Bias Correction in the Dynamic Panel Data Model with a Nonscalar Disturbance Covariance Matrix

Approximation formulae are developed for the bias of ordinary and generalized Least Squares Dummy Variable (LSDV) estimators in dynamic panel data models. Results from Kiviet [Kiviet, J. F. (1995), on bias, inconsistency, and efficiency of various estimators in dynamic panel data models, J. Econometrics68:53-78; Kiviet, J. F. (1999), Expectations of expansions for estimators in a dynamic panel data model: some results for weakly exogenous regressors, In: Hsiao, C., Lahiri, K., Lee, L-F., Pesaran, M. H., eds., Analysis of Panels and Limited Dependent Variables, Cambridge: Cambridge University Press, pp. 199-225] are extended to higher-order dynamic panel data models with general covariance structure. The focus is on estimation of both short- and long-run coefficients. The results show that proper modelling of the disturbance covariance structure is indispensable. The bias approximations are used to construct bias corrected estimators which are then applied to quarterly data from 14 European Union countries. Money demand functions for M1, M2 and M3 are estimated for the EU area as a whole for the period 1991: I-1995: IV. Significant spillovers between countries are found reflecting the dependence of domestic money demand on foreign developments. The empirical results show that in general plausible long-run effects are obtained by the bias corrected estimators. Moreover, finite sample bias, although of moderate magnitude, is present underlining the importance of more refined estimation techniques. Also the efficiency gains by exploiting the heteroscedasticity and cross-correlation patterns between countries are sometimes considerable.     

论洗钱罪的防治

洗钱罪是众多经济犯罪和有组织犯罪的派生物,具有对社会的危害性、过程的复杂性、方法手段的专业性、范围的国际性等特点。反洗钱是十分复杂的法治问题,涉及一个国家的社会、政治、经济等方面的内容。要加大反洗钱力度,就必须在防治上狠下功夫,从思想、立法、执法、金融防范、国际合作等领域采取措施,要标本兼治,才能构筑符合我国情况的反洗钱体系。     

欧元国际地位发展探析

欧元自1999年正式启动以来,在国际市场中的使用稳步成长,在第三国的使用日益广泛,已成为有信誉、稳定的第二大国际货币。但欧元国际地位的发展在各市场部分中具有一定的不平衡,地域性显著,尚不具备全球性。欧元国际地位的这种发展状态是历史性和变革性因素以及欧元主要使用者共同作用的结果,在诸多有利因素的支持下,欧元作为第二国际货币的地位在未来将得到进一步加强。     

Imagined interactions,family money management patterns and coalitions,and attitudes toward money and credit

This study explores the imagined interactions college students have with their parents about money and credit, their attitudes toward credit and money, the ways they say their parents deal with financial decisions, and the communication coalitions regarding finances they perceive existing within their family. Students’ imagined interaction pleasantness is greatest when parents jointly form a plan for paying off credit card debt and lowest when parents argue. When family coalitions exist, students report more frequent imagined interactions. Imagined interaction frequency and pleasantness are related to credit and money attitudes.

从交往异化到雇佣劳动批判——赫斯哲学补论

在1844年以前,赫斯将"资产阶级社会"称为"金钱贵族制",并把费尔巴哈对宗教批判的人本主义异化史观直接运用到对现实资产阶级社会的批判中来,提出了所谓货币是人的交往类本质的异化的观点。在他看来,正是这个颠倒的金钱世界,造成了更加普遍的剥削和奴隶制。而在后来的研究中,赫斯开始关注现实中的劳动,但并未用哲学人本主义的逻辑来描述资产阶级社会中的劳动状态,而是使用了比较准确和实证的概念:雇佣劳动和奴隶劳动。     

The saving and spending habits of young people

Over 250 British children and adolescents completed a questionnaire on their sources of personal income (pocket money/allowance, part-time job, gifts), as well as how much they had saved, where it was stored, and for what purpose it was intended. Particular attention was paid to bank accounts. The participants also responded to various attitude statements about money and the economic situation in general. Results showed numerous sex and age, but few class differences. Males received more pocket money and presents than females, and older children more than younger children. Over 80% of the children claimed their parents would not give them extra money if they had spent it all. Regressional analyses showed that the best predictors of regularity of saving, as well as the proportion of money saved, were the more money received; the less money spent in the previous week and total amount of money saved in the previous week. The results are discussed in terms of the limited empirical literature on children's pocket money allowances, particularly with respect to demographic differences. Limitations of the methodology are also reported.     

纸币的威力:北美英属殖民地经验及其理论意义

18世纪上半叶,宾夕法尼亚等许多北美英属殖民地政府,相继通过发行纸币成功地解决了经济发展过程中出现的货币供应不足问题。北美殖民地发行纸币实践所体现的理论意义,至今仍然没有过时。这些理论意义包括:一、纸币等象征性货币具有金银等贵金属铸币不可比拟的优越性;二、一国货币供应和创造的任务应当主要由国有银行承担。     

Research in family financial counseling

Domains of family financial counseling research are proposed in order to establish criteria for assessing research needs in this relatively new field. Identification of the research domains implies progress for an emerging profession. A survey of the family financial counseling research to date is reported. Results of research in several domains are shown to demonstrate how results from empirical studies can contribute to the theory and practice of family financial counseling.Research conducted under the auspices of Agricultural Experiment Station Research Project 01803, Family Economic Problems and Resource Management.Dr. Williams is an Associate Professor in the Department of Consumer Sciences and Retailing, Purdue University, West Lafayette, Indiana 47907. Her Ph.D. was received from Purdue. Current research interests include income adequacy, economic security, financial problems, and financial counseling.     

论《金瓶梅》中西门庆的心理特征

西门庆的心理呈现出复杂、矛盾的特征。在将封建的伦理道德、纲常律令踩在脚下的同时,他又不能完全摆脱传统观念的羁绊。具体表现在他对自己生活中最重要的五个方面——家庭、权势、宗教、性和金钱的态度和观念上。他的家庭观念主要表现为他对女性贞节和子嗣的双重心态;在权势心态上自信与自卑交织;他的宗教观是实用主义为中心,更重视金钱的作用和个人的力量;在性领域表现为畸形的占有心理和焦虑、软弱心理并存;在钱财意识上,他贪财但不吝财,对金钱有着不同于传统的新的认识。     

Testing the lucas critique: A review

Claims that the parameters of an econometric model are invariant under changes in either policy rules or expectations processes entail super exogeneity and encompassing implications. Super exogeneity is always potentially refutable, and when both implications are involved, the Lucas critique is also refutable. We review the methodological background; the applicability of the Lucas critique; super exogeneity tests; the encompassing implications of feedback and feedforward models; and the role of incomplete information. The approach is applied to money demand in the u.S.A. to examine constancy, exogeneity, and encompassing, and reveals the Lucas critique to be inapplicable to the model under analysis.