Fiscal and monetary policies in complex evolving economies

What is the most appropriate combination of fiscal and monetary policies in economies subject to banking crises and deep recessions? We study this issue using an agent-based model that is able to reproduce a wide array of macro- and micro-empirical regularities. Simulation results suggest that policy mixes associating unconstrained, counter-cyclical fiscal policy and monetary policy targeting employment is required to stabilise the economy. We also show that “discipline-guided” fiscal rules can be self-defeating, as they depress the economy without improving public finances. Finally, we find that the effects of monetary and fiscal policies become sharper as the level of income inequality increases.     

“农超对接”政策的实施效果分析

2008年商务部、农业部下发《关于开展农超对接试点工作的通知》,"农超对接"试点工作全面铺开,中国农产品流通也步入了一个新阶段。随后,有关"农超对接"的各种政策、法规相继颁布。本文通过对"农超对接"的主要政策进行评估,认为"农超对接"政策取得了积极的效果。     

设置沿边金改试验区金融生态环境评估指标的分析

建立金融生态环境评估指标体系是沿边金改试验区一项重要任务。现有的金融生态环境评估指标不能很好地适应试验区的实际情况,参考有关机构已经建立起的金融生态环境评估指标。为了全面、准确地评价试验区的金融生态环境提出了一些新的指标：人民币流动效率、投资贸易便利化程度、金融业发展、金融政策。     

Ramsey policies in a small open economy with sticky prices and capital

This paper analyzes jointly optimal fiscal and monetary policies in a small open economy with capital and sticky prices. We allow for trade in consumption goods under perfect international risk-sharing. We consider balanced-budget fiscal policies where authorities use distortionary taxes on labor and capital together with monetary policy using the nominal interest rate. First, as long as a symmetric equilibrium is considered, the steady state in an open economy is isomorphic to that of a closed economy. Second, sticky prices’ allocations are almost indistinguishable from flexible prices allocations both in open and closed economies. Third, the open economy dimension delivers results that are qualitatively similar to those of a closed economy but with significant quantitative changes. Tax rates are both more volatile and more persistent to undo the distortions implied by terms of trade fluctuations.     

Policy matters. The long run effects of aggregate demand and mark-up shocks on the Italian unemployment rate

This paper estimates a VAR including labor productivity, real wage and unemployment rate, to identify the dynamic effects of technology, demand, and mark-up shocks, respectively, on the Italian labor market. Identification is achieved by imposing recursive restrictions on the matrix of long run multipliers. Our results show that both mark up and aggregate demand shocks permanently reduce the unemployment rate. Finally, technology shocks do not significantly affect the unemployment rate in the long run. These findings convey important policy implications: expansionary aggregate demand and deregulation policies reducing the mark up permanently decrease the Italian unemployment rate.Jel classification: C32, E32, J29This paper has been produced as part of a CEPR Research Network on New Approaches to the Study of Economic Fluctuations. We would like to thank Marcello DAmato, Mario Forni, Marco Lippi and Antonio Ribba for useful comments. We are also grateful to Bernd Sussmuth for pointing out to us several significant improvements to the paper.First version received: November 2001/Final version received: October 2002     

我国科技创新政策绩效区域异质性研究--基于2000～2010年大中型工业企业数据的研究

本文通过区分科技支出、采购、投资3项创新政策,并考虑创新异质性,利用省际面板数据进行创新效应实证分析。结果表明：我国科技支出、采购、投资3项科技创新政策的创新效应存在区域异质性,另外,部分效应也有区域一致性。这表明,政府应采用结构化的政策工具支持不同区域创新,同时倡导适度化的创新政策,控制同一区域创新支持规模。     

旅游资源的资产化管理与旅游业环境经济政策研究--兼与敖荣军等同志商榷

本文运用资源与环境经济学相关理论 ,从旅游资源的形态、概念界定与产权、旅游资源的核算与价值评估、旅游资源的交易与可转让性等方面论述了旅游资源实行资产化管理的问题与不可行性 ,并简要分析了我国旅游业现有的环境经济政策的实施情况。     

Harmonization of Accounting in France and Britain: Some Evidence

The European Community's accounting harmonization initiative is intended to create harmonized reporting by Community companies. If the Community's programme is successful, measurement practices in each member state should be such that the same transactions receive broadly comparable treatment irrespective of the country where the accounts are prepared. This study sets out to test whether this is the case in France and Britain and the application of the Fourth Directive, and whether in practice there is any consensus even within each jurisdiction. An empirical test for harmony and uniformity is made by asking accountants within each jurisdiction to compile financial statements from a common set of data.
The results of the test show that in this sample there is relatively little harmony within each national group, let alone between one jurisdiction and another.     

Earnings management and firm valuation under asymmetric information

This paper seeks to provide an explanation for why corporate officers manage the disclosure of accounting information. We show that earnings management affects firm value when value-maximizing managers and investors are asymmetrically informed. In equilibrium, the strategic management of reported earnings influences investors' assessments of the market values of companies' shares.     

农业国内支持政策研究综述

农业的弱质性和多功能性为农业国内支持政策提供理论依据,各国普遍对农业实施农业国内支持政策。由于OECD成员国在基期国内支持水平很高以及WTO农业协议与新一轮WTO谈判的约束,国外普遍利用定量的方法研究农业支持的消减、农业谈判、欧盟扩大和农业补贴的效率等国内支持相关问题;国内有关农业国内支持的研究一般停留在定性方面,农业国内支持的定量研究尤其是优化研究很少。因此,研究如何不断提高我国农业国内支持水平,优化国内支持结构,建立合理的农业国内支持政策体系,具有一定的理论意义与实践价值。