The monetary policy strategy of the Bank of England in 2020–21: An assessment

Excessive money creation during the Covid pandemic has resulted in Britain's worst episode of inflation since 1990–91. The backdrop to this failure of monetary policy is the Bank of England's aggregate demand/aggregate supply framework together with the Monetary Policy Committee's neglect of broad money. An alternative way to operate monetary policy is urgently needed. A significantly improved monetary policy outcome could be achieved by shifting from trying to steer the economy using interest rates and quantitative easing or quantitative tightening to reliance on the relative stability of income velocity (the ratio of nominal GDP to broad money) as a means of managing aggregate demand.     

The impacts of imports and trade liberalization in Brazil: Insights from an aggregate cost function

Brazil has faced and continues to struggle with difficult economic challenges, including achieving noninflationary economic growth and a manageable external deficit. This paper presents the results of the estimation of an aggregate translog cost function with inputs of domestic capital and labor and imports and outputs of consumption and investment goods. The resulting calculated elasticities give insights into the relationships among the inputs, as well as the possible impacts of further reducing international trade barriers. The findings suggest that all of the inputs are substitutes for one another and that an increase in imports may have at least short-run negative effects on the demand for domestic capital and labor. However, imports appear to be particularly important in the production of investment goods, so an increase in imports may result in a more than proportionate increase in the output of those products and enhance the long-term growth of the economy. The responses to current challenges facing Brazil will affect its future economic growth as well as have a broader impact on the international scene. The results described here may help to inform policy makers as they address these issues, particularly with respect to international trade policies.     

静止轨道卫星自动化干扰定位方案

在对静止轨道卫星上行干扰的定位过程中，复杂的分析工作往往需要花费数小时，当干扰信号为突发、短时类信号时，往往会错失定位时机，导致对这类信号的定位失败率非常高。为了解决静止轨道卫星干扰定位的滞后性问题，设计了一种针对静止轨道卫星干扰的自动化定位解决方案。对干扰定位工作中的邻星选择及定位方案设计、参考源信号的选择与发射等各关键环节进行了定量和定性分析，并通过仿真实验证明了该方案的可行性。该方案使得用机器代替人工分析成为可能，对卫星干扰源的快速和准确定位具有现实意义。     

Dynamic credit contagion and aggregate loss in networks

We develop a dynamic model to illustrate the credit risk contagion mechanism caused by interaction between firms. Specifically, we formulate the sources of risk into idiosyncratic risk and contagion risk, and introduce recovery ability to model the scenario of a firm changing from default into normal status. Our result shows that there always exists a steady state in a network under some trivial conditions. For quasi-regular networks and bipartite networks, the expected aggregate loss remains unchanged as long as the product of the contagion probability and the partner number is fixed.     

Conditional Equity Premium and Aggregate Corporate Investment

We document a strong negative relation between aggregate corporate investment and conditional equity premium estimated from direct stock market risk measures. Consistent with the investment-based asset pricing model, the comovement with conditional equity premium fully accounts for aggregate investment's market return predictive power. Similarly, conditional equity premium is a significant determinant of classic Tobin's q measure, although q has much weaker explanatory power for aggregate investment possibly because of its measurement errors. Moreover, the positive relation between aggregate investment and investor sentiment documented in previous studies reflects the fact that both variables correlate closely with conditional equity premium.     

近距离无线电台邻道干扰的功率谱解析

指挥控制系统的无线通信设备数量多、工作频率范围窄，相互之间存在严重的邻道干扰。针对近距离电台间邻道干扰问题，提出了基于功率谱解析的分析方法。首先理论推导了信号原功率谱密度函数与展宽延拓后功率谱密度的严格数学关系，在此基础上研究邻道干扰产生机制，进而分析不同邻道的干扰强度，得到了邻道功率与频率之间的关系式，推导了进入接收机的信干噪比（SINR）；最后，通过仿真验证了所提出的分析方法的可行性。理论计算与仿真结果相差在0.5 dB以内，为进一步有效规划指控系统频谱和提高利用效率提供了重要依据。     

阵列处理器中改进几乎空白子帧算法的并行化实现

两层异构网络中出现的小区间干扰协调是当前异构网络干扰问题研究的热点。针对软件实现增强小区调度几乎空白子帧(ABS)的干扰方案存在处理数据量大、速度慢的缺点，基于可重构阵列结构提出了一种动态ABS干扰协调的并行化硬件实现方案。该算法在增强小区内根据用户数动态分配ABS比例，以改善小区边缘用户的信道容量，通过流水线的方式使用多个轻核处理元(PE)实现并行计算以提高运算效率。测试结果表明，使用12个PE同时调度实现算法的映射，运行1 983个周期，其性能比单个PE提升77.03%，该算法的并行计算能力得到显著提升，宏基站用户的吞吐量可以达到4.76 Mbit/s。     

OFDM在流星余迹通信中的应用

利率调整模型研究对一国当局有效实施货币政策和对市场主体进行正确的利率预测均具有重要的意义。本文通过综合分析影响我国利率调整的主要因素，认为我国利率调整受通货膨胀率因素影响最大，并着重就利率与通货膨胀之间的相关关系进行实证分析。本研究在对研究变量和数据科学选取和合理观察的基础上，对时间序列变量进行单位根ADF因果检验及序列平稳化处理，然后用OLS法估计我国利率调整的通赁膨胀因素模型，