This paper studies the connection between the stock market and real output in China and compares it with benchmark countries,employing a novel vector autoregression with asymmetric leads(VARwAL)model.It makes two cont...This paper studies the connection between the stock market and real output in China and compares it with benchmark countries,employing a novel vector autoregression with asymmetric leads(VARwAL)model.It makes two contributions.First,it finds that the time profile of the Chinese stock market's response to real output shocks suggests no evidence of a distorted relationship due to manipulation of Chinese real output data or domination of the Chinese stock market by individual investors.Rather,the Chinese stock market is relatively more responsive to real output,in line with the larger share of manufacturing in the Chinese economy.Electricity output and industrial profits,two different,less-manipulable time series,yield similar results.Second,it presents the first use of VARwAL impulse responses to detect stock market bubbles:VARwAL captures the 2015 bubble in China successfully.Over the full sample period,China's stock market appears to have been less prone to bubbles than the US stock market.展开更多
Over the past 30 years, China has achieved remarkable long-term economic growth. Using quarterly data, we study the effects of money supply on real output and inflation in China between 1993 and 2008. To this end, we ...Over the past 30 years, China has achieved remarkable long-term economic growth. Using quarterly data, we study the effects of money supply on real output and inflation in China between 1993 and 2008. To this end, we use money supply shocks afler filtering out the expected component of the money supply. Our findings provide evidence supporting the asymmetric effect of positive and negative money supply shocks on real output and inflation in China. That is, real GDP growth in China responds to negative money supply shocks but not positive money supply shocks. In addition, inflation responds to positive money supply shocks but not negative money supply shocks. We conclude that the People's Bank of China' s policy of steady monetary growth appears to be appropriate. Our study offers important policy implications for China.展开更多
A novel decentralized indirect adaptive output feedback fuzzy controller is developed for a class of large-scale uncertain nonlinear systems using error filtering.By the properly filtering of the observation error dyn...A novel decentralized indirect adaptive output feedback fuzzy controller is developed for a class of large-scale uncertain nonlinear systems using error filtering.By the properly filtering of the observation error dynamics,the strictly positive-real condition is guaranteed to hold such that the proposed output feedback and adaptation mechanisms are practicable in practice owing to the fact that its implementation does not require the observation error vector itself any more,which corrects the impracticable schemes in the previous literature involved.The presented control algorithm can ensure that all the signals of the closed-loop large-scale system keep uniformly ultimately bounded and that the tracking error converges to zero asymptotically.The decentralized output feedback fuzzy controller can be applied to address the longitudinal control problem of a string of vehicles within an automated highway system(AHS) and the effectiveness of the design procedure is supported by simulation results.展开更多
基金the Cooperatio Program,Research Area Economics,at Charles University,Czechia.
文摘This paper studies the connection between the stock market and real output in China and compares it with benchmark countries,employing a novel vector autoregression with asymmetric leads(VARwAL)model.It makes two contributions.First,it finds that the time profile of the Chinese stock market's response to real output shocks suggests no evidence of a distorted relationship due to manipulation of Chinese real output data or domination of the Chinese stock market by individual investors.Rather,the Chinese stock market is relatively more responsive to real output,in line with the larger share of manufacturing in the Chinese economy.Electricity output and industrial profits,two different,less-manipulable time series,yield similar results.Second,it presents the first use of VARwAL impulse responses to detect stock market bubbles:VARwAL captures the 2015 bubble in China successfully.Over the full sample period,China's stock market appears to have been less prone to bubbles than the US stock market.
文摘Over the past 30 years, China has achieved remarkable long-term economic growth. Using quarterly data, we study the effects of money supply on real output and inflation in China between 1993 and 2008. To this end, we use money supply shocks afler filtering out the expected component of the money supply. Our findings provide evidence supporting the asymmetric effect of positive and negative money supply shocks on real output and inflation in China. That is, real GDP growth in China responds to negative money supply shocks but not positive money supply shocks. In addition, inflation responds to positive money supply shocks but not negative money supply shocks. We conclude that the People's Bank of China' s policy of steady monetary growth appears to be appropriate. Our study offers important policy implications for China.
基金supported by the National Natural Science Foundation of China (6096400460864004+2 种基金50808025)the Fok Ying Tung Education Foundation (122013)the Scientific Research Fund of Hunan Provincial Education Department (08A003)
文摘A novel decentralized indirect adaptive output feedback fuzzy controller is developed for a class of large-scale uncertain nonlinear systems using error filtering.By the properly filtering of the observation error dynamics,the strictly positive-real condition is guaranteed to hold such that the proposed output feedback and adaptation mechanisms are practicable in practice owing to the fact that its implementation does not require the observation error vector itself any more,which corrects the impracticable schemes in the previous literature involved.The presented control algorithm can ensure that all the signals of the closed-loop large-scale system keep uniformly ultimately bounded and that the tracking error converges to zero asymptotically.The decentralized output feedback fuzzy controller can be applied to address the longitudinal control problem of a string of vehicles within an automated highway system(AHS) and the effectiveness of the design procedure is supported by simulation results.