Location choices of firms and workers in an urban model with heterogeneities in skills and preferences

This paper investigates the location choices of firms and workers, and the implied commuting behavior, in a city comprising several jurisdictions. Jurisdictions are geographically represented by segments that are connected to each other at the center. Each jurisdiction has its own amenities. Workers are classified into types on the basis of their skills and amenity preferences. Firms employ all types of worker. A business area may be formed in the center or in the suburban segments. A monocentric configuration arises when the commuting cost is small and heterogeneity of workers is large.     

关于制约捕捞限额制度实施若干因素的探讨

本文根据我国新《渔业法》有关实行捕捞限额制度的规定,探讨了实行该项制度管理的主要制约因素,并针对当前亟需开展的工作和未来实施该制度管理时可能出现的问题,提出若干建议。     

基于空间自相关的滇中城市群县域经济发展研究

针对县域经济研究方法较为单一,基于滇中城市群2003—2012年县域人均GDP数据,采用结合时空尺度的全局和局部空间自相关研究方法,对于县域经济发展时空特征进行分析和评价。分析结果表明,滇中城市群县域经济在全局和局部空间上都表现为较强的正相关性质,县域经济在时空上的联系日益密切,但中心城市的经济集聚和扩散辐射效应较弱,经济欠发达的县域单元数量仍比较多。该方法能够为滇中城市群县域经济发展战略制定提供参考,并提出合理的对策和建议。     

Which firms engage small, foreign, or state banks? And who goes Islamic? Evidence from Turkey

We study a representative dataset from Turkey that identifies firm–bank connections. Banks in Turkey differ not only in size and nationality, but also in ownership and orientation (non-Islamic versus Islamic)—resulting in at least six distinct bank types. We estimate a multinomial logit of the choice by the firm of bank type. We document a strong correspondence between bank type and firm characteristics that is not always the same as has been documented so far for US datasets. For example, small firms engage large rather than small banks. Young, large, multiple-bank, and industry-diversified firms, that are located in or close to Istanbul, team up with foreign banks. Islamic banks mainly deal with young, multiple-bank, industry-focused and transparent firms.     

中央银行沟通可以作为货币政策工具吗——基于中国数据的分析

本文通过检验我国中央银行沟通对金融市场的影响,间接考察了其是否具有货币政策工具的效力。分析结果表明:我国中央银行沟通对短期利率和股票日收益率水平及波动性具有显著的、与预期一致的影响,但对长期利率的影响不明显;书面沟通与口头沟通相比,后者的效力更强一些,并且在口头沟通中,中央银行行长比其他人更能影响金融市场。主要的政策含义是沟通可以作为我国货币政策一种新的工具,与传统的工具配合使用有利于提高货币政策的有效性。     

中部地区城市群空间范围界定

对中部地区城市群的认识,目前主要有三城市群说、四城市群说、五城市群说、六城市群说等几种观点,且中部地区各城市群的概念、空间范围差异很大。对中部地区城市群的空间特征进行科学分析,为合理布局城市群发展空间、优化城市群空间结构和形成中部崛起的城市群带动机制提供参考依据。     

外汇储备剧增导致的货币政策困境

外汇储备是体现和制约货币政策有效性的重要因素。根据“三元悖论”,中国政府为确保汇率稳定,同时实现资本准自由流动,必定要以牺牲货币政策独立性为代价。外汇储备超常增长、大量外汇占款导致央行货币政策的实施陷入被动和效果趋弱的困境,给宏观调控政策的选择提出更加复杂的难题。基于此现状,本文对该困境形成的原因和不利影响加以分析,尝试寻求解决办法。     

The effects of monetary policy changes on market interest rates in Greece: An event study approach

The operational procedures of the Bank of Greece underwent major changes during the 1990s. These shifts in operational strategy made interest rates the main tool of monetary policy for the first time in Greece. This paper examines the effects of changes in the bank's operational interest rates on market interest rates at eight maturities and for different operational regimes. A major feature of our study is the application of the event study methodology used in finance, which has not been employed in any previous study on this subject. We find that changes in official interest rates had a significant influence on short-term and intermediate-term rates and that this relationship was affected by the changes in the bank's operational procedure.     

Reconsidering central bank independence

In this paper, we survey the case for central bank independence (CBI). We conclude that CBI is neither necessary nor sufficient for monetary stability. CBI is just one potentially useful monetary policy design instrument among several, and CBI should not be treated as an exogenous variable. Instead, the question that should be addressed is why societies decide to make their central banks independent? The reasons why CBI is chosen are related to legal, political, and economic systems. A number of empirical studies find correlations between CBI and low inflation rates. Endogeneity of CBI suggests, however, that the correlation has no implications for causality.