Valuing Food Store Access: Policy Implications for the Food Stamp Program

Food stamp recipients may lack access to larger stores, reducing the availability of nutritious food. Reliance on smaller stores may have undesirable impacts. Policy alternatives include limiting food stamp redemption to larger stores and subsidizing store development. I estimate that limiting redemption to supermarkets and grocery stores, or supermarkets alone, results in losses ranging from $499.2 million to $1.05 billion, or $1.17 billion to $2.44 billion (respectively) annual loss in food stamp recipient welfare nationwide. The impact of improving access is also significant, ranging from $333.6 million to $931.2 million.     

美国钢铁贸易保护争端及其对世界经济贸易的影响

美国钢铁保障措施的出台是经济衰退期外贸政策保护主义倾向进一步加强的具体表现。作为WTO成员，美国按国内法201条款实施的钢铁保障措施必须符合WTO保障措施规则。但美国钢铁保障措施即使符合WTO规则，也是通过损害其钢铁贸易伙伴正当利益来追求本国利益最大化。因此，在全球贸易体制约束下，美国的行为必然引起各相关方与美国之间运用全球贸易规则的利益博弈，并由此对世界经济贸易产生重大影响。     

钱包赌戏悖论及其行为的经济学意义

本文对行为经济学的一个重要微观模型———钱包赌戏悖论建立了认知分析框架 ,不仅彻底消解了该悖论 ,还发现了与效用和概率均无关的一种新的非理性效应。这一效应既可能导致无帕累托效率的交易陷阱 ,也可能与效用歧化和概率误判等已知的行为经济学效应协同作用 ,产生更复杂的非理性决策。     

网络营销创新定位、运行模型及案例分析

网络营销的创新性质包括创新程度和创新效益两个方面。创新程度反映网络营销创新的影响力度,是过程性指标;创新效益反映网络营销的经济效应,是结果性指标。将创新度和效益度垂直相交构成一个二维平面,并将其分别划分为高低两个级别段,可形成四个定位模块,即触网型创新、网络实验型创新、网络营销专家和运营网络型创新。一般情况下,企业网络营销创新往往从触网型创新出发。进而上升到运营网络型创新阶段,但在网络营销实践中,某些创新运动并不是严格地起于触网型创新,而止于运营网络模型,更有逆向运行的情况存在。     

Orange County Bankruptcy: Financial Contagion in the Municipal Bond and Bank Equity Markets

We examine the spillover wealth effects of the Orange County, California bankruptcy announcement in December 1994 on municipal bonds, municipal bond funds, and bank stocks. This bankruptcy is prominent because of unprecedented losses and because it was caused by a highly leveraged derivatives strategy rather than a shortage of tax revenues and excess spending. We find contagion in the bond market with significantly negative abnormal returns for municipal bond funds without direct exposure to Orange County and for non‐Orange County municipal bonds. In addition, our findings suggest the contagion spills over to the common stocks of investment and commercial banks that deal in or use derivatives; however, the equities of banks unexposed to derivatives are not affected.     

Generalizations of Ho–Lee’s binomial interest rate model I: from one- to multi-factor

In this paper a multi-factor generalization of Ho–Lee model is proposed. In sharp contrast to the classical Ho–Lee, this generalization allows for those movements other than parallel shifts, while it still is described by a recombining tree, and is a process with stationary independent increments to be compatible with principal component analysis. Based on the model, generalizations of duration-based hedging are proposed. A continuous-time limit of the model is also discussed. This research was supported by Open Research Center Project for Private Universities: matching fund subsidy from MEXT, 2004–2008 and also by Grants-in-Aids for Scientific Research (No. 18540146) from the Japan Society for Promotion of Sciences.     

From T-Bills to Stocks: Seasonal Anomalies Revisited

This paper employed eleven data series which consist of stocks, bonds, bills, equity premiums, term premiums, and various default premiums to investigate whether January seasonality reported in existing literature is robust across different states of the economy as this has important trading implications. For the periods 1926–1990, small stocks, small stock premiums, low grade bonds, and default premiums (spread between high grade, low grade and government bonds) reveal January seasonality and that the seasonality is robust across different states of the economy except for low grade bond returns and default premiums. January seasonality for low grade bond returns and low grade bond default premiums are primarily driven by results found during periods of economic expansion. Overall, January seasonality is more evident during the economic expansion periods although the magnitude of default premiums is larger during periods of economic contraction. Furthermore, prior findings of strong summer equity returns are primarily driven by the results found during the periods of economic contraction. It is also found that equity returns are generally higher during periods of economic expansion.     

对改革供电企业变电检修现行管理模式的探讨

提出了重组专业化的变电检修总公司的战略思路,对电网企业与总公司之间发展新型关系进行了探讨,指出以战略思维构筑战略联盟,保持合作联盟,实现共赢与发展.分析虽是对检修体制改革,同时也是对安全生产管理体制的变革,有利于供电企业的安全生产管理.     

Demand for broad money and expenditure components in Japan: an empirical study

The main objective of the present study is to examine empirically the long-run relation of broad money demand and its determinants in Japan. In contrast with previous study, the present study considers various components of final expenditure demand as determinants that are final consumption goods, expenditure on investment goods and exports. Using quarterly data over the period 1973Q1–2000Q2, the results of the bounds test [J. Appl. Econ. 16 (2001) 289] indicate a stable long-run relationship between demand of real M2 and its determinants. The empirical results also highlight that different domestic demand components yields different effects on Japanese broad money demand behavior. The estimated unrestricted error-correction model appears to track the data well and the results have important policy implications.     

农村劳动力转移模型:基于中国制度背景的构造

本文在对经典的农村劳动力流动模型进行理论梳理的基础上,引入中国的制度变量,试图构建适合中国制度背景的农村劳动力转移模型,同时,运用经验事实对其作进一步的实证检验,并分析了模型的政策含义。