Entry cost, the Tobin tax, and noise trading in the foreign exchange market

Abstract .  Two types of policy have been proposed to eliminate noise trading in the foreign exchange market: increasing the entry cost or imposing a 'Tobin tax' type of transaction tax. In this paper, we endogenize entry decisions of both informed traders and noise traders and show that these policies may be ineffective in reducing exchange rate volatility. This is because these policies will discourage the entry of all traders, so they may not change the relative ratio of traders, or they may affect informed traders disproportionately more, which increases the relative ratio of noise traders and exchange rate volatility.     

FURTHER EVIDENCE ON REAL INTEREST RATE EQUALIZATION: PANEL INFORMATION,NON‐LINEARITIES AND STRUCTURAL CHANGES

Previous studies applying traditional unit root tests generally have difficulty providing widespread evidence supporting the real interest rate parity hypothesis (RIPH). This paper aims to analyse the empirical fulfilment of RIPH for 17 OECD countries by employing many recently developed unit root tests. Power of the tests is raised by taking different approaches, such as using cross‐sectional information, accounting for non‐linear adjustment towards the equilibrium and allowing for structural changes. The combined results of the tests using panel information show that broad evidence in favour of RIPH prevails for 13 of the 17 countries. By contrast, univariate tests fail to make widespread rejections of the unit‐root hypothesis. Our evidence reveals a high degree of market integration for developed countries, and the effect of monetary policies as a stabilization tool might be limited at least in the long run.     

A Critique of Economic Theory

Abstract:

Faced with home foreclosures, a stagnant economy, and weakly-effective federal programs of relief, Richmond, California, considered using eminent domain to acquire mortgages, modify loans to be more affordable, and thus prevent further erosion of the tax base. Strong objections have been lodged against such alteration of property rights, except through bankruptcy and foreclosure processes. The Richmond proposal is considered in the historical context of changes in the use of eminent domain as described by John R. Commons. Just as economic change forced U.S. courts to change the working definitions of property in the late nineteenth century, current contradictions in the way in which we think of households, and the systemic consequences of their management of debt, may produce changes in law and should alter the way in which economists analyze aggregate consumer spending and borrowing.     

从图论角度对布点问题求解

在日常生产和生活中,往往有一类问题是关于有限的资源在一定条件下的合理利用问题,且要达到最大的利益或者价值。其中包含站点的位置选址问题,通常我们把这类问题归纳为整数规划中的最优问题,利用MATLAB软件我们可以轻松的得到问题的数值解。但对站点的位置选址问题,我们发现利用图论的理论,从图论角度进行分析和求解,可以更轻松。     

AIRPORT PRIVATIZATION AND INTERNATIONAL COMPETITION

We provide a simple theoretical model to explain the mechanism whereby the privatization of international airports can improve welfare. The model consists of a downstream (airline) duopoly with two inputs (landings at two airports) and two types of consumers. The airline companies compete internationally. We show that the outcome in which both airports are privatized is always an equilibrium, whereas that in which no airport is privatized is an equilibrium only if the degree of product differentiation is large. We also discuss airport congestion problems within the model framework.     

安徽省与长三角科技资源配置情况的比较

科技资源的两个重要组成部分是科技人力资源和科技财力资源,它的核心资源是R&D资源。首先,从科技人力资源和科技财力资源两个方面,对安徽省与长三角地区的科技资源配置的现状进行描述;然后,从安徽省与长三角R&D资源配置、R&D资源投入强度两方面进行对比,并指出安徽省科技资源配置中存在的不足和差距;从而提出优化安徽省科技资源配置的建议。