Using Cash to Monitor Liquidity: Implications for Payments,Currency Demand,and Withdrawal Behavior

This paper provides one explanation why cash is still used for transactions despite a broad diffusion of noncash payment instruments. In particular, we argue that a distinctive feature of cash—a glance into one's pocket gives a signal of the remaining budget and past expenses—provides utility to some consumers. Using payment survey data, we show that consumers who need to keep control over their remaining liquidity and who have elevated costs of information processing conduct a larger percentage of payments using cash, withdraw less often, and hold larger cash balances than other consumers.     

Domestic tourism demand of urban and rural residents in China: Does relative income matter?

The aim of this research is to investigate the domestic tourism demand of urban and rural residents in China. Based on the data from the National Household Tourism Survey, we specify Chinese domestic tourism demand as a function of absolute income, relative income, domestic tourism price, and substitute price. As a major contribution of this study, relative income is measured using the distance between individual income and average income over a city/province. Based on the estimation results from multilevel models, this paper highlights the effect of relative income on domestic tourism demand in some sub-regions of China. Furthermore, regional differences between residents in different sub-regions and different patterns of determinants between urban and rural residents are identified and discussed.     

面向读者需求的高校图书馆资源建设策略调整研究——以南京财经大学图书馆为例

随着读者学习与阅读习惯变化，纸本资源利用下降，图书的零借阅逐年递增，为避免资源浪费，节约建设经费，实行取消图书流通复本的图书采购策略。通过以用定藏、扩大图书品种、增加电子资源、合理配置电子资源比例、创新服务手段等保障方式，满足读者需求。适当关注特藏资源的建设，实现馆藏资源的科学、优化、有效发展。     

技术进步、需求异化与生产组织方式的变迁——汽车工业生产方式三次变革的启示

世界汽车工业发展所经历的三次生产组织方式的变迁表明,技术创新、需求异化、环境逼迫等主导诱因在其变革中发挥了重要作用.对照分析我国汽车工业的发展现状,改变传统的生产经营模式,适时地提升我国汽车业的生产组织模式,调整制约我国汽车产业健康发展的不合理的产业结构和产品结构,提高自主创新能力,提升民族品牌的竞争力,将是我国汽车业奔向发展快车道的不二方略.     

The rebound effect: Microeconomic definitions, limitations and extensions

The rebound effect results in part from an increased consumption of energy services following an improvement in the technical efficiency of delivering those services. This increased consumption offsets the energy savings that may otherwise be achieved. If the rebound effect is sufficiently large it may undermine the rationale for policy measures to encourage energy efficiency.The nature and magnitude of the rebound effect is the focus of long-running dispute with energy economics. This paper brings together previous theoretical work to provide a rigorous definition of the rebound effect, to clarify key conceptual issues and to highlight the potential consequences of various assumptions for empirical estimates of the effect. The focus is on the direct rebound effect for a single energy service — indirect and economy-wide rebound effects are not discussed.Beginning with Khazzoom's original definition of the rebound effect, we expose the limitations of three simplifying assumptions on which this definition is based. First, we argue that capital costs form an important part of the total cost of providing energy services and that empirical studies that estimate rebound effects from variations in energy prices are prone to bias. Second, we argue that energy efficiency should be treated as an endogenous variable and that empirical estimates of the rebound effect may need to apply a simultaneous equation model to capture the joint determination of key variables. Third, we explore the implications of the opportunity costs of time in the production of energy services and highlight the consequences for energy use of improved ‘time efficiency’, the influence of time costs on the rebound effect and the existence of a parallel rebound effect with respect to time. Each of these considerations serves to highlight the difficulties in obtaining reliable estimates of the rebound effect and the different factors that need to be controlled for. We discuss the implications of these findings for econometric studies and argue that several existing studies may overestimate the magnitude of the effect.     

Impact of Carbon Dioxide Emissions Reduction on the Austrian Economy

A linked econometric input–output (IO) model of the Austrian economy with an energy block is used in this study to assess the sectoral effects of carbon dioxide emissions reduction. The energy block and the other commodities are linked by a partitioned IO model. Energy demand is described using aggregate energy demand equations, by activities and subdemand systems of the translog type for different fuel types. The conversion of energy is modelled using an IO model of the energy sector. Measures for carbon dioxide reduction from detailed expert studies are introduced in the energy model and in the econometric model. The primary impacts are on energy demand, fuel shares and investment in new energy technologies. The simulation results of the partitioned IO model show different impacts on gross output, GDP and employment.     

Genetically Modified Crops and Product Differentiation: Trade and Welfare Effects in the Soybean Complex

A partial equilibrium four-region world trade model for the soybean complex is developed in which Roundup Ready (RR) products are weakly inferior substitutes to conventional ones, RR seeds are priced at a premium, and costly segregation is necessary to separate conventional and biotech products. Solution of the calibrated model illustrates how incomplete adoption of RR technology arises in equilibrium. The United States, Argentina, Brazil, and the Rest of the World (ROW) all gain from the introduction of RR soybeans, although some groups may lose. The impacts of RR production or import bans by the ROW or Brazil are analyzed. U.S. price support helps U.S. farmers, despite hurting the United States and has the potential to improve world efficiency.     

Information sharing about a demand shock

This paper examines two questions in asymmetric Cournot and Bertrand oligopoly with a demand shock. Under which conditions is information sharing a subgame-perfect equilibrium? What is the welfare effect when firms are better off? Given these questions, the normal assumptions in the earlier literature can be relaxed in three ways: demand functions can be asymmetric; a demand shock can affect firms differently; distributions of the demand shock and information signals can be arbitrary. Under these general assumptions, the answer to the first question is: every firm's response to the demand shock is stronger when all firms have perfect information than when one firm does so alone; the answer to the second question is: social welfare increases in Cournot competition, and consumer surplus decreases in Bertrand competition.     

Friedman and Schwartz (1982) revisited: Assessing annual and phase-average models of money demand in the United Kingdom

Several studies have developed empirical models of U.K. mondy demand using the century of annual and phase-average data in Friedman and Schwartz (1982). The current paper evaluates key models from those studies, employing tests of constancy and encompassing. The evidence strongly favors an annual model from Ericsson, Hendry, and Prestwich (1998a), whereas models based on the phase-average data fare poorly.The first author is a staff economist in the Division of International Finace, Board of Governors of the Federal Reserve System, Washington, DC 20551 USA. The second author is Leverhulme Personal Research Professor of Economics at Nuffield College, Oxford OX1 1NF. The third author was a research assistan in the Division of International Finance at the Federal Reserve Board when this paper was initially drafted. The views in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Board of Governors of the Federal Reserve System or of any other person associated with the Federal Reserve System. The first author gratefully acknowledges the generous hospitality of Norges Bank, where he revised some of the material herein. The second author gratefully acknowledges financial support from the U.K. Economic and Social Research Council under grant R000234954. We wish to thank Clifford Attfield, David Demery, and Nigel Duck for compiling the data in Attfield, Demery, and Duck (1995); and Neva Kerbeshian, Helmut Lütkepohl, Jaime Marquez, and two anonymous referees for helpful comments. All numerical results were obtained using PcGive Professional Version 9.0: see Doornik and Hendry (1996). The data may be obtained from the Internet at http://wotan.wiwi.hu-berlin.de/oeknometrie/engl/data.html     

完善煤炭市场体系促进经济较快发展

本文认为,近年来推行的煤炭订货改革有效发挥了市场配置资源的基础性作用,加快了政府职能转变,初步形成了国家宏观调控指导下供需双方企业自主衔接资源、协商定价的新机制,为保障煤炭稳定供应、促进经济平稳较快发展奠定了重要基础。2007年是推进煤炭订货改革关键性的一年,为进一步推进改革,加强市场监管,规范市场行为,建立并完善统一开放、竞争有序的煤炭市场体系,煤炭订货改革要进一步引入市场机制,简化铁路运力配置框架;依法规范购销关系,企业自主签订合同;完善煤炭价格市场形成机制,供需双方协商定价;以提高运输效率为核心,优化运力配置。有关各方应认清形势,自觉适应并支持改革;把握原则要求,加快衔接进度;落实企业定价自主权,搞好价格协商;加强行业自律,规范企业行为,为建成既能实现市场主体自由交易,又有利于国家宏观调控、市场运作、规范运行、功能齐全、层次分明、方式多样、手段先进的现代煤炭市场化体系,搞好组织实施与衔接工作。