人民币汇率变动对广西出口商品价格影响研究--基于广西与东盟国家贸易数据

论文选取2005年1月-2013年10月的月度数据实证分析了人民币名义汇率变动对广西出口到东盟国家商品价格的传递效应。结果表明：人民币名义汇率对出口商品价格的传递不完全,广西出口商的市场竞争力较弱,省内企业生产成本对出口价格的影响较小,而东盟国家竞争价格对出口价格的影响非常大。     

Land prices and unemployment

We integrate the housing market and the labor market in a dynamic general equilibrium model with credit and search frictions. We argue that the labor channel, combined with the standard credit channel, provides a strong transmission mechanism that can deliver a potential solution to the Shimer (2005) puzzle. The model is confronted with U.S. macroeconomic time series. The estimation results account for two prominent facts observed in the data. First, land prices and unemployment move in opposite directions over the business cycle. Second, a shock that moves land prices also generates the observed large volatility of unemployment.     

Revisiting Real Wage Rigidity

In this paper, we provide empirical evidence that real wage rigidity is not a major cause of unemployment volatility. We argue that there is a disconnect between the theoretical and empirical literatures on this topic. While theoretical studies define real wage rigidity as the response of wages to changes in unemployment following productivity shocks, the empirical literature measures real wage rigidity as the estimated semi-elasticity of wages with respect to unemployment, averaged over all shocks. We show that averaging over shocks gives a biased measure of real wage rigidity, as the impact of other shocks confounds the response to productivity shocks. Our results indicate that the estimated semi-elasticity with respect to productivity shocks is twice as large as the estimated semi-elasticity averaged over all shocks. This implies that one cannot attribute unemployment volatility to real wage rigidity.     

Price Rigidity in Turkey: Evidence from Micro Data

In this study we investigate the duration of consumer price spells and price change patterns for Turkey by employing a comprehensive micro price data covering around 6,000 items over four years. In detail, we analyze how long typical price spell lasts and we investigate the size, frequency, distribution and synchronization of price changes. Compared to advanced economies, a higher frequency of price changes is estimated. Findings suggest substantial heterogeneity among sub-groups in terms of frequency and synchronization indicators. The mixed evidence of both state and time-dependent pricing is also relevant for Turkey, an emerging market economy.     

企业核心能力的刚性特征及其超越

自“核心能力”被提出以来，该概念仿佛成了企业的“万能金钥”。然而，我们却不能忽视这一事实，核心能力容易走向其反面，形成刚性。核心能力刚性抑制了企业创新，严重削弱了企业创新的能力。本文首先提出了核心能力刚性的定义，然后分析了核心能力刚性的载体，进而对核心能力刚性的本质即路径依赖现象从三个角度进行了阐述，最后讨论了核心能力刚性特征的克服。     

Detecting policy effects with wage rigidity and instability – evidence on the Taiwan labour market

With stagnant wages and growing productivity, a widening gap is becoming prevalent in global labour markets. The relationship between wages and productivity has become indeterminate, especially after the 2008 financial crisis. This article presents the phenomenon for why salary rarely follows up with productivity after an economy recovers. By using the GMM method, this study shows the interaction among wage, productivity and tightness, in which we illustrate the Taiwan labour market as an example to show how hiring system changes press wages away from an efficient allocation, causing instability and market failure. Surveying 35 labour markets for different industries, we reveal that the situation in the labour markets has drastically changed since 2008. We find that this resulted in a severe problem when the Taiwan firms got used to policies like ‘22K’, ‘fix-term contract’ and ‘unpaid leave’ programmes. These plans negatively impacted the economy and raised market failure with instability.     

Hitting and hoping?: Meeting the exchange rate and inflation criteria during a period of nominal convergence

This paper analyses the effect of the nominal convergence process on the ability of Central and Eastern European Countries (CEECs) to meet both the inflation and the exchange rate criteria for Eurozone entry. The size of these convergence effects on the exchange rate (for inflation targeters) and for inflation differentials (under a fixed exchange rate) is estimated for a variety of different convergence scenarios. The key result, robust across all scenarios, is that countries with fixed exchange rates will find it much harder to simultaneously meet the criteria than inflation targeters. Probit estimates on the ability of a country to get inflation below the reference value under a fixed exchange rate show a strong effect for the relative price level.     

How High is the Private Gain from Wage Indexation?

The effects of firm‐specific shocks on the gain from writing state‐contingent wage contracts are examine in an extension of the model in Gottfries (1992) . It is shown that the introduction of firm‐specific uncertainty increases the gain from indexation to prices only moderately. Moreover, nominal wage contracts should be more prevalent when unemployment benefits are high or unemployment spells are short.     

The Macroeconomic Consequences of Reciprocity in Labor Relations*

We develop and analyze a structural model of efficiency wages founded on reciprocity. Workers are assumed to face an explicit trade‐off between the disutility of providing effort and the psychological benefit of reciprocating the gift of a wage offer above some reference level. The model provides a rationale for rent sharing—a feature that is very much present in the data but absent from previous formulations of the efficiency wage hypothesis. This firm‐internal perspective on efficiency wages has potentially important macroeconomic consequences: rent‐sharing considerations promote wage rigidity, internal amplification and differential responses to technology and demand shocks.