外汇储备剧增导致的货币政策困境

外汇储备是体现和制约货币政策有效性的重要因素。根据“三元悖论”,中国政府为确保汇率稳定,同时实现资本准自由流动,必定要以牺牲货币政策独立性为代价。外汇储备超常增长、大量外汇占款导致央行货币政策的实施陷入被动和效果趋弱的困境,给宏观调控政策的选择提出更加复杂的难题。基于此现状,本文对该困境形成的原因和不利影响加以分析,尝试寻求解决办法。     

压控晶体振荡器的设计

本文提出了晶体和频率控制元件的模型,介绍了基本电路的设计,并详细讨论了压控晶体振荡器调制器产生最小音频失真的必要条件。     

The Unintended Consequences of the Frequency of PCAOB Inspection

After more than 50 years of self‐regulation of the US auditing profession, the Sarbanes‐Oxley Act of 2002 (SOX) created the Public Company Accounting Oversight Board (PCAOB) as a quasi‐governmental entity with statutory authority to inspect accounting firms that audit public clients. The frequency of this inspection is annual or triennial, based upon the number of public clients the firm audits. We examine the effects of these two levels of inspection frequency on financial reporting quality and audit fees for clients of small and midsize public accounting firms. Our findings provide evidence of significantly higher audit quality and audit fees for clients of annually inspected firms relative to clients of triennially inspected firms. These findings are robust to auditor‐client alignment analyses, propensity score matching, time‐series analyses, examination of firms that have changed from triennial to annual inspection, and particular examination of firms with inspection deficiencies. Overall, our study suggests that the two‐tier frequency system of PCAOB inspection may have also resulted in two‐tier audit quality and audit fee systems for small and midsize public accounting firms, with more frequent inspection leading to more rigorous and informed auditor decisions. We discuss the implications of our results for the Board and the profession at large.     

大动态PCM/FM信号的载波频率同步

针对大动态脉冲编码-频率调制（PCM/FM）遥测信号的载波频率同步,提出了基于快速傅里叶变换（FFT）及频谱重心的载波频率估计方法,并采用了频谱叠加及频谱截取的优化方法提高算法估计精度。相对于其他基于FFT的频率估计算法,频谱重心法有着更高的估计精度及更好的抗噪声性能,而且复杂度代价很小。仿真的均方误差结果表明,基于FFT长度为2 048和2块叠加以及保留信号99.9%能量的频谱截取方案有最好的估计性能。在最大多普勒频率、多普勒一阶变化率及二阶变化率分别为0.5倍、0.3倍及0.2倍符号率的大动态条件下,基于频谱重心法的二阶锁频环能够较好地完成载波频率跟踪。误码率曲线表明,经过频偏校正后的多符号非相干解调（MSD)性能与无频偏情况相比,无性能损失。     

交叉极化干扰消除技术研究

针对双极化频率复用系统中的交叉极化干扰问题,提出了全数字交叉极化干扰消除 器的设计方案,研制了具有交叉极化干扰消除、解调功能的一体化工程样机。测试结果表明 ,该设备对交叉极化干扰的消除效果明显。     

基于深度学习的跳频信号识别

针对跳频信号分选存在人工提取参数特征具有复杂性的问题,提出了一种基于深度学习的识别方法。首先对跳频信号进行短时傅里叶变换,得到二维的时频矩阵;接着提取信号的轮廓特征,构造三维矩阵作等高线图,并对等高线图进行预处理;最后把预处理后的等高线图输入到卷积神经网络中进行训练、测试,进而实现分类识别。仿真结果表明,在不需要复杂的人工提取参数特征的基础上,在分选率为100〖WT《Times New Roman》〗%〖WTBZ〗时,所提方法经裁剪处理下的信噪比为-15 dB,比支持向量机和传统K-Means聚类算法都低10 dB。实测数据的算法验证表明,所提方法能够将大疆精灵4Pro、hm无人机、司马航模X8HW以及大疆悟2这四类无人机正确分类。     

提高对雷达隐蔽扫描角跟踪系统干扰性能的研究

分析了对隐蔽扫描雷达角跟踪系统实施匀速扫频式干扰的缺点。提出了一种实现快速一慢速扫频的方法，即先快速扫描以捕捉雷达角扫描频率范围，再在此小范围内进行慢扫。以确定敌方雷达的角扫描频率。文中还给出了改进的系统结构和主要电路框图，并结合该系统的改进内容针对研究中的主要技术难点作了详细的分析。     

Market impact: a systematic study of the high frequency options market

This paper deals with a fundamental subject that has seldom been addressed in recent years, that of market impact in the options market. Our analysis is based on a proprietary database of metaorders—large orders that are split into smaller pieces before being sent to the market—on one of the main Asian markets. In line with our previous work on the equity market [Said, E., Bel Hadj Ayed, A., Husson, A. and Abergel, F., Market impact: A systematic study of limit orders. Mark. Microstruct. Liq., 2018, 3(3&4), 1850008.], we propose an algorithmic approach to identify metaorders, based on some implied volatility parameters, the at the money forward volatility and at the money forward skew. In both cases, we obtain results similar to the now well-understood equity market: Square-Root Law, Fair Pricing Condition and Market Impact Dynamics.