Income Satisfaction Inequality and its Causes

In this paper, the concept of Income Satisfaction Inequality is operationalized on the basis of individual responses to an Income Satisfaction question posed in the German Socio-Economic Panel (GSOEP). Income satisfaction is the subjective analogue of the objective income concept. The paper introduces a method to decompose Income Satisfaction Inequality according to the contributions from variables such as income, education, and the number of children. Given the panel structure of the data, inequality may be attributed partly to permanent individual circumstances and partly to transitory changes. The paper shows that by far the largest part of the satisfaction inequality has to be ascribed to unobserved heterogeneity. Distinguishing between a structural and an unexplained part of inequality we find that income explains the largest part of structural Income Satisfaction Inequality together with household membership; for non-working individuals, the age distribution is very relevant as well.     

Inequality measurement and the time structure of household income in Israel

The aim of this paper is to empirically evaluate the effect of the length of the accounting period on indices of inequality of household income in Israel. There are three main findings: (1) The analysis of the impact of the accounting period on the Gini index of inequality can be done in a way which is identical to analyzing the effect of the accounting period on the coefficient of variation; (2) changing the accounting period from one to three months decreases, on average, the Gini index of inequality by about 1.7%. Furthermore, the Gini index calculated from a three-month accounting period was 3.9%–4.1% higher than the index based on a 12-month period. The change in the accounting period from 12 months to three months accounts for 27% to 37% of the increase in inequality in the last two decades, depending on the type of income considered. (3) The above relationship is stable over the years but is sensitive to the definition of income.     

A cohort analysis of female labor participation rates in the U.S. and Japan

Aggregate data of female labor participation rates in U.S. and Japan, classified by period and by age, are decomposed into age, period, and cohort effects using innovative Bayesian cohort models that were developed to overcome the identification problem in cohort analysis. The main findings are that in both countries, age effects are the largest and period effects are the smallest; in both countries, age effects are roughly consistent with life-cycle movements expected by labor economics, but the negative effects of marriage and/or childbearing on women?’s labor supply in Japan are much larger than those observed in the U.S.; and in both countries, upward movements of cohort effects during 1930s–1960s were found. However, cohort effects are larger for the U.S. than for Japan. All the cohort results are roughly consistent with the marriage squeeze hypothesis and the Easterlin hypothesis.     

Parametric estimation for ARFIMA models via spectral methods

Given a fractional integrated, autoregressive, moving average,ARFIMA (p, d, q) process, the simultaneous estimation of the short and long memory parameters can be achieved by maximum likelihood estimators. In this paper, following a two-step algorithm, the coefficients are estimated combining the maximum likelihood estimators with the general orthogonal decomposition of stochastic processes. In particular, the principal component analysis of stochastic processes is exploited to estimate the short memory parameters, which are plugged into the maximum likelihood function to obtain the fractional differencingd.     

Best Spatial Two-Stage Least Squares Estimators for a Spatial Autoregressive Model with Autoregressive Disturbances

Estimation of a cross-sectional spatial model containing both a spatial lag of the dependent variable and spatially autoregressive disturbances are considered. [Kelejian and Prucha (1998)]described a generalized two-stage least squares procedure for estimating such a spatial model. Their estimator is, however, not asymptotically optimal. We propose best spatial 2SLS estimators that are asymptotically optimal instrumental variable (IV) estimators. An associated goodness-of-fit (or over identification) test is available. We suggest computationally simple and tractable numerical procedures for constructing the optimal instruments.     

从玉米芯中提取木糖的试验研究

本文提出了通过玉米芯稀酸常压水解制取木糖的工艺和方法,讨论了影响木糖提取率的因素。     

The ‘Extended’ Atkinson family: The class of multiplicatively decomposable inequality measures,and some new graphical procedures for analysts

This paper introduces and characterises a class of inequality measures which extends the Atkinson family. This class contains canonical forms of all aggregative inequality measures, each bounded above by one, provides a new dominance criterion for ordering distributions in terms of inequality and offers some new graphical procedures for analysts. The crucial axiom for the characterisation is an alternative to the standard additive decomposition property that we call ‘multiplicative decomposability,’ where the within-group component is a generalised weighted mean with weights summing exactly to one. An erratum to this article can be found at     

中美棉花期货价格引导和均衡关系的实证分析

对中国棉花期货上市至实证结束期间796个价格数据,运用Eviews软件的协整分析、Granger因果检验、误差修正模型和方差分解法,实证检验了中国和美国棉花期货价格之间的关系,结果表明:中美棉花期货价格之间的协整关系成立,两者具有显著的长期稳定关系;中美棉花期货价格间存在显著的相互引导关系;短期内美国棉花期货价格变动是中国棉花期货价格变动Granger意义上的原因;中国期货价格虽受到美国棉花期货价格的影响,但具有较强的独立性。     

股票收益的自校正研究

提出一种联系股票价格、股票收益及股息的单变量回归模型来研究股票收益的自校正，并采用变量分解法探讨股票预期收益与非预期收益两者之间的变动关系。     

On the distribution of quadratic forms in normal random variables

This paper provides necessary and sufficient conditions for a quadratic form in singular normal random variables to be distributed as a given linear combination of independent noncentral chi-square variables. Using this result, an extension of Cochran's theorem to quadratic forms of noncentral chi-square variables is derived.