我国证券投资基金市场发展现状及存在的问题

基金市场是我国资本市场的重要组成部分，而证券投资基金则是我国资本市场中最为重要的机构投资者。揭示基金行业所存在的问题并采取措施予以有效的解决不仅关系到该行业未来的发展，还对中国资本市场的稳定至关重要。文章回顾和分析了我国基金行业的发展历程及其现状，指出了其在发展过程中所暴露出的若干问题，并针对所存在的问题提出了政策措施建议。     

美联储应对次贷危机的货币政策工具

在次贷危机的应对中，美联储的货币政策激进、灵活，与正常时期的渐进主义策略大相径庭。文章在对次贷危机以来美联储的货币政策操作进行梳理的基础上，研究美联储应对危机的货币政策机理，发现在危机时期，美联储始终坚持其担负的目标，货币政策体现为及时的、决定性的和灵活的。最后，文章探讨了美联储的危机时期政策对我国央行货币政策操作的启示。     

Government Spending and Welfare with Returns to Specialization

We explore a novel channel through which government spending can stimulate consumption and welfare through its effects on aggregate productivity, without directly affecting either utility or production possibilities. In the presence of monopolistic competition and increasing returns to specialization, it is shown that government spending can partly alleviate the inefficiencies of monopolistic competition. This is because government spending generates an endogenous increase in total factor productivity by increasing the variety of intermediate goods. If the degree of increasing returns to variety is large enough, a rise in such wasteful government spending may increase consumption levels enough to increase welfare.
JEL classification : E 60     

Problems in valuing the benefits of biodiversity protection

This paper considers two problems in valuing the benefits of biodiversity protection. These are, firstly, that preferences for biodiversity protection may be lexicographic rather than utilitarian. The more individuals for whom this is true, the less is cost-benefit analysis validated as a means of decision making for biodiversity protection, since lexicographic preferences are incompatible with the Kaldor-Hicks Compensation Test. Secondly, people may be poorly informed about the meaning of biodiversity, complicating the use of contingent valuation as a means of measuring preservation benefits. This paper first discusses the meaning of biodiversity, and trends in diversity over time. We offer some empirical evidence with regard to lexicographic preferences; consider the implications of having poorly-informed consumers; and then report the results of a contingent valuation study of biodiversity protection with varying levels of information. We find that willingness to pay for biodiversity protection increases with the level of information provided.We thank David Pearce, participants at a seminar at University College London, and two referees for comments on earlier versions of this paper.     

An approach to the construction of indexes of technological change and of technological sophistication : The case of agricultural tractors

Two indicators of the output of technological innovation have been developed for the case of agricultural tractors. The tractor is a multicharacteristic product, and a fundamental problem in measuring its technological sophistication or technological change is to determine the relative weights of different characteristics. These relative weights have been approximated by the coefficients of a regression of tractor price with respect to tractor technical characteristics. The indicators developed allow one to measure technical change over time or the relative technical sophistication of different tractor models or tractor firms at a given moment. These indicators can be applied only to multicharacteristic products with easily quantifiable characteristics. However, products that satisfy these requirements account for a very large share of the market for industrial goods. These indicators can be useful in assessing the efficiency of R&D, in analyzing the influence of technological innovation on patterns of trade, and in determining the contribution of changes in the quality of capital goods employed to increases in industrial productivity.     

金融产品监管的国际实践及启示

此次国际金融危机显示,过快的金融产品创新和国际化发展在缺乏有效监管的情况下,可能成为引发系统性风险的导火索。危机后,各国当局将金融监管的触角延伸到金融产品层面。以产品监管为核心的功能性监管的确立,是金融监管发展过程中的一个重要里程碑,它实现了金融监管活动向金融体系最微观、最基础元素的延伸。当前,各国在金融产品监管领域的实践,对于我国开展金融产品监管具有重要的启示意义。     

Use of region,life-cycle and role variables in the short-run estimation of the demand for gasoline and miles travelled

Short-run demand for miles travelled and gasoline consumed are estimated for population subgroups defined by region, occupation and life-cycle. Understanding and quantifying the different responses of subgroups to changes in income and gasoline price are important from the perspective of transport and energy policies. Micro data are used to investigate the effects of marginal changes in price and income among sociodemographic groups. This paper demonstrates that there are significant differences in the estimated parameters between the general population and subgroups within the population. Further, significant differences may be demonstrated between those subgroups.     

2011年中国货币市场运行报告

2011年,货币市场继续保持稳步发展势头,其主要运行特点包括：市场规模稳步扩大;市场利率高位波动;市场对货币政策变化敏感度提高;市场融资结构发生变化;非银行类市场主体交易更加活跃,市场结构不断优化,市场功能进一步发挥。     

Modelling the impact of central bank intervention on exchange rate volatility under inflation targeting

This article empirically investigates the effect of central bank’s foreign exchange interventions on the level and volatility of the Uganda shilling/US dollar exchange rate (UGX/USD) under an inflation-targeting regime. Utilizing daily data spanning the period 1 September 2005, to 31 December 2015, we estimate a foreign exchange intervention model within a GARCH theoretic framework. Empirical results indicate that foreign exchange interventions have had mixed impact on the volatility of the exchange rate. We find that inflation targeting is capable of curbing temporary exchange rate shocks. Empirical results indicate that while order flow is capable of reducing exchange rate volatility, an increase in the operating target rate, the 7-day interbank rate tends to exacerbate exchange rate volatility. Our empirical results are robust to alternative model specifications. We argue that inflation targeting is an effective monetary policy tool for curbing exchange rate volatility.