The role of financial journalists in the expectations channel of the monetary transmission mechanism

Monetary policy relies on managing the inflation expectations of the public in order to influence prices (inflation). Relying on the South African experience, we argue that most of the general public are exposed to the communication of the South African Reserve Bank (SARB) only via the media. This state of affairs is fairly typical around the globe. We explored the role and biases of the journalists in transmitting the SARB’s communications to the rationally inattentive general public. Our aim was to obtain insights about the factors that influence media articles that deal with monetary policy issues. Using interviews and qualitative content analysis, we explored the extent of the journalists’ knowledge about inflation and monetary policy, their views concerning the credibility of the SARB, the sources of information they use, and the constraints and incentives they face in writing their articles.     

Are imports and remittances cointegrated for the Central and Eastern European countries?

In this article, we investigate the existence of long-run common trends between imports and remittances in 11 Central and Eastern European countries which are part of the European Union. Using the Engle–Granger two-step procedure, we determine that for all countries in our sample there are no long-run common trends (no cointegration) between imports and remittances. However, the results are mixed when running a Granger causality test. For nine countries, we can establish either a bidirectional or unidirectional Granger causality, indicating that past values of one variable have predictive content on the other variable. In two countries, there is no Granger causality between imports and remittances.     

Learning and the monetary policy strategy of the European Central Bank

This paper examines the welfare implications of alternative inflation targeting proposals for the monetary policy of the European Central Bank. We assume that policy makers have to “learn” the laws of motion of inflation in an economy characterized by “stickiness” in domestic price setting behavior and subjected to recurring shocks to productivity, exports and foreign price. We find that a switch from an “asymmetric” inflation targeting strategy to an “symmetric” makes little difference in welfare payoffs, but it comes at a cost of much higher interest-rate variability. We also find that there are practically no welfare gains from switching from an inflation-targeting strategy based on the Harmonized Index of Consumer Prices (HICP) to a strategy based on the domestic price component of the HICP.     

The effect of exchange rate changes on trade balances in the short and long run

Using generalized impulse response functions, this study tests for the trade J‐curve for three transitional central European countries – the Czech Republic, Hungary, and Poland – in their bilateral trade with respect to Germany. Our findings suggest that for each country there are some characteristics associated with a J‐curve effect: after a (real or nominal) depreciation the export‐to‐import ratio briefly drops to below its initial value within a few months and then rises to a long run equilibrium value higher than the initial one.     

明代皖南平原的圩田与农业生产

洪武时期，旧有圩田得到迅速恢复；建文至正德期间，圩田有较明显的发展，扩大了耕地面积，富豪围垦在其中占有重要地位，同时，圩田发展与蓄水防洪的矛盾已经凸显；嘉靖以后，水灾呈现加剧的趋势，除固有的自然因素的原因外，过度围垦、民人渔利、修防低效等社会因素起着重要作用，同时，对圩田的治理有新的进展。圩田在皖南平原农业生产上具有重要作用。     

豫中优质烟草产区微量元素地球化学

本文主要介绍河南省中部地区优质烟草产区岩石、土壤等介质中微量元素分布特征及其迁移演化规律。简要讨论了烟草品质与微量元素的关系。     

对收入公平性两种测度方法的比较

章针对收入分配差异程度的测定，介绍了两种方法——基尼系数和集中度，并结合实证分析对两种方法进行了比较，得出集中度对收入公平性的测量优于基尼系数，最后对我国目前的收入差距问题提出了合理化建议。     

基本养老保险筹资权行使主体的确定及其理论依据

基本养老保险筹资权的行使主体的确定问题,应从中央与地方政府财权划分的角度进行分析。我国地方政府行使基本养老保险筹资权存在不合理性,应建立由中央政府统筹的基本养老保险制度。     

长江中游根治洪灾策略与措施的探讨

长江中游是长江自然—经济—社会复合生态系统的重要组成部分,当前洪涝灾害频繁而严重。按照长江洪水发生的自然规律调整好人与自然的关系,改变长期以来舍南保北、以堵为主、重蓄轻泄的做法,实施疏泄为主的防洪策略,并采取相应的工程和非工程措施(如下荆江裁弯、开辟分流洪道、四口建闸、洞庭湖水系南北分流、疏浚河道、南水北调及平垸行洪等),同时配合进行水源生态工程及江河库湖调蓄工程建设,才能根治长江中游洪涝灾害。     

中央政府与地方政府的政策博弈及其治理

本文描述了中央政府和地方政府政策博弈的凸现与加剧,认为这种政策博弈的制度性根源是市场取向的分权制以及以GDP为核心的政绩指标考核体系,制度性根源对政策博弈具有传导机制.这种政府博弈的积极影响促进了中央政府政策的更加合理、完善,而消极影响则是中央政府调控能力大打折扣、中央政府遭遇信任危机和扰乱市场秩序.治理途径则在于建立新型中央政府和地方政府关系,采取消除政策博弈的措施,即真正做到财权与事权的统一、建立居民的退出与呼吁机制、构建更加合理的政绩观与指标考评体系.