Dynamic Input-Output Model with a Human Capital Block Applied to Forecasting of the Russian Economy

The article deals with the methodological issues of data preparation for the human capital block of the dynamic input-output model of the Russian economy and analyzes the results of a long-term forecast prepared based on this model.     

Macroeconomic Forecasting in Hong Kong: A Survey

This study reports the results of a survey on how the business firms, government, and academics in Hong Kong prepare their forecasts, what methods they prefer, whether they keep records of forecasting performance, and the usage of their forecasts. The survey questionnaire was sent to fortynine participants and the results showed that subjective techniques are commonly used by Hong Kong firms in various forecasting situations despite the increasing availability of computers that make possible the efficient use of quantitative forecasting techniques. Also, very few firms performed accuracy analysis for their forecasts. The lack of records of forecasting accuracy suggests that business firms in Hong Kong are likely to continue to use a technique that fails to perform.     

回归模型异方差性分析

介绍了预测模型的异方差性的概念，产生的原因以及常用的对模型的异方差性的检验方法。并介绍了模型异方差性消除的方法和程序。     

The Macroeconomic Role of Fiscal Policy

This article examines the new consensus that fiscal policy shouldhave no macroeconomic role in ‘flexible inflation targeting’regimes. There is little basis for this presumption. Fiscalpolicy remains important in setting the policy mix and in managingshocks and imbalances. The credibility of an inflation-targetingregime should be enhanced rather than reduced if fiscal policyplays its proper role. It is true, nevertheless, that the costsof focusing fiscal policy narrowly on public-sector concernsmay not be very great, most of the time. However, when interestrates cannot be used, the role of fiscal policy must be different.With interest rates at their lower bound of zero, there is noplausible alternative. For asymmetric shocks and adjustmentsin EMU, fiscal policy needs, ideally, to substitute for theinterest-rate policy reaction function of the consensus, butthe difficulties are very great. We suggest a policy focus onreal exchange rates as a way of resolving some of the dilemmas.There is a serious danger that orthodox views about fiscal policy,drawn from the consensus, will be inappropriately applied, especiallyin Europe. Footnotes ¹ E-mail addresses: christopher.allsopp{at}new.ox.ac.uk; david.vines{at}economics.oxford.ac.uk     

How Useful are DSGE Macroeconomic Models for Forecasting?

A review of the literature shows that forecasts from DSGE models are not more accurate than either times series models or official forecasts, but neither are they any worse. Further, all three types of forecast failed to predict the recession that started in 2007 and continued to forecast poorly even after the recession was known to have begun. The aim of this paper is to investigate why these results occur by examining the structure of the solution of DSGE models and compare this with pure time series models. The main factor seems to be the dynamic structure of DSGE models. Their backward-looking dynamics gives them a similar forecasting structure to time series models and their forward-looking dynamics, which consists of expected values of future exogenous variables, is difficult to forecast accurately. This suggests that DSGE models should not be tested through their forecasting ability.     

基于投入产出法对中国出口中价值含量的分析

基于Hummels 等(2001)的分析框架,本文利用OECD(2009)提供的投入产出数据库和联合国COMTRADE 贸易数据库测算了1993 年至2008 年中国出口中的国内价值和国外价值含量,结果发现中国出口中的国外价值自1993 年以后明显上升,来自其他国家其中主要是东亚地区的中间产品,通过融入中国的生产体系将其价值体现在中国出口贸易中,并在中国出口的快速增长中占据了相当的地位.在中国各行业的出口中,高技术制造行业出口比重迅速上升,但其出口中国外价值含量较高;低技术制造业出口比重大幅度下降,但出口中国外价值含量较少,出口价值基本都由本国创造.     

基于投入产出偏差模型的我国出口商品内涵碳排分析

作为世界最主要的贸易国和“世界加工工厂”的中国,商品贸易已成为影响国内碳排放的重要因素。本文首先采用投入产出分析方法,对2002年、2005年及2007年我国21个贸易产业部门出口商品中的内涵碳排进行测算,继而利用投入产出偏差模型将我国2002～2005年及2005～2007年间出口商品中的内涵碳排变化进行因素分解。结...     

中国产业结构的投入产出关联分析

投入产出表是国民经济核算体系的重要组成部分。本文主要通过1995年、1997年以及2000年的投入产出表,分析1995~2000年间各产业之间的关联程度和我国三大产业结构的变动对国民经济的影响,对我国产业结构优化升级具有一定借鉴意义。     

中国宏观经济运行的理论分析--宏观经济研究的一种新方法

本文提出一种完全不同于主流经济学的宏观经济理论,其要点是把表明市场经济关系的企业的成本收益计算和利润率作为收入一支出模型的基础.由于总成本中的固定成本是由上一期的资本存量价值和投资所决定的,从而是一种资本存量与收入流量的同时均衡.这种存量与流量的同时均衡来自于内生的货币供给机制,而利息率则同时调节投资、资本存量价值和货币供求.由此可以把实际领域与货币领域或企业和银行的资产负债表紧密联系起来构成一个资产负债表,其中起决定作用的是货币金融体系的内生的货币供给.以此理论,简析中国宏观经济运行.     

A Small Macroeconomic Model of the EU-Accession Countries

This paper develops a small macro-economic model of the CEECs to analyze various aspects of integration with the current EU and the role of monetary and exchange rate strategies during the (pre-) accession phase. The model gives insight into both the adjustment of the internal balance (as for output and employment) and the external balance (as for exports and competitiveness) in the accession countries. The model provides more insight into the basic macroeconomic relationships governing macroeconomic adjustment in the accession countries and also the role of the integration with the EU in that adjustment. We perform empirical simulations of different scenarios and analyze the resulting macroeconomic adjustment. In particular, we compare how a macroeconomic shock in the current EU is transmitted to the accession countries under flexible and fixed euro exchange rates, respectively.     

从对外贸易角度看中国产业升级的路径——基于投入产出法的实证分析

本文利用投入产出分析方法,计算了2002年投入产出表中对外贸易对各产业部门增加值的贡献率。在此基础上,本文分析了对外贸易在产业升级中的影响程度和影响方式,为国家规划产业结构的发展和国家制定产业政策提供新的启示和借鉴。     

我国宏观经济走势与调控方向

在不久前闭幕的全国政协十届四次会议上，政协委员们围绕构建社会主义和谐社会中大家关注的热点问题提出了许多很有见地的意见和建议，受到中共中央和国务院的高度重视。在上期的“委员建言”栏目中，本刊选登了部分委员的发言，得到了大家的一致好评。在本期的栏目中，本刊又选登了四篇委员发言，重点关注“宏观经济调控”、“农业科技创新体系建设”、“安全生产“和“经济增长方式转变”等“两会”热点问题，供大家学习、参考。[编者按]     

对当前新疆宏观经济形势的分析与思考

2007年,新疆国民经济保持平稳较快发展态势,增长格局、增长动力和需求结构发生了显著变化,经济发展处于新一轮经济周期上升期的新阶段。本文对经济运行中物价上涨、流动性过剩、投资增速、粮食安全、节能降耗以及经济"冷""热"程度等形势进行了分析和准确判断,并在结合2008年国际、国内经济发展前景和新疆实际的基础上,提出了对新疆国民经济发展趋势的展望和促进经济又好又快发展的对策建议。     

中国宏观经济形势分析与未来取向

2020年,中国迎难而上,果断抗疫,精准复产复工,成为全球唯一实现经济正增长的主要经济体。2020年,基建投资和房地产投资成为中国经济增长的稳定器,出口在全球贸易萎缩的背景下实现正增长,消费由于疫情导致的就业尤其是服务业就业减少、居民收入增速下降等因素出现了明显放缓。展望中长期发展,应积极培育需求,打造中国经济增长新动力。具体而言,要从四个方面着手:通过推动经济地理再布局,打造中国经济新增长点;在产业有序转移的过程中实现产业升级;保经济安全底线,重点关注产业链、能源和金融三个领域的安全问题;优化互联网平台监管。     

食品供应链能源流投入产出理论及实证研究

本文构造了我国食品供应链能源流投入产出模型并用于探析食品供应链能耗的关键环节。分析显示,食品制造与加工业对煤炭的完全能耗最大,为0.233,4,tce/万元;货运服务业对石油的完全能耗最大,为0.337,4,tce/万元;包装业对电力的完全消耗最大,为0.225,1,tce/万元。我国食品供应链能源消费量在2000—2007年间增长了6.8%,其中,使用技术设备的增加贡献了能源消费增长的一半,人均食品支出的增加和人口的增长也是推动食品供应链能源消耗增长的主要因素,它们各自大约占到能耗总增加量的四分之一。本文给出了食品供应链能源消耗控制的政策建议。     

Macroeconomic Variables and Stock Prices in Malaysia: An Empirical Analysis

The article investigates the dynamic interactions between seven macroeconomic variables and the stock prices for an emerging market, Malaysia, using cointegration and Granger causality tests. The results strongly suggest informational inefficiency in the Malaysian market. The bivariate analysis suggests cointegration between the stock prices and three macroeconomic variables – consumer prices, credit aggregates and official reserves. From bivariate error-correction models, we note the reactions of the stock prices to deviations from the long run equilibrium. These results are further strengthened when we extend the analysis to multivariate settings. We also note some evidence that the stock prices are Granger-caused by changes in the official reserves and exchange rates in the short run.     

外商直接投资与中国制造业的污染排放:基于行业投入-产出的分析

本文基于环境投入-产出模型,选取我国制造业15部门为研究对象,利用中国2002年和2005年可比价投入产出表以及3种环境污染物排放数据,全面衡量FDI流入我国制造业对3种污染物排放的直接和间接影响。研究结果发现:(1)我国制造业单位产出3种污染物的排放数量逐年降低;(2)FDI主要流入制造业中相对清洁的部门;(3)FDI大量流入的清洁部门通过产业关联导致其他制造业部门污染物排放增加,"污染避难所"假说在中国并不成立的论断存在一定局限性,需要重新修订;(4)从产业投入产出的角度来看,制造业中相对污染密集的行业其污染排放受到其他行业的需求拉动影响较大,而相对清洁行业对其他行业污染排放的拉动较强。