TESTING FOR STATIONARITY WITH A BREAK IN PANELS WHERE THE TIME DIMENSION IS FINITE

In this paper, we consider the case of finite time dimension in the panel stationarity tests with structural breaks. By fixing T, the finite sample properties of the tests for both micro (T small and N large) and macro (both T and N large) panel data are generally greatly improved. More importantly, the derivation of the tests for finite T and , as opposed to joint asymptotic where N and simultaneously, avoids the imposition of the rate condition making the test valid for any (T, N) blend. Four models corresponding to the usual combination of breaks are considered. The asymptotic distributions of the test are derived under the null hypothesis and are shown to be normally distributed. Their moments for T fixed are derived analytically employing Ghazal’s corollary 1. The case with unknown breaks is also considered. The proposed tests have generally empirical sizes that are very close to the nominal size. The Monte Carlo simulations show that the power of the test statistics increases substantially with N and T.     

An empirical analysis of night-time light data based on the gravity model

This article aims to explore the feasibility of applying night-time light data to the study of trade. Based on 61 countries’ panel data from 1995 to 2012, this research used night-time light data, as the substitute for GDP, to study trade development based on the traditional gravity model. The method of ordinary least squares, Poisson pseudo-maximum-likelihood and two-stage least squares were used. The results show that geographical distance, country borders and regional agreements have a significant effect on China’s trade with other Belt and Road countries, which verifies the validity of trade research based on night-time light data analysis. Additionally, comparisons reveal the trade trends predicted by night-time light data from 1996 to 2012, were highly consistent with the actual data. This article stands as the first study to apply night-time light data to the gravity model in the research on trade between China and other Belt and Road countries. Breaking new ground, this research uses night-time light data as an economic indicator to study trade, in combination with micro foundations and the latest findings of the gravity model. Thus, this article deepens the understanding of trade analysis and contributing to the field of related researches.     

Panel LM unit root tests with level and trend shifts

This paper considers a Lagrange multiplier (LM) based panel unit root test that allows for heterogeneous structural breaks in both the intercepts and slopes of a series. We note that many popular time series variables are likely to exhibit changing means and/or trends over time. Given that the usual tests will depend on the nuisance parameters indicating the locations of the trend breaks, we adopt a transformation procedure that makes our new panel unit root tests invariant to the nuisance parameters. To illustrate the importance of the power gain provided by our test, we examine the convergence hypothesis using relative ratios of per capita health care expenditures in 20 OECD countries. Our results provide evidence that the convergence hypothesis is supported.     

Explaining Growth: A Contest Between Models

Recent contributions to the empirical growth literature show no tendency to convergence in specification, as researchers seek to identify new variables that can account for significant regional effects in earlier work. We conduct non-nested tests between the models of Barro (1997), Easterly and Levine (1997) and Sachs and Warner (1997). The data strongly prefer an encompassing model, but fail to reject any of the candidate models, implying that each model represents a partial truth. We identify a model that includes most (but not all) of the regressors in the candidate models and is robust to the inclusion of regional dummies.     

基于单片机的艺术彩灯系统设计

本文设计了一种新型的艺术彩灯控制系统,该系统使用单片机作为控制核心,采用了PWM脉宽调制技术。在系统硬件电路中增加了过零检测,利用三极管电路控制彩灯颜色的变化和组合。改进了传统艺术彩灯制作工艺要求严格,色彩变化单一的缺点。通过实验,该系统运行稳定,易于扩展。     

运动体间关联性遵循的规律——“α角规律”理论

通过对探求天体作用光所遵循的规律的讨论得出一条重要的客观规律,即"α角规律"理论。该理论对研究宇宙性问题和运动体间的关联性具有普遍适用性。依据该理论,详细探讨了以下问题:(1)光速C的界阈与自由程;(2)天体特性;(3)宇宙形;(4)运动体间相互作用的规律;(5)时空运行与天体的关系。     

浅谈加强交通基础设施建设促进现代物流发展

从当前交通基本建设与物流发展的相互关系影响角度出发,在经济发展过程中交通基本建设的必要性,交通基础设施先行是发展现代物流的基本策略,是发达国家发展现代交通物流的成功经验,也是当前我国发展现代物流的先决必要条件。     

省域高速公路联网监控系统方案设计

省域高速公路的联网监控是高速公路建设的主要趋势,文中设计了省域联网监控系统,阐述了设计的主要目标、整体方案以及各个子系统的功能和构成.     

The (de-)anchoring of inflation expectations: New evidence from the euro area

Well-anchored inflation expectations are a key factor for achieving economic stability. This paper provides new empirical results on the anchoring of long-term inflation expectations in the euro area. In line with earlier evidence, we find that euro area inflation expectations have been anchored until fall 2011. Since then, however, they respond significantly to macroeconomic news. Our results obtained from multiple endogenous break point tests suggest that euro area inflation expectations have remained de-anchored ever since.     

轻型钢架结构在城郊铁路站场应用研究

本文以郑州南站城郊铁路二期郑州南停车场施工为实例,详细阐述了采用轻型钢架结构在城郊铁路大型工程车库建设过程中的施工方法及施工关键技术.