Accumulation and distribution of human capital: the interaction between individual and aggregate variables

The paper analyses the joint evolution of accumulation and distribution of human capital in an OLG framework. Dynamics arises from the interplay between human capital distribution and individual variables—inherited human capital and inborn ability. Such interaction drives individual investment in human capital and accumulation in the economy. According to initial distribution the model provides different dynamical behaviours linking growth and inequality; in general economies with a more equal initial distribution grow faster but other cases are possible. Moreover, since the model provides an endogenous threshold for investing in human capital, the distribution is characterised by multi-modality.     

中美贸易背后的利益分析

文章首先介绍了中美贸易的不平衡发展，然后重点分析了在中美贸易中的贸易利益流向和对双方的经济影响，进而找到解决此问题的积极可行的对策。     

Population Aging and the Possibility of a Middle-Income Trap in Asia

We present three conditions for a demography-driven middle-income trap and show that many economies in East, South, and Southeast Asia satisfy all of them. The conditions involve (1) the support ratio of workers to consumers has an impact on economic growth, (2) economic development accompanies more investment in human capital and lower fertility due to the quantity–quality trade-off, and (3) a current low level of fertility corresponds to very low support ratios for keeping up with frontier economies in the long run. Panel analysis for 178 countries shows that (1) and (2) are satisfied for Asia with higher elasticity than others. As for (3), we set up a dynamic model for simulations, showing that approximately two-third of Asia’s developing countries have an unsustainable level of support ratios, implying possibility of a middle-income trap due to future demographic headwinds.     

Scarcity of safe assets,inflation, and the policy trap

A goal of this paper is to make sense of the seemingly puzzling behavior of interest rates and inflation – and the role of central banks in that behavior – during and after the Great Recession, particularly in the United States. To this end, we construct a model in which government debt plays a key role in exchange, and can bear a liquidity premium. If asset market constraints bind, then there need not be deflation under an indefinite zero interest rate policy (ZIRP). Further, ZIRP may not be optimal under these circumstances. A Taylor-rule central banker could be subject to a ZIRP trap and persistently undershoot target inflation. As well, a liquidity premium on government debt creates additional Taylor rule perils, because of a persistently low real interest rate. We make a case that this is the key policy predicament currently faced by many central banks in the world.     

跨越“中等收入陷阱”的消费率变化轨迹研究--基于东亚、拉美部分国家的启示

2013年我国人均GDP达到6900美元，标志着我国已居于“上中等收入”国家行列，正面临“中等收入陷阱”的威胁。本文基于日本、韩国、巴西和阿根廷的发展历程，考察了“中等收入陷阱”区间下消费率的变化轨迹，认为成功跨越“中等收入陷阱”的消费率特征是：消费率走势呈U型特征，由波动性变化演变为平稳性运行，并大致在人均GDP4000美元形成“消费率拐点”。其中，收入因素对“消费率拐点”的培育与形成具有较大的制约作用。同时文章对比分析了低中等收入阶段我国消费率变化轨迹，认为我国在人均GDP4283美元水平下形成“消费率拐点”，但当前消费需求的充分释放仍面临较强的挑战，迫切需要相应的政策措施来强化“消费率拐点”的形成。     

Can China escape the middle-income trap?

Can China continue its relatively rapid economic growth and rise to the high-income status in the coming decade? In this article we address this question by examining three issues. One, is the current slowdown mainly a cyclical or a structural phenomenon? Two, can China successfully transform its growth model? And, three, what does China need to do to foster its capability of technological innovation and industrial upgrading? We conclude that, with necessary reforms, such as improvement in the education and research capability, liberalization of the financial system and introduction of a more transparent and accountable political system, China will most likely be able to escape the middle-income trap in the next 10 years.     

Neighborhood Effects and Regional Poverty Traps in Rural China

The present paper investigates how neighborhood effects are connected to chronic poverty. We examine a large sample of groups of households and find that neighborhood effects are significant in a majority of groups, especially in the poorest groups. People living in poor communities tend to suffer from poverty over time. It is of theoretical and empirical importance to explore how neighborhood effects are interrelated with chronic poverty and the channels through which this occurs. Unlike other econometric analyses, we establish a multilevel econometric model to show that： （i） it is difficult for an individual living in a neighborhood with a high proportion of agricultural labor, low education levels, and poor transport and telecommunication infrastructure to escape from poverty traps; （ii） neighborhood effects dominate in poor communities; and （iii） although poverty is affected by group-level factors, individual factors still play a dominant role in regards to escaping poverty when income surpasses a threshold level Therefore, policy priority should be given to providing social protection and public services, especially in poor rural areas.     

以要素禀赋结构升级促进产业链延伸：走出“比较优势陷阱”

从要素禀赋结构、产业结构及贸易结构三者之间的关系出发,看出要素禀赋结构升级不但决定着产业结构升级和贸易结构升级,而且能促进产业链延伸,进而对走出＂比较优势陷阱＂起着重大的作用。     

居民货币需求的“结构性流动陷阱”及其对我国物价变动影响之研究

由于当前经济改革中的一些结构性问题使我国居民存在对货币需求的"结构性流动陷阱"."结构性流动陷阱"是我国近年来城乡居民储蓄存款高速增长的根本原因,也是对我国自1997年以来物价变动产生重要影响的一个基本因素.文章首先对当前转型期我国存在的居民货币需求"结构性流动陷阱"形成原因进行分析,其次,依据这个观点对我国近年来出现的通货膨胀和通货紧缩的基本原因和特点进行深入的分析和系统的研究,并就我国未来短期内物价走势进行分析和预测.