Payment system disruptions and the federal reserve following September 11, 2001

The monetary and payment system consequences of the September 11, 2001, terrorist attacks and the Federal Reserve's response are reviewed. Interbank payment disruptions appear to be a central feature of many US banking crises, and interbank payment disruptions seem likely to recur. Federal Reserve credit extension following September 11 succeeded in massively increasing the supply of banks’ balances to satisfy the disruption-induced increase in demand and thereby ameliorate the effects of the shock. Relatively benign banking conditions helped make Fed credit policy manageable. An interbank payment disruption that coincided with less-favorable banking conditions could be more difficult to manage, given current daylight credit policies. Paying interest on reserves would facilitate improvements in daylight credit policy.     

Estimating the Euler equation for output

New Keynesian macroeconomic models have generally emphasized that expectations of future output are a key factor in determining current output. The theoretical motivation for such forward-looking behavior relies on a straightforward generalization of the well-known Euler equation for consumption. In this paper, we use maximum likelihood and generalized method of moments (GMM) methods to explore the empirical importance of output expectations. We find little evidence that rational expectations of future output help determine current output, especially after taking into account the small-sample bias in GMM.     

Fiscal Consolidation and Decentralisation: A Tale of Two Tiers*

This paper contributes to the established literature on fiscal consolidations by investigating the distinct behaviour of central and sub‐central tiers of government during general government consolidation attempts. In the light of different degrees of decentralisation across OECD countries, and the different responsibilities devolved to sub‐central tiers, we believe that this approach offers an illuminating insight into the analysis of fiscal consolidations and their success. We show that the involvement of the sub‐central tiers of government is crucial to achieving cuts in expenditure, particularly in relation to the overall size of the government wage bill. In addition, central governments appear to exert a strong influence on the expenditure of sub‐central tiers through their grant allocations, and control of these allocations appears to have a considerable impact upon the overall success of consolidation attempts. Finally, we demonstrate that there is a skewness in cuts towards sub‐central capital expenditure both when central governments cut grant allocations and when sub‐central governments engage in lone consolidation attempts.     

Examining the disclosures on the websites of English credit unions

This paper examines the disclosures made on English credit unions’ websites. Credit unions without a website are presumed to be small. Community credit unions with websites tend to offer basic services with a limited range of products that may appeal to poorer members of society. Occupational credit unions appear more likely to have a greater range of products.     

OpenGL矿山虚拟设计及其应用

设计了系统的基本思路,在Visual Studio 2008数据库的基础上,利用OpenGL对矿山巷道,硐室设计等进行三维可视化虚拟,并通过数学模型,对矿井设计进行分析与纠错处理,用C#实现系统的功能。     

山东省农业可持续发展能力评价研究--基于非整秩次WRSR

根据包含3个一级指标、6个二级指标和30个三级指标的评价体系,使用均方差赋权法和非整秩次WRSR,对山东省17个地市的农业可持续发展能力进行评价和分档分析,结果表明：青岛、德州和潍坊处于强势区,日照和莱芜处于弱势区,而其他地市处于中档区;各市农业可持续发展能力与其一二级指标之间都存在显著相关关系。因此,处于强势区的三地市应从二三级指标入手重点提升相对较弱的指标,保持竞争优势;处于弱势区的两地市以及处于中档区末位的东营和枣庄两地市,应通过优化资源配置和发展多功能农业来探寻农业可持续发展能力提升的突破口;处于中档区的其他十地市应充分利用其个别优势指标寻求农业可持续发展能力的突破,并重点提升部分劣势指标。     

Calendar Effects on the Amsterdam Stock Exchange

For daily data on a value-weighted index of all shares in the Netherlands (1981-1998), we find abnormally high returns in the pre-Christmas period of the second half of December and around the turn of the month, whereas returns are negative and volatility is relatively high on the Mondays where the previous week's return is below zero. Furthermore, our evidence indicates the presence of an ARCH(1) effect. Our intraday results based on an equal-weighted index of the leading shares in the Netherlands (1986-1993) reveal a U-shaped return pattern over each trading day, Monday morning excluded. Moreover, our tests reveal repeated price adjustments mostly in the same direction around and over non-trading periods. We argue that the arrival of private information is affected by strategic and behavioral factors incompatible with the risk-return paradigm.     

初选阶段知识联盟成员评价与选择模型

根据知识联盟成员选择与形成的实际过程,将知识联盟成员的选择分为初选和谈判(精选)两个阶段。在综合国外联盟实践经验及影响联盟成败的实证性研究结论的基础上,分析了知识联盟成员初选阶段影响联盟成败的关键变量,以此构建了知识联盟成员初选模型,并依据指标间的相互关系,提出了基于二值变量的初选阶段评价方法。     

Revisiting carbon disclosure and performance: Legitimacy and management views

With corporate disclosure of carbon emissions rapidly increasing, the long-standing question remains whether carbon disclosure has any influence on the improvement of carbon performance. Previous studies of environmental disclosure and performance have predominantly focused on whether disclosure is a substitute for poor performance. Little attention has been devoted to the more important question about how changes in disclosure may lead to subsequent changes in performance over time. Following the rationales taken by the legitimacy and management perspectives, we revisit the relationship between carbon disclosure and performance, with a focus on changes that disclosure may (or may not) create. Using a change analysis of Global 500 companies and their carbon emission and disclosure data released between 2008 and 2012, this study finds that the change in carbon disclosure levels is positively associated with a subsequent change in carbon performance (examined through direct and indirect carbon emission intensities). Thus, regardless of whether disclosure has been used as a legitimising tool for prior poor performance, this study confirms that carbon disclosure motivates companies and creates an ‘outside-in’ driven effect for subsequent change and improvement in carbon performance. However, the association between changes in carbon disclosure and performance is relatively weaker in high energy-intensive firms.