Deep habits and the cyclical behaviour of equilibrium unemployment and vacancies

We extend the standard textbook search and matching model by introducing deep habits in consumption. This assumption generates amplification in the response of labour market variables to technology shocks by producing endogenous countercyclical mark-ups. The cyclical fluctuations of vacancies and unemployment in our model can replicate those observed in the US data, with labour market tightness being 20 times more volatile than consumption. Vacancies display a hump-shaped response to technology shocks and the numerical simulations generate an artificial Beveridge curve that is in line with the data. Our model preserves the assumption of fully flexible wages for new hires and the calibration is consistent with the estimated elasticity of unemployment to unemployment benefits. Finally, we show that in contrast to models with exogenous mark-up shocks, the deep habits model does not require an implausible variation in the elasticity of demand to match the volatility of labour market variables, and the cyclical properties of the mark-up are in line with empirical evidence.     

The Impact of Market Orientation on the Internationalization of Retailing Firms: Tesco in Eastern Europe

This paper investigates a Western retailer's market orientation levels in two emerging markets. We examine whether the market orientation-company performance link holds true for retailers in emerging economies, despite environmental differences. By using concepts from key studies we have assimilated a fully representative model - applied through interviews with top management from Tesco and its subsidiaries and affiliates in Hungary and Slovenia. Using this example, we find that the market orientation-business performance link is valid for Western retailers in emerging economies. Here, the retailer applied market orientation predominately through; the use of matching with suppliers of own brand goods; top management emphasis on market orientation and risk taking. Intelligence generation and dissemination was exercised via global processes such as brand review.     

Fiscal stimulus and labor market dynamics in Japan

The paper studies the effects of fiscal expansion on the Japanese labor market. First, using a structural VAR model, we find that the unemployment rate falls and employment rises following an increase in government spending. We also find that fiscal expansion affects flows in and out of unemployment. While an increase in government spending increases the job-finding rate, it reduces the separation rate. We then incorporate search and matching frictions into a standard dynamic general equilibrium model, and study whether the model can explain what we observed in data. While the model fails to predict the exact size of the impact of government spending shocks on the Japanese labor market variables, it can consistently capture the empirical pattern of responses of labor market variables to shocks.     

Fiscal stimuli in the form of job creation subsidies

This paper examines the effects of fiscal stimuli in the form of job creation subsidies in a DSGE model with search friction and endogenous job separation. We consider two types of job creation subsidies: a subsidy for the cost of posting vacancies and a hiring subsidy. This paper finds that the effects of job creation subsides on unemployment differ between models with and without endogenous job separation. While a positive job creation subsidy shock lowers unemployment in a model without endogenous job separation, it increases unemployment in a model with endogenous job separation. We also find that while qualitatively the effects of a vacancy cost subsidy on the economy are similar to those of a hiring subsidy, quantitatively they are different.     

Comparison of Effects from Different Institutions: Public Credit Guarantee in Korea*

We aim to compare the activities of the two main credit guarantee institutions in Korea. There has been mounting criticism that although these institutions were mandated to play different roles in financing small and medium‐sized enterprises (SME), their operations are, in fact, similar, and many SME receive overlapping support from both institutions. Using the propensity score matching method (allowing for multiple, mutually exclusive support scenarios) to compare the effects of PCG on different institutions, the present study provides suggestions to help the government make decisions regarding the consolidation of PCG funds. The results suggest that the institutions function differently and target different SME. However, overlapping support enables firms to expand their sales only, indicating the existence of inefficiency in the case of overlapping support to firms.     

Impact of metal silos on households’ maize storage,storage losses and food security: An application of a propensity score matching

Maize is the most important food staple in Eastern and Southern Africa, with a highly seasonal production but relatively constant consumption over the year. Farmers have to store maize to bridge seasons, for food security and to protect against price fluctuations. However, the traditional storage methods do not protect grain well, resulting in large postharvest losses. Hermetically sealed metal silos kill storage pests by oxygen deprivation without pesticides. Popular in Central America, they are now being promoted in Africa, but their impact here has not yet been studied. This study used propensity score matching to evaluate the impact of metal silos on duration of maize storage, loss abatement, cost of storage, and household food security. Metal silo adopters (N = 116) were matched with non-adopting farmers from a representative sample of 1340 households covering the major maize-growing zones in Kenya. The major effect of the metal silos was an almost complete elimination of losses due to insect pests, saving farmers an average of 150–200 kg of grain, worth KSh9750 (US$130). Metal silo adopters also spent about KSh340 less on storage insecticides. Adopters were able to store their maize for 1.8–2.4 months longer, and to sell their surplus after five months at good prices, instead of having to sell right after the harvest. The period of inadequate food provision among adopters was reduced by more than one month. We conclude that metal silos are effective in reducing grain losses due to maize-storage insects, and that they have a large impact on the welfare and food security of farm households. The initial cost of metal silos is high (KSh20,000/1.8 ton) and therefore policies to increase access to credit, to reduce the cost of sheet metal, and to promote collective action can improve their uptake by smallholder farmers.     

基于语言本体库的中文信息检索系统的研究

基于语言本体库WordNet,在传统检索技术的基础上研究了中文信息检索系统,在语义层次上实现了信息检索,提高了检索效率。     

谈美食与美器的谐合艺术

菜肴烹制成功以后即要进行装盆、美化。但由于菜肴有着各种各样的色泽、形态,而用来盛装的器皿也是多种多样,不一而足,故如果不注意美食与美器的搭配艺术,则势必影响到菜肴美化的总体效果。所以,文章从美食与美器如何谐合的角度与同行来进行探讨、商榷。     

Is There Persistence in the Impact of Emergency Food Aid? Evidence on Consumption, Food Security, and Assets in Rural Ethiopia

We identify the impact of emergency food aid programs after the 2002 drought in rural Ethiopia on future welfare. Based on a difference-in-differences matching estimator, participation in food-for-work increases growth in total consumption and food consumption eighteen months after the drought. Separately, receiving free food raises growth in food consumption, but, surprisingly, negatively impacts food security. Food-for-work benefited households in the middle and upper tail of the consumption distribution, while the better-targeted free food program benefited the poorest. Evidence suggests these impacts demonstrate accumulated and persistent effects of food aid received in the first twelve months after the drought.     

土地流转对农户贫困脆弱性的影响研究

研究目的:探究土地流转对农户贫困脆弱性的影响,为防范农户陷入贫困和解决农村贫困提供理论和实证依据。研究方法:本文借助2016年湖北省1682个农户实地调查数据,基于倾向得分匹配法(PSM)和回归方程的Shapley值分解法,分别考察国定贫困线、1.9美元贫困线和3.1美元贫困线下不同类型土地有无转出和转出面积对农户贫困脆弱性的影响。研究结果:土地转出能够显著降低农户的贫困脆弱性,且农户贫困脆弱性随着转出土地面积的增加而降低;从土地转出的异质性来看,水田转出对缓解农户贫困脆弱性的效果更为明显,旱地转出的效果次之。研究结论:应进一步加快农村土地流转,释放农村剩余劳动力,不断增加农户收入,从而降低农户贫困脆弱性。