信息技术的增长效应:来自中国制造业企业的证据

现有研究对于信息技术如何促进经济增长尚无定论,本文利用企业层面数据来回答这一问题。研究发现,使用信息技术的企业增长速度更快,并且增长质量更高。我们使用不同的指标,使用新成立企业和匹配企业样本,使用工具变量方法缓解内生性问题,上述结果仍十分稳健,但在不同类型的企业间存在异质性。本文在理论上阐述了信息技术的增长效应,并进行实证检验,这对我国当前的新经济发展战略具有明确的政策含义。

AN AVERAGING PRINCIPLE FOR STOCHASTIC DIFFERENTIAL DELAY EQUATIONS DRIVEN BY TIME-CHANGED LéVY NOISE

In this paper,we aim to derive an averaging principle for stochastic differential equations driven by time-changed Lévy noise with variable delays.Under certain assumptions,we show that the solutions of stochastic differential equations with time-changed Lévy noise can be approximated by solutions of the associated averaged stochastic differential equations in mean square convergence and in convergence in probability,respectively.The convergence order is also estimated in terms of noise intensity.Finally,an example with numerical simulation is given to illustrate the theoretical result.

THE LEAST SQUARES ESTIMATOR FOR AN ORNSTEIN-UHLENBECK PROCESS DRIVEN BY A HERMITE PROCESS WITH A PERIODIC MEAN

We consider the least square estimator for the parameters of Ornstein-Uhlenbeck processes dY_(s)=(∑_(j=1)^(k)μ_(j)φ_(j)(s)-βY_(s))ds+dZ_(s)^(q,H),driven by the Hermite process Z_(s)^(q,H)with order q≥1 and a Hurst index H∈(1/2,1),where the periodic functionsφ_(j)(s),,j=1,...,κare bounded,and the real numbersμ_(j),,j=1,...,κtogether withβ>0 are unknown parameters.We establish the consistency of a least squares estimation and obtain the asymptotic behavior for the estimator.We also introduce alternative estimators,which can be looked upon as an application of the least squares estimator.In terms of the fractional Ornstein-Uhlenbeck processes with periodic mean,our work can be regarded as its non-Gaussian extension.

Economic Development and Social Integration of Migrants in China

Migrants often face challenges in social integration.Using a nationally representative sample of migrant workers and employing the epidemiological approach,this paper examines the determinants of social integration.It finds that,conditional on a set of individual features,the migrants from less-developed provinces have greater difficulty in integrating into local communities.These results still demonstrate robustness across alternative variables,samples,and various specifications.Mechanism analysis shows that educational and employment factors account for over 40 percent of the variance in social integration levels,suggesting their significant influence.Additionally,the analysis suggests that native bias against migrants,along with misunderstandings between them,may account for part of the remaining variation in social integration levels.Importantly,the ability to speak local dialects has been identified as a crucial factor that can significantly improve migrants'subjective experience of integrating into a new city.By identifying one specific cause of social integration,this paper provides information to individuals and governments and assists them to improve social integration.

Total Factor Productivity in China's Manufacturing Sector in the Aftermath of the Global Financial Crisis

This paper improves the estimation of firm-level total factor productivity(TFP)by considering energy use and including small-and medium-sized enterprises using data from the Chinese National Tax Survey Database(2008-2011).It analyzes the production efficiency of Chinese manufacturing firms using the improved TFP data and finds that(i)the TFP data frequently used in previous studies overestimated firms'real production efficiency;(i)the TFP of manufacturing firms decreased from 2008 to 2011 due to declines in both technical efficiency and allocation efficiency,(ii)the lower capacity utilization of production factors led to lower technical efficiency;and(iv)allocation efficiency decreased more in provinces and industries with higher shares of state-owned enterprises.The findings have policy implications for enhancing growth potential in the long run.

去杠杆的分配效应——来自中国工业部门的证据

高杠杆是我国经济当前面临的主要挑战。本文构建模型说明,企业策略性负债能提升企业在劳资谈判中的筹码,进而压低劳动收入份额。实证分析发现,企业负债显著地降低了劳动收入份额,而且企业负债和劳动收入份额的关系随企业所有制、劳动密集度、工会力量和债务类型而变动。本文研究有助于理解劳动收入份额下降的原因,并进一步阐明了高杠杆对收入分配的危害,为我国经济去杠杆和缩小收入差距的经济政策提供了理论支持。

Limit theorems for functionals of Gaussian vectors

作为自我类似的进程的扩展，操作符自我类似的进程广泛地被学习了。在这个工作，我们为 Gaussian 向量的 functionals 学习限制定理。在一些条件下面，我们决定随机的向量的一个静止 Gaussian 序列的 functionals 的部分和的限制是一个操作员自我类似的过程。

Least squares estimator of Ornstein-Uhlenbeck processes driven by fractional Levy processes with periodic mean

VVc deal with the least squares estimator for the drift parameters of an Ornstein-Uhlenbeck process with periodic mean function driven by fractional Levy process.For this estimator,we obtain consistency and the asymptotic distribution.Compared with fractional Ornstein-Uhlenbeck and Ornstein-Uhlenbeck driven by Levy process,they can be regarded both as a Levy generalization of fractional Brownian motion and a fractional generalization of Levy process.

Asymptotic behavior for bi-fractional regression models via Malliavin calculus

Let B^H1,K1 and BH2,K2 be two independent bi-fractional Brownian motions. In this paper, as a natural extension to the fractional regression model, we consider the asymptotic behavior of the sequence Sn：=∑i=0^n-1K（n^αBi^H,K1）（Bi＋1^H2,K2-Bi^H2,K2）where K is a standard Gaussian kernel function and the bandwidth parameter α satisfies certain hypotheses. We show that its limiting distribution is a mixed normal law involving the local time of the bi-fractional Brownian motion B^H1,K1. We also give the stable convergence of the sequence Sn by using the techniques of the Malliavin calculus.