Outside versus inside bonds: A Modigliani–Miller type result for liquidity constrained economies

When agents are liquidity constrained, two options exist – sell assets or borrow. We compare the allocations arising in two economies: in one, agents can sell government (outside) bonds and in the other they can borrow by issuing (inside) bonds. All transactions are voluntary, implying no taxation or forced redemption of private debt. We show that any allocation in the economy with inside bonds can be replicated in the economy with outside bonds but that the converse is not true. However, the optimal policy in each economy makes the allocations equivalent.     

A state-dependent model of intermediate goods pricing

Recent analyses of transaction-level data sets have generated new stylized facts on price setting and greatly influenced the empirical open- and closed-economy macroeconomics literatures. This work has uncovered marked heterogeneity in price stickiness, demonstrated that even non-zero price changes do not fully “pass through” exchange rate shocks, and offered evidence of synchronization in the timing of price changes. Further, intrafirm prices have been shown to differ from arm's length prices in each of these characteristics. This paper develops a state-dependent model of price setting by strategic intermediate goods producers that anticipate and respond to their competitors' actions. The model, which allows for both arm's length and intrafirm transactions, is able to generate all of these empirical pricing patterns.     

4Ps理论在中小企业品牌营销中的应用分析

随着国际大公司在品牌营销实战方面取得可观成绩,上个世纪中期以后品牌理论研究领域也形成了诸多成果。如今,品牌营销已经成为市场营销的高级竞争手段,具有强大的生命力。对于中小企业来讲,要想打好品牌营销这张牌,必须从企业可掌控的市场营销的微观因素抓起,充分运用传统的4Ps理论(即产品、价格、渠道和促销),严控产品质量,确定合理价格,铺设健康渠道,运用适当的促销方式,才能树立自己的品牌,从而取得成功。     

Association of Southeast Asian Nations Economic Integration: Developments and Challenges

The Association of Southeast Asian Nations (ASEAN) was formed in 1967 for geopolitical reasons, but faced with the competitive threat from the North American Free Trade Agreement and the European Single Market, it embarked in 1992 on the ASEAN Free Trade Area in goods, followed by liberalization of services trade and investment flows. A subsequent competitive threat from the rise of China and India led to the ASEAN Economic Community in 2003, targeted at creating a single market and production base and a competitive region with equitable economic development and integrated with the global economy. The ASEAN Economic Community is not quite a common market as it allows for only freer flows of capital and free flows of skilled labor. ASEAN's economic diversity led to difficulties with implementation and the need to narrow the development gap. ASEAN's dependence on global markets and investors led to the emphasis on open regionalism, support of the World Trade Organization, and free trade agreements with its major trade and investment partners.     

试论五四运动时期马克思主义大众化

五四运动时期马克思主义的广泛传播为中国共产党的成立奠定了坚实的思想和理论基础,为新民主主义革命指明了发展方向。研究五四运动时期马克思主义的传播对于准确认识、把握马克思主义,推动当代马克思主义中国化、大众化、时代化具有重要的意义。从马克思主义大众化的历史源起、历史进程、历史规律的角度来进行研究,是一个不可或缺的视角。以马克思主义大众化的历史源起问题为研究起点,整体审视五四运动时期马克思主义大众化的相关问题,以期对新民主主义革命时期乃至社会主义革命与建设时期、改革开放以来新时期的马克思主义中国化、大众化、时代化有更深刻的理解。     

四、六级网考环境下的大学英语教学

四、六级网考是一种基于听力的考试,采用知名英语媒体播出的音频和视频材料,增设了口语测试,以测试学生的综合语言能力为目的,考试过程具有不可逆性。这种考试要求学校在教学硬件上有更大的投入,在教材、教学大纲、课堂教学形式、学生课后练习安排等方面要有所调整,尤其对考生的听力提出了更高的要求。因此,学校必须优化教学配置,开放教学资源;教师必须调整教学内容,创新教学模式;学生则应努力提高自主学习能力,适应网考的新形势。     

英语专业四级考试反拨效应及对策

英语专业四级考试(TEM4)对教与学两方面都具有反拨效应。本文分析了TEM4对教与学的正、反面反拨效应并提出了相应对策,以利于进一步提高英语教学的质量。     

定额补贴模式能够促进农机装备制造企业创新吗——以拖拉机制造行业为例

农机购置补贴政策已深刻影响中国农机行业发展,本文以拖拉机制造行业为例,探讨政策的定额补贴模式对农机企业创新的影响.研究表明,定额补贴模式下的农机购置补贴对企业创新产生了两种效应.一是偏离效应,表现为补贴政策既难以降低企业创新成本,也难以带动高质量产品销售,对农机企业的创新激励不足,导致政策设计与政策目标实现的需要相偏离...     

高效液相色谱串联质谱法测定豆芽中4-氯苯氧乙酸、6-苄基腺嘌呤残留量的不确定度评定

目的:建立高效液相色谱串联质谱法测定豆芽中4-氯苯氧乙酸(4-CPA)、6-苄基腺嘌呤(6-BA)残留量的不确定度评定方法.方法:建立数学模型,分析实验过程中不确定度因素的主要来源.结果:豆芽中4-CPA含量为(9.06±0.86)μg·kg-1(k=2),6-BA含量为(9.41±0.88)μg·kg-1(k=2)....     

未来移动通信发展趋势浅析

随着目前TD-SCDMA技术商用化的开始,我国手机用户将感受到TD—SCDMA技术给我们带来的便捷,但同时TD—SODMA技术目前的不足与缺陷将成为推动4G（TDD—LTE）技术的不断成熟,我们相信4G将成为未来移动通信领域的主导技术,会使我们未来生活更加美好。