Constructing and evaluating core inflation measures from component‐level inflation data

This paper undertakes a comprehensive examination of 10 measures of core inflation and evaluates which measure produces the best forecast of headline inflation out‐of‐sample. We use the Personal Consumption Expenditure Price Index as our measure of inflation. We use two sets of components (17 and 50) of the Personal Consumption Expenditure Price Index to construct these core inflation measures and evaluate these measures at the three time horizons (6, 12 and 24 months) most relevant for monetary policy decisions. The best measure of core inflation for both sets of components and over all time horizons uses weights based on the first principal component of the disaggregated (component‐level) prices. Interestingly, the results vary by the number of components used; when more components are used the weights based on the persistence of each component is statistically equivalent to the weights generated by the first principal component. However, those forecasts using the persistence of 50 components are statistically worse than those generated using the first principal component of 17 components. The statistical superiority of the principal component method is due to the fact that it extracts (in the first principal component) the common source of variation in the component level prices that accurately describes trend inflation over the next 6–24 months.     

完全市场中的Yaari对偶效用最大化问题

效用最大化问题是经济学和金融学中的最重要和最基本的问题之一.经典的von NeumannMorgenstern期望效用模型在实践中都受到诸多挑战.Yaari对偶效用理论是重要的非期望效用模型之一.本文研究完全金融市场中的Yaari对偶效用最大化问题.前人在某种单调性条件下得到了该问题最优解的显式刻画.而在本文中,无需任何单调性条件,我们得到了最优解的显式刻画.     

Forecasting in long horizons using smoothed direct forecast

This paper constructs a forecast method that obtains long‐horizon forecasts with improved performance through modification of the direct forecast approach. Direct forecasts are more robust to model misspecification compared to iterated forecasts, which makes them preferable in long horizons. However, direct forecast estimates tend to have jagged shapes across horizons. Our forecast method aims to “smooth out” erratic estimates across horizons while maintaining the robust aspect of direct forecasts through ridge regression, which is a restricted regression on the first differences of regression coefficients. The forecasts are compared to the conventional iterated and direct forecasts in two empirical applications: real oil prices and US macroeconomic series. In both applications, our method shows improvement over direct forecasts.     

中国和美国信贷冲击跨境溢出效应的比较研究

本文构建了基于符号约束识别的GVAR模型,并用以考察中国和美国的信贷市场冲击对全球41个国家的不同溢出效应.研究结果表明,中国紧缩性信贷市场冲击对本国实体经济有显著的负效应,但仅限于短中期;而美国信贷冲击对本国乃至全球经济都具有相当大且持久的负影响.中国信贷冲击的跨国效应较小,且主要通过贸易渠道.中国信贷市场的本国冲击能解释中国产出近10%的波动,但无论是本国效应还是跨境传导,总需求冲击仍是驱动中国经济周期波动的最主要力量.     

基于ESI和InCites的学科发展预测研究--以中国地质大学为例

基于汤姆路透公司的ESI和InCites数据库，分析了中国地质大学各学科的特征，探讨了高被引论文、热门论文、顶尖论文与学科发展的关系，并预测后续最有可能入围ESI世界前1％的学科。     

资本市场:缺陷与修正

阐述了目前我国资本市场在体制、结构、功能、机制监管、市场主体等方面存在的缺陷，提出了修正资本市场缺陷的根本出路是制度创新。     

关于工程招投标合理低报价的思考

探讨了建筑工程发承包交易中低报价中标的可操作性，阐明了合理低报价的实际意义及业主应有的权利，提出了低报价中标工程应采取的保障措施及尚需解决的问题。     

高校图书馆信息工作的现状、困扰及对策

当前，高校图书馆信息服务观念没有真正树立，机构不健全，人员不足，经费紧张以及信息资源的极大浪费使信息工作面临困境。要摆脱这种困境，必须提高相关人员的信息服务意识，通过成立专门的信息服务委员会，提高信息服务人员的素质，向社会广开信息服务市场，拓宽筹措经费渠道，促进信息资源开发和信息资源更新的良性循环     

面向MIS的预测支持系统的研究

通过对预测支持系统研究现状的分析,讨论了预测支持系统如何更好的适用于MIS,为其提供预测支持.并提出了更加适应MIS当今和未来发展的预测支持系统构建模式.     

WTO与我国服装业改革

中国加入WTO，全球经济一体化，我国服装业挑战和机遇并存，服装行业应正视差距，必须努力掌握市场信息，适应市场需求，有效地利用自身资源优势，引进和发展先进科技，加强信息管理，使服装行业尽快地与国际接轨，融入世界服装强国之列。