THE PRICE LEVEL, THE QUANTITY THEORY OF MONEY, AND THE FISCAL THEORY OF THE PRICE LEVEL

This paper examines price‐level determination from the perspective of portfolio choice. Arbitrages among money balances, bonds, and investment goods determine their relative demands. Returns to real balance holdings and after‐tax returns to investment goods determine the relative values of nominal and real assets. Because expectations of government policies ultimately determine the expected returns to both nominal and real assets, the price level depends on interactions among current and expected future monetary and fiscal policies. The quantity theory and the fiscal theory emerge as special cases produced by restricting both the margins and the policies considered.     

MACROECONOMIC STABILIZATION POLICIES IN THE EMU: SPILLOVERS, ASYMMETRIES AND INSTITUTIONS

This paper studies the institutional design of the coordination of macroeconomic stabilization policies within a monetary union in the framework of linear quadratic differential games. A central role in the analysis plays the partitioned game approach of the endogenous coalition formation literature. The specific policy recommendations in the European Economic and Monetary Union (EMU) context depend on the particular characteristics of the shocks and the economic structure. In the case of a common shock, fiscal coordination or full policy coordination is desirable. When anti‐symmetric shocks are considered, fiscal coordination improves the performance but full policy coordination does not produce further gains in policymakers' welfare.     

工业设计在长株潭经济发展中的作用

在长株潭经济一体化进程中,工业无疑是经济发展的排头兵,而工业发展又离不开工业设计。重视和加强工业设计能力建设,充分发挥工业设计的重要作用,不仅能更好地塑造长株潭产业形象,有效提升长株潭中小企业的核心竞争力,而且能提高长株潭地区的环境承载力,有力推动长株潭产业的持续发展。     

COMPARATIVE EFFICIENCY BETWEEN COOPERATIVE,SAVINGS AND COMMERCIAL BANKS IN EUROPE USING THE FRONTIER APPROACH

We test competing hypotheses concerning the comparative behavior of shareholder‐owned commercial banks and stakeholder‐orientated cooperative and savings banks in European banking. One hypothesis is that the risk culture and business models of stakeholder and shareholder‐owned banks have become more alike and so cost efficiency has converged between bank ownership structures. The alternative hypothesis suggests that institutional differences do matter and lead, amongst other things, to variation in network effects and monitoring mechanisms producing differing behaviors and efficiency outcomes. By using a novel panel data set of 521 European banks during 1994–2010, we find: (i) mean inefficiency scores vary by ownership type and are lower for cooperative banks than for commercial and savings banks; (ii) there is a large variation in inefficiency scores among banks within each ownership type but the lower variance for cooperative banks indicates that they are the most homogeneous group; (iii) the inefficiency distribution of savings and commercial banks appear to arise from the same distribution, but this does not hold for cooperative banks. As such our findings are more consistent with the alternative hypothesis. Our first two findings buttress those studies that found significant differences between European banks with differing ownership structures, while our third finding on the significance of the cycle to the distribution of inefficiency is novel.     

新世纪我国钢铁工业的发展与布局及其愿景

简要回顾了我国钢产量从新中国成立时居世界第26位、经过半个世纪的迅猛发展跃居世界第一位的历程。分析我国钢铁工业在新世纪取得的新进展和面临的机遇与挑战,阐述钢铁工业的布局特点及调整思路,最后指出其愿景是按照《钢铁产业发展政策》的要求,实现由世界钢铁大国向钢铁强国的转变。     

甘川青交接区域民族经济地域类型及其分区发展模式研究

本文从甘川青交接区域的区域背景和特点出发,总结归纳了该地域不同的民族经济地域类型及特点和分析布,在此基础上深入分析了不同区域的现状问题,提出了具有不同地域特色的基本发展模式和重点开发建议。     

国际竞争力、海上贸易与套汇:明朝中后期白银流入的考察

明代中后期至19世纪,中国保持巨额贸易顺差达两个半世纪之久,这在世界贸易史上实属罕见。巨量白银流入有两个原因:贸易顺差和套汇。本文考察了这两个因素形成的机制。与晚明时期类似,当前我国也出现了持续的巨量贸易顺差,究其原因是政府对贸易的干预政策所致。本文认为,不能简单地评判贸易顺差的优劣,关键是贸易顺差与经济发展水平、经济结构等因素是否相适应。     

REGULATION OF POLLUTION IN THE LABORATORY: RANDOM INSPECTIONS,AMBIENT INSPECTIONS,AND COMMITMENT PROBLEMS

We compare experimentally a traditional random inspection policy and a variant where the agency may carry out a preliminary inspection of the level of ambient pollution before implementing any individual inspection. Since the agency may have an incentive to announce high inspection probabilities and then secretly renege on its announcement to avoid implementing costly inspections, we are also interested in the agency's commitment power. We find that overall, ambient inspections increase efficiency but the effect is weaker than expected when the agency has no commitment power; and polluters' reactions to the lack of commitment power of the agency vary depending on whether the agency uses ambient inspections or not.     

论湘渝黔边区民族文化旅游区的建立

湘渝黔边区是指以传统的“武陵山区”为核心区域的3省邻近地区,大致包括湖南境内的张家界市、湘西州、怀化市,重庆的黔江区,贵州的铜仁地区和黔东南州等6个地州市,是苗族、土家族、侗族等少数民族集中聚居区,也是全国典型的老、少、边、穷山区,归属于国家“西部地区”。区域文化上的趋同性、区域旅游资源上的互补性、区域脱贫任务的紧迫性和区域旅游开发的无序性,使湘渝黔边区民族文化旅游区的建立显得十分必要。同时,具备一定基础的旅游开发现状、逐步形成的区域旅游交通网络、各地政府关于旅游业发展认识上的渐趋统一以及区域旅游中心的初步形成,使湘渝黔边区民族文化旅游区的发展成为可能。湘渝黔边区民族文化旅游区的形成,必须着手进行以下工作：迅速编制总体规划,完善旅游交通网络,建立旅游环线,推出区际旅游联合体和共同市场,多渠道吸纳资金,建立特色文化保护区等。