MONETARY TRANSMISSION MECHANISM IN CENTRAL AND EASTERN EUROPE: SURVEYING THE SURVEYABLE

Abstract.  This paper surveys recent advances in empirical studies of the monetary transmission mechanism, with special attention to Central and Eastern Europe (CEE). Our results indicate that the strength of the exchange rate pass-through substantially declined over time mainly due to a fall in inflation rates and to some extent due to the so-called composition effect. The asset price channel is weak and is likely to remain weak because of shallow stock and private bond markets and because of low stock and bond holdings of domestic households. House prices may become an exception with booming mortgage lending and with high owner occupancy ratios. While the credit channel could be a powerful channel of monetary transmission – as new funds raised on capital markets are close to zero in CEE – it is actually not, as both commercial banks and non-financial corporations can escape domestic monetary conditions by borrowing from their foreign mother companies. The moderately good news, however, is that those banks and firms are influenced by monetary policy in the euro area because their parent institutions are themselves subjected to the credit channel in the euro area.     

The managerial flash sales dash: Is there advantage or disadvantage at the finish line?

The central intent of this qualitative inquiry is to investigate the benefits, drawbacks, and performance measures of hotel room inventory distribution via flash sales websites. Key advantages and disadvantages of using such a distribution channel fall within the categories of inventory management, revenue management, brand marketing, customer relationships, and operational challenges. The significance of the study is in providing a comprehensive review of the flash sales phenomenon in the lodging industry that may assist hotel managers with the performance evaluation of this distribution channel. Using grounded theory methodology, a flash sales evaluation framework was developed based on 46 phone interviews with hotel managers from different segments of the American hotel industry.     

中国旅游产业对国民经济的贡献研究

文章采用旅游增加值剥离测算法估算2000～2008年中国大陆31个省级单位的旅游产业增加值,并测量旅游产业增加值对国民经济的贡献率和拉动幅度,旨在分析旅游产业在国民经济中的地位。结论有三:第一,我国旅游产业以高于国内生产总值的增长速度快速成长,波动较大且存在地区差异;第二,旅游产业的发展与国民经济的整体发展水平密切相关,在以旅游产业作为先导产业的省份中,旅游产业对国民经济的拉动作用较为显著;第三,我国大部分地区的旅游产业对GDP贡献率主要集中在3%～8%,而拉动系数则保持在0.5至1.5个百分点之间。     

浅谈有线数字电视系统的调试与维护

文章介绍了有线数字电视的基本特点、系统指标、应用以及有线数字电视传输系统的维护,阐明了有线数字电视系统常见故障处理方法。     

市场和政府:扩大内需的约束条件

七次降息未能扭转通货紧缩现象,其原因在于以间接融资为主的金融市场,利率机制自发调节存在 失灵的区域,而宏观调控缺乏运作的基础,也存在盲目性。应加快利率市场化进程,促进金融市场直接融 资的迅速发展,才能有效实现币值稳定和经济增长。     

浙江省经济增长要素贡献率的实证分析

在浙江省的经济增长过程中,劳动力贡献率是最低的,资金投入量与技术进步贡献率呈现上升趋势。就目前来看,在浙江省的经济发展中,资金投入量是经济增长的主动力,技术进步是经济增长的加速器,而劳动力资源为浙江省的经济增长提供了宽阔的空间。     

转型经济利率市场化与我国货币市场发展

由于经济转型独特的初始条件,利率市场化不单单表现为放松利率管制,期间还交叉了一个利率定价传导机制重构的过程。利率定价传导机制取决于一国的金融制度与结构,尤其与货币市场的发育密切相关。目前,由于利率定价传导机制尚未完全成型,相应的利率市场化进程应以完善利率定价传导机制为重点,并最终完成以放松利率管制为主要特征的利率市场化改革。     

对《钻井液用消泡剂评价程序》标准的认识和建议

评价和衡量消泡剂性能优劣的主要技术指标是钻井液密度恢复率。石油天然气行业标准SY/T5560—92《钻井液用消泡剂评价程序》对钻井液密度恢复率的作出了比较详细的测试规定和要求。根据在实际工作中的摸索总结,建议变发泡后和消泡后钻井液密度的测试方法由密度计测试为体积计算。     

采油厂流量仪表选型探讨

流量计的选型直接影响到流量计量的准确度。根据被测介质性质的不同、流量大小和具体的现场条件选择合适的计量仪表,既降低了计量误差,又做到经济耐用,满足了现场计量需要。