土地政策参与宏观调控的机制分析——基于主体功能区调控视角

我国住房商品化已有三十多年的时间,房地产业渐渐从稳定发展走向了发展过热的阶段。为此,国家出台了大量的土地政策对房地产市场进行宏观调控。从土地供应政策的三个角度即土地供应量、土地供应方式和土地供应结构方面分析其与土地价格的关系,可深化研究土地政策参与宏观调控的机制及其对房地产价格产生的影响。     

Is Marx's absolute rent due to a monopoly price?

ABSTRACT

Absolute rent, in Marx's view, has an upper limit represented by the difference between the value and the price of production of agricultural commodities. The relevance of this limit was questioned by Bortkiewicz because of the difficulties concerning the argument which Marx based it on. The lack of this upper limit prompted some scholars to claim that there is no difference between absolute rent and a rent paid by a monopoly price. Referring to the classical/Marxian theory of monopoly price, we shall argue that it is still possible to distinguish absolute rent from a rent due to a monopoly price.     

最优能源强度与我国经济增长

本文通过一个内生增长模型对能源消费与经济增长的关系进行了分析,证实存在使经济增长率最大化的最优能源强度,并且最优能源强度与能源价格反方向变动.在此基础上,估计了近年来我国的最优能源强度,并测算了实际能源强度与最优值的差距.结果表明,近年来我国实际能源强度高于最优值达3万吨标准煤/亿元以上,且有不断上升的趋势.最后提出了在保持最优能源强度的前提下降低能源消耗的政策建议.     

Mixed Market Competition in a Quality Differentiated Duopoly Model An Approach to Banking Sector

This paper attempts to develop a theoretical framework to investigate the competitive implications of quality choices of financial institutions whereby they charge prices to consumers based on their willingness to pay for the service qualities in the mixed market scenario under vertical product differentiation model. Initially, it analyzes benchmark equilibrium solutions of monopoly and duopoly to establish the degree of quality differentiation between two private banks in an uncover market configuration. Further, it estimates the quality differentiation between private and public banks, and examines the interaction between two market structures keeping public bank as both leader and follower, and then measures the social welfare from different prospectives. The explicit operation of two stages Nash equilibrium game forecasted that public banks＇ monopoly seems to be still better than a private banking, and it is socially optimal. The outcome demonstrates a significant importance of vertical quality differentiation for policy implication in banking industry and provides an insight on the reasons of particular co-existence of public and private banking services in the specified location. In this context, it is concluded that the presence of public banks in banking industries is a crucial condition for obtaining the higher range of social welfare.     

Irving Fisher's debt deflation analysis: From the Purchasing Power of Money (1911) to the Debt-deflation Theory of the Great Depression (1933)

Abstract

In 1933, Irving Fisher proposed an explanation for the Great Depression based on the distinction between the price level and price change effect of deflation in a context of over-indebtedness. This paper compares the debt-deflation theory of Fisher (1933 Fisher, I., 1933. The debt-deflation theory of great depressions, Econometrica 1 (1933), pp. 337–57. DOI: 10.2307/1907327[Crossref], [Web of Science ®] , [Google Scholar]) with the dynamic depression process he had expounded almost 20 years earlier in the Purchasing Power of Money (1911). The role played by both price level and price change effects in the analyses of Fisher (1933, 1911) are clarified in the context of the disequilibrium model of Tobin (1975 Tobin, J., 1975. Keynesian models of recession and depression, American Economic Review 65 (1975), pp. 195–202.[Web of Science ®] , [Google Scholar]). More precisely, we show that the stationary equilibrium is assumed to be locally unstable according to Fisher's 1911 insights and globally unstable according to his 1933 analysis.     

Which Elasticity? Estimating the Responsiveness of Taxpayer Reporting Decisions

In this paper we present estimates of the responses of individuals to marginal tax rates in their reporting of income, using data from individual tax returns for the year 1995. One estimation method is ordinary least squares regression. A second method uses quantile regression, which provides evidence on behavioral responses at different points (or quantiles) in the distribution of income and so is relevant to the question of whether the responses of, say, the rich differ from those at other points in the income distribution. Our results clearly indicate that marginal tax rates affect the reporting decisions of individuals. However, there are significant differences in the marginal tax rate reporting responses for the various types of reported income, there are major differences across income classes, and there are notable differences in the estimated responses across estimation methods.

Pigou,Del Vecchio,and Sraffa: the 1955 International “Antonio Feltrinelli” Prize for the Economic and Social Sciences

In 1955, the Accademia Nazionale dei Lincei awarded the inaugural International “Feltrinelli” Prize for the Economic and Social Sciences to Arthur Cecil Pigou. This paper considers Gustavo Del Vecchio's active role on the selection committee in recommending Pigou for the Feltrinelli Prize and the related correspondence between Pigou, Piero Sraffa, and Del Vecchio. One of the most significant discovery reported in this paper is Sraffa's contention, expressed in an unpublished letter to Del Vecchio, that Pigou had “never been honoured in proportion to his merits.”     

How Fast are Semiconductor Prices Falling?

The Producer Price Index (PPI) for the U.S. suggests that semiconductor prices have barely been falling in recent years, a dramatic contrast to the rapid declines reported from the mid‐1980s to the early 2000s. This slowdown in the rate of decline is puzzling in light of evidence that the performance of microprocessor units (MPUs) has continued to improve at a rapid pace. Over the course of the 2000s, the MPU prices posted by Intel, the dominant producer of MPUs, became much stickier over the chips' life cycle. As a result of this change, we argue that the matched‐model methodology used in the PPI for MPUs likely started to be biased after the early 2000s and that hedonic indexes can provide a more accurate measure of price change since then. MPU prices fell rapidly through 2004 on every price measure we present, with the PPI declining at an even quicker pace than the hedonic indexes. However, from 2004 to 2009, our preferred hedonic index fell faster than the PPI, and from 2009 to 2013 the gap widened further, with our preferred index falling at an average annual rate of 42 percent, while the PPI declined at only a 6 percent rate. Given that MPUs currently represent about half of U.S. shipments of semiconductors, this difference has important implications for gauging the rate of innovation in the semiconductor sector.     

Fire sales by euro area banks and funds: What is their asset price impact?

The assets under management of investment funds have soared in recent years, triggering a debate on their possible implications for financial stability. We contribute to this debate assessing the asset price impact of fire sales in a novel partial equilibrium model of euro area funds and banks calibrated over the period between 2008 and 2017. An initial shock to yields causes funds to sell assets to address investor redemptions, while both banks and funds sell assets to keep their leverage constant. These fire sales generate second-round price effects. We find that the potential losses due to the price impact of fire sales have decreased over time for the system. The contribution of funds to this impact is lower than that of banks. However, funds’ relative contribution has risen due to their increased assets under management and banks’ lower leverage and rebalancing towards loans. Should this trend continue, funds will become an increasingly important source of systemic risk.