Extending working hours: why not work 42 h rather than 38?—a CGE analysis for Germany

Faced with a record level of unemployment, the present debate in Germany is to extend the weekly hours of work. In this paper the employment effects of an economy-wide increase in weekly hours are quantified on the basis of a computable general equilibrium model for different specifications of the wage setting rule and the use of additional policy-induced public income. The simulation results back the argument of the opponents of longer working time that not more jobs will be created. However, when the higher tax revenues from GDP growth are used to reduce social security contributions, then the claim of the proponents that more jobs will be created can be supported.     

Does easing monetary policy increase financial instability?

This paper develops a model featuring both a macroeconomic and a financial friction that speaks to the interaction between monetary and macro-prudential policy and to the role of US monetary and regulatory policy in the run up to the Subprime mortgage crisis. There are two main results. First, interest rate rigidities in a monopolistic banking system increase the probability of a financial crisis (relative to the case of flexible interest rate) in response to contractionary shocks to the economy, while they act as automatic macro-prudential stabilizers in response to expansionary shocks. Second, when the interest rate is the only available instrument, monetary policy faces a trade-off between macroeconomic and financial stability. This trade off is both qualitative and quantitative in response to contractionary shocks, while it is only quantitative in response to positive shocks. We show that a second instrument, such as a Pigouvian tax on credit to households on the demand side of the market, is needed to restore efficiency in the economy when both frictions are at work.     

企业文化刚性的成因及其克服

企业文化是维护企业竞争优势的一个源泉,对企业发展具有重要的推动作用.但在企业发展过程中,企业文化有可能产生文化刚性,将企业锁定于某种僵局的状态,从而阻碍企业的发展.因此,在企业成长过程中,需要采取有效措施克服文化刚性,以保持企业的持续性成长.     

The Taylor principle in a medium-scale macroeconomic model

We consider a medium-scale New-Keynesian model which combines features that have been shown to explain fairly well postwar U.S. business cycles. Our main result demonstrates that the determinacy properties of forward-looking interest rate rules resemble, at least qualitatively, the corresponding outcomes under current-looking rules. We explain how and why the empiri-cally relevant features of our model generate this novel result.     

企业核心能力刚性的发展路径浅析

本文从解释核心能力刚性的概念入手,分析了核心能力刚性的发展的路线和显示原因及其对企业可持续发展的阻碍,并从其产生的根源出发提出以适应环境变化的创新和变革从而达到对其进行提前的有效预防和解决的建议。     

Sticky Price Models,Durable Goods,and Real Wage Rigidities

The standard two‐sector New Keynesian model with durable goods is at odds with conventional wisdom and vector autoregression (VAR) evidence: Following a monetary shock, the model generates (i) either negative or no comovement across sectoral outputs and (ii) aggregate neutrality of money when durable goods' prices are flexible. We reconcile theory with evidence by incorporating real wage rigidities into the standard model: As long as durable goods' prices are more flexible than nondurable goods' prices, we obtain positive sectoral comovement and, thus, aggregate nonneutrality of money.     

Where is the GE? Consumption Dynamics in DSGEs

We offer a partial equilibrium perspective on the behavior of consumption in dynamic stochastic general equilibrium (DSGE) models. We consider a benchmark dynamic general equilibrium model and show that a standard calibration implies that the real interest rate is essentially fixed. One manifestation of this feature is that, with separable preferences, the reaction of consumption to total factor productivity (TFP) shocks is flat: the random‐walk permanent income hypothesis holds almost exactly, pretty much as in a partial equilibrium consumption‐savings problem. These results help explain the prominent role of aggregate demand, and how it is achieved, in modern DSGE analysis.     

Exchange Rate Regimes: Middling Through

Abstract

The appropriate exchange rate regime, in the context of integration of currency markets with financial markets and of large international capital flows, continues to be a policy dilemma. It is found that the majority of countries are moving towards somewhat higher exchange and lower interest rate volatility. Features of foreign exchange (forex) markets could be partly motivating these choices. A model with noise trading, non-traded goods and price rigidities shows that bounds on the volatility of the exchange rate can lower noise trading in forex markets; decrease fundamental variance and improve real fundamentals in an emerging market economy (EME); and give more monetary policy autonomy. Central banks prefer secret interventions where they have an information advantage or fear destabilizing speculation. But in the model discussed in this article, short-term pre-announced interventions can control exchange rate volatility, pre-empt deviations in prices and real exchange rates, and allow markets to help central banks achieve their targets. The long-term crawl need not be announced. In conclusion, the regime's applicability to an EME is explored.     

企业核心刚性进化机制研究:基于CAS视角

根据复杂自适应系统理论，本文对组织的性质进行了再认识。在此基础上，提出企业核心刚性进化的动力和条件分别是企业系统中合法系统与影子系统之间的相互作用．以及运行区域的五个控制参数，即信息流动速率、焦虑抑制水平、成员多样性程度、联系水平、权力差异程度。进一步，分析了随着控制参数的变化，企业进入不同的运行区域，核心刚性如何实现螺旋式进化的机制。     

核心能力的构成维度及其特性

核心能力由文化、制度、技术、管理等四个维度构成，其中绝大部分具有“方法性”特征的隐性知识，具有难于仿制的、暗默的、集体共有的、深植的以及整合的特点。核心能力的技术、文化、制度、管理等构成维度的双重潜在性决定了核心能力同时也可能是核心刚性，核心刚性以范式刚性与能力惰性形式表现出来。中国企业核心能力的培育应从四个方面切入：在企业制度维度层面构建有效、科学的企业治理结构，是企业形成核心能力的前提；加强技术维度创新，致力于建立自主技术开发能力，并适时地变换渐进性创新及突破性创新两种模式以完成核心能力的培育与再造；塑造以创新、变革为基本内核的企业文化，并不断进行企业文化的创新与变革；加强管理维度的创新，对企业内外部的资源、知识、能力进行整合和协同，实现制度、技术、文化维度之间的相辅相成。