What Prompts the People＇s Bank of China to Change Its Monetary Policy Stance？ Evidence from a Discrete Choice Model

In the present paper, we model the policy stance of the People＇s Bank of China （PBC） as a latent variable, and the discrete changes in the reserve requirement ratio, policy interest rates, and the scale of open market operations are taken as signals of movement of this latent variable. We run a discrete choice regression that relates these observed indicators of policy stance to major trends of macroeconomic and financial developments, which are represented by common factors extracted from a large number of variables. The predicted value of the estimated model can then be interpreted as the implicit policy stance of the PBC. In a second step, we estimate how much of the variation in the PBC＇ s implicit stance can be explained by measures of its policy objectives on inflation, growth and financial stability. We find that deviations of CPI inflation from an implicit target and deviations of broad money growth from the announced targets, but not output gaps, figure significantly in the PBC＇s policy changes.     

全球存款保险制度：如何运作？

1.简介 在过去的二十年中,一股银行体制危机浪潮席卷全球。这股浪潮袭击了发达国家和发展中国家,在93个国家造成了112起体制性危机,在46个国家中造成51起边线危机。 大规模银行危机的扩散是极具破坏性的,且代价昂贵。储户失去了使用他们资金的权利,     

水轮机运行经历的重大问题(美国陆军工程师团的经验)

美国陆军工程师团经管运行的有344台水轮机,有些水轮机运行已超过50年。某些机组曾经历过重大的运行问题。为获得满意的解决,在工程师团成员、设计者、制造者和运行人员之间的有效合作是必需的。美国陆军工程师团已建成的水力发电设施遍布全美国,现在仍有70％在运行。其规模可从弗吉尼亚州罗诺克河上的14MW费尔波特水电站起,到位于华盛顿州和俄勒冈州哥伦比亚河上的2200     

SIMILARITY LAW OF FLUCTUATING PRESSURE WITHIN HYDRAULIC JUMP AREA

Through a series of model tests of five scales for 2-D free hydraulic jump, the da-ta of fluctuating pressure acting on the floor level within the hydraulic jump were obtained. Dur-ing the experiments, Froude number varied from 2.94 to 8.61, and Reynolds number rangedfrom 2×10~4 to 6×10~5. Experiment results indicate that the amplitude scale of fluctuating pres-sure is the length scale of model, i. e. P'=L, which agrees with gravity similarity law: Thefrequency scale of the fluctuating pressure is a unity i. e., f=1, which does not satisfy thegravity similarity law.     

提高动力问题直接积分法的精度

一、概述在结构动力分析中,广泛采用直接积分法求解时域内的运动方程。主要的方法分两类。第一类为显式方法。即将加速度和速度用连续的位移值表示,在运动方程中,加速度和速度被每一时间步长内所要求出的位移矢量所代替。这类方法的主要区别在于有各种不同的假定,它们的—个主要缺陷就是它们是条件稳定的。事实上可以说明所选时间步长增量必须远     

欧文瀑布电站采用预应力锚束进行加固

乌干达欧文瀑布电站发电机周围的混凝上产生裂缝,采用预应力锚束进行加固,施工时电站仍继续运行。本文叙述了锚束设计和试验的有关情况。欧文瀑布大坝及电站隶属乌干达电力局,建在里彭瀑布(被称为尼罗河发源地)的下游、欧文瀑布的上游。在水轮机及蜗壳四周为大体积混凝上,柱、墙均为钢筋混凝上。水轮机上部的柱体混凝上中埋入钢结构。以钢屋架支承预制混凝     

A BOUNDARY INTEGRAL EQUATION AND ITS NUMERICAL SOLUTION OF POTENTIAL FLOW AROUND SURFACE-IRREGULA-RITIES

In this paper,using complex functional theory,the authors turn the potentialflow around the surface irregularities in a pressure conduit and semi-infinite platforms intoDirichlet problem.Based on Schwarz formula and by the application of Plemelj's formula,theauthors change the problem into the integration of a Cauchy boundary integral equation in theflow plane through the substitution of variables.Using numerical integration,the authors obtainthe velocity distribution and pressure coefficient along surface irregularities and platforms.Thephysical concept of this method is clear,the convergent speed is rapid and the computative effi-ciency is high.The calculated values agree well with the measured results.It is an effective andsimple method in solving potential flow.