On Sraffa's Standard commodity: is its price invariant with respect to changes in income distribution?

In his 1960 book, Sraffa suggested using a composite commodity,which he called the ‘Standard commodity’, to solveRicardo's search for an invariable measure of value, i.e., astandard capable of isolating the price movements of any othercommodity induced by changes in income distribution. The absencein Sraffa's book of an explicit proof of the invariance propertyof this standard gave rise to many misunderstandings about itsmeaning and its role as an invariable measure of value. In orderto clear up these questions, Bellino (On Sraffa's Standard commodity,Cambridge Journal of Economics, vol. 28, 121–32, 2004)has proposed a ‘proper’ definition of an ‘invariablemeasure of value’, showing that Sraffa's Standard commoditydoes fulfil the requirements of this definition. He claims thatthe fulfilment of this property (but not the constancy of its‘nominal’ price) qualifies the Standard commodityas an invariable measure of value. In this paper, a proof ofthe invariance of the price of the Standard commodity with respectto changes in income distribution is given, and the equivalenceof this property with Bellino's definition of invariance isshown.     

Forecasting Stock Index Futures Price Volatility: Linear vs. Nonlinear Models

The study examines the relative ability of various models to forecast daily stock index futures volatility. The forecasting models that are employed range from naïve models to the relatively complex ARCH-class models. It is found that among linear models of stock index futures volatility, the autoregressive model ranks first using the RMSE and MAPE criteria. We also examine three nonlinear models. These models are GARCH-M, EGARCH, and ESTAR. We find that nonlinear GARCH models dominate linear models utilizing the RMSE and the MAPE error statistics and EGARCH appears to be the best model for forecasting stock index futures price volatility.     

论现代流通方式

流通方式是指商品由生产领域进入消费领域所采用的方法和形式的总和，现代流通方式是适应现代生产和消费的要求及流通发展要求的各种流通方式所形成的体系。流通的发展主要通过流通方式的变革体现出来，并在近一个世纪里由传统的流通方式演化为现代流通方式。发展现代流通方式是从根本上改变我国流通产业发展滞后的状况、发挥流通产业对国民经济先导作用的重要措施。     

武汉市人口与零售商业网点分布优化配置研究

本文根据湖北和武汉统计年鉴等资料中的人口数据和社会商品零售额数据 ,拟合出反映人口分布和商业网点分布的计量模型。然后根据模型的含义 ,并综合考虑其它影响商业网点配置的因素 ,提出适合武汉市人口分布的商业网点优化配置的合理性建议     

旅游产品散论

目前学界对旅游产品的概念存在不少分歧,本文择取如下问题加以讨论:旅游产品是否包含媒介要素、是否是一种经历或体验、是否是商品、是否包含目的地出售的实物形态商品以及是否包含旅游资源.本文认为,媒介要素是旅游产品的必要组成部分,不能把旅游产品看作经历或体验,旅游产品是商品,旅游产品中不包含旅游地出售的旅游纪念品等实物形态商品,也不包括旅游资源.本文着重讨论了旅游资源与旅游产品的关系,提出旅游资源不是旅游产品或产品的一部分,而是、也仅仅是旅游产品生产要素中狭义的土地要素.     

Commodity momentum decomposition

This study decomposes the momentum factor (MOM) in the commodity futures market. A high-to-price (HTP) factor generates a higher Sharpe ratio than a price-to-high (PTH) factor. We uncover that the profitability mechanisms across three momentum factors are different. The positive returns on MOM and PTH are associated with overconfidence and strong self-attribution. In contrast, HTP is linked to investors' underreaction and the information diffusion process. Moreover, we find that positive demand shocks raise the return on HTP.     

略论《资本论》中商品货币理论的价值--基于中国特色社会主义市场经济的审视

从经济哲学角度分析了《资本论》,并简要介绍了其中的商品货币理论。通过分析中国特色社会主义市场经济和其历史变迁及商品货币理论中价值规律、劳动二重性、劳动分工等理论,从企业管理、政府干预、经济均衡三个角度,分析了商品货币理论对中国特色社会主义市场经济的借鉴意义;从进步性、局限性、与时俱进性评价了商品货币理论。     

Impacts of derivative markets on spot market volatility and their persistence

In this article, we investigate the impacts of futures and options markets on the volatility of the underlying market. Unlike earlier studies, the focus is on their persistence over time. Tests on the Hang Seng index yield several interesting results that often contrast with previous findings. Empirical results suggest that the quality of new information generated by derivative trading determines the impacts on the spot market volatility. The futures market provides new, material information reducing spot market volatility. The Options market, on the other hand, generates noisy information and distorts price, which is followed by an increase in volatility and a decrease in its sensitivity to price change. While the impact of futures persists, that of options mostly disappears as the market matures. Our conjecture is that the futures market is mainly driven by informed, experienced participants, while the options market attracts new, inexperienced investors.     

资金供求影响社会经济运行的经济学分析

资金供求对社会经济运行的整体格局及其效果有着十分重要的影响。就资金供求与货币供求的关系而言，资金供求均衡是货币供求均衡赖以形成的基础。资金运行除了具有货币运行的效应外，还通过生产过程对价值增殖发挥着不可替代的作用。资金供求均衡是货币供求均衡的核心。资金供求和商品供求密切相关，任何一方的失衡都将使另一方的均衡变得十分困难，但资金供求均衡是商品供求均衡的先决条件。实现资金供求的均衡，是实现社会总供给与总需求均衡的重要保证。     

我国棉花期货价格的影响因素

棉花是除了粮食之外的第二大宗农产品,它对于促进农业的稳定发展和国家经济的安全具有极其重要的作用。然而,近年来棉花价格波动相当频繁,其波动原因也随之成为了社会的关注焦点。文章从供求因素、汇率因素、政策法规、投机因素等方面分析棉花期货价格波动的原因,从而提出相关对策建议。