THE BEHAVIOUR OF CERTIFICATE OF DEPOSIT RATES IN THE UK

Using a number of maturities of up to one year and weekly highquality data on UK, CD rates, 1975–92, we provide a varietyof tests of the expectations hypothesis (EH) of the term structure.Our results appear to give more support to the EH than do earlierstudies, which often use longer maturities and data of a lowerfrequency on coupon paying bonds and yield data on ‘bundlesof bonds’. If one is willing to assume that noise traderspredominate in the bond market at very short horizons, we canprovide some insights into empirical results, found in the literature.     

穿越漫画时空

2007年10月26日,一场以"穿越时空1927-2007--重庆漫画展" 名义的展览在这座城市悄然掀起微澜,引动了人们内心的一种特别情感,与所有观众达到心灵上的热烈呼应.一位专业人士注意到"很多观众从头笑到尾",让他看到了传统漫画的生命力.     

馆藏家谱阅尽漫漫迁徙路

湖广会馆不但有丰富的建筑文化,还有保存完好的众多家谱、匾额、百年用品……它们为后人触摸祖辈们奔迁流徙的生活,清晰梳理重庆移民文化脉络,留下了一份难得的史料。     

THE ROLE OF COMMODITY TERMS OF TRADE IN THE DETERMINATION OF THE REAL EXCHANGE RATES OF THE MEDITERRANEAN COUNTRIES

The aim of this paper is to investigate whether there exists a long‐run relationship between the real exchange rate and the commodity terms of trade in the so‐called Mediterranean or MENA countries. These economies are good candidates for this type of formulation, as are commodity exporting countries. Using cointegration techniques, we find long‐run relationships linking the real exchange rate and a commodity‐based measure of the terms of trade. Therefore, commodity terms of trade are a potential explanation for the apparent nonstationarity of MENA countries’ real exchange rates previously found in the empirical literature.     

馆藏家谱 阅尽漫漫迁徒路

湖广会馆不但有丰富的建筑文化，还有保存完好的众多家谱、匾额、百年用品……它们为后人触摸祖辈们奔迁流徙的生活，清晰梳理重庆移民文化脉络，留下了一份难得的史料。[编者按]