图算法在物理实验中的应用

本文以具体实例说明,在物理实验课上,如何利用图算法检查学生的实验数据及其计算结果。     

分行业技术进步对就业的动态影响研究--基于中国34个工业行业1980～2011年的数据

基于1980～2011年中国34个工业行业的数据,本文运用VAR模型研究了分行业技术进步与就业之间的动态效应。结果表明：机械工业、交通运输、电气机械等、仪器仪表办公设备、家具制造等12个工业行业的技术进步在短期内显著的促进了劳动力就业,这种就业“创造效应”在中期逐渐减少,长期几乎无影响。而对于饮料行业、黑色金属矿采选业、电力蒸汽行业、石油加工这4个行业的技术进步则短期内显著地减少了劳动力需求,即产生了“破坏效应”,但这种效应到了中期以后开始转为“创造效应”,长期几乎无影响。政策启示在于：继续加强对中高技术和高技术产业的扶持力度;加强机械工业、交通运输等技术密集型行业所需的专科劳动力的培养;完善饮料、黑色金属采选业等劳动密集型行业的失业保障和再就业的培训体系。     

中国高额外汇储备的决定机制及可持续性研究

本文通过构建理论分析框架,分析外汇储备可持续性的决定机制和影响因素,选择我国相关数据和变量,建立了VAR模型并进行实证检验,刻画各因素与外汇储备之间的相关性,分解各因素对外汇储备规模的贡献度,从而识别决定外汇储备的短期和长期因素。研究表明出口导向机制、长期利益分享机制和短期套利机制是决定外汇储备规模的三大机制。在决定我国高额外汇储备持续性的因素中,出口是直接的、短期的因素,外商直接投资和人民币汇率是长期的决定因素,而人民币利率既是长期因素又是短期因素。外汇储备规模短期内仍将保持较高的水平,但从长期看,随着我国经济增长方式的转变和套利空间的缩小,经常项目和资本金融项目的双顺差会减少,相应的外汇储备也会下降。因此,在当前的外汇储备管理中,应稳定外汇储备的来源和质量,实现保值增值目标,并充分发挥其维护金融安全的作用。     

Oil shocks,policy uncertainty and stock returns in China

This paper examines the interdependence of China's policy uncertainty, the global oil market and stock market returns in China. A structural VAR model is estimated that shows that a positive shock to economic policy uncertainty in China has a delayed negative effect on global oil production, real oil prices and real stock market returns. Shocks to oil market‐specific demand significantly raise China's economic policy uncertainty and reduce the real stock market returns. As measured by a spillover index, the interdependence between these variables has been rising since 2003 as China's influence in the oil market has increased. An equivalent spillover index calculated for the US is smaller and has been largely flat over time.     

The microstructure of exchange rate management: FX intervention and capital controls in Brazil

This article uses a microstructure approach to analyse the effectiveness of capital controls introduced in Brazil to counter an appreciation of the Real. Based on a rich data set from the Brazilian foreign exchange market, we estimate a reduced-form VAR to characterize the interaction of the central bank, financial and commercial customers in times of regulatory policy measures. We find that capital controls change market participants’ behaviour, and that central bank interventions elicit a significant response in financial order flow. Referring to the source of order flow, we find no direct price impact by financial flows and thus no evidence that the appreciation of the Real is driven by financial customers’ activity. Instead, commercial customers seem to be a primary driver of the Real within our model.     

The relationship between agricultural commodity prices,crude oil prices and US dollar exchange rates: a panel VAR approach and causality analysis

This study examines the relationship between crude oil prices, US dollar exchange rates and 30 selected international agricultural prices and five international fertilizer prices in a panel framework. The study uses panel VAR methods and Granger causality tests on panel data sets of agricultural commodity prices (as well as specific agricultural commodity sub-groups) and fertilizer prices with monthly observations of the period from June 1983 to June 2013. The empirical results of the present study indicate that crude oil prices as well as US dollar exchange rates affect international agricultural commodity and fertilizer prices. Furthermore, contrary to the findings of several studies in the literature, the present study supports bidirectional panel causality effects between crude oil prices and international agricultural prices as well as between US exchange rates and international agricultural prices.     

国库库存纳入货币统计口径探析——基于货币政策中介目标有效性标准视角

随着我国宏观经济的快速持续增长,以及财政体制改革的深化,国库收支运行出现了新态势,突出表现为国库库存规模的不断递增,并且波动幅度不断加大,国库库存已经成为影响货币供应量的重要因素,在货币操作中需要密切关注国库资金的运行变化。首先描述了近年来我国国库库存变化的特征,然后基于货币政策中介目标有效性的可测性、可控性和相关性三个标准对现有货币统计口径和加入国库库存后的货币统计口径进行比较。从实证的结果来看,新的货币口径要优于原有的货币口径,因此将国库库存纳入货币中介目标监控体系,才能更好地反映宏观经济金融的实际情况,进一步提高货币政策的有效性。最后提出了将地方国库库存纳入货币统计口径,完善国库集中收付改革,推进地方国库现金管理三个政策建议。     

POT模型在商业银行信用风险度量中的应用

由于银行信用风险的损失分布具有鲜明的厚尾性,所以应用一般的风险计算方法往往会低估银行信用风险、而应用极值理论计算风险时能更有效地捕捉可能导致银行重大损失的尾部风险。所以把极值理论应用于银行信用风险量化分析不失为一种比较理想的方法。     

金融结构差异与货币政策的区域效应

我国实行的主要是总量调控的货币政策,而忽视了金融结构的差异。在借鉴国内外研究成果的基础上,文章从金融结构差异的角度,结合我国中部六省金融发展的实际状况,分析了货币政策的区域效应。结果表明:中部六省存在货币政策的区域效应,而且各省存在一定的特点,其原因主要是资本市场的完善程度的差异。文章认为,为促进中部六省经济协调发展,可以考虑在中部地区建立区域证券交易中心。     

城镇化演进的内在逻辑--基于产业结构变迁及土地流转角度

中国经济正处于转型期,以扩大内需来实现经济平稳增长是学术界、政府一致的呼声。城镇化是提升内需水平和结构的重要手段,也是中国目前经济改革的方向和重点。文章通过对30年来中国城镇化增长率,产业结构变迁,土地流转等数据分别建立模型进行实证分析。认为城镇化自身有内在的演进逻辑,即在产业结构变迁过程中城市用地的扩大和城镇人口的增加。最后提出政策建议,调整结构应优先于单纯产值增长,优化产业结构,优先发展第三产业,出台配套土地政策,盘活土地资源,沿着城镇化自身的逻辑来推动中国城镇化建设。