ENVIRONMENTAL DYNAMICS AND THE LINKS BETWEEN GROWTH,VOLATILITY AND MORTALITY

I construct a model of a growing economy with pollution. The analysis of the model shows that the interactions between capital accumulation, endogenous lifetime and environmental quality determine both the long‐run growth rate and the pattern of convergence (i.e., monotonic or cyclical) towards the balanced growth path. I argue that such interactions can provide a possible explanatory factor behind the, empirically observed, negative correlation between growth and volatility. Furthermore, the model may capture the observed pattern whereby economic growth and mortality rates appear to be negatively related in the long run, but positively related in the short run.     

中国可持续经济增长方式研究—基于1990-2007年间各省市的面板数据

在Lucsa(1988)模型基础上,以1990-2007年各省、市、自治区的面板数据计算中国的全要素生产率,通过对中国经济的全要素生产率的分解.考察各主要因素对经济增长的作用以及它们的变化情况,可以发现:中国的经济增长严重依赖投资拉动,技术进步与人力资本在中国经济增长中的作用不断提高,而较高的行政支出对经济增长起了比较明显的负作用.     

Larger crises cost more: Impact of banking sector instability on output growth

We propose a method for calculating the macroeconomic costs of banking crises that controls for the downward impact of recessions on banking activity. This method uses an event-study approach and a multiple-equation identification and estimation technique. In contrast to earlier research, we estimate the cost of crises based on the size of banking crises. The extent of a crisis is measured using banking sector aggregates. The results, based on our method and data from over 100 banking crises, suggest that it is the size of the crisis that matters for economic growth. Lower credit and money growth during crises cause GDP growth to decline.     

Do subjective expectations explain asset pricing puzzles?

The structural uncertainty model with Bayesian learning, advanced by Weitzman (AER 2007), provides a framework for gauging the effect of structural uncertainty on asset prices and risk premiums. This paper provides an operational version of this approach that incorporates realistic priors about consumption growth volatility, while guaranteeing finite asset pricing quantities. In contrast to the extant literature, the resulting asset pricing model with subjective expectations yields well-defined expected utility, finite moment generating function of the predictive distribution of consumption growth, and tractable expressions for equity premium and risk-free return. Our quantitative analysis reveals that explaining the historical equity premium and risk-free return, in the context of subjective expectations, requires implausible levels of structural uncertainty. Furthermore, these implausible prior beliefs result in consumption disaster probabilities that virtually coincide with those implied by more realistic priors. At the same time, the two sets of prior beliefs have diametrically opposite asset pricing implications.     

创意阶层研究新进展

本文旨在从国外大量关于创意阶层的理论和实证研究中梳理出几条基本研究思路。目前已有的研究主要集中在三方面：创意阶层空间分布的影响因素、创意阶层与经济增长、创意阶层与人力资本的关系。空间特征和创意劳动者属性是研究创意阶层空间分布影响因素的主要视角;创意环境影响创意阶层进而影响经济增长,创意知识溢出同样也是影响地区经济增长的重要原因;究竟创意阶层与人力资本之间有什么样的关系,学者们从理论和实证的角度对这两个重要的话题进行了长期的争论。     

基于情景企划的集约型城市经济增长前景分析——以深圳市为例

国内外一些集约型城市面临高起点上的经济如何继续实现较快增长的挑战。按常态它们的经济增速会逐渐放缓并遭遇高位增长瓶颈,但也存在突破该瓶颈的可能。争取后一种前景的最有效途径就是促成重大创新突破,如同IT曾在美国引发的新经济那样。     

消费信贷与经济增长的协动关系研究

经济增长是一国或地区最重要的目标,只有长期的经济发展才能提升全民的福祉和生活水平。消费是生产的出发点,同时也是最终的归宿。采用离散选择模型对经济增长与短期消费信贷和长期消费信贷的关系进行分析,结果表明,长期消费信贷对经济增长的拉动效应较明显,有效地发挥和挖掘消费信贷带动的长期消费对扩大内需和经济健康稳定发展至关重要。     

Structural Change in Advanced Nations: A New Set of Stylised Facts*

We provide new evidence on patterns of structural change in advanced economies, reconsidering the stylised facts put forward by Kaldor (1963) , Kuznets (1971) , and Maddison (1980) . Since 1980, the services sector has overwhelmingly predominated in the economic activity of the European Union, Japan, and the US, but there is substantial heterogeneity among services. Personal, finance, and business services have low productivity growth and increasing shares in employment and GDP. By contrast, shares of distribution services are constant, and productivity growth is rapid. We find that the labour share in value‐added is declining, while the use of ICT capital and skilled labour is increasing in all sectors and regions.     

包容性增长理念的经济法考量——基于农民权益保护的视角

“包容性增长”理念作为我国未来的执政理念，其利益共享与权利平等的核心要义正契合了经济法的价值追求。面对我国农民利益产生与权益维护的双重窘境，“包容性增长”理念为农民权益保护提供了全新视角，而在“包容性增长”理念的指导下，经济法通过完善的制度设计与科学的立法，必然为农民权益保护做出更大贡献。     

Human Capital, Growth, and Inequality in Russia

Our model captures the fact that Russia has both much human capital and an education system that produces the wrong skills for a market economy. We define a rule for the timing of educational restructuring that is Pareto optimal and that dominates all later times in a Paretian sense while simultaneously reducing inequality. We demonstrate that failure to implement restructuring early in the transition process is likely to produce a very long delay that will significantly reduce Russia's human capital. A retreat from subsidizing public education is likely to be counterproductive. We argue that early educational restructuring should be emphasized in Russia's transition strategy. J. Comp. Econom., December 1999, 27(4), pp. 618–643. Lingnan University, Tuen Mun, N.T., Hong Kong, People's Republic of China; University of Colorado, Denver, Denver, Colorado 88217; and Royal Holloway College, University of London, Egham, Surrey TW20 OEX, United Kingdom.