低利率承诺，意义重大的新型非常规货币政策工具

【摩根士丹利5月1日】面对金融风暴,各大央行不仅大力运用常规的货币政策工具——下调短期政策利率,而且动用了各种非常规货币政策工具。目前,最引人注目的是各类量化宽松和信贷放松举措,     

An evolutionary approach to the examination of capital market efficiency

The paper investigates capital market efficiency on basis of an evolutionary model of asset pricing. Participants of capital markets are considered as organizations in the sense of Nelson and Winter (1982). Behavior of these organizations is described by routines. Routines are regular and predictable behavioral patterns, which determine how individuals gather information, form expectations, and order assets. The participants change their behavior by innovating new routines or by imitating routines of other participants.     

本轮全球经济减速不同于以往

目前投资者们希望同我们探讨两个主要全球宏观经济问题,一是经济放缓将会持续多久和放缓程度怎样;二是在经济减速和大宗商品价格回落背景下,通胀是否仍是中长期经济增长面临的一个风险。对这两个问题,我们的认识并非发生实质性变化。我们预计,G7集团经济将陷入一个相对漫长的滞胀期,而不是一次严重衰退,而且我们认为持续上行的潜在通胀压力将制约油价下跌带动未来核心通胀率回落的空间。因此,我们认为滞胀仍是主基调,这将限制全球主要央行的利率调整空间。鉴于我们获悉有很多人认为经济衰退和通胀率大幅回落（甚至通缩）将成主要格局,因此有必要结合近期经济发展态势来再度阐明我们的经济“滞胀”观点。     

连锁董事理论:来自中国企业的实证检验

本文对散见于国内外的连锁董事文献进行了梳理，将之归纳为四种理论体系，即互惠理论、资源依赖理论、金融控制理论和管理控制理论。并依据每一种理论提出了相关假定。指出了数据来源，并选取了被解释变量、解释变量和其他变量。对相关理论进行检验，其结果证实了资源依赖理论，部分证实了金融控制理论和管理控制理论。这些结论表明现有的连锁董事理论对我国上市公司连锁董事的解释能力还待于深入研究。     

UK Unionism and Innovative Activity: Some Cautionary Remarks on the Basis of a Simple Cross-country Test

Abstract : This paper offers a preliminary investigation of union impact on investment in intangible capital. We first report evidence on the raw correlation between union membership density and R&D intensity. This suggests that higher union density is associated with increased innovative activity among an important subset of British industry. Attention then shifts to a consideration of whether the 'stylized facts' are indicative of a causal relation or are instead an artefact produced by the concentration of unions in those sectors evincing greater scope for R&D. We offer a simple cross-country test in which German R&D outlays serve as the benchmark or comparator. No support is adduced for the notion that unions cause higher R&D.     

The Course of Research into the Economic Consequences of German Works Councils

In her recent survey, Carola Frege concludes that economic analysis of the works council has reached a ‘dead end’. The present paper offers a very different assessment. The evolving economic literature is shown to follow three distinct phases, the last of which contains some of the most positive evaluations to date of works council impact on establishment performance. Although these estimates are exaggerated, and the effects of works councils are likely to be small on average, the new literature redirects our research focus towards factors producing swings around this average, including differences in works council types and their workplace environments.