Does the Law of One Price Hold within the EU? A Panel Analysis

This paper empirically tests the law of one price by applying unit root tests to three panels consisting of data on 90 consumer price indices for the EU-25, the EU-15 and the 10 new EU member countries that joined the EU in 2004. The four major findings of this paper are: (1) panel unit root tests find evidence of price convergence for about 70% of all product groups, (2) the results are sensitive to the choice of the numeraire country implying that any conclusions must be based on all bilateral combinations, (3) the average half life across all product groups is 2.0 years, (4) the overall evidence for the law of one price is weaker in the 10 new EU member countries than in the EU-15.

The behaviour of producer prices: evidence from French PPI micro data

This paper provides some new empirical findings for how French producers set prices. We used the micro data that composes the producer and business-service price indices from 1994 to 2005. First we address how producer prices are collected. Then we present the main characteristics of how producers change their prices: they are modified infrequently and in small amounts. Also, a behavioural heterogeneity across sectors is observed. Business-service prices change less often than industrial producer prices. The data corroborates both time and state-dependent model predictions. Taylor contracts are not unusual, but a firm’s prices will also react to its economic situation. Nevertheless, the most relevant models, to explain producer price rigidity, are time-dependent.

“The fact that some prices are rigid or sticky, while others are variable, has attracted a good deal of comments from economists in recent years” Tucker (1938)

This study was conducted in the context of the Eurosystem Inflation Persistence Network. Data were processed under the responsibility of INSEE in the context of an agreement between INSEE and the Banque de France (20B-21B-E301/R05019/2005).     

Stylised features of consumer price setting behaviour in Portugal: 1992–2001

This paper identifies the empirical stylized features of consumer price setting behavior in Portugal using two micro-datasets underlying the consumer price index. The main conclusions are: one in every four prices change each month; there is a considerable degree of heterogeneity in price setting practices; prices of goods change more often than prices of services; price reductions are common, as they account to around 40% of total price changes; price changes are, in general, sizeable; finally, the price setting patterns seem to depend on the level of inflation as well as on the type of outlet.

山西省经济增长与煤炭生产量、消费量的相关性分析

利用19782004年的相关数据,对山西煤炭年产量、年消费量与山西经济增长进行相关性分析,认为山西省的煤炭生产量与GDP增长不具有长期均衡关系,而山西的煤炭消费量与GDP增长有着很好的同步关系,煤炭消费量的变化最终影响了山西的经济增长。该结论解释了山西煤炭的“资源诅咒”现象。山西资源经济要健康地可持续发展,一种符合可持续发展理念的现实选择即是在科学的煤炭价格机制下大力发展循环经济。     

Exploration of OPEC and oil world market

In this article, the author will analyze the phenomena of soaring oil price today, how it happened, and find the reasons for the creation of OPEC, how it conducted its affairs in the market, and the economic factors that influenced Dr. Yamani in managing the organization effectively for a fairly long period of time to attain by the goals set out by him. I will apply the economic theories of market models, substitutability of products, the concept of price leadership etc. to explain the situation in the oil market and OPEC＇s function, which also illustrates current market behavior in the business world.     

水权交易管理比较研究

水权交易是解决水资源短缺问题,进行水资源优化配置的重要手段之一,我国的水权交易尚在探索阶段。文章通过对中外水权交易的比较研究,得出水权交易的关键问题为初始水权配置、水权交易制度和水权交易价格。由此提出了我国发展水权交易的建议：建立与完善相应的水权交易制度;加强流域统一管理,进行水权初始分配;引入水权期权交易方式。     

非理性股价与企业投资行为：来自中国上市公司的经验证据

股票价格的非理性变化是否会对资本配制产生重要影响呢?本文试图从实证的角度回答这一问题。利用一个面板VAR模型,我们发现,对于高流通股比例的企业,与基本因素相正交的Tobin's Q冲击对投资有显著影响。但是,方差分解显示,投资波动中可由Tobin's Q解释的比例很低。这些证据意味着,非理性的股价变化虽然会对真实投资产生影响,但其作用相当有限。结果还显示,股价的非理性变化主要通过迎合渠道,而非股本融资渠道影响投资。     

内部公司治理与股价操纵的关系——基于中国上市公司的实证研究

从理论和逻辑上分析,股价操纵与公司治理之间应存在密切关系。笔者基于中国上市公司的股价操纵案例,选取对照样本组并运用二项逻辑回归分析进行了实证考察。研究表明,被操纵的公司不但在信息披露方面呈现出异常行为,而且在董事会特征、股权结构等公司治理方面也出现了异常。这证明中国上市公司的内部治理机制与股价操纵行为存在着紧密联系。其启示是,完善上市公司内部治理机制是遏制股价操纵的重要措施。     

高技术产业中排他性合约研究——以英特尔和AMD为例

构建上游双寡头和下游多家厂商的排他性交易模型。以上游优势厂商控制的下游厂商数量为决策变量,分析了在位上游优势厂商通过控制下游厂商,导致中间产品的价格歧视,剥削下游厂商,排挤竞争对手,提高最终产品价格和不利于产业良性竞争等负面影响。     

分行业能源差别定价促进节能模型研究

促进节能减排是当前建设环境友好型社会以及促进经济又快又好发展的重要措施。如何完成"十一五"规划提出的节能减排的两个约束性指标是亟待解决的重大课题。笔者根据能源价格由市场调节与政府调控相结合形成的原则,根据不同行业节能情况的差异性,对不同行业能源消费价格进行差别定价,建立了分行业能源差别定价促进节能模型,以期对政府制定节能减排政策具有一定的借鉴意义。