Examining long-run relationships between Australian beef prices

Cointegration and impulse response analyses are used to investigate the short-run and long-run dynamics of the Australian beef market. The aim of this study is to determine whether long-run relationships existed between Australian beef prices at the farm, wholesale and retail levels. Based on monthly data from 1971 to 1994, the results show that all three prices considered are cointegrated. Furthermore, the wholesale price is found to be weakly exogenous. The latter result might be an indication of market inefficiency due in part to price levelling often practised in the beef marketing system.     

Tax policy implications for a two‐engine growing economy

In an endogenous growth model with two engines of R&D and capital, we investigate the environment of “inclusive growth” for tax reallocations (tax increases or tax credits) to gain broader benefits in terms of promoting the overall GDP growth without an increase in income inequality. Our results show that a tax increase in the capital‐good sector can result in inclusive growth, boosting overall growth and reducing income inequality, provided that the status quo tax rate is not too high. Surprisingly, tax credits are not able to achieve such inclusive growth. While the GDP growth rises, a tax credit in the R&D sector not only increases income inequality but also decreases the aggregate employment, if the labor mobility cost between the final‐good and R&D/capital‐good sectors is relatively low. This provides a caution to policymakers given the fact that research tax credits have served as a common incentive to strengthen the R&D environment.     

中国机床消费稳居世界第一

机床行业是我国发展国民经济和国防工业的基础行业,尤其是近年来我国经济持续发展,装备市场十分活跃,对各类机床需求旺盛,为机床行业带来了兴旺发达的好局面。近三年来我国机床行业取得了突破性发展,已连续两年机床消费世界第一,机床进口世界第一。2003年我国共进口机床     

我国经理人的市场化——以我国股票期权法律制度的推行为视角

自改革开放以来,我国企业特别是国有企业一直在寻求一种有效的激励与约束机制,以推进现代企业制度的建立。如今,股票期权法律制度已经开始试行,但其实施的一个重要条件——经理人市场远未建立,这严重制约了股票期权制度的推行和发展,也阻碍了现代企业制度的建立和完善。以股票期权法律制度的试行为契机,以人才市场法治化建设为手段,不断探索我国经理人市场化,无疑具有一定的理论价值和实践意义。     

旅游形象研究——以唐山为例

准确的旅游形象是成功吸引游客的招牌,旅游者对旅游地的选择归根结底是一个心理过程,必须从旅游者心理角度研究旅游地,加强旅游形象与客源市场的认可连接。本文提出旅游目的地的选择是旅游力域内比较优势的结果,并在旅游力域内,对唐山地区现有重要景点进行非优势分析,重构了唐山的三级旅游形象体系。     

Exchange Rate Pass-through in China

During the second half of 2007 and early part of 2008 when there were intense inflationary pressures in China, RMB appreciation was advocated as a means of helping to curb inflation. The effectiveness of appreciation in controlling inflation depends on the impact of exchange rate movements on import and domestic prices. Our analysis finds fairly large and speedy exchange rate pass-through （ERPT） to import prices： 50 and 60percent for the short run and long run, respectively. However, the degree of ERPT decreases along the price chain from upstream to downstream prices. ERPT for consumer prices, the most downstream prices, is much milder and has substantial lags. A 10-percent rise in the nominal effective exchange rate will dampen consumer prices by 1.1 percent within a year, with very little pass-through in the first half year, and by 2.0percent over the long run. These findings, particularly the ERPT to consumer prices, suggest that RMB appreciation can help to reduce inflationary pressures over the longer term. However, it is unlikely to provide rapid relief to the current round of high inflation because of the long lags in ERPZ. The RMB needs to strengthen in effective terms to exert the desired dampening impact on prices.     

产业技术投入效率和政策的研究——以中国电子信息产业为例

外资企业技术溢出、本土企业技术投入、高校教育科研投入共同推动产业技术发展,推动作用受到政府政策的影响。本文以电子信息产业为例研究了产业技术发展过程中的投入效率和政策作用。实证结果表明,外资企业技术溢出作用没有本土企业技术投入和高校教育科研投入作用显著,而且作用性质受到产业政策的影响。建议政府政策制定应促进资源向自主创新的市场主体流动、引导高水平技术合作、促进教育科研水平提升。     

基于资源视角的京津冀高新技术产业协同创新研究

文章在解析高新技术产业协同创新内涵的基础上,从资源视角创新性地构建了高新技术产业协同创新体系。通过对2005-2012年相关数据的分析,考察京、津、冀三地高新技术产业创新的协同度。结果表明,京、津、冀三地产业创新环境的有序度优于创新主体的有序度,二者均有增长,但是创新体系整体协调度较低,且伴有较大波动。最后,根据研究结果,提出营造京津冀三地政策和资金的协同发展环境、注重京津冀三地高新技术产业互补性发展和探索京津冀三地高新技术产业间资源的高效流动等具体发展建议。     

Is There Excess Liquidity in China?

In this paper, we developed the recursive unit root tests proposed by Phillips et al. (2013) and used them to identify the beginning and the end of potential excess liquidity in the Chinese monetary market during the period from 1992 to 2013. The result indicates that excess liquidity existed from the third quarter of 2002 to 2013. The analysis shows that since 2003, the inflationary pressure of excess liquidity has remained high. We provide evidence supporting the money illusion hypothesis in China. The recursive unit root test is suited to practical implementation with time series and delivers a consistent date‐stamping strategy for determining the origination and termination of multiple bubbles. Simulations show that the test significantly improves discriminatory power and leads to distinct power gains.     

Are Real GDP Levels Stationary in African Countries?

In this study, we apply flexible Fourier stationary unit root test proposed by Enders and Lee (2012) to assess the non‐stationary properties of the per capita real gross domestic product (GDP) for 32 African countries. We find that Fourier stationary unit root test has higher power than linear method if the true data‐generating process of per capita real GDP is in fact a stationary nonlinear process of an unknown form with structural change using the low frequency components. We investigate the stationarity of per capita real GDP from the nonlinear point of view and provide robust evidence that clearly indicates that real output is well characterised by a nonlinear, mean‐reverting process, namely Benin, Botswana, Burundi, Cameroon, Senegal, Sierra Leone and South Africa. Our evidence points that these seven countries are nonlinear stationary, implying that per capita real GDP follows a steady rate of growth, and policy innovations then have temporary effects. These results have important policy implications for African countries.