Tax Base and Crowding‐in Effects of Balanced Budget Fiscal Policy

A dynamic general equilibrium business cycle model is constructed with staggered price adjustment, monopolistic wage setting and distortionary taxation. The government purchases goods, runs an unemployment benefit system and balances its budget through a proportional tax on labour income. A temporary tax‐financed increase in government expenditures can lower the tax rate through a demand‐induced widening of the tax base. It is shown analytically that this allows private consumption to rise, under realistic conditions, despite the negative wealth effect of increased fiscal spending.     

精馏过程的节能和优化设计的探讨

精馏过程的节能,对于减少能源消耗,降低生产成本和保护环境具有十分重要的意义.在精馏过程中可以采用最适宜回流比操作和最佳进料状态,使用中间冷凝器和中间再沸器,高效精馏、热泵精馏.合理安排多组分物料分离流程,直接利用过程热量及开发应用高效换热器等措施.本文从最佳回流比R的选择、进料温度及进料状态的确定等方面,详细的分析了在精馏塔的设计过程中,如何实现设计的优化问题,以实现节能降耗.     

Consumption and stock markets in Asian economies

This paper investigates the causal links between stock market performance and consumption for five Asian economies by applying the bound tests of Pesaran et al. and lag augmented VAR of Toda and Yamamoto . We find two‐way causal relationships between stock market performance and consumption in the cases of Hong Kong and Taiwan in the long run. The existence of such two‐way causal links indicates that stock market performance and consumption mutually affect each other, implying that the previous studies may have overestimated the wealth effect of the stock markets without taking account of the reverse causation from consumption to the stock markets. The short‐run effect of the stock market on consumption is more visible than the long‐run effect in most of the sample economies, suggesting that changes in consumption directly reflect stock market fluctuations.     

THE SQUARED ORNSTEIN-UHLENBECK MARKET

We study a complete market containing J assets, each asset contributing to the production of a single commodity at a rate that is a solution to the squared Ornstein-Uhlenbeck (Cox-Ingersoll-Ross) SDE. The assets are owned by K agents with CRRA utility functions, who follow feasible consumption/investment regimes so as to maximize their expected time-additive utility from consumption. We compute the equilibrium for this economy and determine the state-price density process from market clearing. Reducing to a single (representative) agent, and exploiting the relation between the squared-OU and squared-Bessel SDEs, we obtain closed-form expressions for the values of bonds, assets, and options on the total asset value. Typical model parameters are estimated by fitting bond price data, and we use these parameters to price the assets and options numerically. Implications for the total asset price itself as a diffusion are discussed. We also estimate implied volatility surfaces for options and bond yields.     

我国增值税类型选择的经济学思考

增值税有生产型、消费型和收入型三种.1994年我国税制改革选择了生产型增值税,对抑制投资膨胀,保证财政收入起到积极作用.随着市场经济的深入发展,我国税制改革应取向于消费型增值税,因其能避免重复征税而有利于分工协作,刺激投资,保护基础产业的发展.     

论理性消费视角下生态和谐社会的建构

传统的消费观念和消费心理在目前资源和环境日益恶化的奈件下，已经难以为继。如何调整消费心理。进行合理消费已成为当前社会需要解决的重大课题。     

浅谈假日经济对中国经济的长期拉动效应

假日经济已成为国民经济的重要组成部分,并在国民经济中发挥着日益重要的作用。但在假日经济的发展过程中,也出现了一系列的负面效应,影响了假日经济的持续发展。文章就如何发挥假日经济的长期拉动效应,提出了相应的对策。     

我国居民信息消费问题研究

本文阐述了我国居民近年信息消费的现状、特点，运用回归模型对影响居民信息消费的因素进行了分析，并在此基础上提出了建议和对策。     

长三角居民赴韩旅游消费模式初探

在实证研究的基础上从出游认知、消费构成、消费评价和消费趋势进行分析，探讨了长三角地区居民赴韩旅游消费模式。研究表明，长三角地区居民赴韩旅游出游认知和消费构成亦处于初级阶段，对消费评价和消费倾向大体上持肯定态度和乐观态度。     

能源税制的国际比较及启示

介绍、比较了世界各国对能源课税,保护环境、节约能源的情况,分析了近年来发达国家能源税制改革的新趋势。指出随着我国能源消费的剧增和对进口能源的依赖加重,节能和环保方面的税收政策应受到普遍重视,应借鉴国外经验,完善我国的能源税制。