Resuscitating the wage channel in models with unemployment fluctuations

Higher wages all else equal translate into higher inflation. More rigid wages imply a weaker response of inflation to shocks. This view of the wage channel is deeply entrenched in central banks’ views and models of their economies. In this paper, we present a model with equilibrium unemployment which has three distinctive properties. First, using a search and matching model with right-to-manage wage bargaining a proper wage channel obtains. Second, accounting for fixed costs associated with maintaining an existing job greatly magnifies profit fluctuations for any given degree of wage fluctuations, which allows the model to reproduce the fluctuations of unemployment over the business cycle. And third, the model implies a reasonable elasticity of steady state unemployment with respect to changes in benefits. The calibration of the model implies low profits, but does not require a small gap between the value of working and the value of unemployment for the worker.     

收益和风险的"背离"——来自美国次级债风波的启示

在一个有效的市场中,收益和风险是同向变化的。但是,2007年爆发的美国"次级债风波"却淋漓尽致地展现了次级住房抵押贷款(subprime loan)业务中收益和风险背离的特征。本文的目的主要是通过揭示次级债风波形成的内在机制,来深入分析现代消费者信贷业务的差异化问题,资产证券化过程中的"风险蔓延"问题和金融监管政策所引起的有效性冲突问题,由此揭示出上述"三位一体"的特征所代表的现代金融风险的本质。这给既有的风险管理模式带来了前所未有的挑战。本研究成果,无论是对金融界的理论工作者,还是对直接参与有关金融活动的实务工作者,都将提供一个思考"现代金融风险管理"问题的崭新视角。     

试论完善我国粮食供应链的若干对策

我国现行的粮食储备调节制度存在若干不足,如成本高、储备体系不健全、调控能力不强等.随着国内外粮食生产和粮食市场的变化,必须进一步完善我国的粮食储备调节制度.在健全中央和地方两级粮食储备的基础上,要进一步完善储备粮吞吐机制和粮食风险基金的运行机制,以应对国内外粮食市场的风险和保障我国的粮食安全.     

新疆特色产业集聚的特征及其对区域经济发展的影响

本文通过对新疆特色产业集聚的类型进行分类，分析了新疆特色产业集聚的特征及其成因，指出了新疆特色产业集聚发展中存在的主要问题。     

CASIO-4800p计算器在城市立交桥施工测量中的具体应用

文章通过对城市曲线立交桥上放样点位坐标计算的通用数学模型的研究，结合CASIO-4800p可编程计算器的优点，提出一种简易实用的计算方法，并编写了曲线上放样点坐标计算程序。     

The effect of earnings quality and country-level institutions on the value relevance of earnings

This study investigates the relationship between the value relevance of earnings and earnings quality across countries. We find that there is a stronger relationship between earnings quality and the value relevance of earnings in countries with high investor protection than in countries with weak investor protection. We also find that the association between the value relevance of earnings and earnings quality is higher when a country’s information environment is less opaque. Overall, our study documents evidence on international differences in the ability of stock prices to capture useful accounting information, consistent with the notion that the returns-earnings association reflects not only the quality of accounting earnings but also the informativeness of stock prices.     

刘绍勇牵手马云

东方航空公司董事长刘绍勇迈出了“不为携程和艺龙打工”的第一步。     

情感思维在企业管理中的作用研究

文章从探讨情感思维的哲学认识论、方法论意义入手，重点论述情感思维在企业管理中的功能，从而为构建企业情感思维管理的几个有效途径，营造良好的企业发展空间提供一些独特的思考。     

Do Airbnb’s “Superhosts” deserve the badge? An empirical study from China

The “Superhost” badge is that Airbnb entitles the host provides good services. This study verifies Airbnb’s “Superhost” mechanism by applying text mining technologies, combined with Long Short-Term Memory (LSTM) and K-Means, to the entire dataset of tourists’ online reviews of Hangzhou city, China. Six kinds of hosts’ good services are identified, including “Three Meals or Night Snacks,” “Fruits, Drinks or Snacks,” “Travel Guides,” “Free Shuttle or Helping with Luggage,” “Chats,” and “Replies or Communications.” The study reveals the minority of “Superhosts” are mentioned of providing the majority of six kinds of good services, which means “Superhosts” do deserve the badge.     

日本独立行政法人制度与企业制度比较研究

本文就日本的独立行政法人制度与企业制度,从运行机制、资金来源与管理、人事制度以及评价机制等几个方面进行了探讨。