Alternative Monetary Targets,Instruments and Future Monetary Policy Frameworks

ABSTRACT

This article expands on the debate of whether merely controlling inflation can be considered a good outcome in terms of monetary policy, discussing proposals for adopting alternative monetary targets (e.g., price level, nominal GDP), alternative instruments (e.g., monetary finance, central bank digital currencies), for enlarging central banks' mandates (e.g., incorporating employment, wages, inequality, environmental objectives) and for the design of future monetary policy frameworks.

We argue that in the coming years, central banks should not simply maintain their pre-2008 standards by de-implementing unconventional monetary policies. Instead, they must take advantage of their past and recent experiences in order to improve, under an evolutionary perspective, future monetary policy and financial stability frameworks. Based on this, measures implemented since the 2008 crisis would have three possible treatments in new frameworks: i) be discarded, due to their predominantly adverse effects; ii) not be regularly implemented, but be used as backstop mechanisms if needed; iii) be incorporated as regular measures of monetary policy/financial stability frameworks. Accordingly, monetary and financial stability authorities will increasingly need to evolve and engage in a continuously adaptive and innovative process in order to face challenges posed by financial markets that are becoming more dynamic, innovative, complex, interconnected and globalised.     

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。     

Uncertainty and the Choice of Policy Instruments: A Note On Baumol and Oates Propositions

Baumol and Oates' propositions, the irrelevancy of benefit uncertainty and the importance of cost uncertainty on the choice between a tax and a system of marketable permits, are limited to a large-number case in which the opportunities for victims of pollution to participate in a permit market are non-existent. However, with the evolution of environmental groups and coalitions of victims in neighborhoods, the large-number case can easily transform into a small-number case. This paper shows that when the pollution standard, set at what appears to be optimal ex ante, is excessively lenient, the system of marketable permits offers such groups a flexibility to buy pollution permits in a competitive market and destroy them until the optimal solution is realized. In the reverse situation, however, Baumol and Oates propositions are unambiguously valid.     

我国森林限额采伐管理政策失灵分析

森林限额采伐管理是我国最主要的森林宏观调控政策,它对我国森林可持续发展影响重大。从现实来看,执行情况并不理想,超限额采伐现象屡见不鲜。本文从理论和实践两方面分析了森林限额采伐管理政策低效运行的原因,据此提出提高我国森林限额采伐管理政策有效性途径。     

关于中国稀土资源管理的政策建议

中国不但是稀土资源大国,而且是世界最大的稀土出口国。过去几十年间,中国稀土资源遭到过度和无序开采,这严重危害中国的资源安全,破坏自然环境和生态平衡。为实现稀土资源的可持续和健康发展,中国出台了一系列的政策和法规。从中国稀土产业存在的问题出发,提出完善稀土资源品成本构成、强化行业管理,鼓励企业加快技术进步的政策建议。     

洞庭湖湿地生态系统管理的策略选择

生态系统管理的目标就是为了构建人地和谐的可持续发展体系。文章基于洞庭湖湿地利用与保护的现状和面临的威胁,从生态系统管理的角度,首先提出了洞庭湖湿地生态系统管理的原则,包括整体性、分区分类管理、保护与发展共存以及参与性共管等原则,接着分别从机构与体制创新、立法与执法、编制中长期总体规划、促进利益相关方的参与和共管、加快湿地产业开发、巩固退田还湖等生态恢复工程、加强洞庭湖湿地生态与环境建设以及先进经验的示范与推广等方面提出了洞庭湖湿地合理利用的生态系统管理策略选择,并给出了洞庭湖湿地生态与环境评估指标的定义及其定量化方法,为其他类似区域的湿地生态系统管理提供了可资借鉴的模式。     

从紧货币政策下的资金管理

在从紧货币政策下,企业的长期股权投资尤其应该慎之又慎。如果筹资方案明确筹集的资金是为了某一长期投资项目,在经过必要的投资决策程序的前提下,就可以进行此项目的投资,并在投资过程中,加强监督和管理,以取得预期的投资效果。如果投资项目未经科学、严密的评估和论证,或者在投资后又缺乏有效的管理,就有可能因决策失误或管理不善而招致重大损失。     

中国货币政策工具的协调性分析及对策

运用向量自回归(VAR)模型和Johansan协整检验,对中国货币政策工具之间协调性进行分析,结果表明:货币政策工具的各项指标之间存在不同程度的依存关系,而央行贷款利率始终能有效地抑制外汇占款,因此应加强货币政策工具的配合使用及合理控制外汇占款.     

A Micro-Econometric Analysis of Determinants of Unsustainable Consumption in The Netherlands

Recently, much attention has been given to the notion of `sustainable consumption'. Whereas environmental economics traditionally has focused environmental policy analysis on producers, this new notion broadens the perspective to include environmental policies aimed at directly influencing consumer decisions regarding buying, using, and recycling products. This could suggest policies that link not only to price incentives, but also and especially to persuasive instruments, such as education and information provision. These policies might take into account certain characteristics of households, such as lifestyle and family size. This article presents a first econometric analysis of consumption in the context of environmental sustainability. Relationships between different types of household expenditures and a range of household characteristics are assessed, based on a large micro data set of households for the Netherlands. Use is made of various demand models and econometric techniques to adequately address theoretical and technical issues involved. The article ends with a discussion of the implications of the results for environmental policy directed at stimulating sustainable consumption.     

发展山西现代农业的财政政策浅探

发展现代农业是社会主义新农村建设的首要任务,是以科学发展观统领农村工作的必然要求.近年来,山西省农业发展情况反映出由传统农业向现代农业演进的特点,但在此过程中仍存在着基础设施建设落后、农业生产科技水平低、社会化服务体系薄弱、农业产业化程度不高等问题.针对这些问题,应给予财政支持,促进传统农业向现代农业的转变.     

Perspectives from the Happiness Literature and the Role of New Instruments for Policy Analysis

After having been ignored for a long time by economists, happinessis becoming an object of serious research in 21st century economics.In Section 2 we sketch the present status of happiness economics.In Section 3 we consider the practical applicability of happinesseconomics, retaining the assumption of ordinal individual utilities.In Section 4 we introduce a cardinal utility concept, whichseems to us the natural consequence of the happiness economicsmethodology. In Section 5 we sketch how this approach can leadto a normative approach to policy problems that is admissiblefrom a positivist point of view. Section 6 concludes. (JEL codes:B21, B41, D63, I31, I38)     

基于发展周期的IT企业职业生涯管理实施策略

处于不同发展阶段的IT企业,其职业生涯管理实施策略各不相同。IT企业的发展周期可分为创业阶段、成长和成熟阶段、再发展阶段,再发展阶段又可分为创新、专精、退出或并购三个子阶段,针对每一阶段IT企业的人力资源管理重点,从职业匹配策略、职业发展规划策略、职业发展辅助策略三方面提IT企业的职业生涯管理实施策略。     

Interest on Reserves and the Flexibility of Monetary Policy in the Euro Area

This paper shows that remunerating required reserves can increase the flexibility of monetary policy. The remuneration at the current policy rate implies constant net marginal interest costs of holding required reserves. This allows the central bank to change the policy rate also within a reserve maintenance period without inducing a problematic reserve shifting on behalf of the banks. In the euro area, required reserves are remunerated at an average rate. Therefore, the way in which reserves are remunerated has to be changed in order to make use of the advantage of a higher flexibility of monetary policy.     

基于政策导向的医用耗材管理

《关于深化医药卫生体制改革的意见》和《全国医疗服务价格项目规范（试行）》两政策对医院来说,都是更大的挑战。基于这些政策导向,就必须加强医用耗材管理,规范医用耗材的使用。为此,应控制高端产品的适用范围;引进ERP系统,同时对高值耗材实行条码化管理,确保医用耗材的实耗实销。将政策导向贯彻到医用耗材管理中,实现账物相符,收支平衡,杜绝内耗,在保证医护质量的情况下,合理使用医用耗材,保证患者费用合理,控制医疗费用的不合理增长,确保医院成本效益合理。     

基于政府公共管理的政策工具创新

随着我国经济体制的改革,政府失灵现象出现,人们开始关注政策工具的创新及"新政策工具"的运用.政策执行者也呼吁采用新政策工具,对新政策工具的关注、分析、引进可以看作是对社会经济发展的一种积极回应,是加快建立社会主义公共服务体制,建设和谐社会的内在要求.政策工具的转变和创新对我国提高政府管理的绩效具有重要的意义.     

政策工具视角的物联网产业发展政策研究

物联网被称为第三次信息技术革命,政府的政策工具选择对物联网发展具有重要意义。我国政府高度重视物联网产业,先后出台多项政策措施促进物联网产业的发展。从政策工具角度,采用统计分析等方法具体分析我国物联网产业发展的政策特点,发现现有政策工具存在结构性问题：环境型政策工具应用过溢,需求型政策工具不足,政策工具内部结构性问题以及政策缺乏系统性和针对性。为此应进行政策工具的整体优化,注重政策的系统性、针对性和配套性。     

稳健财政政策下国债的适度规模与管理

2005年起,我国开始实行稳健的财政政策,经济运行方式发生了变化,国债政策作为以前积极财政政策调节经济方向的重要工具也应采取相应变化以促进经济向前发展.由此加强我国国债规模管理,不仅应从总体上缩小国债规模,更应该注重国债资金的使用效率,对其加强监督管理.     

IT产业知识型员工职业生涯管理策略的构成因素

IT产业知识型员工职业生涯管理的组织主导作用与个体参与作用显著,其职业生涯管理策略的内容及构成因素有其自身特点。IT产业知识型员工职业生涯管理策略的组成结构,包括职业匹配策略集,由招聘与录用中的匹配策略组成;职业发展规划策略集,由职业与自我认知及定位策略组成;职业发展辅助策略集,由发展道路设计与实施策略、教育与培训策略、工作一生活平衡计划策略组成。     

德国能效管理及对我国节能减排工作的思考

全球能源资源紧缺是当前人类经济社会可持续发展面临的重要挑战。提高能源利用效率,减少污染减排,已成为世界各国应对气候变化、保障能源安全和保护生态环境共同任务。德国是全球第五大能源消费国。由于国内能源资源有限,德国政府高度重视能源能效管理并取得了较大成效：1990-2008年,德国经济年均增长1．7％,但其能源消费总量却下降了约6％。本文在调研德国能源能效管理和节能减排最新进展的基础上,对其政策体系、管理机制和研发创新情况进行了分析,并对我国进一步推动节能减排工作提出了建议。     

农业面源污染控制的一体化环境经济政策体系研究

农业面源污染由于排放主体的分散性和隐蔽性、污染发生的随机性、污染负荷的时空差异性,使得农业面源污染具有很强的外部性、不确定性和非对称信息,这是农业面源污染控制的理论依据。文章在对农业面源污染控制面临的污染控制成本不确定性、污染者排污水平不确定性进行理论分析后,构建了农业面源污染控制的一体化环境经济政策体系,指出农业面源污染控制须针对各责任主体设计独特化、具体化、精确化、针对性的环境经济政策。