伯南克货币政策主张及其影响-分析与预期

伯南克已于2006年2月1日接替格林斯潘担任了美国联邦储备理事会主席。本文分析伯南克的货币政策主张特征,比较这些主张与格林斯潘和其任内联储货币政策主张、决策风格的异同,并据此预期伯南克货币政策主张及其对联储货币政策的影响。     

The promise and peril of dynamic targeted pricing

Dynamic pricing is widely adopted in many industries, such as travel and insurance. These industries are also gaining extensive capabilities in identifying and segmenting customers, partly fueled by the increasing availability of data. It is natural to ask whether firms should take advantage of such developments by charging different prices to different customer segments. If so, under what conditions? We seek answers to these highly managerially relevant questions.We consider a market with two customer segments served by a monopolist. The monopolist can choose among a set of pricing strategies to exploit consumers’ inter-temporal preferences and/or inter-segment variations. At one end of the spectrum, the firm can charge a constant price to all customers, which is called static pricing. At the other end of the spectrum, the firm can charge different prices to different customer segments and vary these prices over time, which is referred to as dynamic targeted pricing. We systematically compare these alternative pricing strategies. We show that dynamic pricing without targeting can be more effective than static targeted pricing when customers are not very forward looking, which corroborates the findings in the empirical literature. Interestingly, we find that the monopolist can be worse off when she adopts targeting in addition to dynamic pricing. We conduct laboratory experiments to test several key model predictions. The studies show that individuals behave in a manner consistent with the predictions of our model.     

Self-targeted food subsidies and voice: Evidence from the Philippines

This paper studies the targeting outcomes of a self-targeted rice subsidy program in the Philippines. We find modest within-community targeting outcomes, but weak between-community targeting. This appears to be because, controlling for the direct influence of household characteristics, participation was lower in poorer communities. These inter-community differentials are strongly correlated with several proxies for citizen “voice”, including education, income, and access to other public services. This suggests that self-targeting outcomes are not simply a function of the good selected for subsidy, but are also influenced by variations in communities’ access to usable services; that these variations favor richer communities; and that efforts to enhance consumer voice in disenfranchised communities would facilitate targeting improvements.     

Why sales reps should welcome information technology: Measuring the impact of CRM-based IT on sales effectiveness

This study seeks to answer the following question: Can sales representatives enhance their performance through their acceptance of information technology (IT) tools? Using data collected from two companies, we show that despite uncertain results and the frequent resistance among salespeople to IT interventions, IT acceptance indeed has a positive effect on sales performance. This occurs because salespeople using IT expand their knowledge and, in turn, gain improved targeting abilities, enhanced presentation skills, and increased call productivity. Thus, sales representatives have a strong incentive to accept IT because doing so is likely to sharpen their own job performance.     

Is television advertising being placed to reach product users?

Several textbooks, journal articles, and advertising practitioners indicate that the advertising for many products should be directed toward the heavy users of the product category. Other works suggest that advertising should be directed at current users of a brand to retain them or to users of competitive brands in an effort to attract them. The purpose of this article is to compare these directions for how advertising should be placed with data showing how advertising is being placed. The comparison is made using supermarket scanner panel data and household advertising exposure data. Examples are also provided to indicate the extent to which advertising could be targeted to heavy users of the product category and users of a brand, given the actual viewing and consumption patterns. Several implications for the placement of advertising are discussed.     

Influence of country and company characteristics on international business decisions: A review,conceptual model,and propositions

This research advances four propositions and a conceptual model of country and company characteristics influencing key International Business Decisions (IBDs). The IBDs in this study are country selection and evaluation, entry mode, segmentation-targeting-positioning, and the marketing mix – the first two in the international business domain, and the latter two in the international marketing field. The conceptual model and related four propositions are advanced, based on an extensive literature review and subsequent in-depth review of 169 published research papers on major IBDs and their determinants, namely, country characteristics, including opportunities, risks, and various distances between the host country and home country, and company characteristics, which include international business experience, assets/resources, and expansion/growth strategies. Managerial implications and directions for future research are discussed.     

How hospitality brands grow: What hospitality marketers should know about Andrew Ehrenberg’s work (invited paper for ‘luminaries’ special issue of International Journal of Hospitality Management)

Andrew Ehrenberg’s work challenges the emphasis that hospitality marketing practitioners, educators and academic researchers place on segmentation, targeting (especially of heavy users), positioning, and meaningful brand differentiation. However, few marketing practitioners and scholars in hospitality appear familiar with this work. This invited paper attempts to increase awareness and appreciation of Ehrenberg’s work as well as its relevance to and implications for hospitality marketing. Topics covered include the NBD Law, Law of Double Jeopardy, Duplication of Purchase Law, and Law of Natural Monopoly as well as the evidence of weak brand segmentation, low perceived brand uniqueness, and the generalizability of the brand belief-usage relationship.     

利率、魏克赛尔累积过程与资产价格

通货膨胀目标制的理论基础直接来源于魏克赛尔的累积过程理论。央行的利率政策不但会影响一般价格的上涨,而且会导致资产价格出现泡沫。现时的房产价格与未来的产出和通货膨胀关系密切,应该在CPI中给予一定的权重。低利率、低通胀和资产价格膨胀共存并不意味着累积过程理论失效,而是因为其反馈机制和通胀度量出现了问题。     

中国通货膨胀目标制设计

通货膨胀目标制已经被越来越多的国家和地区所采纳。文章结合通货膨胀目标制的基本前提以及我国现实条件得出:我国目前实行通货膨胀目标制是可行的,并运用实证分析方法,从价格指数、目标点位和目标区域的选择、目标区域、政策时限、目标偏离的调整和例外条款等方面设计了中国的通货膨胀目标制,最后针对中国实际情况给出了政策建议。     

China's War on Poverty: Assessing Targeting and the Growth Impacts of Poverty Programs

In this paper, we attempt to assess the effectiveness of China's Poverty Alleviation Programs in contributing to economic growth in poor areas. To meet this overall goal, we briefly describe China's poor area policy and examine how its leaders have implemented one of the developing world's largest poverty alleviation programs. Second, we examine whether or not the poverty programs have been implemented in the parts of China that are truly poor. Finally, we attempt to assess if the poverty programs have affected growth. The major findings are that China's poverty programs do get implemented in areas of the nation that are poor, but there are many poor areas that have been left out of the government's various programs. We also find that poverty programs contribute to economic growth and that economic growth promotes poverty reduction.