PRICE‐LEVEL CHANGES AND THE REDISTRIBUTION OF NOMINAL WEALTH ACROSS THE EURO AREA

We show that unexpected price‐level movements generate sizable wealth redistribution in the Euro Area (EA), using sectoral accounts and newly available data from the Household Finance and Consumption Survey. The EA as a whole is a net loser of unexpected price‐level decreases, with Italy, Greece, Portugal, and Spain losing most in per capita terms, and Belgium and Malta being net winners. Governments are net losers of deflation, while the household (HH) sector is a net winner in the EA as a whole. HHs in Belgium, Ireland, Malta, and Germany experience the biggest per capita gains, while HHs in Finland and Spain turn out to be net losers. Considerable heterogeneity exists also within the HH sector: relatively young middle class HHs are net losers of deflation, while older and richer HHs are winners. As a result, wealth inequality in the EA increases with unexpected deflation, although in some countries (Austria, Germany, and Malta) inequality decreases due to the presence of relatively few young borrowing HHs. We document that HHs' inflation exposure varies systematically across countries, with HHs in high‐inflation EA countries holding systematically lower nominal exposures.     

THE DYNAMICS OF CLIMATE AGREEMENTS

This paper analyzes a framework in which countries over time pollute and invest in green technologies. Without a climate treaty, the countries pollute too much and invest too little, particularly if intellectual property rights are weak. Nevertheless, short‐term agreements on emission levels then reduce every country's payoff, since countries invest less when they anticipate future negotiations. If intellectual property rights are weak, the agreement should be tougher and more long‐term. Conversely, if the climate agreement happens to be short‐term or absent, intellectual property rights should be strengthened or technological licensing subsidized.     

控股股东持股比例对企业研发投资强度影响的实证分析

利用《中国工业企业数据库》发布的重工业企业调查数据,基于非参数回归、OLS估计以及Tobit估计的方法研究了控股股东持股比例对企业研发投资强度的影响。研究发现：控股股东持股比例对企业研发投资强度的影响存在门槛效应。股权性质（控股资本类型）、企业年龄对企业研发投资强度的影响并不显著,但企业规模对企业研发投资强度带来显著性影响。文章认为,控股股东持股比例大约保持在50%～80%左右更利于企业技术创新;企业间应加强技术创新合作以形成研发投资的规模效应。     

似是故人来--《德伯家的苔丝》的新历史主义观

新历史主义凸显文本与语境的互动关系,即“历史的文本性”和“文本的历史性”,同时也提出了文学文本“颠覆”与“遏制”的政治功能。细读哈代的《德伯家的苔丝》,可以发现该小说体现了“历史的文本性”和“文本的历史性”意识,哈代在小说中试图对社会的中心意识进行“颠覆”,但其在“颠覆”过程中却又受到历史语境的“遏制”。     

3D打印技术在雕塑艺术创作中的应用

技术的创新总是能给实践活动带来便捷,提高实践的效率和成功率。3D打印技术的介入使雕塑艺术创作的效果有了更多的预知性、丰富了雕塑艺术创作的手段和材料,使雕塑艺术创作过程更为简单,特别是保证了雕塑家创作意图的准确实现。     

后现代意味与新写实小说

新写实小说是跨越20世纪80、90年代的唯一文学潮流。从文学价值学着眼,它对“宏大叙事”的解构主要表现在:宣告形而上意义与价值的无效,使意义与价值回到形而下,回到凡俗人生。因此,消解政治话语,以生存话语取而代之,拒绝形而上的乌托邦遐想,以形而下日常生活的平面化叙事为价值旨趣,便构成了新写实小说文本叙事的出发点和最后的归属。可以说,新写实小说是一种没有表现出显在解构冲动的具有强烈解构特征的文学现象,它的解构性没有表现出咄咄逼人的进攻性,是不动声色的。正因为这样,它的解构与颠覆意味则长久被人们所忽略或漠视。     

FDI和R&D对经济增长的动态影响———基于中国20年面板数据的实证分析简

本文采用1991－2010年我国省际面板数据,分别从整个样本期、1991－2000年、2001－2010年考察了 FDI和 R＆D对我国经济增长的动态影响。实证结果表明,R＆D对我国经济增长的贡献经历了一个从不显著到显著的正影响过程,而且R＆D对我国经济增长的贡献大于FDI;尽管在整个样本期FDI对我国经济增长的影响显著为正,但由于外资企业对我国国内企业竞争负效应的增强和技术外溢效应的减弱,使得 FDI 对我国经济增长的贡献由1991－2000年的显著正影响转为2001－2010年的不显著负影响。因此,我国需要积极鼓励国内企业以跨国并购的方式走出去,积极与外国 R＆D机构开展合作,提升我国企业的技术水平和 R＆D实力,扭转近年来 FDI在我国经济增长中的负效应局面。     

International cooperation in stockpiles and tariffs for coping with oil supply disruptions

This paper provides a unified treatment of oil stockpiling and demand restraint as policy responses for enhancing energy security and examines the implications of recent changes in the structure and performance of the international oil market for the design of policies. These issues are addressed using a dynamic programming framework in which international policy actions of key oil-importing countries are modeled as a Nash dynamic game. Significant policy implications from the analysis include: (1) the result that, with realistic assumptions about disruption risks and inventory capacities, differences between noncooperative and coordinated stockpile policies appear to be minor and (2) significant mutual gains could be reaped from a modest degree of collective restraint on normal market oil demand. The broader role of international cooperation in enhancing energy security is also discussed.     

The determinants of international creditworthiness and their policy implications

The present paper utilizes an empirical measure of creditworthiness based on bankers' perceptions to estimate the effect of various variables hypothesized to influence assessments of countries' debt-servicing capacity. The data pertain to a cross section of countries within the period 1979–1983. Such estimates necessarily employ a ceteris paribus assumption, which prevents a realistic assessment of the effects generated by policy changes. The second part of the paper develops, therefore, a dynamic simulation model of a hypothetical average economy. The simulations allow analysis of changes in macroeconomic variables and creditworthiness over time within a system that maintains accounting identities and behavioral constraints. Several changes in policy variables are considered that highlight the importance of export expansion. The latter is, of course, an often suggested policy objective, but the present paper demonstrates its effectiveness in terms of a somewhat nonstandard criterion.     

Political confrontation over fiscal processes: The impact of the U.S. Congressional Budget Act

In July 1974 the U.S. Congressional Budget Act was signed into law. This legislation was the result of a heavily fought political confrontation between President Nixon and Congress over who controlled the Federal budget. In addition to the issue of control, the Act was prompted by dissatisfaction with the procedures used by Congress to determine Federal receipts and expenditures. The purpose of this paper is to assess the impact this legislation had on the U.S. economy in its early years.The first section of the paper sets up a simple modeling framework. The model is specified so as to illustrate how a change in the budget process resulting from the Congressional Budget Act could potentially produce changes in the level of total output. This section also explains the derivation of a tax and expenditure series used in the model's empirical testing. The second section addresses some of the theoretical issues, and presents the results of simulations based on the Chase, Wharton, and Data Resources econometric models. Broad conclusions are gathered in the final section.