货币政策反应函数渠道对金融周期影响时变机制的实证研究

在关于货币政策影响经济主体风险承担水平,进而影响金融周期波动机制的研究中,基于风险承担渠道的相关研究较为成熟.区别于以往相关研究多关注货币政策实际采取的立场,文章基于货币政策反应函数渠道探讨了数量型与价格型货币政策反应函数对金融周期波动影响的时变机制.滚动回归的实证结果显示:无论数量型货币政策规则还是价格型货币政策规则,货币政策对信贷波动反应的敏感性主要影响金融周期的波动,但在价格型货币政策规则下,基于信贷视角观察金融周期波动时,货币政策信贷敏感性与货币政策资产价格敏感性对金融周期影响差异较小;较之于价格型货币政策规则,货币政策对信贷波动反应的敏感性在数量型货币政策规则下,对金融周期波动的影响更显著,并在一定程度上表现出随时间扩大的趋势.文章的创新之处在于:强调了货币政策通过政策反应函数渠道而非以往研究中较多关注的狭义风险承担渠道影响金融周期波动的事实,并构建计量模型对货币政策反应函数渠道影响金融周期波动的时变机制进行了详细刻画.     

Approximation of the Bivariate Renewal Function

Recently, Kambo and his co-researchers (2012) proposed a method of approximation for evaluating the one-dimensional renewal function based on the first three moments. Their method is simple and elegant, which gives exact values for well-known distributions. In this article, we propose an analogous method for the evaluation of bivariate renewal function based on the first two moments of the variables and their joint moment. The proposed method yields exact results for certain widely used bivariate distributions like bivariate exponential distribution, bivariate Weibull distributions, and bivariate Pareto distributions. An illustrative example in the form of a two-dimensional warranty problem is considered and comparisons of our method are made with the results of other models.     

Employers' perspectives on benefit conditionality in the UK and Denmark

This article examines the under-explored demand-side of active labour market policies (ALMPs). Based on interview data from a comparative study of the UK and Denmark, the paper analyses employers' perspectives and experiences of ALMPs. In both countries, employers were favourably disposed towards employing unemployed jobseekers but held negative views on conditionality. First, benefit conditionality led to employers receiving large numbers of unsuitable and unfiltered job applications, with associated negative resource impacts. Second, employers perceived this as a product of ‘box ticking' and compliance targets. Finally, employers criticised policy and media rhetoric for focusing solely on the supply-side and for problematizing unemployed candidates. The paper argues that these crucial, but neglected, employer perspectives demonstrate that the current benefit conditionality regime in the UK risks irrevocably ‘tarnishing' candidates, which undermines, rather than enhances, their chances of securing employment through ALMPs. This unique dataset provides further evidence that the current direction of policy requires urgent and radical re-thinking.     

Determinants of social assistance caseloads for employable single adults without dependants in Canada

Government officials like the idea of just a small number of households in their respective jurisdiction receiving social assistance. A large number is seen as costly to the public treasury, and declining caseloads are generally viewed as a mark of success for both the economy and the government of the day. But what factors account for the size of a Canadian province's social assistance caseload? This article aims to shed light on this question, with a focus on single adults without dependants (and without serious disabilities) during the 1989–2017 period. One important finding is that when the value of social assistance benefit levels for this group increases by 1% in a province, the social assistance caseload for this demographic rises by 0.457%. Put differently, there is indeed an important behavior response associated with higher benefit levels. In response, we propose that provincial officials budget for higher take up levels when they increase benefit levels for this household group.     

市场经济下政府与市场的关系

在市场经济中，市场必须在资源配置中发挥基础性或决定性的作用，但政府在市场失灵的地方又必须积极地发挥作用。本文分别从早期市场经济中政府的作用、现代市场经济中政府的作用等五个方面对这一问题进行论述。     

以市场为导向的高职院校家政专业发展研究

市场经济下社会发展为家政行业的发展带来了巨大的潜力空间,但高职业素养的家政从业人员缺乏逐渐成为行业发展的瓶颈。以市场为导向设置专业是高职院校的重要法则,但因受师资、生源、就业等问题的制约,高职院校家政专业发展出现了诸多问题。可采取以下措施促进高职院校的家政专业良性发展:依据市场导向,立足自身特色,精准定位培养；以家政专业内涵发展及就业前景为宣传突破口破解招生难题；积极“引才”、“育才”构建专业化的师资队伍；推进产学研深度融合助推学生就业等。     

人工智能辅助地方立法的应用与规制

我国地方立法权随着2015年《立法法》的修改扩至所有设区的市，随之掀起地方立法热潮。但目前地方立法的质量普遍不高，存在诸多问题，人工智能技术的应用能为地方立法开辟新路径。基于互联网及大数据的人工智能，能被应用于资料检索、立项论证、立法公开与意见征集、辅助草案起草、立法后评估与备案审查。与此同时，当人工智能被应用于地方立法工作时，需要确立“辅助原则”，规范人工智能地方立法程序的选用标准，限制人工智能地方立法程序的算法，以此来规制人工智能带来的不利影响。     

On the estimation of non linear functions in stochastic volatility models

Abstract

This paper focuses on the inference of suitable generally non linear functions in stochastic volatility models. In this context, in order to estimate the variance of the proposed estimators, a moving block bootstrap (MBB) approach is suggested and discussed. Under mild assumptions, we show that the MBB procedure is weakly consistent. Moreover, a methodology to choose the optimal length block in the MBB is proposed. Some examples and simulations on the model are also made to show the performance of the proposed procedure.     

Language roulette – the effect of random placement on refugees’ labour market integration

Placement of refugees and subsequent labour market integration within a host country represents a key challenge for policymakers and has emerged as one of the most divisive topics in the public debate. Immigration policy in Switzerland adopts random placement of asylum seekers across its different language regions. Hence, this policy allows to estimate the causal effect of language skills on employment chances, as refugees are exogenously placed across regions where the spoken language could either match or deviate from individual language skills. The results of this ‘natural experiment’ indicate substantially higher probabilities of finding employment when asylum seekers are placed in regions with a lingua franca that matches their individual language skills. Additionally, the findings suggest that language course participation can offset the reduced likelihood of employment in cases of a language mismatch. While random placement of refugees may be desirable for political reasons, it is detrimental to the economic integration process. Thereby, the study draws relevant conclusions for a larger European immigration policy.     

Migrant women’s economic success in Russia: objective reality and subjective assessment

This study contributes to the growing body of literature on the outcomes of labour migration by focusing on the effects of migrant legal status on the economic and perceptual measures of migration success. To study the effects of legal status, we use a sample of Central Asian migrant women who work in Russia and of their native counterparts who occupy the same positions on the labour market. Similar to the studies in the developed settings, we find that a temporary legal status is associated with an earnings penalty and that permanent legal status corrects this earning disparity. We also find that both temporary and permanent migrant status is positively associated with perceptions of pay inequality but that, irrespective of these perceptions, both types of migrants are more likely to be satisfied with their jobs than natives. We interpret these findings within the legal and social context of migrant economic incorporation in Russia and relate them to the findings from other migrant-receiving settings.