M1 demand and volatility

The reasons for the instability within the M1 market during the 1970s and 1980s have been attributed to an actual breakdown in the M1 market, multicollinearity, or an inappropriate specification. The present paper offers a more general reason: increased volatility within the money demand determinants produced an econometric environment which made estimation of the relationship problematic. In order to investigate this possibility, the traditional demand vector is re-estimated with additional generalized autoregressive conditional heteroskedasticity representation for income, inflation, and interest rate volatility as conditioning variables. The rolling regression results highlight a significant stability within the M1 demand vector and its long- and short-run parameters. I wish to thank, without implicating, two anonymous referees for helpful comments and suggestions     

基督教在华报刊活动的战略转型——兼论范约翰的传播观

19世纪六七十年代,在华基督教传教士的报刊活动实施战略转型,其出版中心由广州转移到上海,各差会开始合作办报,出版“世俗化”和非宗教报刊,采用中国方言和土话等本土化报刊语言,招募中国本土报刊代理和编辑。范约翰是在华基督教报刊世俗化和本土化的倡导者和实践者,他的《论报刊》集中体现了其新闻传播观,尤其是发展世俗化（非宗教类）报刊的传播理念。     

J.M. Clark and Institutional Economics: Remarks on the Receipt of the Veblen-Commons Award

This paper outlines the contributions of J.M. Clark to institutional economics. Clark is sometimes seen as standing between institutional and neoclassical economics, but I argue that this view is not accurate. Clark was intimately involved in the definition, promotion, and defense of institutional economics in sessions of the American Economic Association and in a variety of other forums. No other member of the institutionalist group was as much involved in the professional discussion of institutional economics as J.M. Clark. In addition, Clark made a number of key contributions to institutionalist theory in the areas of psychology and economics, the costs of decision-making, overhead costs and business-pricing behavior, the accelerator mechanism and business cycles, workable and effective competition and competition policy, and social control. These contributions, together with the graduate students he trained at the University of Chicago and Columbia University, serve to place him in the center of the institutionalist movement and not on its periphery.     

制度压力感知与官员独董辞职--基于“中组部18号文”的实证研究

现有文献发现,官员特征(如官员的任期、异地交流、更替等)对地方经济增长和公司财务行为有重要影响,但是由于不易准确度量及缺少恰当的研究情境,对官员对制度压力的感知情况考察不足。作为外生的政策冲击,“中组部18号文”的颁布及施行提供了难得的研究机会。使用手工搜集的自“中组部18号文”发布以来的官员独董辞职数据,本文从制度压力感知的角度,考察了官员行政级别、公司产权性质和地区政治强度对官员独董辞职时间早晚的影响。研究发现：行政级别越高、国有控股上市公司以及上市公司所属地区政治强度越大的官员独董,对制度压力的感知越深刻、越敏锐,辞职时间也就越早。可见,企业经营者需要深入思考政治关联的不确定性和脆弱性,认清其可能存在的潜在风险。此外,文章还考察了外部治理环境对官员独董辞职行为特征的调节效应,并且发现,良好的外部治理环境有助于提升政策的执行效率。