Tradable and nontradable directed technical change

ABSTRACT

We wish to reconcile the major trends in wages and the terms of trade using a directed technical change approach in which: (i) tradable and nontradable goods can be substitutes or complements; and (ii) scale effects can be present or can be partially or totally removed. With a lower skilled labour ratio and a higher relative wage in the tradable sector, the price (real exchange rate or terms of trade) mechanism is crucial in determining sectoral productivity differences and thus wage inequality. Along the balanced growth path, the real exchange rate can be negatively related with the relative productivities in horizontal innovation (the Balassa-Samuelson effect) and with the relative labour level, depending on scale effects. The wage premium increases due to an increase in the relative labour level in the nontradable sector under substitutability with scale effects or under complementarity without scale effects. A calibrated version of the model indicates that the model closely replicates the data for Germany. Moreover, while the Balassa-Samuelson effect is quantified, an increase in the relative supply of labour in the tradable sector decreases both terms of trade and inequality.     

收入不平等下的零加成改革*——医生策略反应与医疗支出再分配

本文主要研究药品零加成改革引起的医疗支出在病情间的再分配效应。首先,本文利用中国健康与养老追踪调查进行双重差分分析,讨论改革对医疗支出在病情间分配的影响。回归结果显示,地区平均药占比每增加10个百分点,病情严重程度等于均值的患者的总治疗费用将显著上升513%。在此基础上,病情严重程度每增加1个标准差,患者的总治疗费用将少增加298%。进一步,本文在患者收入、病情二维异质性的框架下讨论了这种现象可能的成因并从实证上进行验证。分析表明,改革提高了对重症更有益的诊疗手段的相对价格,改变了医生在诊疗方案上的选择。这种改变会因患者的支付能力不同而有差异,相比收入低且病情较重的患者,医生更多地对收入高且病情较轻的患者使用了对重症更有益的诊疗手段。这种微观选择引起了医疗资源在病情间的扭曲配置和医疗支出向轻病的倾斜。     

Maximal asymptotic power and efficiency of two-sample tests based on generalized U-Statistics

In this article a systematic study is given of the asymptotic behavior of two-sample tests based on U-Statistics with arbitrary antisymmetric kernels . Besides the investigation under the hypothesis and under fixed alternatives we determine the local power as a function of as well as its maximizing value _opt. Moreover formulas for the asymptotic relative efficiency ARE(₂,₁) of the ₂-test with respect to the ₁-test are derived. It turns out that _opt also yields the most efficient test in the sense that ARE(_opt,)1 for all (admissible) kernels .     

会计信息在投资决策中长期锚定效应研究——对计量观实证方法的改进

文章以2003-2007年间我国A股上市公司为研究对象,通过筛选市场中股价相对关系"稳定"的成员的方式,对影响股价的非会计信息进行了有效控制,改进了计量观的实证方法.研究结果说明,在年度财务报告发布后的长时间窗口中,由历史性会计信息确定的各股票间的股价初始相对关系,在这段时期的投资者决策过程中具有锚定效应,会计信息对投资决策的影响力在"稳定"成员样本中更为突出.文章所进行的研究尝试,为日后检验2007准则的实施效果提供了有效的参考.     

Labor-Leisure Choice and Relative Income Concerns in the Shadow of the Housing Market

We theoretically examine the connection among labor productivity, work time, and housing costs in an economy with households differing in wages and neighborhoods differing in quality. We argue that the location rent component of housing cost is key to explicating the connection. We trace how the housing market makes relative income instrumental for maximizing utility even if households’ utility functions are not interdependent. Over time, productivity growth yields higher wages but households compete some of that away on the housing market. This structural inflation of location rents counteracts preferences to work less as wages rise and hinders the expansion of leisure. Relative income effects are shown to arise as a consequence of a market institution that monetizes socially-imbued preferences.     

不患寡而患不均*——相对生活水平对居民心理健康的影响

幸福感是人们生活质量的重要方面,关乎个人和社会的稳定和发展。然而,最近几十年中国经济持续增长但居民主观幸福感却在下降,与此同时,精神疾病患病率和自杀率不断攀升。本文利用2013年CHARLS数据,以五种不同人群作为参照系,从抑郁症状(CES-D)角度实证考察相对生活水平对中国居民心理健康的影响。工具变量模型显示:第一,相对生活水平对中国居民的心理健康具有显著影响。不同参照系的影响存在明显差异,以同事和同学为参照的相对生活水平对心理健康的影响最大,以本县（市、区）人们为参照的影响最小。第二,生活水平的相对效应存在非对称性,相对生活水平较低引起的心理问题加重的程度明显大于相对生活水平较高带来的心理健康的改善幅度。第三,相比于高收入人群,低收入人群的心理健康更容易受到他人的影响。本文的研究结果较好地反映了当前社会“不患寡而患不均”的状况。因此,缩小收入差距的措施对改善居民的心理健康具有外溢效应。     

政府间转移支付的财政均等化效果分析——基于甘肃省的实证研究

利用1994—2005年甘肃省的县级数据,采用统计分析和计量模型分析方法,研究了财政转移支付对甘肃省县级财力差距的影响。实证分析发现;财政转移支付缩小了甘肃省县级财力的相对差距,但是却扩大了县级财力的绝对差距;维持地方政府运转和支持少数民族地区发展是甘肃省财政转移支付分配的主要目标,而缩小地区间财力绝对差距的目标未受到重视。     

The Validity of the Economic Value Added Approach: an Empirical Application

This study investigates the relative explanatory power of the Economic Value Added (EVA) model with respect to stock returns and firms' market value, compared to established accounting variables (e.g. net income, operating income), in the context of a small European developing market, namely the Athens Stock Exchange, in its first market‐wide application of the EVA measure. Relative information content tests reveal that net and operating income appear to be more value relevant than EVA. Additionally, incremental information tests suggest that EVA unique components add only marginally to the information content of accounting profit. Moreover, EVA does not appear to have a stronger correlation with firms' Market Value Added than the other variables, suggesting that – for our Greek dataset – EVA, even though useful as a performance evaluation tool, need not necessarily be more correlated with shareholder's value than established accounting variables.     

土地流转对农户多维相对贫困的影响及机制研究 ——基于生产资源优化配置视角

研究目的：探讨土地流转对农户多维相对贫困的因果影响、作用机制及异质性,为进一步深化农村土地制度改革、构建缓解农村相对贫困的长效机制提供实证依据和有益启示。研究方法：利用2010—2018年中国家庭追踪调查数据,构建了多维相对贫困评价指标体系,通过BP神经网络赋权模型和双界限法测度农户多维相对贫困状况,然后使用工具变量法探讨土地流转对农户多维相对贫困的影响及作用机制。研究结果：（1）土地流转显著减轻了农户的多维相对贫困状况,且土地流出对5个子维度的相对贫困均存在稳健的减贫作用,而土地流入的减贫效应主要集中于家庭可行能力、发展机会、社会保险3个维度。（2）土地流转主要通过优化农户的土地和劳动力资源配置实现多维度的减贫效应。（3）土地流转对西部地区和农业产值较低县域的农户,以及家庭劳动力年龄较低和土地价值较低的农户的减贫效应更为明显。研究结论：土地流转有助于提升相对贫困群体的内生动力,培育自我发展的长效机制,其福利效应可以缩小地区间和人群间差异。基于此,为实现共同富裕的发展目标,需要进一步建立健全统一的土地经营权流转市场,促进土地规范有序流转。     

武汉城市圈相对资源承载力分析

采用相对资源承载力的研究思路和计算方法,计算了武汉城市圈九个地区的相对资自然资源承载力,相对经济资源承载力和综合承载力,并分析其区域差异。结果表明:(1)以全国为参照区,城市圈总体资源承载力处于超载状态;(2)以湖北省为参照区,城市圈9个地区资源承载力处于超载的地区明显多于富余的地区,且存在很大的区域差异,其中武汉市综合承载力富余度最大,黄冈市资源承载力超载最严重。因此协调区域自然与经济资源的分配与利用,提高整体的资源承载力水平是武汉城市圈和谐快速发展的难题与关键。