Lack of divine coincidence in New Keynesian models

The literature has long agreed that the divine coincidence holds in standard New Keynesian models: the monetary authority is able to simultaneously stabilize inflation and output gap in response to preference and technology shocks. I show that the divine coincidence holds only when inflation is stabilized at exactly zero. Even small deviations from zero generate policy trade-offs. I demonstrate this result using the model׳s non-linear equilibrium conditions to avoid biases from log-linearization. When the model is log-linearized, a non-zero steady state level of inflation gives rise to what I call the endogenous trend inflation cost-push shock in the New -Keynesian Phillips curve.     

Probabilistic assessment of fleet-level noise impacts of projected technology improvements

Demand projections for civil aviation have forecast increases in operations in future decades. Increases in demand are beneficial to the growth and advancement of the aviation industry, but also come with the threat of significant increase in environmental impacts. In response, the industry is focusing on programs to develop technologies for reductions in fuel burn, NO_x emissions, and noise. While aircraft-level impacts are an obvious metric of success, it is difficult to make informed robust technology investment decisions with respect to noise without understanding the fleet-level impacts. Fleet-level predictions of noise for technology explorations are especially complicated because it is computationally expensive, highly combinatorial, and airport-specific. Recently, rapid automated airport noise models have been developed, which can be simulated using Design of Experiments (DOE). The results of these simulations are used to generate surrogate models for airport noise contour area, which can be summed to yield a fleet-level impact. These models make use of simplifying assumptions to provide estimates of airport-level noise that are substantially cheaper to compute. They can be used to perform parametric trade-off analyses in conjunction with the equivalency assumption. Equivalency asserts that environmental impacts of a technology infused aircraft can be represented by scaled operations of the baseline aircraft in the same class. This simple assumption allows for the modeling of technology and market penetration factors under the same units: operations. This research uses surrogate models in conjunction with the equivalency assumption to examine two potential technology scenarios in a target forecast year, simulating technology and market performance factors to identify vehicle classes that could have the greatest impact in reducing contour area. Results show that technology and market performance of future notional Small Single Aisle and Large Single Aisle vehicle aircraft have the highest positive correlations with potential reductions in contour area.     

Understanding premium private labels: A consumer categorisation approach

Worldwide premium private labels (PPLs) are a new and rapidly growing phenomenon. However to date, little is known about consumers' perceptions of these newer entrants relative to other brand types. Therefore it is difficult for marketers to understand the opportunities and threats created by this new generation of brands. This study examines the ways in which consumers categorise PPLs compared to more traditional value private labels (VPLs) and national brands (NBs) on the three dimensions of quality, value for money and trust. The data includes seven packaged goods categories in three countries, the United States, the United Kingdom, and Australia. The findings show that PPLs sit on a separate island, in between VPLs and NBs in consumer memory. While consumers generally view PPLs as a separate subgroup of brands, PPL are connected to other subgroups in that they are perceived to have the value characteristics of VPLs but quality characteristics of NBs. Finally, consumers with past experience with VPLs have a stronger ability to categorise PLs into distinct brand tiers.     

Flight-to-quality and correlation between currency and stock returns

We document that capital flows in and out of emerging or developed markets are sensitive to global equity market conditions. Capital tends to move out of emerging into developed countries in global down markets, leading to depreciation (appreciation) of emerging (developed) currencies. This generates a positive (negative) correlation between currency and equity in emerging (developed) markets which is amplified by the magnitude of the capital movement. We also verify that hedging currency risks may undo the natural hedge and increase the total return volatility under negative correlation.     

Second-party and third-party punishment in a public goods experiment

We experimentally investigate whether third-party punishment is more effective than second-party punishment to increase public goods contribution. In our experiment, third parties first played the standard public goods game and then made punishment decisions as independent bystanders. We find that third parties punished more frequently, severely and less antisocially, resulting in a higher contribution level than that driven by second-party punishment. The third party’s exaggerated emotion towards free riders is proposed to explain their superior punishment effectiveness.     

基于不同时期典型案例比较分析的货物贸易外汇业务违规趋势及建议

在不同外汇管理时期，货物贸易违规业务呈现多样化的特点。本文通过对四个外汇管理时期的典型案例比较，总结出贸易项下违规业务的动机、专业化水平和规避监管手段的变化趋势，揭示当前形势下货物贸易外汇监管难点，并提出针对性建议。     

Optimal investment strategies in an international economy with stochastic interest rates

We investigate how investors should optimally choose to invest in a dynamically complete international market. We find closed-form solutions for the optimal investment strategy and for the wealth loss an investor suffers from not investing internationally. Theoretically, we show that the gain from international investment is due to the speculative investment only, and why it is important for an investor from a large economy to invest in a small economy. In a numerical example we compare the wealth losses investors from Denmark and the U.S. suffer due to home bias.     

论王世杰与抗战时期的中共问题——以《王世杰日记》为中心

王世杰是新政学系的重要人物，思想属自由主义范畴。抗战时期国民党内对中共问题形成两派意见，王世杰认为不能使用武力对付共产党，应寻求政治途径，国民政府必须改良政治，实行资产阶级自由主义政治制度。为此，他不断游说蒋介石和国民党党内人士，提出政治解决办法，调和国共矛盾，缓和两党关系。正是由于他的坚持和努力，国共之间进行了较长时间的谈判，国民党中央全会通过了政治解决中共问题的决议。尽管此主张并未取得具体的、实质性结果，内战未能避免，但为赢得一定的国内和局、争取抗战胜利发挥了实际作用，这是应该承认的。     

浅谈校企合作对物联网专业建设的影响

随着近几年物联网的飞速发展,导致此方面人才奇缺。青岛农业大学以校企合作办学模式新增了物联网专业,以期为物联网的发展输送人才。本文阐述了校企合作办学模式在课程建设、师资建设、教材建设、实训和就业等方面给我校的物联网专业建设带来的积极影响以及对科研的促进。     

Uniform or spatially differentiated? Pricing Strategies for Information Goods under simultaneous and sequential decision-making in multi-market context

Product pricing has been one of the central issues in the field of marketing and consumer services for managers and researchers alike. However, pricing of information goods has not been paid much attention in literature. For information goods the marginal costs of production and transportation of information goods (online movies, video games, etc.) is almost zero. Hence, the pricing decisions need to be thought of purely in competitive profit maximizing terms. This paper proposes mechanisms for managers to evaluate and base their pricing decisions on rational frameworks that takes into account various situations when they enter a new market and when they are incumbent in a new market. This paper addresses the research gap of spatially differentiated pricing strategy for information goods that has not been studied in literature so far. We create stylized theoretical models under both, sequential and simultaneous decision-making conditions. We determine the equilibrium price and the equilibrium profit for the two firms for each of the four possible scenarios based on their pricing strategies. Our analysis reveals that the dominance of one pricing strategy over the other depends on product differentiation factor capturing joint effect of the product substitutability and consumer's price sensitivity under sequential decision making and the market size along with consumer's price sensitivity for simultaneous decision making. As an extension, we propose a generalized model demonstrating the uniform and spatially differentiated pricing strategies of the firms under simultaneous and sequential selection for multiple domestic and international markets.