Reconciling Bagehot and the Fed's Response to September 11

Bagehot (1873) states that to prevent bank panics a central bank should provide liquidity at a "very high rate of interest." In contrast, most of the theoretical literature on liquidity provision suggests that central banks should lend at an interest rate of zero. This is broadly consistent with the Federal Reserve's behavior in the days following September 11, 2001. This paper shows that both policies can be reconciled. With commodity money, as in Bagehot's time, liquidity is scarce and a high price allows banks to self-select. In contrast, the Fed has a virtually unlimited ability to temporarily expand the money supply so self-selection is unnecessary.     

物流管理的演进

通过回顾和研究精流管理的演进所程．我们可以清楚地发现每一种新理念的提出都有其必然性．这对于研究现状和展望未来物流管理的发展趋势大有裨益。     

Funded pensions and intergenerational and international risk sharing in general equilibrium

We explore intergenerational and international risk sharing in a general equilibrium multiple-country model with two-tier pensions systems. The exact design of the pension system is key for the way in which risks are shared over generations. The laissez-faire market solution fails to provide an optimal allocation because the young cannot share in the financial risks. However, the existence of wage-indexed bonds combined with a pension system with a fully funded second tier that pays defined wage-indexed benefits can reproduce the first best. If wage-indexed bonds are not available, mimicking the first best is not possible, except under special circumstances. We also explore whether national pension funds want to deviate from the first best by increasing domestic equity holdings. With wage-indexed bonds this incentive is absent, while there is indeed such an incentive when wage-indexed bonds do not exist.     

Entry deterrence and experimentation under demand uncertainty

We examine the effect of a threat of entry on experimentation about demand by an incumbent monopolist when there is a fixed cost of entry. We show that experimentation may itself be used as a tool for entry deterrence and derive conditions under which experimentation reduces the probability of entry. These conditions depend on the entry rule which in turn depends on entry costs. We show that if experimentation does not deter entry, the monopolist incumbent experiments less. We also characterize experimentation and entry in the linear-uniform example, and show that cost of entry and experimentation do not have a monotonic relationship.     

The success of divestitures in merger enforcement: Evidence from the J&J-Pfizer transaction

Despite being a widely used tool in merger enforcement, there have been few studies of whether antitrust divestitures are successful. We help fill this void by conducting a study of the divestitures relating to Johnson & Johnson's $16.6 billion acquisition of Pfizer's consumer health division in 2006. Six brands were divested in this matter to alleviate antitrust concern. For three of the brands, their pre- and post-divestiture performances are similar, while the remainder underwent changes that do not appear to be divestiture related. Overall, the results are consistent with the view that the divestitures maintained the pre-transaction level of competition.     

浅析新型分子筛材料的性能及检验方法—4A分子筛的标准化

4A分子筛作为一种新型材料,具有很好的吸附、分离、分散等性能,广泛应用于化工、涂料、日化、汽车及现代医学等领域。由于涉及领域较多,新修订的HG／T2524—2010《4A分子筛》标准在使用过程中可能会遇到一些问题。本文对该标准进行了解读与介绍,包括主要技术性能和检验方法,可以帮助各领域标准应用者正确运用标准,以达到预期目的。     

Large market games with demand uncertainty

We consider a market game with a continuum of consumers, where the measure of each type is stochastic. Nature selects the set of active consumers, who make bids and offers on ?−1 spot market trading posts. Existence of type-symmetric Nash equilibrium is proven. When facing price uncertainty, best responses are unique, and a Nash equilibrium to the sell-all game is typically not a Nash equilibrium to the original game. Under plausible circumstances, consumers strictly prefer to be on one side of the market.     

我国中部地区旅游业发展现状分析及发展建议研究

随着我国旅游业的大发展，区域间旅游业的发展水平差异也日渐显露出来。在分析中部地区旅游业在全国旅游业发展中的地位以及区域间的水平差异的基础上，充分分析了中部旅游业发展中存在问题，并针对这些问题给出了今后旅游业的发展建议。     

Selection and motivation of distribution intermediaries

This article reviews factors necessitating the application of effective selection and motivation criteria when using independent distributors. It reports findings concerning the criteria utilized by samples of US and UK manufacturing companies. Generally, there appears to be much that is acumenical in the efforts of firms in both countries. However, there also seems to be considerable scope for improvement in selecting and motivating distributors.