Intertemporal substitution in consumption, labor supply elasticity and sunspot fluctuations in continuous-time models

The aim of this paper is to discuss the roles of the elasticity of intertemporal substitution in consumption and the elasticity of the labor supply on the local determinacy properties of the steady state in a two-sector economy with constant elasticity of substitution technologies and sector-specific externalities. Our main results provide necessary and sufficient conditions for local indeterminacy. First, we show that the consumption good sector needs to be capital intensive at the private level and labor intensive at the social level. Second, we prove that under this capital intensity configuration, the existence of sunspot fluctuations is obtained if and only if the elasticity of intertemporal substitution in consumption is large enough but the elasticity of the labor supply is low enough. In particular, we will show on the one hand that when the labor supply is infinitely elastic, the steady state is always saddle-point stable, and on the other hand that when the elasticity of intertemporal substitution in consumption is infinite, labor does not have any influence on the local stability properties of the equilibrium path.     

The Heckscher-Ohlin-Vanek Theorem and International Factor Price Differences

This paper demonstrates the importance of accounting for absorption of inputs in a model of factor-augmenting international productivity differences when examining the consistency of international factor price differences with the Heckscher-Ohlin-Vanek (HOV) theorem. It is shown that the absence of such accounting has non-trivial implications in the form of introducing a bias in the calculation of productivity parameters based on the HOV theorem. JEL Classification Numbers: F1     

Increasing Wages,Factor Substitution,and Cropping Pattern Changes in China

This article analyzed the influence of increasing wages on cropping patterns from theoretical and empirical perspectives. The results showed that the increasing labor cost provided a significant incentive to adjust the grain cropping pattern, which increased the production of the three major cereal grains but reduced the production of other grain crops. Increasing wages had a significant negative impact on cash crops. More labor-intensive cash crops experienced a larger negative impact in the context of increasing wages. The increase in labor costs also had a negative impact on the proportion of vegetables produced, which was more evident in northern China. A further mechanism test indicated that factor substitution was a significant reason for cropping pattern changes; this illustrated the substitution of labor by machinery not only between grain crops and cash crops but also among different cash crops.     

External debt,time preference,and nontraded goods in a two-sector dynamic model of consumption

A number of studies have indicated that one of the consequences of a development process is a rise in the consumers' subjective time preference rate (discount rate). This study first shows that many of the adverse economic observations in developing countries can emerge from a rise in the discount rate. It then demonstrates that the extent of such adverse effects is related to relative shares of the tradable and nontradable sectors in aggregate consumption. A result is that the aggregate dissaving generated by a rise in the discount rate is smaller when the economy's nontradable sector is relatively larger. The results add new dimensions to the allocation policies applied by international lending insitutions in developing economies.     

Reserve requirements,currency substitution,and seigniorage in the transition to European monetary union

This article considers a transition toward European monetary union that combines increased substitution of currencies and greater monetary, financial, and fiscal policy coordination. It explores how such a transition would affect national inflation and interest rates and required reserve ratios when governments depend in part on seigniorage funding for public expenditures. We find that greater coordination of policies would lead to lower inflation and interest rates but higher reserve-requirement ratios. Because higher reserve-requirement ratios could place European banks at a competititve disadvantage, we conclude that the interaction between reserve requirements and seigniorage concerns makes it less likely that the gradualist approach of the Maastricht treaty is a sustainable means of transition to European union.     

Expectation-driven fluctuations and welfare loss under free trade in two-country models

This paper investigates the interlinkage in the business cycles based on expectation-driven fluctuations of large-country economies in a free-trade equilibrium. We consider a two-country, two-good, two-factor general equilibrium model with sector-specific externalities. We show that some country's expectation-driven fluctuations can spread throughout the world once trade opens even if the other country has determinacy under autarky. We thus prove that under free trade, globalization and market integration can have destabilizing effects on a country's competitive equilibrium. Finally, we characterize a configuration in which opening to international trade improves the stationary welfare at the world level but deteriorates the stationary welfare of the country that imports investment goods and exports consumption goods. We conclude that in opposition to the standard belief, international trade might not be beneficial to all trading partners in the long run.     

Total factor productivity of Korean manufacturing industries: Comparison of competing models with firm-level data

This paper presents the parametric estimation of the rates of technical change and total factor productivity (TFP) growth of 7462 Korean manufacturing firms over the period 1987–2007. Two alternative formulations of technical change measured by the time trend and the general index approaches are estimated with panel data models assuming flexible functional forms. Several extensions of each approach are also considered and their benefits and limitations are discussed. In addition to making estimates of the TFP growth and its decomposition, the paper compares the parametric TFP growth measure with the non-parametric Solow residual serving as a benchmark. Several hypotheses related to technology level, firm sizes, industrial sectors, skill biased technological change and macroeconomic and industrial policies are tested to explain the growth patterns and heterogeneity in technical change, input biases and TFP growth rates. Using second regression analysis, the paper explores the determinants of TFP growth and their policy implications.     

论非智力因素与创新素质的价值与关联

创新素质教育是以培养学生的创新人格、创新精神、创新能力为目的的教育实践活动，而非智力因素在创新素质培养方面具有十分重要的作用。通过培养大学生的高质量的情商，可以提高大学生的创新素质。     

经济增长中能源要素投入与全要素生产率分析

能源既是经济发展的促进因素,同时也是一个制约因素。为了保持国民经济的稳定、持续和健康发展,需要研究经济增长与能源投入之间的关联关系。文章的创新主要体现在:引入了能源要素对C-D生产函数模型进行了拓展,通过统计实证揭示了经济增长与生产要素投入之间的比例关系,以及能源增长与GDP增长之间的比例关系。揭示这些比例关系,对我们认识经济增长的规律是一个必要的前提条件。     

Optimal government spending in an economy with imperfectly competitive goods and labor markets

This article examines the growth‐ and welfare‐maximizing government spending in an economy that is characterized by market imperfections, namely, unionization in the labor market and monopolistic competition in the goods market. To thoughtfully explore the optimal spending, two distinct scenarios where the government spending is financed by labor/capital income taxes are considered. Our analysis shows that the optimal growth‐maximizing government spending is inconsistent with the welfare‐maximizing government spending. Moreover, the growth‐maximizing/welfare‐maximizing government spending have quite different responses to distinctive market imperfections (markups in the goods and labor markets), particularly in the scenarios with distinctive financing modes. Our numerical study indicates that the growth‐maximizing and welfare‐maximizing government expenditures, in general, are more responsive to the change in the labor market friction than that in the product market friction and the growth‐maximizing government spending is more likely to be lower than the welfare‐maximizing government spending.     

中国水煮笋出口现状与影响因素分析

水煮笋是中国出口的重点大宗农产品,2007年出口数量和金额同比增长达92．2％和87．3％,涨幅和影响较大。水煮笋在日本市场稳定增长的同时,美国与欧洲市场迅速打开。通过对水煮笋出口增长与出口市场结构变化的影响因素进行分析,提出加强产品安全控制、创立生态型品牌、宣传中国竹文化等对策,进一步提高水煮笋的出口竞争力,并给其他农产品以启示。     

辽宁省绿色全要素生产率的测度与影响因素分析

以辽宁省2010—2019年省级时间序列数据为基础,运用Super SBM-GML指数,测算辽宁省的绿色全要素生产率。结果表明,在样本研究期间辽宁省的绿色全要素生产率均处于上升态势,绿色技术进步是辽宁省绿色全要素生产率增长的动力核心,而绿色技术效率的推动作用较小。在辽宁省绿色全要素生产率发展的影响因素当中,经济发展水平发挥了重要驱动作用,而人力资本具有极大的阻碍效应。     

Determinants of Factor Misallocation in Agricultural Production and Implications for Agricultural Supply‐side Reform in China

Allocative inefficiency in agriculture is an issue puzzling researchers and policy‐makers in China. Based on household data from the China Family Panel Studies of 2012, the present paper quantifies the potential distortions in China's agricultural production and examines their underlying determinants across regions. The results reveal that there are different levels of distortions across regions. The Middle region is facing the greatest distortion. Increases in machinery input, the proportion of non‐farm income and effective labor input will reduce distortions. Household saving, farmland rent and farmland size are significantly positively related to distortions. There is a complementary effect between labor and farmland in alleviating production inefficiency, but substitution effects exist between capital and farmland and also capital and labor. The increase in farmland size will aggravate the impact of capital on distortions. Given the constraint of super small‐scale farmland, facilitating land transfer is a necessary precondition for improving allocative efficiency.     

Business reforms and total factor productivity in Vietnamese manufacturing

Vietnam implemented reforms in the 2000s to ease start-up of new businesses with dramatic effect on firm entry and market competition. This study examines firm level data for the period 2000–2010 to analyze total factor productivity (TFP) in connection with the reforms, adopting a semi-parametric technique developed by Wooldridge (2009) and Petrin and Levinsohn (2012) to measure TFP. Intensified competition is hypothesized to have driven convergence of TFP within industrial sectors as technologies best suited to Vietnamese market conditions became more widely implemented. The evidence strongly supports this hypothesis with convergence found for 16 of the 17 sectors analyzed. Further, comparison of TFP growth rates between the first and second half of the decade shows mixed results by sector and region. More often than not, TFP growth is seen to have slowed over time. This suggests that competition acted not only to push low TFP firms to exit the market or raise productivity, it also discouraged use of technologies that may have been overly advanced and not cost efficient for Vietnam.     

中国企业社会责任测量维度识别与评价——基于因子分析法

在与企业家深度访谈的基础上,文章采用因子分析法开发了一组用于界定中国企业社会责任的测量维度,构成为4种履责动机、5条履责特征以及11款与利益相关者有关的条目等三个大类共20个测量变量。这一结果反映了企业界对承担社会责任的期待和评价标准,为研究人员提供了一个测评企业履行社会责任程度和水平的工具,并基于交通运输行业进行了信度和效度的检验和评价,以保证研究结果对其他行业具有普遍适用性。     

湖南省乡村韧性空间格局分析与障碍因子诊断

构建乡村韧性测度指标体系,运用多指标综合评价法、空间自相关以及障碍诊断模型等方法,研究湖南省乡村韧性的空间格局特征,并进行分区与障碍因子诊断。研究结果表明：湖南省乡村韧性综合度介于0.179 7～0.667 0,高值集中在省会及其周边县域,低值集中在湘西地区;4个维度韧性分布以高值聚类为主,呈正相关;根据综合度和协调度将全省划分为6个类型区,生态韧性与经济韧性为主要障碍因子。     

长三角工业企业全要素生产率的测算与比较

采用DEA-Malmquist法,对1998-2011年长三角地区工业企业的全要素生产率进行了测算和分解,并把长三角地区的工业行业分为三类。研究表明,1998-2011年长三角地区工业企业的全要素生产率呈现稳步上升的趋势,平均增长率为9.3%,且主要由技术进步拉动。不同类别工业行业间的全要素生产率有较大差别,技术效率变化是造成差异的主要原因。低生产率工业行业的生产总值占工业总产值的比重较高,阻碍了工业生产率的提高,也是今后转型升级的重点所在。     

Local Government Debt,Factor Misallocation and Regional Economic Performance in China

This paper examines total factor efficiency and productivity performance by taking into account local government debt (LGD) in 31 Chinese provincial regions for the period 2000–2013. The results show that neglecting LGD may overstate economic performance in Chinese provinces. The eastern region shows better performance in single factor efficiency and total factor efficiency than the non‐eastern regions. The western region shows the worst total factor performance. The north‐eastern region is the only region that has experienced a decline in total factor performance. The state‐dominated, investment‐driven development model may help technological progress across Chinese regions but could lead to significant factor misallocation. We argue that biases towards more state‐dominated investment and land supply in less productive western, central and north‐eastern regions, at the expense of investment and land supply in more productive eastern regions, have contributed to the recent slowdown in economic growth in China. Therefore, further market‐oriented reforms in factor markets should be considered in the future.     

超高温高压含CO2天然气偏差因子预测模型

在超高温高压条件下,含CO2天然气相态实验开展困难,偏差因子的变化规律认识不清,导致现有天然气偏差因子预测模型适用性不明确.通过测定不同CO2含量的天然气偏差因子,分析超高温高压条件下CO2对天然气偏差因子的影响程度,发现CO2含量的增加显著加强了含CO2天然气的可压缩性.基于实验数据,分析传统偏差因子预测模型的适用性,并通过拟合建立针对海上乐东气藏新的偏差因子经验预测模型.该模型具有可解析、精度高的优点.     

基于因子分析法的安徽低碳经济发展水平评价及政策建议

基于低碳经济发展的新趋势,分析了安徽省在低碳产业、低碳技术应用、清洁能源使用等方面发展低碳经济面临的突出问题。在此基础上通过因子分析方法对影响安徽省低碳经济发展水平的主要因素进行了实证分析,结果表明:能源生产能力增长比、工业能源固定投资、以及森林面积的覆盖率对安徽低碳经济发展起了重要作用,这与安徽省低碳经济发展所面临的突出问题基本一致。最后,本文基于实证分析的结论,提出了相应的政策建议以期加快安徽省全面实现低碳经济发展的步伐。