Exchange Rate Regimes: Middling Through

Abstract

The appropriate exchange rate regime, in the context of integration of currency markets with financial markets and of large international capital flows, continues to be a policy dilemma. It is found that the majority of countries are moving towards somewhat higher exchange and lower interest rate volatility. Features of foreign exchange (forex) markets could be partly motivating these choices. A model with noise trading, non-traded goods and price rigidities shows that bounds on the volatility of the exchange rate can lower noise trading in forex markets; decrease fundamental variance and improve real fundamentals in an emerging market economy (EME); and give more monetary policy autonomy. Central banks prefer secret interventions where they have an information advantage or fear destabilizing speculation. But in the model discussed in this article, short-term pre-announced interventions can control exchange rate volatility, pre-empt deviations in prices and real exchange rates, and allow markets to help central banks achieve their targets. The long-term crawl need not be announced. In conclusion, the regime's applicability to an EME is explored.     

Aggregation and the Nature of Price Expectations

Market liquidity requires differences of opinion among traders, but market behavior is often modeled using just one representative agent. This paper aggregates trading activity across many traders, at least one of which has rational expectations. Equilibrium price expectations depend on individual risk preferences and the expectations of all traders. Results indicate that positive feedback traders comprise a statistically significant minority of traders that has grown with the prevalence of commodity pools.     

谐波绕组系数的内在规律及计算

三相60°相带的交流电机,绕组磁势的谐波次数是无穷的。本文导出了无穷次谐波绕组系数之间存在的内部周期性规律及利用该规律计算任一次谐波绕组系数的方法。     

Effective experimental controls for research in international accounting: Further thoughts

This paper responds to recent research by Ruland et al. [Ruland, W., Shon, J., Zhou, P., 2007. Effective controls for research in international accounting. Journal of Accounting and Public Policy, 26(1), 96–116.] that addresses the effectiveness of experimental controls for research in international accounting, with focus on Ndubizu and Sanchez [Ndubizu, G.A., Sanchez, M.H., 2006. The valuation properties of earnings and book value prepared under US GAAP in Chile and IAS in Peru. Journal of Accounting and Public Policy 25 (2)]. We attempt to remove some misconceptions about effective experimental controls that have surfaced in the debate. We argue that theory and refined proxies alleviate many of the control issues that have surfaced in the literature.     

中国省会城市职能结构特征的比较研究

从城市职能结构类型、发展阶段和效益三方面比较分析了我国省会城市职能结构的特征,结论如下:①在省会城市中,制造业和建筑业职能仍然占据重要地位,科教文卫、行政、金融保险业、房地产业等职能地位亟待提升.②84.62%的省会城市第三产业比重相对于第二产业比重比率稳步上升.③省会城市职能结构效益整体状况得到提高,高效益城市所占比例增加,低效益城市所占比例减少.从变化趋势类型来看,效益上升型城市所占比例居于第二位,效益下降型城市所占比例最低,这也验汪了省会城市职能结构效益趋于提升的态势.     

保密通信中的分形调制技术

分形调制在保密通信中具有广阔的应用前景。介绍了分形调制的原理,讨论了其在多速率分集、抗1/f噪声、抗频率选择性衰落、适用于信道条件复杂的MIMO通信系统等方面的特点。由于作为密钥的小波基任意多,且可根据信道情况在不同的小波基之间跳变,故分形调制具有极强的保密性和抗破译能力。     

上市公司财务危机阶段性特征的实证研究

以2000~2002年的制造业上市公司为样本,选取了处于财务危机中的财务状况正常的公司各54家,采用多元线性回归对公司特别处理前5年的数据分别进行回归。发现不同年份回归模型不完全一致。说明我国上市公司财务危机存在不同的阶段,并有各自不同的表现特征。结果还显示,我国上市公司的财务报表具有预测信息含量。     

设计优化在建设项目成本中的应用分析

建设项目成本控制的重点阶段是建设项目的设计阶段,结合实际工程经验,本文将会通过对建设项目设计阶段如何有效控制成本进行详细的阐述,分析与探究成本控制有何实际意义,并提供一定参考性的建设意见。     

ERP立项阶段实施风险评价模型

ERP立项阶段的风险评价对ERP实施而言至关重要,但至今还没有一个在ERP立项阶段可以预测企业ERP实施风险的评价方法。结合ERP实施特点和立项阶段信息的综合性、模糊性以及指标的可获性,建立了立项阶段ERP实施风险的评价模型,借助该模型,企业可以对立项阶段ERP实施的风险进行评估分析,制定减少风险的对策,从而保证ERP系统的成功实施。     

亚麻籽加工及其有害成分的分离技术

介绍了亚麻油的加工技术、亚麻籽粕中的有害成分、亚麻油的保健功能以及选择与传统溶剂不同的两相溶剂系统分离有毒成分生氰葡糖苷的方法,并对分离效果和影响分离效果的操作参数进行了分析比较,得出了最佳浸出溶剂系统的操作参数。