当前的收入分配差距问题不容忽视

我国收入差距过大考验着经济增长的公平性，要正确认识库兹涅茨的倒U曲线假说，不能将其作为政府对于收入差距过大问题不作为的借口。当前，应该高度警惕收入分配不平等对经济增长的负面影响。     

Self-Enforcing Labour Contracts and Macroeconomic Dynamics

To properly account for the dynamics of the key macroeconomic variables, researchers incorporate various internal propagation mechanisms in their models. In general, these mechanisms implicitly rely on the assumption of a perfect equality between the real wage and the marginal product of labour. This paper features a micro-founded model of a limited-commitment firm, and derive endogenous dynamic labour contracts that produce a different linkage between the real wage and the marginal product of labour. The risk-sharing between the entrepreneur and the worker, both faced with enforcement problems, provides a different type of propagation mechanism. I investigate the dynamic properties of this endogenous rigidity in relation to the initial bargaining power of each agent.      

Do liquidity constraints generate excess sensitivity in consumption? New evidence from a sample of post-bankruptcy households

Previous work linking liquidity constraints to excessive consumption sensitivity have used household level information on wealth and assets to split the sample into households that are likely to be constrained from those with access to credit and liquidity. In this paper, we use the sample splitting methods of previous authors but refine the criteria by using direct information on whether the household filed for bankruptcy in the last 10 years. Legally, a flag can appear on a bankruptcy filer’s credit report for up to 10 years after bankruptcy. This bankruptcy flag affects an individual’s credit score, and therefore the individual’s access to credit, which may make post-bankruptcy consumers liquidity constrained. Our results indicate that post-bankruptcy consumers exhibit excess sensitivity likely due to the bankruptcy flag. Consistency checks confirm that the source of sensitivity is due to liquidity constraints and not other observationally equivalent behavior.     

内部控制审核报告分析

内部控制在企业经营过程中发挥着越来越重要的作用，而内部控制是否有效不影响审计报告中意见类型。为了满足投资者需求，减少信息不对称风险，本文提出企业应委托CPA出具针对其内部控制整体框架的期间性内部控制审核报告。     

倒U假说的推演及其在中国的检验

公平和效率问题是经济学界长期关注的重点问题之一，特别是自库兹涅茨提出倒U假说后，该问题再次受到人们的重视。半个世纪以来，各国经济学家对倒U假说的理论推进及实证检验进行了大量卓有成效的工作，然而其结论却不尽相同。通过对中国近二十年来分省（市）城乡收入差距的实证分析，验证了倒U假说在中国的适用性，认为政策、地区等因素是促成倒U假说的重要因素。     

农村公共品供给的理论假定与逻辑推演

农村公共品供给的研究必须建立在一定的假定条件下，由假定条件进行逻辑推演，从而得到基本的结论和解决路径。农村公共品供给的理论假定可以概括为帕累托最优假定，公共委托代理假定．公共品购买价格假定，和外溢性支持假定。本文通过规范分析，无论在何种农村公共品供给的假定条件下．农村公共品供给的结果都与理论假定偏离。     

同仁堂分拆上市经济动因的实证研究

分拆上市是一种特殊的资产重组方式，它能够导致母公司股东财富的增加，西方对这一经济现象的解释主要为两大财务假说——信息不对称假说和资产剥离价值假说，本文运用这两大假说探讨了同仁堂分拆上市的经济动因，并对分拆宣告期同仁堂的同业竞争者的股价反应进行了实证，实证结果支持了信息不对称假说，从而得出了同仁堂分拆上市的一个经济动因。     

Hypothesis testing for diffusion processes with continuous observations: Direct computation of large deviation results for error probabilities

We propose statistical tests for deciding between two alternatives for diffusion processes observed continuously over a finite time interval. Our tests emphasize the large deviation aspects, or equivalently, the asymptotic behavior of probabilities of type I and type II errors and the rate at which these probabilities go to zero as the observation time increases. We obtain these rates using direct methods of calculation. We provide specific computational examples for diffusion processes commonly used in finance and show that the error probabilities for these cases go to zero exponentially fast. Applications in finance and economics are discussed.     

A test of the permanent income hypothesis on Czech voucher privatization

In 1992 the Czech Republic privatized state assets, which resulted in some citizens receiving an unexpected windfall. Whether the windfall was consumed or saved provides a clear test of the permanent income hypothesis in a transitional economy. Analysis of data from a survey conducted specifically to test this hypothesis indicates that only a small number of transferred assets were consumed, a finding which is consistent with the permanent income hypothesis. JEL classification: D31, E21, H24.     

R&D Tournaments with Spillovers

This paper studies the influence of uncertainty and spillovers on a contestant's R&D spending. The relationship between market structure and R&D spending is shown to be sensitive to the form of uncertainty that characterizes the R&D process. When reward to the winner is endogenously determined by R&D spending, a contestant's R&D spending may increase with the degree of spillovers.