Monetary Policy Response to Oil Price Shocks

How should monetary authorities react to an oil price shock? This paper shows that in a noncompetitive economy, policies that perfectly stabilize prices entail large welfare costs, hence explaining the reluctance of policymakers to enforce them. The policy trade‐off is nontrivial because oil (energy) is an input to both production and consumption. As welfare‐maximizing policies are hard to implement and communicate, I derive a simple interest rate rule that depends only on observables but mimics the optimal plan in all dimensions. The optimal rule is hard on core inflation but accommodates oil price changes.     

Pricing Behavior and the Response of Hours to Productivity Shocks

Recent contributions have suggested that technology shocks have a negative impact on hours, contrary to the prediction of standard flexible-price models of the business cycle. Some authors have interpreted this finding as evidence in favor of sticky-price models, while others have either extended flexible-price models or disputed the empirical finding itself. In this paper, we estimate a variety of alternative total factor productivity measures for a representative sample of Italian manufacturing firms and on average find a negative effect of productivity shocks on hours growth. More interestingly, using the reported frequency of price reviews, we show that the contractionary effect is stronger for firms with stickier prices and weaker or not significant for firms with more flexible prices. Price stickiness remains a crucial factor in shaping the response of hours after controlling for product storability or market power.     

Mergers in India. A Response to Regulatory Shocks

Recent empirical research shows that industry and regulatory shocks play a key role in determining merger activity in developed countries. We use this framework to analyze merger activity in India, using a comprehensive database spanning a thirty-year period, from 1973-74 to 2002-3. At the industry level, we identify clustering of merger activity in India, indicating that mergers may be a response to industry and regulatory shocks. At the firm level, the 1991 amendments to the Monopolies and Restrictive Trade Practices (MRTP) Act, which removed premerger scrutiny, are found to have a positive and significant effect on merger behavior of firms that had been under its purview. After the 1991 amendments, firms underwent mergers that would have been scrutinized by the MRTP Act otherwise. These mergers were undertaken for expansionary reasons.     

债务期限结构、公司价值和债权人保护

以上市公司为研究样本,考察债务期限结构对公司价值的影响力,分析债务期限结构的管理激励差异,经验结果显示,短期财务杠杆具有更强的管理激励,能够更有效地迫使管理者改善经营效率和提升公司价值。结论表明,我国的制度环境能够为短期债权人提供更有效的保护机制,债务的流动性是影响资本结构激励功能的关键因素。     

Credit Markets and the Propagation of Monetary Policy Shocks

This paper analyzes the propagation of monetary policy shocks through the creation of credit in an economy. Models of the monetary transmission mechanism typically feature responses that last for a few quarters contrary to what the empirical evidence suggests. To propagate the impact of monetary shocks over time, these models introduce adjustment costs by which agents find it optimal to change their decisions slowly. This paper presents another explanation that does not rely on any sort of adjustment costs or stickiness. In our economy, agents own assets and make occupational choices. Banks intermediate between agents demanding and supplying assets. Our interpretation is based on the way banks create credit and how the monetary authority affects the process of financial intermediation through its monetary policy. As the central bank lowers the interest rate by buying government bonds in exchange for reserves, high productive entrepreneurs are able to borrow more resources from low-productivity agents. We show that this movement of capital among agents sets in motion a response of the economy that resembles an expansionary phase of the cycle.     

企业破产重整中债权人利益保护研究

2007年6月1日起施行的《中华人民共和国企业破产法》确立了企业破产重整制度,既为债权人实现债权提供了新的途径,又为债权人维护债权带来了重大影响。加强对破产重整中债权人利益保护机制的研究,在充分吸收和借鉴国外先进经验的基础上,进一步完善我国的企业破产重整制度及债权人利益保护机制,具有重要的理论价值和实践意义。本文在对企业破产重整中债权人利益保护的必要性进行分析的基础上,结合其他国家和地区破产重整法律制度,对我国企业破产重整制度在债权人权益维护方面具有的制度优势以及存在的不足及问题进行了分析评价,对完善我国企业破产重整中债权人利益保护制度提出了相应的建议。     

成交量和回报率对信息扰动的市场反应研究——以中国A股市场为例

用BVAR和BMAR模型及脉冲—响应分析方法来考察中国股票市场上成交量和回报率对信息扰动的动态反应情况得出,公共扰动和永久性扰动是回报率的主要决定因素,而非公共扰动和暂时性扰动则是成交量的主要决定因素。但是公共扰动和永久性扰动对成交量有明显影响;非公共扰动和暂时性扰动对回报率有明显影响。     

Monetary Policy Uncertainty and the Response of the Yield Curve to Policy Shocks

This paper studies the nonlinear response of the term structure of interest rates to monetary policy shocks and presents a new stylized fact. We show that uncertainty about monetary policy changes the way the term structure responds to monetary policy. A policy tightening leads to a significantly smaller increase in long-term bond yields if policy uncertainty is high at the time of the shock. We also look at the decomposition of bond yields into expectations about future policy and the term premium. The weaker response of yields is driven by the fall in term premia, which fall more strongly if uncertainty about policy is high. Conditional on a monetary policy shock, higher uncertainty about monetary policy tends to make securities with longer maturities relatively more attractive to investors. As a consequence, investors demand even lower term premia. These findings are robust to the measurement of monetary policy uncertainty, the definition of the monetary policy shock, and to changing the model specification.     

论破产制度变迁中银行债权的法律保护

银行、企业和政府间的关系一直处于改革变动之中,改革的许多焦点在破产法律制度中得以体现,其间是以转移和牺牲银行利益为代价的.正式破产法基本结束了企业关闭破产的行政程序,在一定程度上有利于银行债权受偿率的提高.但司法实践层面卜银行仍面临担保物权合同制度设计、诉讼方式选择等方面的压力.作为一种司法干预机制,破产申请程序对市场风险具有再分配功能,并对银行自主经营和风险防范提出了更高的要求.     

Money Velocity in an Endogenous Growth Business Cycle with Credit Shocks

The paper sets the neoclassical monetary business cycle model within endogenous growth, adds exchange credit shocks, and finds that money and credit shocks explain much of the velocity variations. The role of the shocks varies across subperiods in an intuitive fashion. Endogenous growth is key to the construction of the money and credit shocks because these have similar effects on velocity, but opposite effects upon growth. The model matches the data's average velocity and simulates well velocity volatility. Its Cagan-like money demand means that money and credit shocks cause greater velocity variation, the higher is the nominal interest rate.     

R&D Shocks and News Shocks

Most of the theoretical work in the news shock literature abstracts away from structural explanations, assuming instead that news is a pure signal giving agents advance notice that aggregate technology will undergo exogenous change at some future point. This paper proposes that a surprise improvement in sector‐specific productivity in the research and development sector can be seen as news about aggregate productivity. I not only offer a deeper explanation for the news but also show that the model performs modestly better in matching empirical facts than a standard, one‐sector neoclassical growth model augmented with exogenous news shocks does.     

Technology Shocks and the Labor-Input Response: Evidence from Firm-Level Data

We study the relationship between technology shocks and labor input on Swedish firm-level data using a production function approach to identify technology shocks. Taking standard steps yields a contractionary contemporaneous labor-input response in line with previous studies. This finding may, however, be driven by measurement errors in the labor-input variable. Relying on a unique feature of our data set, which contains two independently measured firm-specific labor input measures, we can evaluate the potential bias. We do not find that this bias conceals any true positive contemporaneous effect. The results thus point away from standard flexible-price models and toward models emphasizing firm-level rigidities.     

债权人保护:股份回购资金来源限制的法律漏洞及其填补

2018年《公司法》修改取消股份回购资金来源限制后,股份公司可以通过回购股份向股东返还财产,同时规避利润分配规则与减资规则,导致了债权人保护的法律漏洞。两大证券交易所与全国股转公司发布股份回购实施细则等自律性规范,在一定程度上填补了债权人保护的法律漏洞,并实质性地引入了偿债能力测试及董事责任规则,为公司资本制度的未来变革进行了有益尝试。《公司法》应当把握股份回购导致财产返还的经济实质,恢复资金来源限制,但具体限制标准则依赖于资本维持原则的改革方向。     

论企业改制、产权变动过程中的银行债权维护

企业改制、产权变动以重组生产要素、理顺产权关系为出发点，其根本 目的在于增强企业活力，提高企业经营水平和经济效益，以适应市场经济的要求。但在具体实施中，由于存在着一些对企业产权的片面认识，背离了产权改造的初衷，出现了许多扭曲的作法，给银行工作带来了不少困难，加大了银行的经营风险，主要有：     

Creditor rights and corporate risk-taking

We propose that stronger creditor rights in bankruptcy affect corporate investment choice by reducing corporate risk-taking. In cross-country analysis, we find that stronger creditor rights induce greater propensity of firms to engage in diversifying acquisitions that are value-reducing, to acquire targets whose assets have high recovery value in default, and to lower cash-flow risk. Also, corporate leverage declines when creditor rights are stronger. These relations are usually strongest in countries where management is dismissed in reorganization and are also observed over time following changes in creditor rights. Our results thus identify a potentially adverse consequence of strong creditor rights.     

言贷资产证券化投资者保护机制探讨

投资者的保护水平决定了信贷资产证券化的发展程度。作为一种金融创新，信贷资产证券化的投资者保护有其特殊性并开始成为证券化推广阶段的核心问题，试点时期的证券化制度已难以适应此时的投资者保护需要。应重新厘定监管者、金融中介和投资者的角色和功能，并在他们之间进行有效的证券化制度配置，以建立一个具有内在逻辑联系和价值传承的投资者保护机制，形成可持续自我发展的信贷资产证券化市场．     

征信制度下个人信用信息的规范利用与法律保护

个人信用信息规范的目的在于"使用"和"收益",在于增进社会相关主体获取使用个人信用信息的能力,同时,个人信用信息的使用又必须兼顾到被征信人正当合法的信用权.