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101.
关于外币折算问题的研究   总被引:2,自引:0,他引:2  
本文研究外币折算汇率的选择及由此产生的汇兑损益归属、通货膨胀对汇率的影响,并就中国外币折算会计准则提出了修正意见。  相似文献   
102.
    
This research investigates the relationship between real interest rate parity and the interest parity puzzle across several economies in the Asia-Pacific region. Unlike previous studies, we establish a comprehensive theoretical framework for parity and utilize macroeconomic and financial market data from 15 economies in the region to examine it. Our findings indicate that most countries exhibit mild deviations from parity, with real interest rate differentials strongly correlated with changes in the real exchange rate and interest-exchange rate interaction terms, particularly in middle-income economies. While interest parity puzzle is also observed in high-income economies, it is less prevalent in most middle-income economies. Our analysis reveals that income levels are key drivers of deviations from parity in this model, with interaction terms also playing a crucial role in most cases. The implication here is that for carry trades, investors place significant importance on risk factors, especially in economies with relatively low risk. This insight helps to clarify a puzzle in this area. Therefore, it is imperative that investors should take into account the impact of interest-exchange rate interaction terms when making carry trade decisions. Lastly, we underscore the significance of ex ante price forecast approaches in achieving parity.  相似文献   
103.
    
The internal rate of return (IRR) is generally considered inferior to the net present value (NPV) as a tool for evaluating and ranking projects, despite its inherently useful comparability to the cost of capital and the return of other investment opportunities. We introduce the “selective IRR”, a return criterion which, as a selection of an extended set of possible IRRs, is NPV-consistent. The selective IRR always exists, is unique, easy to compute, and does not suffer from drawbacks that befall the project investment rate, the only other known NPV-consistent return criterion.  相似文献   
104.
    
ABSTRACT

The literature on real exchange rate effects on the labour market is dominated by short-run analysis showing that there is heterogeneity in the responses of firms or industries to a real exchange rate shock. Analysing data on Canadian manufacturing industries, I conclude that there is a common long-run equilibrium across all manufacturing industries controlling for their openness to trade after varying adjustments to a real exchange rate shock have taken place. This conclusion is important from the perspective of policy making because it helps to form expectations about the effects of a real exchange rate movement on the labour market. The results suggest that real appreciation leads to economically significant reductions in employment in manufacturing in the long run. Real wages decrease in industries that are highly engaged in international trade and somewhat increase in industries that are relatively closed to international trade. Both employment and real wages converge quickly to the long-run equilibrium.  相似文献   
105.
    
Previous studies have investigated asymmetries in the effects of monetary policy on the real economic activity by using either vector autoregressive (VAR)-based regime-switching models with smooth transition technique or Gaussian functions to parameterise the dynamic effects of structural shocks on the economy. These kinds of VAR models assume asymmetry as a short-run relationship between the series since the long-run neutrality hypothesis of money states that monetary policy can only affect productive capacity of the economy in the short run, but not in the long run. The recent theoretical literature shows that this hypothesis is not quite right. Thus, this paper examines the extent to which monetary policy has a long-run asymmetric effect on output in a number of Organisation for Economic Co-operation and Development countries by using a nonlinear hidden cointegration analysis within a likelihood-based panel framework. The findings indicate that there is a long-run relationship between the real interest rate as an indicator of monetary policy and the growth rate of real output in five countries out of nine under review. This gives support for the view that output has responded asymmetrically to the real interest rate changes. The economic implication of our results is that monetary policy affects positive and negative output fluctuations differently.  相似文献   
106.
本文引入两类分析一国金融市场对外开放程度的模型:基于投资与储蓄关系的F-H条件模型和基于利率平价理论的利率平价条件模型,并结合中国的实际情况,选取美国、日本、巴西等具有代表性的国家,以这两个模型作为实证模型分别研究这四个国家的金融市场对外开放程度。从实证分析的结果看,与其他三个国家相比,中国金融市场对外开放程度仍然较低,其原因在于资本市场的管制程度较高,国内利率还无法与国际市场建立较强的关联性等。  相似文献   
107.
目前美元仍是各国外汇储备持有的主要资产,美国的货币和资本市场是世界上最具广度和深度的成熟市场之一,在未来相当长的时期里,美元资产仍将是包括中国在内的各国政府和民间对外投资的主要组成部分。美元贬值与世界经济走势并非经济基本面因素所致,美元走弱还属于货币当局“可控制的贬值”。高油价及通货膨胀的困扰,次级债危机的冲击使本来就不明朗的美国经济前景更加暗淡,无论是从美国的国内经济还是国际经济的基本面来分析,美元短期贬值已是大势所趋,无可挽回了。  相似文献   
108.
    
This article examines the relationship between the unemployment rate and the labour force participation rate in Spain. Cointegration analysis is performed for aggregate, male and female time-series. Results suggest that there is no a long-run relationship between the two variables for the aggregate and male cases. However, the findings support a long-run relationship between the two variables for the female time-series. Thus, the unemployment invariance hypothesis is supported in the two former cases but not in the latter.  相似文献   
109.
文章在回顾我国改革开放30年来人民币汇率制度演进的基础上,利用我国最新的相关数据对人民币汇率与就业之间的关系进行了实证分析,指出人民币汇率变动可通过四种传导机制影响就业:在短期内主要是贸易传导机制发生作用;较长期内,资源分配传导机制起主要作用;在长期内,生产方式和效率传导机制起着重要作用。  相似文献   
110.
王影  施先亮 《物流技术》2011,30(1):60-62
对机器维修保养所需备件的订货策略进行了研究,基于备件的可得性和消耗率,将备件分为四类:关键备件、重要备件、一般备件和特殊备件,针对不同的备件,给出了不同的订货策略。  相似文献   
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