经济政策不确定性如何影响金融市场间的流动性协同运动？——基于中国金融周期的视角

金融市场间流动性出现高协同运动是发生危机传染的重要表现之一，因此，针对流动性动态联动效应的研究显得极为重要。本文基于中国金融市场数据测算了2003-2018年间我国股市、债市流动性，并对Colacito等（2011）的混频数据抽样动态条件相关系数模型（DCC-MIDAS）进行了扩展，同时从金融周期视角出发，运用扩展后的模型考察了经济不确定性在不同时间区间内对于流动性波动率和相关性是否存在不同的作用效果。研究结果表明，相较于单因子混频模型，引入经济政策不确定性的多因子混频模型可以更好地捕捉我国股债两市相关性的动态变化；同时，经济政策不确定性的提高会降低股债两市流动性的正相关性，但这一作用效果会在金融周期的拐点处转为加强两者的正相关性。本文不仅为讨论股债两市联动效应提供了流动性的新视角，也为金融市场风险监管提供了重要的参考依据。     

Consensus,cohesion and connectivity

Social life clusters into groups held together by ties that also transmit information. When collective problems occur, group members use their ties to discuss what to do and to establish an agreement, to be reached quick enough to prevent discounting the value of the group decision. The speed at which a group reaches consensus can be predicted by the algebraic connectivity of the network, which also imposes a lower bound on the group's cohesion. This specific measure of connectivity is put to the test by re-using experimental data, which confirm the prediction.     

Different relationships for coping with ambiguity and uncertainty in organizations

This study seeks to shed light on the relationship between the situation and the activation of specific relationships. We hypothesized that the type of uncertainty present in a situation would prompt people to call upon different relationships based on different types of trust: cognitive trust for expertise and affective trust for friendship. We elaborated vignettes as name generators to test whether the colleagues called upon in different situations were perceived as being more friends or more experts. The perceived level of expertise and friendship were evaluated with Likert-style scales. The results support our theoretical argument to the effect that the “activation” of a relationship is influenced by the type of uncertainty a person is confronted to. Situations of information uncertainty elicit recourse to relationships based on expertise while ambiguous situations call for friendship.     

Tiempo líquido y cultura de la incertidumbre

The article tries to understand the evolution that sociocultural construction of the concept of time from a “solid” to a “liquid” as formulated by Z. Bauman has experienced in Western society. It tries also to understand what the characteristics that define this kind of time are and what were the resulting socio-cultural impacts have occurred in the postmodern society. Finally, we present here the way in which the progress on the definition of time is linked to the development of the loss of certainties and the establishment of a culture of uncertainty. We also propose how some aspects of social life exemplify the current culture.     

Ageing of a giant: a stochastic population forecast for China, 2006–2060

This paper presents a stochastic population forecast for China with a special emphasis on population ageing. The so-called scaled model for error was used to quantify the uncertainty attached to the population predictions. Data scarcity was a major problem in the specification of the expected error of the population forecast. Therefore, the error structures estimated for European countries were used with some modifications, taking into account the large size and heterogeneity of the Chinese population. The stochastic forecast confirms the expectation of extremely rapid population ageing during the first half of the twenty-first century in China. The old age dependency ratio (OADR) will certainly increase. Simply maintaining the current demographic rates (no international migration) would drive the OADR to 0.42 in 2060, four times the current level. Including expected declines in mortality and net outmigration in the projection would increase the median OADR in 2060 to 0.59, with a 80% prediction interval of [0.47, 0.75]. In particular, the oldest-old population will grow much faster than any other age group. This development has major implications for policy-making in China.

RISK PREFERENCES UNDER PRICE UNCERTAINTIES AND PRODUCTION RISK

This paper deals with estimation of risk preferences of producers when they face uncertainties in output and input prices, in addition to uncertainty in production (usually labeled as production risk). All these uncertainty components are modeled in the context of production theory where the producers maximize expected utility of anticipated profit. Risk preference functions associated with these uncertainties are derived without assuming a specific form of the utility function. Moreover, no distributional assumptions are made on the distributions of the random variables representing price and production uncertainties. A multi-stage estimation procedure is developed to estimate the parameters of the production function and risk preference functions associated with output price uncertainty, input price uncertainty and production risk. Production risk is specified in such a way that one can identify inputs with increasing, decreasing and constant production risks. Similarly, risk aversion behavior is specified in such a way that one can test for different types of risk aversion behavior.     

A critical review on supply chain risk – Definition,measure and modeling

Economic systems are increasingly prone to complexity and uncertainty. Therefore, making well-informed decisions requires risk analysis, control and mitigation. In some areas such as finance, insurance, crisis management and health care, the importance of considering risk is largely acknowledged and well-elaborated, yet rather heterogeneous concepts and approaches for risk management have been developed. The increased frequency and the severe consequences of past supply chain disruptions have resulted in an increasing interest in risk. This development has led to the adoption of the risk concepts, terminologies and methods from related fields. In this paper, existing approaches for quantitative supply chain risk management are reviewed by setting the focus on the definition of supply chain risk and related concepts.     

Uncertainty Shocks in a Model of Effective Demand

Can increased uncertainty about the future cause a contraction in output and its components? An identified uncertainty shock in the data causes significant declines in output, consumption, investment, and hours worked. Standard general‐equilibrium models with flexible prices cannot reproduce this comovement. However, uncertainty shocks can easily generate comovement with countercyclical markups through sticky prices. Monetary policy plays a key role in offsetting the negative impact of uncertainty shocks during normal times. Higher uncertainty has even more negative effects if monetary policy can no longer perform its usual stabilizing function because of the zero lower bound. We calibrate our uncertainty shock process using fluctuations in implied stock market volatility, and show that the model with nominal price rigidity is consistent with empirical evidence from a structural vector autoregression. We argue that increased uncertainty about the future likely played a role in worsening the Great Recession. The economic mechanism we identify applies to a large set of shocks that change expectations of the future without changing current fundamentals.     

The Role of Risk and Risk Aversion in an Individual's Migration Decision

Abstract

This paper proposes a simple, partial equilibrium model for studying an individual's migration decisions. It shows that an individual may choose to delay migration when the condition appears to be favorable, giving rise to the “waiting” behavior observed in the data. Using a closed-form solution, it also examines how the duration of the waiting is affected by a number of economic factors such as the risks associated with the wages in regions of origin and destination, the individual's attitude toward risk, etc.