The Government Spending Multiplier at the Zero Lower Bound: Evidence from the United States

We estimate state-dependent government spending multipliers for the United States. We use a factor-augmented interacted vector autoregression (FAIVAR) model. This allows us to capture the time-varying monetary policy characteristics including the recent zero interest rate lower bound (ZLB) state, to account for the state of the business cycle and to address the limited information problem typically inherent in VARs. We identify government spending shocks by sign restrictions and use a government spending growth forecast series to account for the effects of anticipated fiscal policy. In our baseline specification, we find that government spending multipliers in a recession range from 3.56 to 3.79 at the ZLB. Away from the ZLB, multipliers in recessions range from 2.31 to 3.05. Several robustness analyses confirm that multipliers are higher, when the interest rate is lower and that multipliers in recessions exceed multipliers in expansions. Our results are consistent with theories that predict larger multipliers at the ZLB.     

孵化网络治理机制对企业创新绩效的影响

新创企业逐渐成为经济发展的重要推力，为探索孵化网络治理机制对企业创新绩效的影响，加入网络能力作为中介变量，重点研究孵化网络的两个维度——关系型治理机制和契约型治理机制在创新绩效中的作用，同时考虑网络能力的中介效应。研究得出，关系型治理机制和契约型治理机制对创新绩效均有显著正向影响，而网络能力的巩固和强化能够有效提高企业创新绩效。     

The importance of cash flow disclosure and cost of capital

We examine whether the choice of cash flow disclosure under International Accounting Standard 7 has an influence on the cost of capital incurred by Australian listed companies. Results indicate that indirect method companies incur a significantly higher ex-ante cost of equity than direct method companies using a combined equity model approach. We also demonstrate that using an optimal weighted combination of equity models reduces model variance and bias compared to using a single equity model. Our findings support mandating the direct method and have the potential to induce companies to report the direct method to increase company value.     

Is there a trade-off between free capital mobility,financial stability and fiscal policy flexibility in the EMU?

The recent dynamics characterizing the Eurozone economy suggest the existence of a new policy trilemma faced by its member countries. According to this policy trilemma, there is a trade-off between free capital mobility, financial stability and fiscal policy flexibility. In this paper, we analyze the foundations of such a trade-off and, based on the data for 11 Eurozone countries, present an empirical investigation on the existence of the trilemma. The results highlight the existence of the trade-off, with some differences between member countries. The existence of this trilemma in the Eurozone provides arguments for implementing centralized financial supervision together with fiscal and monetary reforms that should strengthen the currency union.     

Semistatic and sparse variance‐optimal hedging

We consider the problem of hedging a contingent claim with a “semistatic” strategy composed of a dynamic position in one asset and static (buy‐and‐hold) positions in other assets. We give general representations of the optimal strategy and the hedging error under the criterion of variance optimality and provide tractable formulas using Fourier integration in case of the Heston model. We also consider the problem of optimally selecting a sparse semistatic hedging strategy, i.e., a strategy that only uses a small subset of available hedging assets and discuss parallels to the variable‐selection problem in linear regression. The methods developed are illustrated in an extended numerical example where we compute a sparse semistatic hedge for a variance swap using European options as static hedging assets.     

满语词汇"sacima语义文化简析

本文采用文化背景考察法,以满语词汇"sacima"为载体,简要介绍了"sacima"的词汇结构、语义含义及发展变迁.通过考察"sacima"相关的满语饮食词汇,对清代满族生态环境、生活习俗、宗教信仰等方面进行探讨,多角度呈现了满族与汉族、蒙古族等民族交往交流融合的文化特点."sacima"的文化含义是:反映了满族的饮食习惯,反映了满族的经济社会变迁,反映了满族的经济社会变迁,反映了与其他民族的文化融合."sacima"文化语义及影响,主要在于丰富了满语词汇,丰富了满族饮食文化,丰富了满族礼仪文化.     

Responsible investments reduce market risks

Decisions in Economics and Finance - Responsible investments are considered one of the driving factors of revenues growth enhancing risk-adjusted returns. This paper investigates the effects of...     

水泥混凝土路面的新型纹理参数研究

新型路面纹理化技术相较于一般刻槽技术可提供更优的路面抗滑能力.为确定合理的纹理参数,通过自主研发加工模具制备纹理化水泥试件,采用正交试验分别研究各纹理参数对水泥路面抗滑性能与行车稳定性的影响规律,最终确定优化的纹理参数组合.结果表明:研发的纹理化试验模具可较精确制作目标参数下的水泥板纹理路面试件;构造深度和轮胎接触应力指标可以较好表征水泥路面抗滑性能,构造深度与应力集中分布度主要受纹理深度的影响,随纹理深度增大呈增大趋势;与行车稳定性密切相关的转向阻力矩指标主要受刀组间距影响,随刀组间距呈先增后减的趋势;通过各因素均衡比选,纹理参数组合优选方案为纹理宽度8 mm,纹理深度1.5 mm,刀组间距15 m m.     

社区体育在城市化发展进程中不耦合因素研究——以哈尔滨社区体育发展为例

将哈尔滨市社区体育引为主要研究对象,运用文献资料法、问卷调查法、访谈法对其进行研究。分析了哈尔滨市社区体育在城市化发展进程中面临的场地设施不足、活动经费紧缺、项目单调和指导力量薄弱等主要不耦合因素。认为改进组织管理模式和完善有关法规、制度是推动城市社区体育发展的前提,培养合适的体育人才是促进城市社区体育发展的关键,通过多种渠道和方式加大对社区体育的资金投入,积极建设场地、设施是加速城市社区体育发展的保证。