The expectations hypothesis and decoupling of short- and long-term US interest rates: A pairwise approach

The link between short-term policy rates and long-term rates elucidate the potential effectiveness of monetary policy. We examine the US term structure of interest rates using a pairwise econometric approach advocated by Pesaran (2007). Our empirical modelling strategy employs a probabilistic test statistic for the expectations hypothesis of the term structure based on the percentage of unit root rejections among all interest rate differentials. We find support for the expectations hypothesis and provide new insights into the nature of interest rate decoupling which are of value to policymakers. The maturity gap associated with interest rate pairs negatively impacts on the probability of stationarity, and also on the speed of adjustment towards long-run equilibrium. We further show that the speed of adjustment has become more sensitive to the maturity gap over time.     

The effects of technological turbulence and breadth on supply chain technology acceptance and adoption

The current empirical study examines the intention to use and subsequent implementation of a supply chain technology. Specifically, the authors extend the technology acceptance model (TAM) to incorporate the state of the technology environment (technological turbulence) and the extent to which other supply chain technologies have already been adopted by the firm (technological breadth). A series of seemingly unrelated regressions (SUR) were used to analyze survey data from 195 respondents. The results show that in technologically turbulent environments, the relationships between the firm's perceived usefulness and ease of use and the firm's intention to use a supply chain technology are stronger. The study also finds that the relationship between the firm's intention to use a supply chain technology and the implementation of the technology is weaker in firms with greater technological breadth.     

Toward a structural view of co-opetition in supply networks

Co-opetition, or simultaneous competition and cooperation, in the supply chain management literature has been treated as a dyadic relational phenomenon where the buyer's strategy is considered to be the primary driver. In this paper, we move beyond the dyadic view and propose a theory of co-opetition in supply networks. We argue that as firms within a supply network interact over time to access, share, and transform resources, new ties between firms are formed and existing ties dissolve, giving rise to co-opetition dynamics at the network level. Taking a configurational approach, we employ the inter-related dimensions of ties between firm, firm-level task, network-level objective, and governance to specify four practical supply network archetypes that cover a wide range of economic activities. We then explain how coopetitive relationships may evolve in these supply network archetypes. Specifically, we discuss how relationships form or dissolve in these archetypes and how local structural changes lead to co-opetition dynamics at the network level. We also discuss the implications of such dynamics from a managerial perspective.     

美国住房租赁市场运行机制探讨及借鉴

美国拥有发达的私人住房租赁市场和公共住房租赁市场,其关于住房租赁市场的法律制度、税收体系、房租补贴政策和完善的政府监管体制等方面均值得我国借鉴。研究表明,支撑美国住房租赁市场的因素主要有供给因素、需求因素和政府对租赁市场的有效管理和规范。尽管在住房消费文化和土地制度环境等方面我国住房市场与美国住房市场差异显著,但美国发展与规范住房租赁市场的经验对培育和发展我国住房租赁市场仍然具有重要的政策借鉴价值。     

Agent-system co-development in supply chain research: Propositions and demonstrative findings

In this study, we develop an agent-system co-development (ASC) theoretical framework for behavioral research in supply chains. The ASC framework aims at explaining the dynamic agent-system relationships in supply chains whereby both action-influencing properties of human agents (e.g., beliefs, personalities, attitudes) and governance-influencing properties of supply chain systems (e.g., social norms, power-dependence, partnerial/adversarial relationship forms) mutually influence each other over time. Two empirical studies are conducted to illustrate how ASC can be a useful theoretical framework in supply chain research and to partially validate the central thesis of ASC in the contexts of partnerial/adversarial supply chain relationships and cooperative/competitive attitudes of human agents in supply chains. The results of both studies support the central thesis of ASC regarding the dynamic agent-system relationships. From two replicated experiments in Study 1, the results suggest that agents’ cooperative and competitive attitudes in business relationships are altered as they are exposed to different supply chain conditions of partnerial and adversarial relationships. In addition, from the multi-method research efforts in Study 2, the results from two survey studies and an experiment are largely consistent with one another, suggesting that personnel turnovers in existing supply chain systems can eventually lead to changes in supply-chain-system properties including the degrees of long-term commitment, information sharing, and joint problem-solving between supply chain partners, as well as the frequency of opportunism occurrences in the supply chains. Finally, we propound that the dynamic agent-system relationships proposed in the ASC framework can be a useful analytical lens in viewing various supply chain issues, such as supply chain evolutions and changes, supply chain designs and personnel decisions, and self-reinforcing feedback loops and decision tendencies in supply chains.     

Supply chain management executives in corporate upper echelons

Supply chain strategies and their implementation have been recognized as a source of competitive advantage. According to the principle “structure follows strategy”, we expect the number of firms having supply chain management (SCM) functions represented on their top management team (TMT) to have increased in the past years. However, little is known about the degree to which executives responsible for SCM functions (i.e., Chief Supply Chain Officers) are present or absent in TMTs and if their presence is related to firm performance. Therefore, we study the TMTs of large US corporations and show that SCM is present in upper echelons, either through executives whose responsibilities explicitly include SCM or indirectly by executives, especially CEOs, who had acquired SCM experience in their previous positions. However, firms׳ operating margins are lower when a Chief Supply Chain Officer is present in the TMT.     

Outsourcing the procurement function: Do actions and results align with theory?

Are common theories of outsourcing useful in predicting the extent of and performance gains from the outsourcing of procurement activities? Or does procurement׳s broad scope and boundary-spanning role confound successful analysis? This study applies a theoretical framework combining concepts from transaction-cost economics (TCE) and the resource-based view (RBV) to study the procurement outsourcing decisions of two hundred and eighty US-based electronics manufacturing firms. Findings suggest that TCE and RBV act in complementary ways on the procurement outsourcing decision. TCE, through fear of supplier opportunism, appears to be the primary driver of the extent to which procurement activities are outsourced. The RBV, through which the OEM׳s resource position in procurement vis-à-vis its outsourcing partner is determined, appears to be the primary determinant of the performance results of the outsourcing decision. Procurement activities are outsourced to a greater extent when fear of supplier opportunism is low, but such outsourcing is only “justified” (expected to yield performance benefits) when the OEM has a weak resource position vis-à-vis the outsourcing partner. An “enriched” TCE–RBV framework is presented and discussed as part of study results.     

How important is fiscal policy cooperation in a currency union?

By constructing a dynamic stochastic general equilibrium model, which assumes a currency union consisting of two countries with nontradables, we study the importance of fiscal policy cooperation. As shown in the previous studies, we find that the role of fiscal policy is important in maximizing social welfare. However, we have a contrary result for fiscal policy cooperation. While the previous studies highlight that fiscal policy cooperation has a nontrivial effect in maximizing social welfare, we show that fiscal policy cooperation has no benefits, regardless of the share of nontradables. Self-oriented fiscal policy can replicate social welfare under the cooperative setting.     

Monetary policy in open economies: Practical perspectives for pragmatic central bankers

This paper reviews and interprets some of the key policy implications that flow from a class of DSGE models for optimal monetary policy in the open economy. The framework suggests that good macroeconomic outcomes in open economies are possible by focusing inflation targeting that is implemented by a Taylor type rule, a rule that in equilibrium is reflected in the exchange rate as an asset price. Optimal monetary policy will not be able deliver a stationary (‘stable’) nominal exchange rate – let alone a fixed exchange rate or one that remains inside a target zone – because, absent a commitment device, optimal monetary can’t deliver a stationary domestic price level. Another feature in the data for inflation targeting countries that is consistent with monetary policy via Taylor type rule is that it will tend push the nominal exchange rate in the opposite direction from PPP in response to an ‘inflation’ shock—the ‘bad news god news’ result of Clarida and Waldman (2008. Is Bad News about Inflation Good News for the Exchange Rate. In: John Campbell, (Ed.), Asset Prices and Monetary Policy, Chicago: University of Chicago Press), Clarida and Waldman (2014. Bad News About Inflation is Good News for the Nominal Exchange Rate Under Optimal Monetary Policy: DSGE Theory and a Decade of Empirical Evidence). This is so even though in the long run of these models the nominal exchange rate must in expectation obey PPP.     

租房券在廉租房中的应用

一、租房券在我国实施的可行性 1．租房券的由来租房券本身是一种代替现金结算的货币形式,优点是既能流通又能保持专用特性,准确资助到住房需要且不会被转向其他消费。