A Multiple and Partial Wavelet Analysis of the Oil Price,Inflation, Exchange Rate,and Economic Growth Nexus in Saudi Arabia

This article provides a fresh insight into the dynamic nexus between oil prices, the Saudi/US dollar exchange rate, inflation, and output growth rate in Saudi Arabia’ economy, using novel Morlet’ wavelet methods. Specifically, it implements various tools of methodology: the continuous wavelet power spectrum, the cross-wavelet power spectrum, the wavelet coherency, the multiple and the partial wavelet coherence to the annual sample period 1969–2014. Our results unveil that the relationships among the variables evolve through time and frequency. From the time-domain view, we show strong but non-homogenous linkages between the four variables. From the frequency-domain view, we uncover significant wavelet coherences and strong lead-lag relationships. From an economic view, the wavelet analysis shows that Saudi economy is still exposed to several global risk factors, which are mainly related to the oil market volatility, and the pegging of the local currency to the US dollar. Such risk factors strongly and negatively affect the real economic growth, exert more pressure on inflation, and substantially limit the freedom to pursue an independent monetary policy.     

基于多维技术创新地图维法耦合的技术创新路径构建及实例分析

基于现有创新理论并结合当代技术发展特征,创建了多维技术创新地图,构建了基于多维技术创新地图维法耦合的技术创新路径。结合煤层气开采卸压消突创新实例,验证了该方法的可行性和有效性,即提高了技术创新路径构建的客观性,从技术创新本质层面指导技术创新活动的开展,有助于为企业开展技术创新活动提供决策支持。     

Does higher government debt link to higher social expenditure? New method,new evidence

Scholars believe that higher social expenditures are usually linked with higher government debts, whereas higher debts reduce social expenditures. However, it is reasonable to speculate that higher government debt may contribute to higher social spending, while fiscal deficits occur during a recession, which commonly creates greater demand for social expenditure. For a deeper investigation, this paper revisits the dynamic relationship between social spending and public debts in the time-frequency domain, using the novel wavelet-coherency analysis as well as the phase-difference technique to derive the co-moved and causal relationships between social spending and public debts in 13 OECD countries. The evidence identifies a dynamic relationship between variables. While higher social expenditures increase government debts, the shocks from government debts to social expenditures are conversely uncertain. We discover that higher government debt does reduce social expenditures, but it may be linked to higher social spending. The robustness of partial coherency and phase-difference discovers the role of a political party in the decision over social welfare programmes in the sample countries.     

我国大众文化的双重维度辩证发展探析

建国以来，我国的文化发展可分为两个时期：改革开放之前主要发展文化事业，改革开放后，文化产业的越来越快速发展。当前，我国文化发展还存在很多的问题。一定要将文化事业与文化产业结合发展，两个维度和谐统一，促进文化健康发展。     

Time-frequency co-movements between oil prices and interest rates: Evidence from a wavelet-based approach

This paper investigates time–frequency co-movements between crude oil prices and interest rates. To test this relationship, the study applied a continuous wavelet and cross wavelet approaches to data from West Texas Intermediate (WTI) crude oil prices and interest rates in the United States (U.S.). Results from the sample period revealed significant relationships, in the intermediate term, between WTI crude oil prices and U.S. interest rates. Moreover, co-movements between oil price and interest rate variables were especially sensitive during abnormal political events and periods of financial ‘meltdown’. We further use Partial Wavelet Coherence (PWC) and Multiple Wavelet Coherence (MWC) methods to investigate the impacts of five major control variables namely GDP growth, unemployment, three-month Treasury bill, CPI index and industrial production index. The results show a powerful impact of control variables on oil-interest rates co-movements under different frequencies. Finally, we show evidence of co-integrating long run relationship between oil markets and control variables. These results have important implications for energy investors and policy makers.     

基于时间维度的组织学习理论——组织从过去经历中学习的模型

从经历中学习是组织学习的重要方面。从科学、严谨的研究范式出发,结合东方传统的"阴阳"哲学思想,基于时间维度提出了包含学习主体、经历样本、成功失败经历集、学习主体特征、"知"和"行"等要素的组织从过去经历中学习的模型,并对相关问题进行了探究。具体包括:学习主体从经历中学习的认知特性;不同类型经历对应的不同学习方法,成功经历和失败经历对学习效果的差异性影响,经历集影响"知"和"行"的7种自动的和有意的学习方式;"知"与"行"相互转化及其触发机制;客观世界从时间和空间两个维度客观展开的观点等。该系统模型为未来研究提供了理论框架和实证检验方向。     

STOCK‐BOND CO‐MOVEMENTS AND FLIGHT‐TO‐QUALITY IN G7 COUNTRIES: A TIME‐FREQUENCY ANALYSIS

This paper examines co‐movement between stock returns and changes in 10‐year government bond yields as well as flight‐to‐quality behaviour in G7 countries. We conduct the wavelet squared coherence analysis to explore the dynamics in both time and frequency domain. Our results provide evidence of positive co‐movements, which vary over time and across investment horizon. The higher co‐movement is found to be more concentrated in the lower frequency bands. We further analyse the dynamic nature of the scale‐dependent wavelet correlations and find that the correlations are highly volatile and significantly increase across different time scales during the episodes of equity market turbulence. The increase in correlations reflects flights from stocks to safer bond investments as a result of dramatic changes in investor sentiment and risk aversion at times of market stress.     

基于小波变换的图像处理综述

小波分析主要广泛应用在科学研究和工程技术中。虽然在现阶段的小波理论相对成熟,近些年关于小波理论的应用和研究也在不断的发展和更新。小波变化在图像处理领域中的应用也囊括图像与处理的所有方面。本文通过介绍小波变换的起源,将小波应用在图像处理中的压缩、还原图像、边缘检测和图像分割,宏观剖析小波的研究现状历史、发展动向及优势。     

小波域抑制多音干扰的扩频接收机

利用小波包理论提出了一种快速、准确地识别并且抑制多音干扰的有效方法。该方法利用小波包理论将多音干扰的各条谱线逐个定位，然后通过功率谱分析的方法来识别多音干扰的存在区间，最后将被干扰污染的区间逐个切除并反向重构接收到的信号。实验证明该方法的误比特率性能在强干扰时要优于以前的FFT域切割法。     

高压输电线路故障测距算法综述

高压输电线路故障定位的准确性对电网的稳定运行有着非常重要的意义。文章对高压输电线路现有的各种测距方法进行了归纳总结和研究分析,并评述了各自的优点和不足。