Using proxies for the short rate: when are three months like an instant?

The dynamics of the unobservable short rate are frequently estimateddirectly using a proxy. We examine the biases resulting fromthis practice (the 'proxy problem'). Analytic results show thatthe proxy problem is not economically significant for single-factoraffine models. In the two-factor affine model of Longstaff andSchwartz (1992), the proxy problem is only economically significantfor pricing discount bonds with maturities of more than fiveyears. We also describe two different numerical procedures forassessing the magnitude of the proxy problem in a general interestrate model. When applied to a nonlinear single-factor model,they suggest that the proxy problem can be economically significant.     

Rezensionen

Ohne Zusammenfassung     

基于费用流的废纸动态回收网络优化设计

通过建立基于费用流的废纸动态回收网络模型并求解,解决废纸在运输网络中流动的路径问题,避免了经典运输问题无法直接体现转运和路径选择的问题,最后通过一个模拟算例验证了模型的优越性。     

当前发展高等教育产业需要正确把握的几个现实问题

发展高等教育产业的根本目的在于建立与社会主义市场经济相适应的高等教育体系，世纪初我国高等教育的超常规发展需要产业思想的内在动力，本从高等教育改革与发展的现实出发，提出了发展高等教育产业需要正确把握的五个问题。     

珠海近现代历史名人与珠海人精神品质的塑造

在近代中国历史上,珠海涌现出大批知名人士,这些名人开风气之先,改变了中国历史发展的轨迹,为近代中国的发展起到了重要推动作用。他们留下的优良历史传统塑造了近代以来珠海人敢为人先、勇于开拓、开放包容、爱国爱家的精神品质。     

基于战略环境评价的都市圈城际交通规划理论框架

战略环境评价是保证都市圈交通可持续发展的重要手段.将交通规划和战略环境评价的可持续发展思想结合起来,以社会、经济、环境作为交通规划环境评价的相关指标,通过专家调查法和层次分析法确定权重,利用综合协调法评价相关方案,基于分析结果有针对性地提出相应改进或替代设计方案,并根据战略环境评价贯穿设计全过程和需要反复评价的特点,提出都市圈城际交通规划的理论框架.     

转型中的社会养老保险制度:改革与发展

借鉴和吸取国外社会养老保险制度改革的经验与教训,充分考虑中国国情,结合中国的实际情况,探讨在经济转型和人口老龄化背景下,针对中国现行养老保险制度中突出的矛盾和问题,改革和完善我国社会养老保险制度。     

中国利率与汇率联动机制的制约因素和路径选择研究

在经济全球化的今天,金融及货币政策的全球化趋势也日渐明显,利率和汇率之间国际和国内联动效应非常明显。结合中国实际经济运行状况,剖析我国利率和汇率联动的约束因素,指出我国利率与汇率联动机制的路径选择,将对中国经济乃至世界经济都有重要意义。     

道格拉斯·C·诺思的国家理论述评

道格拉斯.C.诺思的制度分析框架有三大基石:国家理论、产权理论和意识形态理论。其中,国家理论处于核心位置。它规定了具有根本性激励功能的产权结构,塑造或影响意识形态,从而在经济盛衰中起着关键作用。国家理论把经济组织理论引入政治学领域,形成了国家起源、国家基本职能和目的、国家模型以及国家悖论等一系列理论主张。     

Codes of Ethics and the Pursuit of Organizational Legitimacy: Theoretical and Empirical Contributions

The focus of this paper is to further a discussion of codes of ethics as institutionalized organizational structures that extend some form of legitimacy to organizations. The particular form of legitimacy is of critical importance to our analysis. After reviewing various theories of legitimacy, we analyze the literature on how legitimacy is derived from codes of ethics to discover which specific form of legitimacy is gained from their presence in organizations. We content analyze a sample of codes to consider the question of whether a strategic, self-interested rationale lies behind the adoption of a code of ethics. We propose that the process of employing codes of ethics in this strategic manner has become, through isomorphism, an institutionalized practice that itself confers a cognitive form of legitimacy to the organization and further distances the codes from their moral foundation.