Testing Target-Zone Models Using Efficient Method of Moments

The objectives of this article are threefold—(1) to test target-zone models using more efficient and direct econometric methodology than previous research, (2) to identify an implicit band, if it exists, from observed data and to test target-zone models based on the estimated implicit band rather than the stated official band, and (3) to examine whether the exchange rate can be modeled as a managed float system with a central parity that lacks a band. We find strong evidence that a model with intramarginal intervention and a narrower implicit (unofficial) band can describe the dynamics of the French franc/Deutsche mark exchange rate from January 1, 1987–July 30, 1993.     

主客异位下的礼仪困境——光绪辛丑年中西外交中的礼仪争论

光绪辛丑年间中西外交中的礼仪争论,既是乾隆以来相关争论的延续,又反映了随着实力地位的转变以及主客实际身份的互换,中西在外交礼仪的制定以及实行过程中主导地位的转移。时人面对既不能决裂、又不能屈从的礼仪困境,种种调整和选择从一个侧面反映了礼仪与国家体制的紧密关系。     

当前中小型出口企业面临的困境及原因探析

 2007年以来，在国内外形势趋紧的背景下，我国出口增幅逐步回落，出口企业承受的压力明显加大，特别是中小型出口企业出口下降，亏损和经营困难企业增多。本文结合作者在深圳、东莞和中山三市的调研情况，对当前出口企业的困境做深入分析，力图客观、全面地把握出口企业情况。     

A Range-Based Multivariate Stochastic Volatility Model for Exchange Rates

In this paper we present a parsimonious multivariate model for exchange rate volatilities based on logarithmic high-low ranges of daily exchange rates. The multivariate stochastic volatility model decomposes the log range of each exchange rate into two independent latent factors, which could be interpreted as the underlying currency specific components. Owing to the empirical normality of the logarithmic range measure the model can be estimated conveniently with the standard Kalman filter methodology. Our results show that our model fits the exchange rate data quite well. Exchange rate news seems to be currency specific and allows identification of currency contributions to both exchange rate levels and exchange rate volatilities.     

Using the Image Exchange to Enhance Interdisciplinary Team Building in Child Welfare

A team building activity, the image exchange, was helpful to interdisciplinary teams in clarifying perceptions and opinions of participants about the roles of each discipline (child welfare, domestic violence, mental health, and substance abuse workers) at a five-day interdisciplinary training workshop. Discussion of team members’ perceptions and views provided opportunities to develop insights about misperceptions. Training in team development and role clarification provided a foundation for the development of effective interdisciplinary collaboration, which may improve interdisciplinary practice.Dr. Packard is an Associate Professor and Dr. Jones is a Professor in the School of Social Work at SDSU. At the time of writing, Ms. Nahrstedt was a Research Assistant in the School of Social Work at SDSU. This project was funded by a grant from the U.S. Department of Health and Human Services, Administration for Children, Youth, and Families.     

Exchange rate policies simulated by means of a disequilibrium model of the Finnish economy

In this paper a model for the Finnish economy with disequilibrium in the goods and financial markets is specified and estimated by single equation methods. The transmission mechanisms of the model are studied in the framework of various devaluation simulations. The model is very sensitive, especially with respect to the prevailing credit market regime and possible regime changes. Policy effects are not so much affected by conditions in the goods market, assuming moderate policy shocks. These considerations suggest the importance in policy planning of identifying the regimes prevailing in the markets.     

Marriage migration: just another case of positive assortative matching?

It is a stylized fact that marriage formation involves positive assortative matching on education. We also find this in the case of immigrants, even when they tend to “import” their spouses and potentially trade off education for other favorable characteristics. For Pakistanis, we find positive compensating differentials in terms of high education to youth having adopted host country norms, when marrying a marriage migrant. This indicates that Pakistani marriage migrants pay a premium to be able to marry and live in Denmark. For Turks, individuals having source country norms pay a premium in order to import a partner, indicating that unspoiled traditional norms are traded off for education.

简论亚当·斯密劳动价值理论的三对矛盾及其产生根源

亚当·斯密对于劳动价值理论所作出的独特贡献在于他能够清晰界定财富与系统揭示财富源泉。然而,与马克思的劳动价值理论相比较,亚当·斯密的劳动价值理论却存在着三对矛盾:交换价值与价值实体之间的矛盾关系;商品价值与生产资料价值之间的排斥关系;商品价值与收入源泉之间的颠倒关系。而且这三对矛盾皆根源于亚当·斯密混淆了在商品生产过程中创造价值的劳动形式与创造使用价值的劳动形式即抽象劳动与具体劳动。     

Exchange option in a two-state Poisson CAPM

In this paper we derive the pricing formula for the exchange option value in a two-state Poisson CAPM. A two-state Poisson CAPM models the stochastic market environment. We also provide examples and graphs to illustrate our result.     

甘青与辽西地区史前时期陶器对比研究

从甘青与辽西地区史前时期陶器的主要器形、陶质陶色、制作方法、纹饰等方面对比研究,从陶器的角度分析两个地区的先民是否存在文化交流。通过初步研究表明辽西地区的彩陶受到了甘青地区及中原地区的彩陶的影响,甘青和辽西地区在仰韶文化早期就存在着一定的文化交流。