Perpetual youth and endogenous labor supply: A problem and a possible solution

In the “perpetual youth” overlapping-generations model of Blanchard and Yaari, if leisure is a “normal” good then some agents will have negative labor supply. We suggest a solution to this problem by using a modified version of Greenwood, Hercowitz and Huffman’s utility function. The modification incorporates real money balances, so that the model may be used to analyze monetary as well as fiscal policy. In a Walrasian version of the economy, we show that increased government debt and increased government spending raise the interest rate and lower output, while an open-market operation to increase the money supply lowers the interest rate and raises output.     

中国期货市场的回顾与展望

中国期货市场产生于中国由计划经济向市场经济转轨的过程中，其形成与发达国家期货市场迥然不同。随着中国经济的逐步市场化，中国经济的逐渐国际化，政府扮演的角色的重要程度势必越来越小，期货市场在市场经济中将会充分发挥其功能，成为中国市场经济体系不可或缺的组成部分。     

Unemployment dynamics in an OLG economy with public pensions

Pension benefits in old age establish a disincentive to save in youth, thereby yielding lower levels of capital stock and the wage rate. As a result, the trade union has an incentive to change the composition of its two targets: employment and the wage rate. This paper develops a model that includes employment effects of public pensions via capital accumulation and union wage setting. Within this framework, we consider how contribution rates to the pension system influence the level and time path of the unemployment rate. It is demonstrated that (1) a higher contribution rate results in a lower unemployment rate, and (2) the economy with a high (low) contribution rate experiences monotone convergence towards (oscillatory convergence towards or a period-2 cycle around) the steady state. The author would like to thank an anonymous referee, Kazutoshi Miyazawa, and seminar participants at Osaka University for their useful comments and suggestions, and Masako Ikefuji and Hiroaki Yamagami for their research assistance. Financial support from the Japan Society for the Promotion of Science (JSPS) through a Grant-in-Aid for Young Scientists (B) (No.17730131), the Asahi Glass Foundation, the Japan Economic Research Foundation and the 21st Century COE Program (Osaka University) is gratefully acknowledged. All remaining errors are mine.     

浅议我国最佳外汇储备规模

截止到2005年12月底，我国的外汇储备已达到8000亿美元，关于其数额是多是少的争论进行得如火如荼。本文对充足外汇储备给我国经济和社会带来的有利之处进行了理论上的分析后．又采取数学方法对我国2004年最佳的外汇储备数额进行了测算．得出了一个结论：我国的外汇储备并不多。然后，在此基础上对我国外汇储备的管理提出了几点建议。     

东北经济的未来选择与发展战略

东北老工业基地通常是指东北地区的传统工业格局，为了使东北经济能够步入良性发展轨道，从而振兴东北地区。本文针对东北经济发展现状及其面临的艰难选择，对东北经济的未来发展方向进行了科学分析，并提出了东北经济未来发展战略。     

Environmental tax policy in a model of growth cycles

Summary. The purpose of this paper is to consider environmental taxation which would control emissions of firms in a model of growth cycles. In the model presented below, the economy may experience two phases of growth and environmental quality: “the no-innovation growth regime” and “the innovation-led growth regime”. Aggregate capital and environmental quality remain constant in the no-innovation growth regime, while they perpetually increase in the innovation-led growth regime. The paper shows that the tax plays a key role in determining whether the economy stably converges to one of the two regimes or fluctuates permanently between them. It also shows that there is a critical level of the tax and that the economy obtains higher growth rates of capital and environmental quality by raising (or reducing) the tax if the initial tax is below (or above) the critical level. Received: April 2, 2001; revised version: March 21, 2002 RID="*" ID="*" This research reported here was conducted within the research project “Project on Intergenerational Equity” at Institute of Economic Research, Hitotsubashi University. I am deeply grateful to an anonymous referee for his or her insightful comments, which greatly improved the paper. I also thank Hiroshi Honda, Yasuo Maeda, Yuji Nakayama, and participants in workshops at Hitotsubashi University, Kyoto University, Nagoya University, Osaka University, University of Tsukuba, Yokohama National University, and University of Tokyo for their valuable comments and suggestions. Any remaining errors are mine.     

Stone–Geary preferences in overlapping generations economies under pure exchange: A note

We incorporate Stone–Geary preferences into an overlapping generations economy under pure exchange, and explore stability, indeterminacy, and cycles with positive levels of saving and nonnegative public debt. A stable nontrivial steady state exists for parameter values, for which there does not exist equilibrium in the model with purely logarithmic utility function. We also show the possibility of a period-doubling bifurcation (a two-cycle).     

法经济学及其在中国的应用

“法经济学”迄今并没有一个大家一致认可的、标准的定义。法经济学可从狭义和广义两个角度进行区分。广义地理解法经济学可以使我们的视野变得更为开阔，同时也拓展了法律与经济这个主题所涵盖的范围。法经济学在20世纪七八十年代得到了蓬勃发展，但进入90年代后则鲜有突破，所以，法经济学未来的发展方向已经成为当前法经济学面临的最主要的理论问题。最近几年来，越来越多的中国学者加入到法经济学的研究中来。法经济学在中国的兴起，与中国正在经历一个制度变迁的时代有关。     

持续发展中代际财富转移简单模型

代际均衡发展是持续发展论的主要内容之一，其中代际财富转移和贴现率应用是其核心内容。本文探讨了一个代际财富转移的简单模型，并采用人们熟悉的柯布──道格拉斯函数形式表达。模型的敏感因素为利息率、工资和自然资源价格，并且是由代际间的跨代收入分配决定的。贴现率等于同期利息率，其水平是变动的。     

Educating digital natives for the future: accounting educators’ evaluation of the accounting curriculum

The global digital revolution has irrevocably transformed societies and industries. The accounting profession is predicted to experience a significant change in the future, due to technological developments. Practices will be automated and related positions obsolete, thus accounting graduates need to be educated for new and different tasks and positions. The current study focussed on these expected changes and how accounting profession, practice and, consequently, education will be affected and adjusted to these new technologies in an evaluation approach. A qualitative methodology was employed, investigating accounting educators’ perceptions of these developments. Semi-structured interview data and online accessible empirical data, such as podcasts, were analysed in two coding cycles. The findings illustrate that while significant changes are expected, participants’ opinions vary regarding the necessity of adjusting the accounting curriculum. Supportive changes include amending respective courses to emphasise classic skills, such as problem-solving, and contemporary skills, such as new technologies, to illustrate developments practically.