CONSUMPTION RESPONSE TO GOVERNMENT TRANSFERS: BEHAVIORAL MOTIVES REVEALED BY SAVERS AND SPENDERS

This article surveyed recipients of one‐off government transfers in Singapore to investigate to what extent different behavioral motives might have affected their consumption response. It also investigates how the recipients' personal characteristics might have affected their consumption response and the appeal of different motives. In the sample surveyed, savers were mostly motivated by precautionary saving, followed by Ricardian equivalence, whereas spenders were mainly driven by rule of thumb and present bias. The bequest motive turned out to be unimportant. Older, better educated, and economically better‐off individuals facing no liquidity constraint were more likely to be savers. (JEL D91, E21, E62, H31)     

Do Inflation Expectations Propagate the Inflationary Impact of Real Oil Price Shocks?: Evidence from the Michigan Survey

This paper presents evidence that inflation expectations, as measured by the Michigan Survey of Consumers, only play a minimal role in the propagation of real oil price shocks into inflation. This is despite evidence that confirms that inflation expectations are sensitive to real oil price shocks. Further analysis suggests that after the 1990s, inflation expectations may have played no part in propagating real oil price shocks into inflation.     

欧美合作经济模式解析及对中国的启示

针对欧美合作经济的演进状况，从经济、法律、行政、组织等方面借鉴欧美国家发展合作经济的经验，对中国发展合作经济具有重要启示。     

普胸手术围术期发生心律失常的危险因素分析及护理

文章对437例普胸手术病例行回顾性分析，探讨了普胸手术围术期发生心律失常的危险因素。结果显示，高龄患者（≥60岁）、术后剧烈疼痛未按时止痛者、围术期低氧血症者更易并发心律失常（P〈0．5）。由此得出，高龄、疼痛、低氧血症是普胸手术围术期发生心律失常的重要危险因素。     

金融创新与中国金融市场的发展

金融创新是一个伴随金融业发展的持续过程。中国当前金融创新呈现出新的特点,与国际金融业的发展相比还存 在着许多差距。本文分析了产生差距的原因和中国开展金融创新的必要性与可行性,提出了中国金融创新的基本思路。     

旅游交通干道的系统化思考--以宁国旅游交通干道的创设为例

旅游交通条件的改善和功能的健全成为旅游业新一轮发展的重点。在分析旅游交通干道的基本概念、条件和功能的基础上，将旅游交通置于旅游系统中考虑其要素构成和系统角色．指出旅游交通干道在旅游资源优化整合、旅游地开放性空间形成、旅游目的地系统构建中的效用．并以宁国市为例分析旅游交通干道的创设。     

Lender Automation and Racial Disparities in Credit Access

Process automation reduces racial disparities in credit access by enabling smaller loans, broadening banks' geographic reach, and removing human biases from decision making. We document these findings in the context of the Paycheck Protection Program (PPP), where private lenders faced no credit risk but decided which firms to serve. Black-owned firms obtained PPP loans primarily from automated fintech lenders, especially in areas with high racial animus. After traditional banks automated their loan processing procedures, their PPP lending to Black-owned firms increased. Our findings cannot be fully explained by racial differences in loan application behaviors, preexisting banking relationships, firm performance, or fraud rates.