基于NETSTARS运用定床水理原理在河道疏浚中的应用

疏浚大多用于河道的过分淤积,拓宽则用于通水隘口的消除。而随着时空的演变河床疏浚与河槽拓宽的进行所需考虑的因子越来越多,故疏浚进行前应尽量考量整个河道的河性以及施工后可能引致的变动,使能维持预期的效果,并避免造成负面效应。本文主要以涧河为研究对象,利用NETSTARS拟似二维水理输砂模式,探讨河道疏浚后的水理与输砂演变趋势等相关课题。     

What caused Japan’s Great Stagnation in the 1990s? Evidence from an estimated DSGE model

Despite the widespread belief that Japan’s “Great Stagnation” in the 1990s is due to the financial dysfunction after the collapse of asset price bubbles, Hayashi and Prescott (2002) argue that its main cause is a slowdown in total factor productivity growth, using a calibrated neoclassical growth model. The present paper aims to fill this gap by estimating a New Keynesian dynamic stochastic general equilibrium model augmented with a financial accelerator mechanism and associated financial shocks. Our estimation results show that even in the presence of the financial shocks an adverse neutral technology shock mainly induced the Great Stagnation and that the rate of neutral technological change is strongly correlated with all enterprises’ financial position in the Tankan. Based on these findings, the paper argues that the Great Stagnation was caused by an adverse neutral technology shock that is likely to represent a tightening of firms’ financing, which induced reduction of R&D investment and misallocation of resources as indicated in previous literature.     

高校贷款融资风险评估与预警模型研究

创新高校贷款风险评估与预警模型,共筑财务系统"防火墙"。通过深入剖析高校债务风险凸显成因、影响路径及其特殊性,探索建立一套系统性强、涵盖面广、操作性强的风险评估与预警模型。并实证研究分析福建省A高校实施新校区项目所面临贷款规模、风险评估等问题,切合实际提出对策建议,为政府、高校和银行共同防范债务风险提供理论与实证依据,形成防范债务风险合力,促进高校健康、稳定、可持续发展。     

Assessing targeted macroprudential financial regulation: The case of the 2006 commercial real estate guidance for banks

In January 2006, federal regulators issued guidance requiring banks with specific high concentrations of commercial real estate (CRE) loans to tighten managerial controls. This paper shows that banks with concentrations in excess of the thresholds set in the guidance subsequently experienced slower growth in their CRE portfolios than can be explained by changes in bank or economic conditions. Moreover, banks above the CRE thresholds tended to have slower commercial and industrial loan growth but faster household loan growth following issuance of the guidance. The results highlight the potentially broad influence that portfolio-based macroprudential regulation might have on bank behavior.     

Macroeconomic Effects of Asset‐Price Shocks in a Globalized Financial Market

In this paper, I study a model in which shocks to asset prices affect the real sector of the economy through a credit channel. As financial markets become internationally integrated, the economy becomes less vulnerable to domestic asset‐price shocks, but more vulnerable to foreign asset‐price shocks. To the extent that monetary policy stabilization is feasible and desirable, the globalization of financial markets shifts the focus of monetary policy from domestic asset prices to worldwide asset prices.     

The shadow costs of repos and bank liability structure

Making use of a structural model that allows for optimal liquidity management, we study the role that repos play in a bank׳s financing structure. In our model the bank׳s assets consist of illiquid loans and liquid reserves and are financed by a combination of repos, long-term debt, deposits and equity. Repos are a cheap source of funding, but they are subject to an exogenous rollover risk. We show that the use of repos inflicts two types of indirect (“shadow”) costs on the bank׳s shareholders: first, it induces the bank to maintain higher liquid reserves in order to alleviate the additional default risk; second, it adds to the cost of long-term debt financing. These shadow costs limit the bank׳s appetite for cheap but unstable repo funding. This effect is, however, weakened under poor returns on risky assets, access to deposit funding and the depositor preference rule. We also analyze the impact of a liquidity coverage ratio, payout restrictions and a leverage ratio on the bank׳s financing choices and show that all these tools are able to curb the bank׳s reliance on repos.     

The managerial flash sales dash: Is there advantage or disadvantage at the finish line?

The central intent of this qualitative inquiry is to investigate the benefits, drawbacks, and performance measures of hotel room inventory distribution via flash sales websites. Key advantages and disadvantages of using such a distribution channel fall within the categories of inventory management, revenue management, brand marketing, customer relationships, and operational challenges. The significance of the study is in providing a comprehensive review of the flash sales phenomenon in the lodging industry that may assist hotel managers with the performance evaluation of this distribution channel. Using grounded theory methodology, a flash sales evaluation framework was developed based on 46 phone interviews with hotel managers from different segments of the American hotel industry.     

Land prices and unemployment

We integrate the housing market and the labor market in a dynamic general equilibrium model with credit and search frictions. We argue that the labor channel, combined with the standard credit channel, provides a strong transmission mechanism that can deliver a potential solution to the Shimer (2005) puzzle. The model is confronted with U.S. macroeconomic time series. The estimation results account for two prominent facts observed in the data. First, land prices and unemployment move in opposite directions over the business cycle. Second, a shock that moves land prices also generates the observed large volatility of unemployment.     

The effect of banking market structure on the lending channel: Evidence from emerging markets

This paper analyses the extent to which the level of bank competition influences monetary policy transmission. Using a large panel dataset of 978 banks from 55 countries, and employing the Lerner index model as a measure of market structure, our results show that an increase in banking sector competition weakens the effectiveness of monetary policy on bank lending. The findings are robust to a broad array of sensitivity checks including control of alternative measurements of the Lerner index, different samples and different methodological specifications. By extension, these results have important policy implications for regulators in assessing the effectiveness of monetary policy transmission mechanisms.     

On Monetary Policy and Stock Market Anomalies

This study utilizes a macro‐based VAR framework to investigate whether stock portfolios formed on the basis of their value, size and past performance characteristics are affected in a different manner by unexpected US monetary policy actions during the period 1967–2007. Full sample results show that value, small capitalization and past loser stocks are more exposed to monetary policy shocks compared with growth, big capitalization and past winner stocks. Sub‐sample analysis, motivated by variation in the realized premia and parameter instability, reveals that the impact of monetary policy shocks on these portfolios is significant and pronounced only during the pre‐1983 period.