Monetary Policy and Price Responsiveness to Aggregate Shocks under Rational Inattention

This paper studies a general equilibrium model that is consistent with recent empirical evidence showing that the U.S. price level and inflation are much more responsive to aggregate technology shocks than to monetary policy shocks. Specifically, we show that the fact that aggregate technology shocks are more volatile than monetary policy shocks induces firms to pay more attention to the former than to the latter. However, most important, this work adds to the literature by analytically showing how monetary policy feedback rules affect the incentives faced by firms in allocating attention. A policy rule responding more actively to inflation fluctuations induces firms to pay relatively more attention to more volatile shocks, helping to rationalize the observed behavior of prices in response to technology and monetary policy shocks.     

Time-to-build, obsolescence and the technological paradox

The paper focusses on the technological paradox. To analyze the possible temporary negative effect of an innovation we make use of a flow representation of production. Our aim is to show that such phenomenon can be justified by a simple property of the production process: in real time costs strictly come before proceeds. Moving in the same direction of Amendola (1972), and extending an overlooked result in Belloc (1980), we analyze the obsolescence effect induced by a rise in the interest rate. Furthermore, we analyze the role of capital market stickiness on the timing of the technological paradox and on the distribution of the obsolescence effect among the different stages of a vertical integrated production system.     

浅析LTE(4G)的发展和出路

4G是我国通信行业发展的必然趋向,当前的新兴LTE技术是通向4G项目的大门,本形象的称为准4G和3.9G。LTE在技术方面,在3G基础上改善了空中接口这一关键技术,实现了可以在20MHz频谱带宽下能够提供下行100Mbit/s与上行50Mbit/s的峰值速率;在服务方面,可为用户提供综合多样化的服务内容,即使用户身处小区边缘也不会再受接受通信信号接受困难的影响,则是可实现真正意义上的全球漫游,使得移动用户一直在线的梦想变为现实,甚至还支持高清电视节目的点播与播放。文章介绍了LTE的内涵,及国际、国内的发展过程及现状,同时也对影响LTE发展的几方面因素做了相关说明。     

Accruals and the performance of stock returns following external financing activities

This paper investigates the relation of the external financing anomaly with the accrual anomaly, by focusing separately on working capital accruals and long-term accruals. We find that external financing and accrual hedge portfolios not only generate superior returns, but they also constitute statistical arbitrage opportunities. Portfolio-level analysis and firm-level cross-sectional regressions show that the ability of external financing measures in predicting future returns remains strong, after controlling for working capital accruals. However, this ability is substantially reduced after controlling for long-term accruals. Our results appear to be consistent with investors’ failure to recognise agency-related overinvestment and/or opportunistic earnings management.     

全球广播服务卫星IPV6技术分析和探讨

本文在讨论了基于GBS的IPv6技术优势的基础上,论述了IPv6在移植过程中所面临技术和程序上的挑战,探讨了系统性能和设计上的需求,上述研究对于GBS的发展,以及不同网络环境下信息传输具有一定的指导意义。     

基于"GE领导力模型"谈如何提升中小企业领导力

文章通过解析"GE领导力模型"的主要内容,试图阐述该模型针对中小企业同样具备的借鉴意义,并在诊断中小企业领导力不足的主要表现的基础上,尝试基于"GE领导力模型"提出打造中小企业领导力的若干思路,从而提升其领导力水平,促进可持续发展.     

试论品牌竞争时代与关系资源

品牌竞争时代实质是对关系资源竞争的时代。关系资源将在企业的运作中发挥越来越多的作用。企业的关系营销和企业工作作为发挥关系资源的重要手段，其重要性也愈加凸现重要。     

A NOTE ON DURABLE GOODS MONOPOLISTS: COMMITMENT TO FORWARD COMPATIBILITY

This note re‐examines the previous results on durable goods monopolists under the time inconsistency problem that the firm tends to make its goods less compatible as a “planned obsolescence” strategy in the presence of network effects. We find that the possibility of the commitment to forward compatibility is profitable to the monopolist, depending upon the degree of technological progress and network effects. Therefore, contractual commitments that are frequently feasible and observed in real‐world markets make the society better off.     

Exchange rate regimes and asset prices

We study the implications of alternative exchange rate regimes for asset prices in a portfolio balance model motivated by the recent US-China experience. We establish that asset price responses to various shocks differ across a flexible regime and a -unilateral- peg but the differences for most shocks tend to be rather small. Moreover, while both monetary and public debt expansions have inflationary effects on equity prices, the latter's impact is stronger under a flexible exchange rate regime. These two findings suggest that a flexible USD/rimni rate would not have limited the recent asset price inflation in the US.     

Impact of export upgrading on tax revenue in developing and high-income countries*

Empirical studies usually analyse the relationship between an economy’s trade sector and tax revenue in developing countries through the effect of trade liberalization on tax revenue. This paper takes a different angle by examining the impact of export upgrading strategies (export diversification and improvement in export quality) on non-resource tax revenue. The panel data-set covers a sample of 172 countries, including both developed and developing countries, spanning the period 1980–2010. The analysis is conducted both on the entire sample and sub-samples. The findings indicate that export product upgrading exerts a positive and significant effect on non-resource tax revenue, including for the sub-samples considered, with the exception of low-income countries for which we observe mixed results. Moreover, countries which upgrade their export products in a context of trade openness consistently experience higher non-resource tax revenue, both in the short and long term.