毛泽东实现理论实践统一的路径——纪念《实践论》发表七十周年

毛泽东在领导中国革命和建设的实践过程中,把马克思主义理论与中国革命和建设的实践有机结合,让马克思主义理论根植于中国的民族文化的土壤中,使马克思主义理论与人民群众相结合,实现了理论与实践的完美统一,科学总结了理论与实践的统一路径。     

Using Asset Prices to Measure the Persistence of the Marginal Utility of Wealth

We derive a lower bound for the volatility of the permanent component of investors' marginal utility of wealth or, more generally, asset pricing kernels. The bound is based on return properties of long‐term zero‐coupon bonds, risk‐free bonds, and other risky securities. We find the permanent component of the pricing kernel to be very volatile; its volatility is about at least as large as the volatility of the stochastic discount factor. A related measure for the transitory component suggest it to be considerably less important. We also show that, for many cases where the pricing kernel is a function of consumption, innovations to consumption need to have permanent effects.     

Swedish migration policy liberalization and new immigrant entrepreneurs

Sweden has allowed immigrants from any country to obtain residence permits for entrepreneurship since 2008. The aim of this study was to explore the outcome of this policy. The study adds time perspective and superdiversity and operationalizes the mixed embeddedness framework to facilitate a quantitative study on three levels of analysis. Detailed register data for two cohorts of immigrants—those who arrived four years before and those who arrived four years after the reform—are used. The results confirm the usefulness of the mixed embeddedness model, that is the institutional regulative context, economic and social context, and individual resources, in the analysis of immigrant entrepreneurship. However, the study shows that the propensity to engage in entrepreneurship is more affected for refugees and students than for migrants with a residence permit for work and entrepreneurship. This indicates a need for further facilitating the process to immigrate for entrepreneurial reasons.     

Why Does Cell Implementation Stop? Factors Influencing Cell Penetration in Manufacturing Plants

There is little understanding as to why firms have various degrees of cell usage. The intent of this study was to identify factors that had arrested continued implementation of cells at surveyed manufacturing plants. We found no dominant factor that had prevented the firms from continued cellularization. However, by sub‐dividing the plants into those with low and high degrees of direct labor hours spent in cells, short and long experience with cells, and those with and without plans for further cells, a clearer pattern emerged. The inability to find families with high and stable demand, lack of time to implement more cells, the existence of service processes, and the difficulty of cost justifying new cells were the most important factors, although their relative importance varied. The findings support the notion that cellular manufacturing has broad applicability as a form of work organization and that cell users pursue further implementations until no more viable cells with sufficient utilization, demand stability, or economic value can be found.     

Efficiency,Equilibrium, and Asset Pricing with Risk of Default

We introduce a new equilibrium concept and study its efficiency and asset pricing implications for the environment analyzed by Kehoe and Levine (1993) and Kocherlakota (1996). Our equilibrium concept has complete markets and endogenous solvency constraints. These solvency constraints prevent default at the cost of reducing risk sharing. We show versions of the welfare theorems. We characterize the preferences and endowments that lead to equilibria with incomplete risk sharing. We compare the resulting pricing kernel with the one for economies without participation constraints: interest rates are lower and risk premia depend on the covariance of the idiosyncratic and aggregate shocks. Additionally, we show that asset prices depend only on the valuation of agents with substantial idiosyncratic risk.