述结论,笔者提出了相应的政策建议。     

HAS THE QUALITY OF IMMIGRANTS DECLINED? EVIDENCE FROM THE LABOR MARKET ATTACHMENT OF IMMIGRANTS AND NATIVES

This is an investigation of the labor market activities of U.S. immigrants who arrived from the 1960s through the 1980s. Relative to natives, upon arrival male immigrants who arrived during the 1980s are more likely to be persistently jobless than are male immigrants who arrived during the 1960s. The increased disengagement of immigrant arrivals from the U.S. labor market appears solely in the form of labor market withdrawal and has not manifested itself in increased institutionalization. Though the "new immigration" apparently does not increase fiscal burdens on the penal system, it nonetheless is expanding the dependent population. The greater labor market idleness of today's immigrants relative to pre-1970 arrivals is consistent with a growing body of economic evidence suggesting a deterioration of U.S. immigrants' labor market capital and success during the post war period.     

LIFE‐CYCLE LABOR SEARCH WITH STOCHASTIC MATCH QUALITY

In the United States, unemployment, job finding, and separation rates decline as worker age increases. To explain these facts, we build a search and matching model of the labor market that incorporates a life‐cycle structure and features random match quality as well as human capital accumulation. The calibrated model successfully reproduces the empirical patterns of unemployment and job transition rates over the life cycle and generates plausible wage implications. We then explore the efficiency implications of the model and find that the differences between the market and planner allocations are more important for older workers.     

SHORT-TERM CONTRACTS REGULATIONS AND DYNAMIC LABOUR DEMAND: THEORY AND EVIDENCE

We present a dynamic labour demand model where we evaluate the impact of employment regulations on permanent and temporary employment. We consider three different kinds of regulations, namely firing costs, hiring costs and a constraint on temporary contracts. These regulations differently affect the size and composition of employment. The theoretical results are interpreted and questioned on the basis of empirical evidence on the employment effects of the regulation reforms that occurred in the major European countries in the period 1983–1999. The empirical analysis is based on a new set of time‐varying indicators on permanent employment protection, fixed‐term contracts and temporary agency work regulations. We find evidence in support of the hypothesis that fixed‐term contracts have been effective stepping‐stones to permanent jobs during the period under observation. On the contrary, flexible temporary agency work regulations seem to induce a substitution of permanent with temporary contracts.     

ECONOMIC FREEDOM AND LABOR MARKET CONDITIONS: EVIDENCE FROM THE STATES

Using 1981–2009 data for the 50 states, this article examines the relationship between economic freedom and the unemployment rate, the labor force participation rate, and the employment‐population ratio. After controlling for a variety of state‐level characteristics, the results from most specifications indicate that economic freedom is associated with lower unemployment and with higher labor force participation and employment‐population ratios. (JEL J68, K31, O43)     

TALKING LESS AND MOVING THE MARKET MORE: EVIDENCE FROM THE ECB AND THE FED

This paper examines and compares the communication strategies of the Federal Reserve and the European Central Bank, and their effectiveness. First, we find that the surprise components of both monetary policy actions and statements have important but differing effects on asset prices, with unexpected communication having a much greater impact on longer‐term interest rates. Second, both the ECB and the Fed have proven to be equally successful in moving their domestic asset prices using either monetary policy or news shocks. However, the response of the American yield curve to the surprise component of Fed's statements is larger than the reaction of the European term structure to ECB's announcements. This result is intimately related to the amplitude of the policy rate cycle that is much larger in the US than in the euro area combined with the bounded support of the news shock. Third, we analyze the cross‐effects and show that the Fed has been more able to move the European interest rates of all maturities than the ECB to move American rates. This finding is tied to the predominance of dollar fixed income assets rather than to an attempt of the ECB to mimic the Fed.     

市场价值、生产效率与上市公司多元化经营:理论与证据

理论建模和实证分析表明,在股票市场资源配置缺乏效率的情况下,多元化经营对上市公司的市场价值和生产效率具有不同影响。多元化经营最大化了市场价值,但却显著降低了生产效率。这一发现揭示了新兴市场下多元化经营有着自身特点,它体现出一种市场机会主义的短视行为,并由此导致了公司投资扭曲和长期绩效损失。     

DEMOCRACY AND ECONOMIC REFORM: THEORY AND SOME EVIDENCE FROM THE RUSSIAN CASE

The paper examines theoretical issues concerning the relationship between political democracy and economic reform and builds on the empirical material from the recent experience of Russia. The process of transition to democracy is shown to have started spontaneously due to the situation of power stalemate among pressure groups that came to control the communist system in the years preceding its ultimate collapse. The unrestrained control by those groups is shown to be the reason behind the continued economic collapse, while gradual build-up of the democratic system can in the long run act in the direction of improving the chances for a successful economic reform.     

DEMAND REDUCTION IN MULTI‐UNIT AUCTIONS WITH VARYING NUMBERS OF BIDDERS: THEORY AND EVIDENCE FROM A FIELD EXPERIMENT*

Recent auction theory and experimental results document strategic demand reduction by bidders in uniform‐price auctions. The present article extends this area of research to consider the effects of varying the number of bidders. Our theoretical model predicts that demand reduction should decrease with an increase in the number of bidders. Considerable demand reduction remains even in the asymptotic limit, although truthful bidding yields profits very close to those of equilibrium play. We experimentally confirm several of our predictions by examining bidding behavior of subjects in an actual marketplace, auctioning dozens of sportscards using both uniform‐price and Vickrey auction formats.     

COMMON STOCHASTIC TRENDS: EVIDENCE FROM THE LONDON METAL EXCHANGE

Recent evidence from cointegration theory points towards the efficiency of the London Metal Exchange. We show that on theoretical grounds this evidence could be misleading. We also conduct multivariate and univariate unit roots tests on prices of three different metals, namely: copper, lead and zinc. The price data are seasonal and unadjusted quarterly data from the London Metal Exchange and they cover the period from 1972.1–1987.4. The evidence presented here supports the presence of common stochastic trends in metal price movements.     

THE ELASTICITY OF SUBSTITUTION BETWEEN TIME AND MARKET GOODS: EVIDENCE FROM THE GREAT RECESSION

We document a change in household shopping behavior during the Great Recession. Households purchased more on sale, larger sizes, and generic products and increased coupon usage and shopping at discount stores. We estimate a decline in returns to shopping during the recession. Therefore, the increase in shopping behavior implies a significant decrease in households' opportunity cost of time. Using the estimated cost of time and time use data, we estimate a high elasticity of substitution between market expenditure and time spent on nonmarket work. We find that households smooth a sizable fraction of consumption by varying their time allocation during recessions.     

FOREIGN ENTRY LIBERALIZATION AND EXPORT QUALITY: EVIDENCE FROM CHINA

This paper examines the impact of foreign entry deregulation in China on the export price and quality of manufacturing firms through input–output linkage. We create a unique dataset describing the extent of regulatory control over foreign entry across approximately 900 industries covering all primary, manufacturing and services sectors. Results suggest foreign entry deregulation encourages firms to improve product quality and increase export prices. Deregulation in the manufacturing sectors has more impact on downstream export price and quality, compared with services sectors. Moreover, firms having larger imported inputs benefit more from foreign entry deregulation. These effects are robust to alternative specifications. (JEL F1, D2, O2)     

TEACHER LOCATION CHOICE AND THE DISTRIBUTION OF QUALITY: EVIDENCE FROM NEW YORK CITY

This article studies the distribution of teacher quality measures across the New York City school system. Because teachers are paid along a fixed salary schedule and they have the option to transfer schools, this analysis measures the degree to which environmental factors affect teacher location choice. Both school-based and neighborhood-based effects are measured, and both types are significant. Furthermore, this article finds that the location of the school in relation to the suburban borders is an important determinant of teacher location choice. (JEL I29 , J24 , J61 )     

ASYMMETRIC INFORMATION IMPACTS: EVIDENCE FROM THE AUSTRALIAN TREASURY-BOND FUTURES MARKET

Abstract.  The effect of information flows on the return volatility of Australian 3-year Treasury bond futures is examined using linear and non-linear GARCH models. Results show significant asymmetric information effects, where bad news has a greater impact on volatility than good news and a non-linear Threshold ARCH(1,1) in mean model provides the most accurate estimation of return volatility. Diagnostic tests confirm this finding and out of sample forecasting error statistics verify that the Threshold ARCH(1,1) in mean model yields the lowest forecasting error. The Threshold ARCH(1,1)-M model is best at capturing the asymmetric information impact on the Australian three-year T-Bond futures return volatility.     

THE SPOT MARKET MATTERS: EVIDENCE ON IMPLICIT CONTRACTS FROM BRITAIN

Based on the methodology of Beaudry and DiNardo (1991) , this paper investigates the relative importance of the spot market and implicit contracts in the determination of British real wages. Empirical work is carried out separately for males and females with individual-level data taken from the New Earnings Survey Panel for the years 1976–2001. In contrast to previous studies that used North American data, the spot market is found to be more important than implicit contracts in determining real wages, although we do find some support for contracting effects. Further evidence is provided through the analysis of individual wage sequences. These suggest that the downwardly rigid wage sequences implied by implicit contracts with costless worker mobility are not prevalent in Britain.