Fiscal Policy in a Currency Union at the Zero Lower Bound

This paper constructs a two‐country core–periphery New Keynesian model of a currency union to address the interaction between the objectives of regionally directed fiscal policy constrained by a single currency and the aggregate use of fiscal policy in face of the zero lower bound (ZLB) on policy interest rates. We identify an optimal path of aggregate and relative fiscal policy responses to a negative region‐specific demand shock. Our results show that (i) in a monetary union, the optimal policy response to an asymmetric reduction in demand concentrated in the periphery always entails a relative shift of fiscal expenditure toward the worse‐affected regions, (ii) though no aggregate fiscal response is required outside the ZLB, and (iii) optimal union‐wide fiscal policy is expansionary at the ZLB. Therefore, optimal policy always entails an expansion in the periphery at the ZLB, but the optimal fiscal response in the core regions can be either expansionary or contractionary depending on the parameters of the model. However, (iv) fiscal expansion in the core is warranted if the periphery cannot implement an expansion due to constraints on public spending.     

Changes in health-related quality of life: a compensating income variation approach

This paper investigates the relationship between negative changes in health and life satisfaction, using a sample from the Household, Income and Labour Dynamics of Australia Survey. We use panel data models and estimate the life satisfaction impact of several different changes in health status to calculate the Compensating Income Variation (CIV) of them. Our work innovates with respect to the existing literature by using a more robust CIV method that takes account of the potential measurement error in income. Further, we produce the first set of monetary values for health losses using SF-6D utility values, one of the main measures used to estimate and value health change for economic evaluation. We show that negative changes in SF-6D are significantly associated with a reduction in life satisfaction, and the starting point matters: a drop of 0.1 in SF-6D score is associated with a decrease of 0.12 points in life satisfaction if the starting utility value is 0.8, but the effect is 100% higher if the SF-6D starting point is 0.7. More generally, we find that a 0.1 deterioration in SF-6D has a strong association with life satisfaction and that the CIV value is substantial (over US$ 120,000).     

罗丹明6G荧光特性及其在荧光猝灭法中的应用

罗丹明类荧光染料具有摩尔吸光系数高、光稳定性好、对pH值不敏感,较宽的波长范围和较高的量子产率等优点。详细分析了罗丹明6G这种荧光染料的荧光特性,并按荧光共振能量转移、形成杂多酸离子缔合物和与碘化钾反应生成离子缔合物3种不同的荧光猝灭方式,综述了罗丹明6G在荧光猝灭法中的广泛应用。     

不锈钢供水管道中铬元素迁移及防控技术

选择国内企业生产的不锈钢供水管道,用余氯和硬度分别为2、100 mg/L的浸泡液浸泡24 h,并检测水质中六价铬的变化。结果显示,浸泡液中的六价铬变化与不锈钢供水管道的工艺有很大关系,焊缝处理、打磨抛光、酸洗钝化三个条件都对六价铬的迁移有很大影响。     

Productivity Spillovers from FDI in Malaysian Manufacturing: Evidence from Micro‐panel Data*

Using an establishment‐level panel dataset for the Malaysian manufacturing industries for 2000–2004, we argue that differences in the proxies and degrees of foreign shareholdings in measuring foreign presence lead to opposite signs and/or significance of spillover effects. The results show significant evidence of positive productivity spillovers to local establishments in the same industry, based on a broad measure of foreign presence. However, there is no evidence of positive spillover when employment share is used as a proxy for foreign presence. Furthermore, significant negative spillover effects are related to higher employment shares of wholly foreign‐owned establishments. Although there is no significant difference in labor productivity between wholly foreign‐owned and locally‐owned establishments, both majority and minority foreign‐owned establishments have significantly lower levels of labor productivity than locally‐owned establishments in Malaysia.     

浅谈抗震设防烈度6度以下地区高层建筑结构设计中的结构抗震概念设计

高层建筑的防震要求是根据地区和建筑结构等具体情况严格规定的,处于非地震带地区的高层建筑,通常要求满足承受抗震设防烈度6度以下即可。随着高层建筑日益增多的发展态势,建筑的抗震要求作为建筑设计中的重要环节,是值得我们探讨和研究的。     

MSP430F149单片机在电子血压计中的应用

时下,电子血压计与传统血压计相比有诸多优势,但因其准确性、重复性不太理想,使用受到很大局限。通过选用高性能硅压式传感器MPXV53GC6U,设计温度补偿电路,优化血压测量的控制计算方法,提高了系统的准确性、稳定性。选用功耗小体积小的器件,紧凑的系统构架,人性化的软件设计,使血压计轻巧便携、使用方便。并对该系统设计做了详细介绍。     

一种6-PSS并联机器人动力学模型的建立

文章对一种新型的六自由度的并联机器人采用Lagrange法建立其动力学方程,得出了机构驱动力显式解.目前尚无针对此种6-PSS机器人而建立的教学模型,因此建立其数学模型具有重要意义,可为此类机器人动力学模拟、动态分析、动力学优化设计及控制策略的深入研究奠定基础.     

Financial development,institutional quality and maximizing-growth trade-off in government finance

This paper studies monetary and fiscal policies in an endogenous growth model with transaction costs. We show that the relation between long-run economic growth and both monetary and fiscal policies is subject to threshold effects, a result that gives account of a number of recent empirical findings. Furthermore, the model shows that, to finance public expenditures, growth-maximizing governments must choose relatively high seigniorage (respectively income taxation), if “institutional quality” and “financial development” indicators are low (respectively high). Thus, our model may explain why some governments resort to seigniorage and inflationary finance, and others rather resort to high tax rates, as a result of growth-maximizing strategies in different structural environments (notably concerning institutional and financial development contexts). In addition, the model allows examining how the optimal mix of government finance changes in response to different public debt contexts. A short empirical section confirms our theoretical results.     

Aid and public sector fiscal behaviour in failing states

This paper looks at interactions between foreign aid and the public sector in developing countries, especially those considered to be fragile or failing states. A model is proposed which employs actual budgetary appropriations and revenue estimates (rather than estimated target variables) and allows for asymmetric preferences. Variants of the model are estimated using time-series data for Papua New Guinea (PNG). PNG is classified as a fragile state by the international community owing to perceived policy and institutional inadequacies. Results obtained suggest that foreign aid increases consumption and investment expenditures and decreases tax revenues and the level of borrowing.