A Phillips curve interpretation of error-correction models of the wage and price dynamics

This paper presents a model of employment, distribution andinflation in which a modern error correction specification ofthe nominal wage and price dynamics (referring to claims onincome by workers and firms) occupies a prominent role. It isbrought out, explicitly, how this rather typical error-correctionsetting, which actually seems to capture the wage and pricedynamics of many large-scale econometric models quite well,is fully compatible with the notion of an old-fashioned Phillipscurve with finite slope. It is shown how the steady-state impactof various shocks to the model can be profitably conceived ofand interpreted in terms of (and to some extent even calculatedby means of) this long-run Phillips curve.     

Shaken or Stirred? Financial Deregulation and the Monetary Transmission Mechanism in Norway

Is there a credit channel for monetary policy? Has the deregulation of financial markets had any temporary or permanent effects on the monetary transmission mechanism? We present empirical evidence on these issues for Norway by estimating a dynamic system of money, credit, real income and inflation. We find that the deregulation process has not caused any permanent shifts in the long‐run demand functions. Within a small simultaneous dynamic model, there is some evidence for the credit view of the monetary transmission mechanism, as both credit and money exhibit strong and stable effects on aggregate demand. JEL classification: E50; E44; C51     

印前图像质量控制的实现

原稿图像质量与印刷品图像质量的一致性是我们印刷从业人员一直以来所追求的目标。由于印刷技术的局限性,要完全地达到一致的效果比较困难。印前图像质量是决定印品质量的关键因素之一,做好印前图像质量的控制,是实现精美印品质量的根本。下面将从图像的扫描、Photoshop分色参数设置、输出设备校正三个方面实现对印前图像质量的控制。     

Measuring contamination in an injury prevention randomized controlled trial

The objective was to study the external causes of death reported in the autopsy centre in Kathmandu, Nepal. A retrospective review of case report documentation of all violent and traumatic death autopsies was conducted in Kathmandu from mid-July 2000 to mid-July 2004. A total of 4383 autopsies were conducted by the Department of Forensic Medicine in Kathmandu. There were 1072 (25%) cases of suicide, 380 (9%) homicide, 1399 (32%) accidental, 598 (14%) deaths as a result of natural diseases and 923 (21%) undetermined causes of death. The number of males was almost twice that of females (sex ratio 2.2:1). Persons aged 15 to 44 years comprised about two-thirds of the total reported fatalities (65.4%). Suicides were mostly reported due to hanging, homicides mostly due to firearms and explosives, accidents mostly due to road traffic injuries. More than 60% of road traffic injuries resulted among pedestrians. Suicides, homicides and accidental deaths remain a poorly identified public health issue in Nepal. Medico-legal autopsy reports can serve as an important tool in understanding fatalities from violence and injuries for countries similar to Nepal. Strengthening a regular mechanism for compilation and utilization of the information, however, remains a major challenge.     

我国就业影响因素实证研究——基于JJ协整模型与ECM模型的分析

本文使用索洛模型为基础的变化模型研究我国就业量的影响因素,引入国民生产总值、城市化率、居民消费水平、历年全社会固定资产投资、第三产业增加值为解释变量做实证研究,建立时间序列分析模型,并通过各变量间的JJ协整关系模型与误差修正模型说明各因素对就业的长短期影响,结果表明长期内我国国内生产总值对就业总量有显著地正向拉动作用,城市化率与就业总量有显著地负相关关系,居民消费水平长期内与就业总量成正相关关系,第三产业增加值与就业总量有微弱的负相关关系,短期内我国就业总量受到自身滞后期的正向冲击且需要外力拉动。在此结论基础上本文尝试提出了相关政策建议。     

Dynamics of Urban Residential Property Prices— A Case Study of the Manhattan Market

In a multivariate vector autoregression framework, this paper investigates the weak efficiency of the urban residential real estate market and the cause of weak efficiency. An error correction model is used to estimate long-term relationships among apartment prices and adjustment speed from disequilibrium to equilibrium. Based on a unique dataset of the Manhattan market, the efficiency of this market, seasonal stationarity of property prices, and the weak exogeneity of leading sub-markets are studied. Our results indicate that, in a market of less heterogeneity and higher transaction volumes, the weak efficiency hypothesis is rejected as in previous studies. This result implies that heterogeneity and lack of transaction information may not be the direct source of market inefficiency. Meanwhile, it is found that there are stable long-term relations among prices of different sub-markets. Interestingly, the price of one-bedroom co-operatives (co-op) is weakly exogenous. This implies that the starting co-op for most home buyers in urban areas is a leading indicator of the entire market, which contradicts the claim that high-end luxury co-op leads the market.     

Cointegration Analysis of Audit Pricing Model: A Panel Unit Root Test Approach

In this study, we provide evidence on the stationarity of real audit fees and the major explanatory variables frequently used in the audit pricing models from a pooled data set, using panel unit root tests developed by Im et al. (1997). The panel unit root test supports the hypothesis of non‐stationarity of audit fees and their major determinants. We demonstrate that variables in the audit pricing model that were previously found to have impact on audit fees may turn out to be useless when more powerful tests like panel tests are applied to these variables. Our evidence implies that failing to employ appropriate procedure to test cointegration and to specify the appropriate model for audit fees and their determinants would generate results that may have exaggerated the effects of some variables on audit fees.     

罚科学发展观矫正经济全球化发展的弊端和缺陷

科学发展观的提出既符合当代中国国情，又符合时代发展潮流；既包含着深刻的人文精神，又体现出鲜明的全球化时代特征；如果将这一发展观付诸实践，将不仅对我国的社会主义改革和发展产生巨大而深远的影响，并对全人类的可持续发展和全球化的积极推进做出巨大贡献，还可以使之尽早从资本主义主导的全球化困境中走出来，最终实现社会主义、共产主义的全球化理想境界。     

Do Vietnamese upland farmers benefit from high world market prices for maize?

For rural households in the north of Vietnam, maize cropping is the main source of income. In the face of the world market price increases of the recent past, we analyze the regional marketing chain of this commodity qualitatively and econometrically investigating to what extent smallholder farmers in developing countries are affected by international price movements. Vietnamese maize markets are found to be well integrated. Recent price hikes have fully transmitted along the regional supply chain so that farmers profited. Nevertheless, adverse factors such as increasing input prices have neutralized these benefits resulting in a decline in real income of smallholders.