On Indexed Bonds and Aggregate Demand Elasticity

Bonds indexed to the price level or inflation have become popular and more common in the industrialized world. This paper examines the impact of indexed bonds on the price level elasticity of aggregate demand. With a model of aggregate demand based on the standard IS-LM framework and expanded to differentiate between bonds which are indexed to the price level and bonds which are not so indexed, we find that the existence of indexed bonds decreases the elasticity of aggregate demand with respect to the general price level.

The role of land-based strategies in rural livelihoods: The contribution of arable production,animal husbandry and natural resource harvesting in communal areas in South Africa

The majority of South Africa's rural population resides in the former homelands. Although cash from urban and government sources is the mainstay of the rural economy in many areas, the multiple and diverse livelihood base of rural households is not widely recognised. This diversity includes the land-based strategies of arable farming, livestock husbandry and consumption and trade in natural resources. This article examines recent and emerging literature from a livelihood perspective in terms of the role and value of each of these three land-based livelihood sectors. We conclude that the contribution of land-based activities to rural livelihoods is important in both financial and social terms, and is probably greater than previously appreciated within the whole gamut of livelihood strategies adopted by rural households, including transfers from formal employment and state pensions. We examine the policy implications of this for land and agrarian reform in South Africa.     

Recent estimates of exchange rate pass-through to import prices in the euro area

This paper provides an update on the exchange rate pass-through (ERPT) estimates for 12 euro area (EA) countries. First, based on quarterly data over the 1990–2012 period, the study does not find a significant heterogeneity in the degree of pass-through across the monetary union members, in contrast to previous empirical studies. As the authors use a longer time span for the post-EA era than existing studies, this is not surprising, since the process of monetary union has entailed some convergence towards more stable macroeconomic conditions across EA member states. Second, when assessing the stability of pass-through elasticities, the authors find very weak evidence of a decline around the inception of the euro in 1999. However, their results reveal that a downtrend in ERPT estimates became apparent starting from the beginning of the 1990s. This observed decline was synchronous to the shift towards reduced inflation regimes in their sample of countries. Finally, the authors notice that the distinction between “peripheral” and “core” EA economies in terms of pass-through has significantly decreased over the last two decades.     

经济欠发达地区基于物流的家电业多渠道营销模式

目前国内较为先进的家电经营模式主要由连锁经营及渠道代理两种。实施多渠道营销策略,建立物流核心竞争力,与大型连锁卖场实施差异化竞争,在竞争中得以生存发展,不失为经济欠发达地区家电业有效的经营模式。     

WTO渔业补贴谈判提案评析

自世贸组织多哈部长会议将渔业补贴问题列为谈判议题以来,各国就此提案分歧很大。在谈判中,关于渔业补贴议题所形成的几大主流提案也屡经演变,本文将其分为形成对立集团阶段,探讨具体方案阶段,以及有限的融通阶段并对各阶段的主要提案进行评析。