Ethnic patterns of returns to education in Bulgaria

It is widely accepted that disparities in education contribute to the poor labour market outcomes experienced by ethnic minority groups and consequently to their poverty. In this article, I analyse differential educational benefits in Bulgaria and compare returns to education for the Roma minority with the majority population and the Turkish minority. I show that both ethnic minority groups have lower education levels and employment rates than the majority population and that they also have lower returns to education. This result could be related to minorities' lower education quality as well as to discrimination in the labour market. Integration policies should thus aim to improve employability and labour market competence of vulnerable groups starting from school.     

Belief consistency and trade consistency

Interpersonal consistency can be described in epistemic terms as a property of beliefs, or in economic terms as the impossibility of certain trades. The existence of a common prior from which all agentsʼ beliefs are derived is of the first kind. The non-existence of an agreeable bet, that is, a contingent zero-sum trade which is always favorable to all agents, is of the second kind. It is well established that these two notions of consistency are equivalent for finite type spaces but not for countable ones. We present three equivalences of epistemic consistency and economic consistency conditions for countable type spaces, defining in this way three levels of consistency of type spaces: weak consistency, consistency, and strong consistency. These three levels coincide in the finite case. We fully analyze the level of consistency of type spaces based on the knowledge structure of Rubinsteinʼs email game. The new notion of belief consistency introduced here helps to justify the requirement of boundedness of payoff functions in countable type spaces by showing that in a large class of spaces there exists an agreeable unbounded bet even when a common prior exists.     

加强政府回应渠道的建设与完善促进服务型政府建设

服务型政府作为公共管理研究的一个重点领域,其定义和评判标准学术界目前并没有完全统一,但对于服务型政府的根本目标和内容的认识是基本一致的。从政府的服务角度看,对政府服务效果评价的主体应该是接受政府服务的广大群众,而群众的评价又与政府面对公众诉求时回应的态度、效率及采用的方法和取得的结果有直接关系。所以提高政府的回应质量直接关系到群众对政府的满意度,本文将从加强政府回应渠道的建设与完善角度出发,探讨服务型政府建设问题。     

Impact of contracts in high yielding varieties seed production on profits and yield: The case of Nepal

Nepal’s population continues to grow, but the agricultural sector’s performance remains almost stagnant. This has led to a decline in the per capita availability of food. Increasing agricultural productivity is the key to agricultural growth, and one strategy for increasing agricultural productivity is to use improved seeds. This study investigates the impact of contract farming (CF) in high yielding varieties (HYV) of paddy seed production on costs, yield, and profits of smallholder farms in Nepal. Using farm-level data and a non-parametric propensity score matching estimator, the study finds a significant positive impact of contract HYV seed farming on revenues, profits, and yield, and a significant negative impact on total costs of production. Additionally, very small farms (⩽0.43 ha) with CF in HYV paddy seeds tend to gain the most when it comes to yield per hectare. Our estimates reveal that the average smallholder household in Nepal engaged in CF with input conditions receives higher profits. However, farmers engaged in CF with output conditions tend to have higher yields but smaller profits. Finally, farmers engaged in CF in HYV paddy seeds with both input and output conditions have the highest yield gains and significantly higher profits.     

Low-fare flights across the Atlantic: Impact of low-cost,long-haul trans-Atlantic flights on passenger choice of Carrier

The purpose of this paper is to gain insights into low-cost, long-haul (LCLH) and full-service carrier (FSC) passenger preferences in the trans-Atlantic market. A total of 1412 economy and premium economy passengers were surveyed at Los Angeles and Seattle-Tacoma International Airports. The underlying factors comprised of passenger travel attributes were: Operations, Comfort, Onboarding, Service, and Flight Schedule, along with a variable, Airfare. Satisfaction with Airfare (#1 priority) and Comfort (#2 priority) impacted choice of LCLH carrier, whereas satisfaction with Service (#3 priority) and Flight Schedule (#4 priority) impacted choice of FSC. Both carrier types have a place in the trans-Atlantic market, although passenger loyalty was stronger for an all-inclusive FSC offering (76%) than a no frills LCLH offering (55%).     

Quantitative easing and the loan to collateral value ratio

We study optimal monetary policy in a New Keynesian model at the zero bound interest rate where households use cash alongside house equity borrowing to conduct transactions. The amount of borrowing is limited by a collateral constraint. When either the loan to value ratio declines or house prices fall, we observe a decrease in the money multiplier. We argue that the central bank should respond to the fall in the money multiplier and therefore to the reduction in house prices or the loan to collateral value ratio. We also find that optimal monetary policy generates a large and persistent fall in the money multiplier in response to the drop in the loan to collateral value ratio.     

“撤县设区”能促进区域发展吗——基于浙江省1993-2013年县际面板数据的分析

本文通过对国内外学者在县（区）域经济领域十几年研究成果的梳理,整理浙江省原69（现58）个县（市）近30年经济发展的数据,对县域经济进行规模分析和产业结构分析。首次对柯布-道格拉斯生产函数模型改进,把技术增长中重要的因素,即劳动力要素的受教育程度内生化分析,并运用该模型对县域经济和＂撤县设区＂后区（以余杭市等为例）经济作对比研究,证明＂撤县设区＂的政策并没有促进区域经济的发展。     

The time-to-maturity pattern of futures price sensitivity to news

This paper examines the effect time-to-maturity has on how sensitive futures prices are to news flows. Unscheduled daily news flows that relate to the underlying asset of a futures contract are related to the daily realized volatility of futures to calculate a price-news sensitivity ratio. The observed pattern follows an inverted U-shape relationship and has a bearing on whether the maturity effect will be noticeable in a futures contract. This paper also shows that by examining the peak-to-maturity of the price sensitivity to news pattern, it is possible to better identify which contracts are more likely to yield higher volatility.