我国居民消费变动与经济增长的实证分析

消费需求对于我国经济增长及景气周期具有决定性影响 ,既是拉动经济增长的最大动力 ,又是防止经济萧条的稳定力量。近几年来政府通过扩大投资启动经济的政策效果不尽如人意的主要原因在于居民消费倾向明显下降。导致居民消费倾向下降的主要因素是各项社会保障制度同时出台 ,使居民预期支出不稳定。启动新一轮景气周期的政策重心应是提高居民消费倾向 ,激活消费需求。一方面 ,要认真研究居民消费心理和消费行为 ,制定消费政策并将其纳入经济增长长期政策之中 ;另一方面 ,政府应加大对社会保障资金的支持力度 ,改变居民对未来前景的不确定预期 ,使居民消费倾向逐渐转为正常     

What we can and cannot learn from the history of world population

Mankind is passing through an exceptional phase of accelerated population growth that generates anxiety about the future. How many billion people will share the limited resources of our globe a century from now? What will be the consequences of globalization for human behaviour? How will individuals react to emerging new constraints? What will be the consequences of climate change for human society? Obviously enough, history cannot offer operational answers to these crucial questions. Nevertheless, history offers some interesting insights into demographic behaviour experienced in the past that could be replicated in the future, with the variations and adaptations dictated by the changing contexts. In other words, there are constants and structures in human behaviour, and there are robust mechanisms in the functioning of demographic systems that are of some help in preparing us to deal with the future.     

Revisiting the transitional dynamics of business cycle phases with mixed-frequency data

This paper introduces a Markov-switching model in which transition probabilities depend on higher frequency indicators and their lags through polynomial weighting schemes. The MSV-MIDAS model is estimated through maximum likelihood (ML) methods with a slightly modified version of Hamilton’s filter. Monte Carlo simulations show that ML provides accurate estimates, but they suggest some caution in interpreting the tests of the parameters in the transition probabilities. We apply this new model to forecast business cycle turning points in the United States. We properly detect recessions by exploiting the link between GDP growth and higher frequency variables from financial and energy markets.     

古代亚洲印欧语族群牛图腾崇拜研究

牛图腾文化为古代印欧语族群的文化,有着悠久的历史和宽广的分布区域.由于中亚胡人的突厥化及其在人种和文化方面都与突厥语族群融为一体,牛图腾文化最终湮没不彰.从剖析这一文化现象入手,进而探讨古代印欧人种居民的地理分布以及牛图腾文化与狼图腾文化的融合.既有助于对印欧语族群历史文化的认识,也有助于对突厥语族群文化史的深入研究.     

Simulation-based estimation of threshold moving average models with contemporaneous shock asymmetry and an application to Turkish business cycles

Persistence of shocks to economic time series may differ depending on the sign of the shock or on a threshold value. Threshold moving average (TMA) models, by explicitly taking into account threshold behavior, can help discriminate whether there exists persistence asymmetry. This article considers TMA models in which both contemporaneous and lagged asymmetric effects are both present and examines the properties of simulation-based efficient method of moments estimation using Monte Carlo simulation experiments. The model is applied to analyze the persistence properties of shocks to growth rates of gross domestic product and industrial production index in Turkish economy.     

惩罚机制对阻断腐败循环的演化博弈分析

腐败循环是一种典型的社会困境问题,其根源在于反腐败组织无法打破腐败利益交易双方在长期博弈中形成的稳定均衡态势。通过演化博弈分析发现,惩罚机制可以起到促进反腐败组织协调高效运作的作用,有助于打破腐败交易双方的长期合作关系,从而为最终阻断腐败循环提供可能性。     

‘Leaning Against an Open Door’: Ideology and the cyclicality of public expenditure

When is government expenditure likely to be procyclical? While economists tend to anticipate counter-cyclical expenditure, recent studies report procyclical expenditure. This paper explores the impact of political ideology on the cyclicality of government expenditure. Predictions are tested with reference to government expenditure in the USA between 1950 and 2008. The likelihood of procyclical expenditure increases if groups that press for increased public expenditure are‘…leaning against an open door’.     

以强大的国内市场为基础构建“十四五”新发展格局

构建新发展格局是中国迈入“十四五”新发展阶段、实现经济高质量发展、解决经济发展面临各种中长期问题的重要战略思路,通过分析构建新发展格局理论与现实意义,研究“十四五”构建新发展格局的路径和方向。研究认为,“十四五”构建新发展格局,关键在于以打造强大的国内市场为基础,形成国内外双循环相互促进的新格局; 需要培育完整、多层次、全方位的国内需求体系,发挥“中国制造+中国消费”的大国市场优势; 要深化供给侧结构性改革,在打造创新链、提升产业链、稳定供应链的基础上,探索融合发展的新路径; 要促进区域协调发展,形成分工有序的区域良性发展机制,促进生产要素在国内的顺畅流动和优化配置; 利用“一带一路”建设带来的新机遇,积极参与国际分工合作并融入国际新循环,探索“更高层次”开放合作的新途径。     

开放式基金投资者“用脚投票”研究

在国内基金业治理水平低下的背景下,研究基金投资者的“用脚投票”具有重要意义.本文重点考察在牛市与熊市状态下,机构与个人投资者如何根据基金及其家族特征进行“用脚投票”.构建非平衡面板模型,以基金资金净流入度量投资者用脚投票,研究结果如下:第一,基金投资者“用脚投票”与股市周期、投资者类型密切相关.牛市期间资金流量显著受基金业绩、基金资产以及其家族规模等因素的影响,而熊市期间资金流量对上述因素敏感性下降,或运动方向相反.第二,个人投资者与机构投资者用脚投票方式不一样.第三,基金资金-业绩流量关系与股市周期、投资者类型以及业绩度量方式密切相关.进一步研究发现,牛市阶段基金业绩、家族规模等因素比熊市阶段能较好地预测未来收益,投资者在牛市比熊市理性,机构比个人投资者理性.本文据此提出了完善基金投资者“用脚投票”的政策建议.     

Estimation of variance based on a ranked set sample

In this paper we examine the problem of the estimation of the variance σ² of a population based on a ranked set sample (RSS) from a nonparametric point of view. It is well known that based on a single cycle RSS, there does not exist an unbiased estimate of σ². We show that for more than one cycle, it is possible to construct a class of quadratic unbiased estimates of σ² in both balanced and unbalanced cases. Moreover, a minimum variance unbiased quadratic nonnegative estimate of σ² within a certain class of quadratic estimates is derived.