The optimal monetary instrument for prudential purposes

The purpose of this paper is to assess the choice between adopting a monetary base or an interest rate setting instrument to maintain financial stability. Our results suggest that the interest rate instrument is preferable, since during times of a panic or financial crisis the Central Bank automatically satisfies the increased demand for money. Thus, it prevents sharp losses in asset values and enhanced asset volatility.     

浅析环境公益诉讼中排除妨害判决的执行问题

环境公益诉讼案件不断涌现,公众对环境公益诉讼的关注和认可也不断增加,在法院克服原告资格和受案范围等立法缺陷,大胆进行环境公益诉讼尝试和革新的背后,环境公益诉讼中所作出的排除妨害判决却得不到有效的执行,本文拟针对目前我国环境公益诉讼中排除妨害判决的执行情况,分析其存在的困境并提出自己的解决策略和建议。     

独立学院英语教学改革初探

本文在调查独立学院的英语基础上，分析了独立学院学生英语基础薄弱的原因，并就此提出了如何提高独立学院学生的英语水平的几点看法。     

Effects of political institutions on air quality

We empirically test existing theories on the provision of public goods, in particular air quality, using data on sulfur dioxide (SO₂) concentrations from the Global Environment Monitoring Projects for 107 cities in 42 countries from 1971 to 1996. The results are as follows: First, we provide additional support for the claim that the degree of democracy has an independent positive effect on air quality. Second, we find that among democracies, presidential systems are more conducive to air quality than parliamentary ones. Third, in testing competing claims about the effect of interest groups on public goods provision in democracies we establish that labor union strength contributes to lower environmental quality, whereas the strength of green parties has the opposite effect.     

中国与六大贸易伙伴的汇率研究

当前,全球金融海啸重创了西方发达国家的金融系统乃至实体经济,中国对外贸易也难免受到波及。另一方面,2005年7月人民币汇率制度改革后,中国的贸易顺差和外汇储备仍在不断增加,"汇率操纵"之说引起的贸易争端持续不断。因此,我们有必要研究中国与主要贸易伙伴的汇率,以解决"汇率操纵"之说引起的贸易纠纷,以保证中国对外贸易在全球金融危机中健康发展。本文研究了2005年7月汇改后中国与六大贸易伙伴的汇率,认为人民币汇率的水平总体合理,但仍需对不同贸易伙伴的汇率进行调整。此外,本文对中国的外贸政策、汇率政策和货币政策进行了分析,并提出了相关政策建议。     

品牌建设之我见

文章从＂从基层做起,保证安全生产＂＂规范管理,提高效率＂＂贵在坚持,搞好宣传＂3个方面,结合电力企业实际对品牌建设的重要性和不可替代的作用进行了阐述,具有较好的指导意义。     

US inflation and consumption: A long-term perspective with a level shift

This article examines the existence and stability of the consumption function in the United States of America (US) beginning in the 1950s. In order to obtain a stable long run relationship, we have introduced two innovative elements into the analysis of the life-cycle of the consumption function with wealth effects: 1) a shift level break in the cointegrating relationship, and 2) using inflation as an additional explanatory variable. By implementing a well structured estimation strategy, we found that after taking the level shift into account, a cointegrating equation, including inflation, exists and is more stable for the critical sub-samples than traditional consumption function models.     

淮北矿业集团高技能人才保障体系研究

本文研究了淮北矿业集团高技能人才保障体系。分析了淮北矿业集团高技能人才存在的问题。从基础资源保障制度、宽带薪酬人才激励制度、星级制考核激励保障制度三个方面提出了完善高技能人才保障体系的建议。     

Distribution forecast targeting in an open-economy,macroeconomic volatility and financial implications

In an open-economy faced with parameter uncertainty, this paper uses distribution forecasts to investigate the impact of alternative inflation targeting policies on macroeconomic volatility and their potential implications on financial stability. Theoretically, Domestic Inflation Targeting (DIT) leads to less volatility than Consumer Price Index Inflation Targeting (CPIIT) for several macroeconomic variables and, in particular, for the interest rate. Empirically, a positive relationship between interest rate volatility and financial instability emerges for the US, UK and Sweden since the early 1990s. Bridging theory and empirical evidence, we conclude that the choice of the inflation targeting regime has an important impact on macroeconomic volatility and potential implications for financial stability.     

Keynes’s liquidity preference and the usury doctrine: their connection and continuing policy relevance

The purpose of this paper is to support the spirit of the early medieval prohibition of payment for the use of money, with arguments based on the economics of Keynes. At the heart of the usury doctrine is the idea that a creditor cannot expect both the security of a claim on a fixed sum of money and to derive an income from it; security comes at a price, one way or another. The consequences of the unwillingness of modern society to accept this are illustrated by reference to two problems of the modern international financial and monetary system: bank bailouts and the lack of a supranational reserve currency.