Mix of Fiscal and Monetary Policy Rules and Inflation Dynamics in China

The present paper examines the role of the mix of fiscal and monetary policy rules in determining inflation dynamics using fiscal and monetary policy reaction functions and Markov‐switching vector autoregression methods based on quarterly data in the period 1992–2007. Our results show that fiscal and monetary policies in China can be adequately described using some simple rules, and that significant regime shifts took place around 1998. Fiscal policy tended to be active and countercyclical in the pre‐1998 period, then switched to be passive and more countercyclical, whereas monetary policy was characterized as passive and procyclical in the pre‐1998 period, and switched to be active and countercyclical afterwards. The mix of fiscal and monetary policy rules can explain inflation dynamics better than the monetary policy rule alone. Therefore, price stability requires not only appropriate monetary policy but also appropriate fiscal policy.     

Switching costs and implicit contracts

When firms can discriminate between old and new customers and when multiperiod binding commitments are too costly, the effects of switching costs may be mitigated thanks to implicit contracts offered (competitively) by firms in equilibrium and backed by reputation.     

The Channel Tunnel: transport patterns and regional impacts

Since its opening in 1994 the Channel Tunnel has become a key element in the transport infrastructure linking Britain and continental Europe. But, as well as forming part of the Trans-European Rail Network, the Channel Tunnel was also seen as a potential stimulus to trans-frontier collaboration and as a possible catalyst for regional economic development. The aim of the paper is to evaluate the regional impacts of the Tunnel within the Anglo-French frontier zone on both sides of the English Channel. Although millions of passengers travel through the Tunnel every year, numbers have failed to reach the forecast levels and the overall benefits are fewer than had been anticipated. The English Channel still represents a psychological barrier (partly due to language differences) and the frontier zone has failed to develop as an integrated labour market. Moreover, the findings suggest that the Channel Tunnel has only had a limited impact on the spatial economy of the trans-frontier zone in Kent and Nord-Pas-de-Calais. While Ashford has undoubtedly gained from its high-speed rail connection, the greatest impacts have occurred in metropolitan regions further from the Tunnel, including Lille and East London.     

关于设备状态检修在供电企业中的应用探讨

状态检修是按照设备的实际运行状态来安排检修时间和检修项目。本文根据目前网络结构比较合理,技术监测手段的比较先进,数据管理系统比较完善的情况,明确提出状态检修是一种科学的、先进的检修方法。     

The Impact of Corporate Governance on the Relationship Between Fundamental Information Analysis and Stock Returns

This study investigates whether corporate governance affects the impact of the relationship between fundamental signals and stock returns using Taiwanese data. The study employs the endogenous switching model (ESM) of Hu and Schiantarelli (1998), which combines the response equation and governance index equation simultaneously. We divide the sample into strong and weak governance regimes. Our results suggest that stock returns respond differently in different governance regimes. The beneficial response is greater in the strong governance regime than in the weak one, suggesting that it is worth improving governance for firms.     

第三代移动通信系统中用户移动性模型的研究

本文在研究第三代移动通信系统特点和分析UMTS标准模型与可扩展模型的优缺点的基础上，建立了适用于第三代移动通信系统的综合模型，研究和分析了不同类型用户情况下该综合模型的信道占用时间，并给出了仿真结果。     

选择中间商和自建分销网:跨国公司增强市场控制力的捷径

跨国公司可以通过中间商建立自己的分销网络，建立对国外市场的控制。为了扩大销售网和加强对分销渠道的控制，以便使公司业务和利润稳定，往往建立自己的海外销售机构。跨国公司在华企业的渠道控制策略就是强化竞争优势以适应复杂多变的环境；渠道控制转变为发展同中间商的长期伙伴关系；渠道控制强调服务。     

Regime Change and the Role of International Markets on the Stock Returns of Small Open Economies

We examine the influence of US, UK and German macroeconomic and financial variables on the stock returns of two relatively small, open European economies, Ireland and Denmark. Within a nonlinear framework, we allow for time variation via regime switching using a smooth transition regression (STR) model. We find that US (global) and UK and German (regional) stock returns are significant determinants of returns in both markets. Further, global information represented by oil and US asset price movements drive changes between states in each market. Significantly, the role of country‐specific domestic variables is typically confined to a single state while global and regional variables pervade all states.     

Environmental Policy Uncertainty and Marketable Permit Systems: The Dutch Phosphate Quota Program

Tradable permits are generally considered as an efficient instrument to regulate pollution by individual producers. However, uncertainty about changes in or possible discontinuation of the program could make individual farmers reluctant to invest in tradable permits. This article uses the option approach to derive a theoretical model that shows the impact of policy uncertainty on investment in tradable quota. The empirical assessment provides weak evidence for the existence of option values due to policy uncertainty for phosphate quota in swine production in the Netherlands.     

Incorporating vintage differences and forecasts into Markov switching models

This paper incorporates vintage differences and forecasts into the Markov switching models described by Hamilton (1994). The vintage differences and forecasts induce parameter breaks close to the end of the sample, too close for standard maximum likelihood techniques to produce precise parameter estimates. A supplementary procedure estimates the statistical properties of the end-of-sample observations that behave differently from the rest, allowing inferred probabilities to reflect the breaks. Empirical results using real-time data show that these techniques improve the ability of a Markov switching model based on GDP and GDI to recognize the start of the 2001 recession.