Information-based trade

We study the possibility of trade for purely informational reasons. We depart from previous analyses (e.g. Grossman and Stiglitz (1980) [22] and Milgrom and Stokey (1982) [32]) by allowing the final payoff of the asset being traded to depend on an action taken by its eventual owner. We characterize conditions under which equilibria with trade exist.     

Gender,productive ability and the perceived returns to education: Evidence from rural India

Recent research has established the importance of perceived (as opposed to actual) returns as a determinant of educational investments. We analyze data from India to highlight gender disparities in the perceived returns to education and the salience of productive characteristics.     

金融安全视角下的中国期货市场发展思考

目前,要求推出中国股票指数期货的呼声越来越大,同时,众多的利好也使中国的股指期货呼之欲出。本文首先将简单地介绍股指期货;然后,在我国目前的大环境下分析目前我国推出股指期货的举措是否可行;最后,本文将对股指期货推出后可能给我国金融市场带来的利好面做一个简明的阐述。     

The State,Public Policy and Heterodox Economics: An Introduction

While most heterodox economists endorse some amount of policy activism, there is no unified conception of the state and public policy in heterodox economics. To help clarify the similarities and differences within heterodoxy – and between heterodox and mainstream economics – a panel addressing this subject was convened in 2007 at the Annual Meeting of the Association for Institutional Thought. This article introduces the essays prepared for that symposium. They include an examination of the position of Marx and Engels, a clarification of the institutionalist views of Veblen and Commons, an outline of the perspective of Post Keynesian Institutionalism, and an account of some essential contributions of Classical Pragmatism (a major school of thought within the philosophy of science). The collection advances what Robert Heilbroner called “the worldly philosophy” by seeking to understand the role of the state in a world where institutions, defined broadly as social habits, adjust to other institutions.

“2＋1”工学结合工作站管理顶岗实习“1”的模式初探——以常州机电职业技术学院“2＋1”工学结合为例

推行工学结合,加大高职大学生实习的力度,是贯彻国家教育方针、路线、政策的重要举措之一。常州机电职业技术学院实施“2＋1”工学结合工作站管理学生的顶岗实习,即承担三年制高职最后“1”的教学、教育、管理,作为一种模式,是一种探索,也是一种创新。     

Overnight borrowing, interest rates and extreme value theory

We examine the dynamics of extreme values of overnight borrowing rates in an inter-bank money market before a financial crisis during which overnight borrowing rates rocketed up to (simple annual) 4000 percent. It is shown that the generalized Pareto distribution fits well to the extreme values of the interest rate distribution. We also provide predictions of extreme overnight borrowing rates using pre-crisis data. The examination of tails (extreme values) provides answers to such issues as to what are the extreme movements to be expected in financial markets; is there a possibility for even larger movements and, are there theoretical processes that can model the type of fat-tails in the observed data? The answers to such questions are essential for proper management of financial exposures and laying ground for regulations.     

Olympic Games: No legacy for sports

Countries whose cities host the Summer Olympic Games increase significantly their success during the competition. We study whether such effect is lasting or not. We compute the effect of hosting on the total number of medals in the subsequent games. To confront the issue that the selection of the host city is endogenous, we use a natural counterfactual: countries whose cities also bid for the Olympics but were not selected by the International Olympic Committee. In all cases, we find that Olympic success on medals fades away immediately after hosting.     

加强企业R&D统计调查的对策研究

企业RD活动统计调查是我国科技统计调查工作的重要组成部分,其调查结果是我国政府科技管理决策的关键依据之一。当前,我国企业RD活动统计调查存在着企业RD活动统计调查组织协调工作不完善、企业RD活动统计调查组织形式和调查表指标设置仍存在缺陷、参与企业RD活动统计调查的科技统计人员缺乏系统性培训且队伍缺乏稳定性、企业RD活动统计调查的填报人员缺乏对科技指标的准确把握等突出问题。针对我国企业RD活动统计调查存在的突出问题和面临的新形势,文章提出了完善企业RD活动统计调查运行机制、强化科技部门和统计部门合作、改进企业RD活动统计调查方法、打造高素质科技统计人员队伍、进一步完善企业RD活动统计调查指标体系等对策建议。     

Canadian city housing prices and urban market segmentation

Abstract .  This paper provides a detailed empirical analysis of Canadian city housing prices. We examine the long-run relationship between city house prices in Canada from 1985 to 2005 as well as idiosyncratic relations between city prices and city-specific variables. The results suggest that city house prices are only weakly correlated in the long run and that there is a disconnect between house prices and interest rates. City-specific variables such as union wage levels and the issuance of building permits tend to be positively related to existing city house prices. Surprisingly, there is mixed evidence with respect to standard measures of economic activity such as per capita GDP and interest rates.