宏观共同因子、特质因子以及货币政策对中国各线城市房价的影响——基于FAVAR模型

运用FAVAR模型,将中国各线城市房价分离出宏观共同因子和特质因子部分,研究了各因子及货币政策对房价的影响。研究发现:大城市的房价更易受宏观共同因子和地区特质因子的影响,且变动的持续性更大;共同因子可在很大程度上解释房价变动的持续性和波动性;共同因子对房价的影响较为持久,而地区特质因子只在短期内影响房价;利率和货币供应量可以有效地影响房价;相比利率,货币供应量对一线和二线城市房价水平的影响更大,对各线城市房价波动的影响更为持久;一线城市的房价水平及其波动对货币政策冲击的敏感度较高,二线城市的敏感度居中,三线城市的敏感度较低;未发现货币政策的"价格之谜"现象,表明本文模型设定的合理性较强。     

OPTIMAL MONETARY POLICY AND ASSET PRICE MISALIGNMENTS

This paper analyses the relationship between monetary policy and asset prices in the context of optimal policy rules. The transmission mechanism is represented by a linearized rational expectations model augmented for the effect of asset prices on aggregate demand. Stabilization objectives are represented by a discounted quadratic loss function penalizing inflation and output gap volatility. Asset prices are allowed to deviate from their intrinsic value due to momentum trading. We find that in the presence of wealth effects and inefficient markets, asset price misalignments from their fundamentals should be included in the optimal interest rate reaction function.     

Evaluating the Gains to Cooperation in the G-3

A model of the G-3 is introduced which has a transparent structure including a simple but analytically tractable supply side. New optimising techniques are used to conduct extensive policy experiments on this multicountry model (including full Nash solutions and a fully cooperative solution). In the case of a fiscal shock originating in theUS, we find evidence of significant spillovers to other countries, which can only be ameliorated in the fully cooperative regime.     

中美货币政策变动与国内资产价格调控

后金融危机时代,美国持续量化宽松货币政策所带来的溢出效应已对中国资产价格调整产生实质性影响;美国货币政策变动后可通过利率和国际资本流入进行传导,能直接引起中国股票市场价格的剧烈波动并间接推动房地产价格的上涨;在中国房地产市场正处于深度调控背景下,美国货币政策的进一步放宽将对中国货币政策的适度紧缩形成强烈制约,使中国资产价格调控面临巨大的风险和隐患。     

Why has Income Inequality in Germany Increased From 2002 to 2011? A Behavioral Microsimulation Decomposition

This paper proposes a method to decompose changes in income inequality into the contributions of policy changes, wage rate changes, and population changes while considering labor supply reactions. Using data from the Socio‐Economic Panel (SOEP), this method is applied to decompose the increase in income inequality in Germany from 2002 to 2011, a period that saw tax reductions and a controversial overhaul of the transfer system. The simulations show that tax and transfer reforms have had an inequality‐reducing effect as measured by the mean log deviation and the Gini coefficient. For the Gini, these effects are offset by labor supply reactions. In contrast, policy changes explain part of the increase in the ratio between the 90th and the 50th income percentiles. Changes in wage rates have led to a decrease in income inequality. Thus, the increase in inequality was due to changes in the population.     

基于Nerlove模型的中国不同区域玉米供给反应研究

针对我国玉米生产区域差异较大的特点,把全国分为三个玉米生产区域,构建了玉米单产和玉米种植面积供给反应模型,进而对我国玉米供给反应进行研究,并测算了我国玉米供给的面积弹性和单产弹性。研究结果表明,不论在长期弹性还是短期弹性方面,玉米种植面积弹性均优于玉米单产弹性。     

货币政策工具对资产价格动态冲击的识别检验

文章以不同的货币政策手段在资产价格波动的不同阶段所表现出的作用效果为出发点,通过SVAR模型,识别出不同货币政策工具的单独动态冲击,并分别分析了膨胀阶段和低迷阶段的资产价格对货币政策冲击响应的程度,以解决针对不同阶段资产价格波动的货币政策调控手段和时机的选择问题。结果表明,货币政策对资产价格的作用具有有效性,在价格膨胀阶段可在一定时期内采取利率手段对资产价格波动进行微调,当出现价格泡沫时控制货币供应量会收到即时效果;而在资产价格低迷阶段,以利率调节资产价格具有明显和相对持久的作用。     

Food Prices Policy in Israel: A Strategic Instrument

Abstract:

The goal of this research is to demonstrate a significant importance of state policy of food prices supervision in Israel. The article begins with a detailed discussion of the healthy food basket’s components, based on the Israeli Ministry of Health recommendations. Next, we present the prices of the goods included in the basket, and a calculated estimate of the per capita cost of funding the basket. Based on this cost figure, we assess the economic ability of Israeli households to purchase the basket. The results show that two lowest quintiles would have trouble paying the price of a basic health food basket. Further, it describes the food prices in Israel and its significance, Israel’s food market and the major regulatory tools associated with the food market. In the end, we define the need for short-term and longer-term regulation of food costs, and the necessity of expanding competition in the food market.     

Colombia’s macroeconomic challenges at the end of the supercycle of commodity prices

The end of the commodity boom presents major challenges for the Colombian economy. The major ones relate to the need to reduce the current account deficit and find new growth engines. A competitive real exchange rate is essential for objectives and requires stronger interventions in the foreign exchange market; these interventions also help to smooth out the trajectory of the inflation rate. Finally, although fiscal adjustment has been adequate, there are fiscal needs associated with the additional public sector spending demanded by the peace agreement and the need to correct the major structural tax imbalances generated by previous tax reforms.     

非均衡条件下房地产价格变化的主要因素及动力机制

房地产市场是一非均衡的市场,特殊的市场性质和独特的商品属性决定了房地产价格的变化既要受供求关系的影响,又不能单纯的依靠供求关系,还必须通过政府相关的政策加以引导,调控房地产的供应数量与供应结构,引导经济预期.纵观供需两方面,在影响房地产价格变化的因素中,成本价格是价格变化的基础,消费者的购买能力与购买欲望是决定因素,而国家的政策具有双重影响,且影响房地产发展的全过程.房地产的价格也在市场机制和预期机制的共同作用下发展和变化.     

应对资产价格波动的货币政策选择与均衡框架构建

资本市场的快速发展,使资产价格波动与货币政策效果之间的关联性不断加大.货币政策是否应当和应该如何对资产价格波动作出反应,多年来吸引了众多学者和货币政策制定者的高度关注.综合已有的理论实践和我国货币政策操作的现实,虽然目前资产价格还不具备作为我国货币政策独立调控目标的条件,但是有必要将其作为货币调控的辅助监测指标纳入中央银行货币政策操作的视野.央行应尽快建立与资产价格监测相关的指标体系,形成考虑资产价格波动因素的货币政策传导机制,构建均衡实体经济与虚拟经济的货币政策操作框架.     

基于资产价格影响的货币政策非对称性效应研究

利用NK-SVAR模型就我国货币政策的非对称性效应进行研究,结果表明,紧缩性货币政策的效果比较明显,而扩张性货币政策效果较弱.货币冲击的紧缩效应强于扩张效应,这表明抑制经济的过快增长时紧缩性的货币政策效果显著,但扩张性货币政策无法摆脱经济的恶性衰退.     

基于市场均衡模型的中国玉米供需变化与趋势预测

当前国内外粮食供求形势在不断变化,为保障国家粮食安全,中国政府及相关部门提出研究构建国家粮食安全新战略体系。在此背景下,对中国玉米生产、消费、进出口的影响因素进行定量分析,通过构建市场均衡模型,对中国玉米供求平衡的变化与趋势进行预测分析。模型研究结果显示,对于玉米供给而言,到2025年中国玉米产量还有7.9%的上升空间,种植面积对于玉米价格的反应较为滞后,而农业补贴政策对于农民种植意愿的提高具有较为显著的效果;增强玉米生产科技要素的投入及提高抗击自然灾害的能力,有利于玉米单产水平的提高。对于玉米需求而言,到2025年中国玉米消费量将要增长38%,玉米饲用需求量和工业需求量呈刚性增长;由于玉米消费量增长速度高于生产量的增长,未来中国玉米产需缺口将会越来越大,玉米供求形势不容乐观。在此基础上,提出了立足国内生产、加大对农业四项补贴的投入力度、充分利用国际市场资源、科学调控玉米深加工等政策建议。     

Determinacy, stock market dynamics and monetary policy inertia

We study equilibrium determinacy in a New-Keynesian model where the Central Bank responds to asset prices growth. Unlike Taylor-type rules that react to asset prices, the proposed alternative does not harm dynamic stability and in certain cases promotes determinacy by inducing interest-rate inertia.     

A bank lending channel or a credit supply shock?

Shifts in credit supply could have a bearing on house prices e.g. through financial innovations and changes in regulation independently of the existence of a bank lending channel of monetary policy. This paper assesses the responses of US house prices to an exogenous credit supply shock and compares them with the effects from variations in credit supply associated with a bank lending channel. The contribution of the study is twofold. First, innovations in credit supply are identified using a mortgage mix variable, thereby accounting for the market-based financial intermediaries. As a robustness check a survey variable of bank lending standards for mortgage loans is also used. Second, the policy-induced credit supply effect on house prices is disentangled and compared with the effect from an exogenous credit supply shock. It is shown that in the first 3 years credit supply shocks affect house prices exogenously rather than through the bank lending channel. Monetary policy has still a large impact on house prices, even when the bank lending channel is ‘turned off’.     

Neo-liberalism and New Labour policy: economic performance, historical comparisons and future prospects

The paper analyses19760/70s inflation, the replacement of Keynesianwith neo-liberal economic policy, and the post-1979 declinein inflation. It is shown that the fall in inflation is explainedby trends in import prices rather than by switches in economicpolicy. However, New Labour's conversion to neo-liberalism meansthat no alternative to it is on political offer, despite returnsto pre-Keynesian policy-making, the success of which will dependon price policies based on an understanding of the institutionalroots of inflation.     

货币政策是否应关注资产价格——基于货币稳定的视角

货币稳定是一个伴随着货币交易范围扩展而不断拓展的概念,资产交易规模使资产价格波动能严重影响货币稳定和社会福利,因此,货币稳定应当包括资产价格稳定。利用中国1998-2009年月度、季度数据,以及协整检验、误差修正估计和方差分析等方法研究后得出:资产价格与传统通货膨胀指标现值及预期值存在联动性、与经济运行中的货币存量具有显著的数量解释关系,资产价格通过影响消费、投资等经济因素冲击着货币政策效果;货币政策对维护包括资产价格在内的货币稳定并非无能为力,经验表明资产价格往往对货币政策调整做出积极反应。因此,货币稳定指标应根据传统通货膨胀指标和资产价格指标综合计算,即货币政策应根据资产价格传导机制,精确分析资产价格与货币中介目标的关系,准确采取政策工具。