Endogenous innovation under New Keynesian dynamic stochastic general equilibrium model

This paper constructs an endogenous growth model using the framework of New Keynesian dynamic stochastic general equilibrium models. We incorporate the Schumpeterian approach that generates seemingly sticky prices and reinterpret the Calvo mechanism from the perspective of Bertrand competition and successful entrepreneurs. Our results demonstrate that both positive productivity shocks and endogenous innovation have a negative effect on subsequent endogenous innovation. These self-destructive effects of endogenous innovation might account for the IT productivity paradox and productivity slowdown seen in advanced countries. Furthermore, it is shown that there are both neutral and non-neutral properties of monetary policy shocks. They are neutral in terms of the growth effect, but non-neutral in terms of the level effect. In particular, expansionist monetary policies are desirable to facilitate endogenous innovation.     

The price effect of allowing non-pharmacy outlets to sell OTC drugs in Korea

By the amendment of the Pharmaceutical Affairs Act in 2012, non-pharmacy outlets (confined to 24-hour convenience stores) in Korea were permitted to sell 13 over-the-counter (OTC) drugs. This article empirically examines the effect of the regulatory reform on OTC drug prices. To do so, we use county-level price data of 7 OTC drugs for the years of 2012 and 2013. Among them, 2 OTC drugs are available at non-pharmacy outlets due to the deregulation, and the remaining 5 are still only available at pharmacies. Employing a difference-in-differences estimation strategy, we find that after the regulatory reform, prices of the 2 OTC drugs increased by only 1.1% while those of the rest 5 increased by 6.5%. This result has implications for the government’s policy of designating non-pharmacy outlets that can sell OTC drugs from the viewpoint of consumer welfare.     

Indian textile suppliers' sustainability evaluation using the grey approach

Textile supply chains consist of multinational garment retailers (customers), garment manufacturers (suppliers), and ancillary suppliers (suppliers to manufacturers). This paper evaluates suppliers' within the Indian textile and clothing industry (both garment manufacturers and ancillary suppliers) using sustainability criteria. Examining a sample of sixty-three suppliers and six sustainability criteria (i.e. discrimination, abuse of human right, child labor, long working hours, unfair competition, and pollution), we categorize suppliers into the three categories of ‘good performer’, moderate performer’, and ‘performance not up to expectation’. Since all the criteria are potentially subjective, we have employed the grey approach for analysis. The results indicate that the criterion of long working hours is a critical one for both categories of suppliers; in the case of garment manufacturers, we found that pollution and unfair competition were the most important criteria. In addition, employing child labor was found to be a critical criterion in the case of ancillary suppliers.     

高职院校大学生法律素质的培养途径

实行依法治国,关键在于提高公民的法律素质.大学生是未来法治社会的主体,培养大学生的法律素质是依法治国的必然要求.笔者阐述了培养大学生法律素质的意义,并从四个方面探索大学生法律素质的培养途径问题.     

可持续乡村旅游的基本特征及其实现途径

乡村旅游正在全国各地形成热潮,并已成为乡村发展的新动力。可持续乡村旅游的基本特征表现为旅游产品的体验性、旅游环境的和谐性、旅游经济的循环性、旅游开发的扶贫性,强调应通过维护乡土特色、优化旅游环境、发展循环经济、全方位旅游扶贫等途径来实现乡村旅游可持续发展。     

培育和提升高新技术企业的核心竞争力

高新技术企业作为高新技术产业的载体,其整体水平决定高新技术产业的发展状况,影响着一个地区或国家的经济发展水平.随着国际和国内市场竞争的加剧,企业如何谋求在激烈的竞争环境中,真正依靠自身实力而竞争发展,关键取决于高新技术企业是否拥有核心竞争力.     

Co-breaking,cointegration, and weak exogeneity: Modelling aggregate consumption in Japan

This paper aims to estimate a parsimonious data-congruent model for aggregate real consumption in Japan using quarterly data over the past two decades. Testing co-breaking, cointegration and weak exogeneity plays an important role in pursuing the model reduction. It is demonstrated that co-breaking removes a deterministic shift caused by the collapse of the bubble economy in Japan in the early 1990s. Multivariate cointegration analysis then reveals that inflation plays a critical role in accounting for the long-run behaviour of the aggregate consumption. Further analysis finds that inflation and aggregate income are weakly exogenous with respect to a set of parameters of interest. Finally, a parsimonious data-congruent model for the aggregate consumption is estimated conditional on the set of weakly exogenous variables.     

尤金·奈达与彼得·纽马克翻译理论对比研究

尤金·奈达和彼得·纽马克是现代西方翻译学界的突出代表,是著名的语言学家和杰出的翻译家。他们的译学理论都建立在语言学基础之上,有很多相似之处,却又各具特色。奈达毕生从事《圣经》的翻译工作,在此基础上提出了著名的“动态对等”或“功能对等”翻译理论。他非常重视读者的反应和译作的沟通作用。纽马克一生从事教学工作,他注重译文的准确性及质量,提出了著名的“语义翻译法”、“交际翻译法”及关联翻译理论。     

中国海岛旅游研究现状及发展趋势

海岛是世界的旅游热点,改革开放30年来,中国的海岛旅游得到了长足的发展,海岛旅游研究也取得了一定的成果。但无论海岛旅游还是海岛旅游研究,与中国海洋大国的地位还远不相称。文章在对近30年来国内有关海岛旅游文献进行分析的基础上,从海岛旅游资源开发与可持续发展、环境与安全、旅游产品等方面对中国海岛旅游研究现状进行了论述,分析了海岛旅游研究中的常用研究方法,并对研究中存在的问题和研究趋势作了探讨,以期为今后的海岛旅游研究提供思路,促进中国海岛旅游研究的进一步发展。     

Determinants of the allocative,cost and scope efficiencies of Indian banks

ABSTRACT

This study aims to investigate the impact of competition on determinants of allocative, scope and cost efficiencies of Indian scheduled commercial banks (SCBs). Specifically, the study, analyzes the impact of the second round of licensing on the efficiency of Indian SCBs. This is the first paper to measure scope efficiency of Indian banks and analyze its determinants. A two-stage analysis is performed on a balanced panel dataset of Indian SCBs for the period 1999–2016. In the first stage, the allocative, cost and scope efficiencies for each bank are estimated following the data envelopment analysis approach. In the second stage, internal determinants of the stated efficiency measures are estimated following the system of the generalized method of moments approach. The findings suggest that competition has not resulted in enhancing the efficiency of Indian SCBs. Among factors that can influence efficiency, it is seen that size does matter. Larger banks can enhance the efficiency of SCBs. It is also seen that having more foreign banks improves the overall efficiency of SCBs. However, before embarking on further rounds of licensing, the study posits that market-driven correction to succeed, it is imperative to address sunspots in the form of investor or borrower repression.