Computing DSGE models with recursive preferences and stochastic volatility

This paper compares different solution methods for computing the equilibrium of dynamic stochastic general equilibrium (DSGE) models with recursive preferences such as those in Epstein and Zin, 1989, Epstein and Zin, 1991 and stochastic volatility. Models with these two features have recently become popular, but we know little about the best ways to implement them numerically. To fill this gap, we solve the stochastic neoclassical growth model with recursive preferences and stochastic volatility using four different approaches: second- and third-order perturbation, Chebyshev polynomials, and value function iteration. We document the performance of the methods in terms of computing time, implementation complexity, and accuracy. Our main finding is that perturbations are competitive in terms of accuracy with Chebyshev polynomials and value function iteration while being several orders of magnitude faster to run. Therefore, we conclude that perturbation methods are an attractive approach for computing this class of problems.     

论《机器人技术》公选课教学改革

为了适应现今社会对大学生要求不断变化,大学的培养模式也在不断改变。由单一型人才培养模式转变为复合型人才培养模式,在高等学校开设《机器人技术》公选课是势在必行的。根据理论和实践的教学经验,文章探讨了一种适应于公选课的《机器人技术》教学改革方案,具有一定的指导作用。     

基于“干中学”模式物流英语的需求分析

从物流英语的需求因素来看,专业物流英语的翻译与通用物流英语的翻译都非常重要。从"干中学"模式的角度出发,探讨该模式下的物流英语需求,并以图解法对该模式进行具体分析。     

文化财产纠纷解决模式的法律机制探析

保护文化财产现已成为一种普遍共识,针对历史遗留和正在产生的文化财产纠纷,许多国家、组织和个人在设想一些模式试图更好地解决这些纠纷,如诉讼模式、仲裁模式、双边模式等等,这些模式有的实行成本和难度很大、有的还处于设想当中。本文在比较几种模式利弊的基础上,分析互惠返还协议(MBRAs模式),旨在论证这种模式在中国应用的可行性。     

蓝领中产阶级及其在转型期城市中的孕育

导读:当城市由"量的工业化"向"质的工业化"转型过程中,农民工群体 的定位也将发生由传统的纯体力劳动者向"蓝领中产阶级"身份与角色的切换.当前,中国城市正进入多元经济结构的调整期,其中区域结构转型、再分配结构调整以及人口管控的新趋势,为农民工转化为城市蓝领中产阶级提供了新的契机.     

浅论高职法律英语课程的定位

法律英语属于行业英语,是法律知识和英语知识的结合,是高职英语课程的重要组成部分之一。开设法律英语课程对于培养高素质的应用型法律职业人才起着重要的作用。文章结合高等法律职业教育的目标和高职英语课程教学要求,从两个方面阐述了高职法律英语课程的定位问题。     

中国金融发展与经济增长研究综述

金融发展与经济增长的关系是金融发展理论的核心问题,目前,学术界对二者的关系仍存争议.本文首先从理论层面回顾了金融与经济之关系的产生和演变路径,在此基础上,梳理总结了关于金融与经济关系的主要学术观点以及实证研究领域,最后,提出了未来的研究趋势和有待深入研究的问题.     

Some Taxation Theorems in the Hotelling Model

In this paper, we investigate the relationship between the demand ad valorem, cost ad valorem and unit taxes in terms of price, quantity and tax revenue. In particular, we prove that the Musgravian transformation holds in the Hotelling model. In addition, we show that the Suits‐Musgrave theorem must be revised as output in the Hotelling model remains invariant in the presence of different taxes. That is, for a given price instead of a given output, the tax revenue under demand ad valorem tax exceeds that under the corresponding unit tax as long as profit levels for both stores are positive, a very general assumption. The exception is when the two stores are located close to each other and transportation cost is zero. Only in this case, are tax revenues and price under both tax regimes the same. If both stores are symmetrically located, the superiority of the ad valorem tax holds true except when the two stores are located back to back. Finally the farther away the location of a firm from the end point is, the smaller the difference in tax revenues between demand ad valorem and unit tax will be: the effect of the Suits‐Musgrave theorem weakens in the presence of location clustering.     

汇市干预的理论与实证分析——来自日本的经验

本文以颇具代表性的日本货币当局外汇干预的模式为参照系,对当今世界资金规模最大、金融领域最前沿的外汇市场从理论和实践的角度进行论证,旨在为未来我国人民币国际化后所必将产生的外汇干预等相关问题提供具有实际意义的建议与理念。     

Application of system dynamics for evaluating truck weight regulations

In the situation of prevailing overweight transportation and difficult enforcement in China, this paper develops a methodological framework for truck weight regulation evaluation using System Dynamics. Composed of five interrelated subsystems, the framework is able to capture the highway, vehicle and freight variables that influence the effect of TWR and transportation efficiency over time. It specifically describes the development and use of the Truck Weight Regulation Evaluating Model for the highway freight system in Anhui province, China. The simulation results show that, among three policy alternatives, the moderate policy approach is the most appropriate option to solve the social and economic problems arising from overweight transportation in Anhui. In addition, some suggestions of TWR policy in China are also made in this paper.