Information Flows across Markets: Evidence from China–Backed Stocks Dual–Listed in Hong Kong and New York

Using a bivariate generalized autoregressive conditional heteroskedasticity (GARCH) model, we examine patterns of information flows for China–backed stocks that are cross–listed on exchanges in Hong Kong and New York. Results analyzing the dual–listed stocks indicate significant mutual feedback of information between domestic (Hong Kong) and offshore (New York) markets in terms of pricing and volatility. Stocks listed on the domestic market appear to play a more significant role of information transmission in the pricing process, whereas stocks listed on the offshore market play a bigger role in volatility spillover.     

Dynamic and asymmetric impacts of macroeconomic fundamentals on an integrated stock market

A large body of evidence indicates that macroeconomic and financial variables are dynamically interrelated. In an international setup, we analyze the transmission mechanisms of macroeconomic shocks on the stock market of a small open economy in an increasingly integrated world. We use a time-varying vector error correction model (VECM) that allows analysis of asymmetric impacts that depend on the state of the business cycle. A special focus is directed on monetary policy surprises, where we find that foreign shocks exert a strong influence on an integrated stock market, and that the stage of the business cycle heavily affects the signals of the shocks.     

高速移动数据传输新标准IEEE 802.20

介绍了未来高速移动通信新标准IEEE802．20的总体概况，具体分析了IEEE802．20的技术特性、系统参考结构以及系统的组成模型，并对IEEE802．20标准前景分析与展望进行了详细描述。     

以扩大内需促进就业问题研究

随着我国经济进入新的发展阶段后,投资对劳动力逐渐显现出排挤作用,出口也由其发展前景受限而对劳动力的吸纳作用减弱。而内需由于其对劳动密集型产业产品的需求,对就业有很强的带动作用。本文将论述以内需扩大就业的必要性,找出其中存在的问题,并提出相应建议。     

我国货币政策传导机制:阻梗现象与制度安排

完善的货币政策传导机制是任何一种稳定发展的经济所必须的，是健康经济的重要标志之一。近年来，由于我国经济金融运行中出现的种种客观因素的限制，货币政策尚未达到其预期效果。究其原因，主要是货币政策传导机制不畅减弱了货币政策的效果。因此，改善货币政策传导机制的措施应该从消除制度性障碍入手。     

对欠发达地区货币传导扭曲的实证分析

我国货币政策对生产活动的影响主要通过银行贷款渠道.1997年央行从松货币政策的措施实施以来,全国与西北贷款规模相对差异的拉大、投资规模相对差异的缩小及资本形成率差异增大.本文以银行贷款渠道为例对西北地区货币政策传导进行分析,得出货币政策效果差异的直接原因是特定的基础货币投放机制和西北地区过度的信贷萎缩,根本原因在于西北地区经济基础差,投资收益率低,商业银行机构撒并和信贷策略调整,民间投资不足等因素.     

名义工资粘性与货币政策传导机制

货币政策的传导机制包括两个环节。第一个环节是货币供给作用于总需求，第二个环节是总需求作用于产出。在第二个环节，需求的变化能否引起产出的调整取决于名义粘性的存在性及其强弱。名义粘性包括工资粘性和价格粘性，工资粘性是价格粘性存在的前提条件，所以名义工资粘性是解释货币产出效应的基础。中国劳动力市场在不完全竞争的基础上具有一些特质，因而工资粘性很强并且形成的微观原因很特殊。极强的工资粘性保证了货币政策在第二环节的效果。这一结论为分析影响货币政策效果的因素找到了一个突破口，也为进一步优化货币政策传导机制找到了方向。     

一种镀锌板生产线电气传动控制系统

介绍了镀锌板生产线的工艺流程及其对电气传动的要求，采用PLC对镀锌板生产线的张力和带速进行协调控制，对电气传动控制系统的活套带重补偿和控制算法作了论述。本系统在实际使用中可靠性高，经济效益好，是一种适用的镀锌板生产线电气传动控制系统。     

What lies beneath—Negative interest rates and bank lending

We study the transmission of negative interest rates to bank lending around an unexpected policy rate cut into deep negative territory by the Swiss National Bank (−0.75%). We exploit a rich data set on transaction-level corporate loans matched with bank balance sheet data. We find that banks more affected by negative interest rates offer looser lending terms and lend more than other banks. This result is consistent with the risk-taking channel, where a lower policy rate spurs bank risk-taking to maintain profits. The result implies that, even in such deep negative territory, the reversal rate has not yet been hit.     

期货投机交易对现货市场的稳定效应及福利分析

设立股指期货市场 ,引入大量投机交易者是否会对证券现货市场产生负面影响 ,是导致目前市场管理者在设立股指期货市场时犹豫不决的重要原因。本文通过建立两阶段的理论模型以及国际股指期货币市场数据的实证表明 ,股指期货的风险分担和信息传递功能将导致我国股票现货市场波动的减缓和原有市场参与者福利的提高