科研开发活动的有偿性与增值税的计征问题——从一个案说起

本文通过案例分析了科研开发中有关费用的性质，指出开发成果不是销售货物，国家在征收增值税时应给予政策上的优惠。     

加强我国公司法人治理结构中的激励与约束机制

本文利用相关分析、Granger因果检验、回归分析三种统计指标分析了CPI与GDP的关系 ,指出CPI作为通货膨胀指标的可行性。要实现CPI的控制目标 ,应以M 2作为货币政策中介目标较为合理     

美国的证券市场与货币政策工具

按照经常收支的会计恒等式(Ex-IM=(S-I)+(T-C))统计，美国从80年代开始经常收支出现逆差，沦为世界最大的借款国和最大的债务国。每年不得不依靠巨额国外资金流入来解决国内储蓄——投资缺口。80年代利用外资总额占GDP的1.8％，90年代为1.7％。是典型的负债型经济结构。……     

Evaluating monetary policy when nominal interest rates are almost zero

The non-negativity constraint on nominal interest rates may have been a major factor behind a putative structural break in the effectiveness of monetary policy. To check for the existence of such a break without making prior assumptions about timing, and to enable comparison between pre- and post-break monetary policy, we employ an identified Markov switching VAR framework. Estimation results support the existence of a structural break around the time when the de facto zero nominal interest rate policy was resumed and the effectiveness of monetary policy is seen to weaken since then although slightly positive effects from monetary easing still exist. J. Japanese Int. Economies 20 (3) (2006) 434–453.     

Optimal portfolio choice when utility depends on health

This paper examines optimal portfolio choice when health can change the shape of the utility function. If adverse health shocks threaten to increase the marginal utility of consumption, that is, if they are Edgeworth–Pareto substitutes, risky health prompts individuals to lower their risky portfolio shares. Health naturally becomes more uncertain with age, so this theory might help to explain why aging investors gradually decrease their risk exposure even when asset returns display no mean reversion and relative risk aversion is constant.     

Optimal educational choice and redistribution when parental education matters

Higher education plays an important role in determining lifetimeearnings. In turn, the decision to become educated depends toa large extent on family characteristics, such as wealth andeducation. In this paper, we focus on the interaction betweenfiscal policies and educational choices when parental educationmatters. We derive optimality conditions for a linear incometax and a lump-sum subsidy for education in a dynamic frameworkin which generations are linked by educational background. Thefactors that determine their sign and magnitude include concernsfor redistribution, efficiency, and the educational externalityon future generations.     

银根收紧何以效果甚微

中国经济增长失衡的特殊复杂性,使得中国货币政策的效率在递减中国经济增长中,货币政策的特殊性面临着一种特殊的失衡背景,对货币政策     

Domestication of monetary policy

The article touches upon the issue of the independence of monetary policy, the impossible trinity, and the exchange-rate policy. It has been shown that independent monetary policy is possible and estimates of the limits of its independency have been given.     

On the choice of monetary policy rules for China: A Bayesian DSGE approach

Motivated by the institutional features of China's monetary policy, this paper aims at identifying the most data favored monetary policy rule for China within a dynamic stochastic general equilibrium (DSGE) model framework. In a canonical New-Keynesian DSGE model, we carry out a positive analysis by employing Bayesian methods to estimate three main categories of monetary policy rules, namely a Taylor-type interest rate rule, a money growth rule and an expanded Taylor rule with money. Based on China's quarterly data from 1996Q2 to 2015Q4, our estimation shows that the expanded Taylor rule obtains the best empirical fit to the data. Moreover, impulse responses and forecast error variance decompositions demonstrate that monetary policy rules with or without money provide very different implications for the policy behavior. Our results ultimately suggest that money has so far been more closely targeted than nominal interest rate and still plays an important role as a monetary policy target in China. Furthermore, a conventional Taylor-type interest rate rule is not good enough yet to describe China's monetary policy behavior.     

Effectiveness of history-dependent monetary policy

In this paper, we evaluate the effectiveness of history-dependent monetary policy, focusing on the design of targeting regimes and simple policy rules. Our quantitative analysis is based on a small estimated forward-looking model of the Japanese economy with a hybrid Phillips curve. Our main findings are: (1) History-dependent targeting regimes, such as price level targeting and income growth targeting, outperform inflation targeting; (2) Committing to a simple history-dependent policy rule results in nearly the same social welfare as the optimal delegation of price level targeting and income growth targeting; (3) The central bank can achieve almost the same performance as the optimal commitment policy by adopting the first difference hybrid policy rule in which the change in interest rate responds to inflation, output gap, and real income growth rate. J. Japanese Int. Economies 18 (3) (2004) 330–361.     

专利知识的低效使用和最优专利设计

首先 ,本文确定了由专利知识被低效使用而导致社会福利净损失 ,并说明它随创新知识的生产性的增加而增加。其次 ,最优的专利总保护度由创新知识的生产性所决定 ,并随之递减。第三 ,尽管我们的专利政策包括法定期限T和保护宽度B两个维度 ,但厂商利润和社会福利仅和专利总保护度Φ直接有关 ,由此 ,最优专利政策对应于 (T,B)空间中的一条曲线 ,而在现有文献中却对应于一个点。     

分析中国货币政策的有效性

我国货币政策的最终目标是稳定币值,促进经济稳定增长。中央银行是通过货币政策工具控制和调节中介目标———货币供应量来实现这个最终目标的。本文通过探讨货币是中性还是非中性,货币供应量是内生还是外生,我国货币政策的传导机制是否畅通这三个问题,最终得出了我国货币政策     

胡晓炼：抑制通货膨胀是当前稳健货币政策的首要任务

中国人民银行胡晓炼副行长在2011年经贸形势报告会上说,与国外大多数央行采取单一的通胀目标制不同,作为宏观调控的重要组成部分,中国的货币政策是围绕物价、经济增长、就业和国际收支平衡等多个目标未制定的，需要缜密的统筹和权衡。从物价走势来看，通胀形势须高度关注，今年3月份居民消费价格同比上涨5．4％，继去年11月份后再次突破5％，创31个月来新高，工业生产者出厂价格上涨幅度更大一些。这一轮价格上涨的原因比较复杂，是国内外多种因素相互交织、综合作用的结果。     

IS—LM模型与财政货币政策的有效性

IS—LM模型是凯恩斯理论体系的主要分析工具。本文通过对我国IS曲线斜率、LM曲线斜率的分析,我们认为很难比较出目前财政政策作用与货币政策作用的大小,而考察开放经济下的IS—LM—BP模型,我们认为财政政策在目前起主要作用,而货币政策起配合作用。     

Some topical issues of Russian monetary policy

Some issues of Russian monetary policy are considered. The strenghts and weaknesses of the Russian monetary policy regime reviewed and alternative methods of macroeconomic regulation are presented.     

Transmission mechanism of monetary policy in India

This paper examines the transmission mechanism of monetary policy in India. Considering the external constraints on monetary policy, it estimates a series of vector autoregression models to examine the effects of an unanticipated monetary policy tightening on the real sector. The empirical results suggest that the lending rate initially increases in response to a monetary tightening. Banks play an important role in the transmission of monetary policy shocks to the real sector.     

The political economy of American monetary policy

Conclusion This thought-provoking volume should be read by any monetary economist who cares about trying to understand Fed policy. In light of the continuing trend toward constructing economic theories that tell more and more about less and less, cynics may have come to believe that the economics profession does not value research about real-world issues such as monetary policymaking. The contributions to this volume provide hard evidence that a sizable part of the profession continues to pursue policy-related questions.