Bond Pricing with a Time‐Varying Price of Risk in an Estimated Medium‐Scale Bayesian DSGE Model

New Keynesian model in which households have Epstein–Zin preferences with time‐varying risk aversion and the central bank has a time‐varying inflation target can match the dynamics of nominal bond prices in the U.S. economy well. The model generates a large steady‐state term spread and its fitting errors for bond yields are comparable to those obtained from a nonstructural three‐factor model, and one‐third smaller than in models with a constant inflation target or risk aversion. Including data on interest rates has large effects on variance decompositions, making investment technology shocks much less important than found in other recent papers.     

LPS,精益生产绩效管理好工具

用一个指标(如投资报酬率)就可以判断公司精益生产的推行是否成功,那该多好!这番话出自一位经理,其公司刚开始推行精益生产。事实上,不止他一个人有这样的想法。在我对如何评估精益生产绩效进行的实地调查中,来自不同公司的经理们都跟我表达过类似的想法