ICP与CPI关系比较和整合研究

广义上看,全球国际比较项目（ICP）和消费者价格指数（CPI）都属于价格统计的范畴。比较分析发现,虽然二者在理论基础、测度目标等方面存在差异,但在原始数据类型、指标生成过程、编制方法和原则等方面相同或非常相近,为二者关系的协调和整合提供了理论支撑。在此基础上,探讨了ICP与CPI整合的总体思路,从基本、扩展和系统三个层面研究二者整合的方法,并提出若干政策建议。     

特有冲击、共同冲击与通货膨胀持续性

中国分类价格指数的通货膨胀持续性有何特征？如何理解分类价格指数和加总价格指数通货膨胀持续性之间的关系？我们对2001年1月至2011年12月的数据进行实证分析,结果表明分类价格指数比较明显的表现出行业间异质的通货膨胀波动性和通货膨胀持续性,而与加总价格指数相比,它的通货膨胀波动性更大而通货膨胀持续性更低。通货膨胀持续性的这些现象可以从特有冲击和共同冲击的角度加以理解。共同冲击的相对重要性存在差异解释了分类价格指数的通货膨胀持续性呈现行业间异质性;特有冲击的重要性在数据加总时被削弱,解释了分类价格指数具有比加总价格指数更低的通货膨胀持续性。     

中国居民消费价格指数间的关系与选择

居民消费价格是宏观经济监测的重要内容之一,其指数间的关系与选择具有重要意义。通过与国外发达国家的比较,从我国目前价格指数编制和选择使用的现状及存在的问题出发,研究环比、同比和定基价格指数以及环比“折年率”之间的相互转化情况和它们各自在经济监测中的特征。重点研究了基于X-12-ARIMA模型的环比价格指数的季节调整和同比价格指数相对环比价格指数对物价监测的时滞性。同时验证了研究中同比向定基指数转化的合理性。由此对我国居民价格实时监测的指数选择提供政策建议,也为我国价格指数的编制提出建议。     

The Bias in Price Elasticity Estimates Under Homothetic Separability: Implications for Analysis of Peak-Load Electricity Pricing

This article demonstrates that the assumption of a homothetically separable utility function places a priori restrictions on the parameters of the demand system. If these restrictions are unwarranted, an open question if they are not explicitly tested, they will lead to biased price elasticity estimates. In particular, we show that the uncompensated own-price elasticities must be smaller than the negative of the expenditure shares; that is, the price elasticity of peak electricity demand must be less than the negative of the share of expenditure devoted to peak electricity. This finding is probably not new to economists familiar with consumer demand analysis. Nevertheless, many recent studies of consumer demand for electricity under time-of-day rates explicitly impose this restriction. The resulting price elasticity estimates are usually quite large in absolute value (.5 to .8); but they are the product of restrictive a priori assumptions as well as information embodied in the sample data. The results of two analyses of time-of-day experiments, where the researchers imposed the untested assumption of homothetic separability, are examined more closely. We find that the reported price elasticities are strongly influenced by that a priori assumption. A Monte Carlo experiment demonstrates that using this model will lead to the reported price elasticities even if the consumption data are perfectly random with respect to price.     

Nonresponse Assessment of a Consumer Price Index

A household budget survey often suffers from a high nonresponse rate and a selective response. The bias that may be introduced in the estimation of budget shares because of this nonresponse can affect the estimate of a consumer price index, which is a weighted sum of partial price index numbers (weighted with the estimated budget shares). The bias is especially important when related to the standard error of the estimate. Because of the impossibility of subsampling nonrespondents to the budget survey, no exact information on the bias can be obtained. To evaluate the nonresponse bias, bounds for this bias are calculated using linear programming methods for several assumptions. The impact on a price index of a high nonresponse rate among people with a high income can also be assessed by using the elasticity with respect to total expenditure. Attention is also given to the possible nonresponse bias in a time series of price index numbers. The possible nonresponse bias is much larger than the standard error of the estimate.     

房价波动对我国城镇居民消费的影响研究

 本文将房价、住房面积、消费习惯及借贷约束等变量引入消费者最优选择模型中,构建出在综合考虑各个因素的条件下,能够检验房价波动对居民消费影响的动态面板模型,运用动态系统广义矩阵方法,采用我国29个省市的年度数据进行多角度的实证分析。研究显示:(1)我国城镇居民受到较强消费习惯与收入敏感性的影响;(2)房价波动对居住消费的影响为负,对非居住消费的影响为正,且均存在明显的非对称性;(3)中东西地区房价波动对居住消费的影响均为负,但影响系数差异较大;对非居住消费的影响差异就更为明显,东西部地区影响为正,中部地区为负。分析也表明,我国城镇高房价收入比、地区经济发展不平衡及居民收入差距的不断拉大是导致实证结果的主要原因。     

中国新股异常现象的行为解释

 我们采用1996年至2009年上市的899新股为样本检验了投资者参与程度与新股市场表现之间的关系。我们发现新股上市首日收益率和投资者参与程度的正相关,与基于Rock（1986）和Welch（1992）的理性参与模型、基于Ellul和Pagano（2006）的流动性参与假说、和基于Miller（1977）的价格泡沫假说都是一致的。但是进一步的研究表明新股长期表现和新股首日收益率的负相关,这一结果只和价格泡沫假说是一致的。我们的实证结果表明中国新股上市首日观察到的高收益率的主要原因不太可能是发行公司有意的折价行为,而更有可能是过多的新股投资者导致新股短期均衡价格偏离基本面价值,这种价格的偏离在长期得到了纠正。     

Weighting Elementary Prices in Consumer Price Index Construction Using Spatial Autocorrelation

The Consumer Price Indexes (CPI) are used in current economic systems to measure inflation. When constructing CPIs, however, official institutions have systematically overlooked the spatial dimension of elementary prices. Ignoring the fact that prices are collected at geographical locations implicitly implies considering prices as spatially independent, when in fact they are not. To solve this problem, this article proposes to weight basic price data by taking into account the spatial correlation they display. The weighted geometric and arithmetic means suggested generalize and improve the simple geometric and arithmetic means currently in use.     

价格歧视行为的客观表现探究——从中国电信反垄断案说起

价格歧视行为通常表现为经营者就相同商品对条件相同的交易相对方实行不同的交易价格。其交易相对方应包括最终消费者,但对同一交易相对方实施的差异价格不构成价格歧视。在具体认定时,交易条件应考虑交货时间、交货地点、购买数量和付款条件等因素。判断"相同产品"的基本标准是产品在性能和功能上具有相同性,有微小差异的产品原则上应视为相同产品。     

非线性定价有效吗

非线性定价存在于日常生活的方方面面,如阶梯电、水、气价格以及累进税率、通话套餐等。然而,价格信号的复杂性,使得消费者常常并未基于边际价格做出经济决策,关于非线性定价对于需求是否存在抑制的争论亦是此起彼伏。有鉴于此,本文基于Ito（2014）所提模型,利用广东省2010-2013年间各城市阶梯水价在时间维度和横截面维度的变异性以及微观住户月度用水消费数据,对消费者认知价格进行了甄别,并指出既往研究存在的识别问题。实证结果显示,住户当月消费基本是对上月平均价格而非边际价格或者期望边际价格做出反应,弹性约为-0.24。这说明,阶梯水价并未如设计初衷那样,通过跳跃性的价格激励机制降低住户用水需求,而是通过提高平均价格实现了对于住户用水的抑制。本文对于税率设计以及其他能源价格、通信套餐定价也有一定启发意义。