This paper uses monthly data to examine the autonomy and effectiveness of monetary policy in China under the de facto fixed exchange rate arrangement in place from 1998 to 2005. The results obtained from Granger causa...This paper uses monthly data to examine the autonomy and effectiveness of monetary policy in China under the de facto fixed exchange rate arrangement in place from 1998 to 2005. The results obtained from Granger causality tests in a vector autoregression framework indicate that： （i） China actually conducted independent monetary policy during the fixed exchange rate period; and （ii） market-oriented policy measures are impotent in influencing real output and prices. The framework of the investigation into the autonomy of monetary policy adapts to the Chinese economic condition that primary loan and deposit rates are set by the central bank. Based on the empirical results, the present paper provides alternative strategies to improve the effectiveness of monetary policy in China, including developing the financial system and solidifying microeconomic fundamentals instead of forcing the adaptation of a more flexible exchange rate regime.展开更多
Over past decades,deceptive counterfeits which cannot be recognized by ordinary consumers when purchasing,such as counterfeit cosmetics,have posed serious threats on consumers’health and safety,and resulted in huge e...Over past decades,deceptive counterfeits which cannot be recognized by ordinary consumers when purchasing,such as counterfeit cosmetics,have posed serious threats on consumers’health and safety,and resulted in huge economic loss and inestimable brand damages to the genuine goods at the same time.Thus,how to effectively control and eliminate deceptive counterfeits in the market has become a critical problem to the local government.One of the principal challenges in combating the cheating action for the government is how to enhance the enforcement of relative quality inspection agencies like industrial administration office(IAO).In this paper,we formulate a two-stage counterfeit product model with a fixed checking rate from IAO and a penalty for holding counterfeits.Tominimize the total expected cost over two stages,the retailer adopts optimal ordering policies which are correlated with the checking rate and penalty.Under certain circumstances,we find that the optimal expected cost function for the retailer is first-order continuous and convex.The optimal ordering policy in stage two depends closely on the inventory level after the first sales period.When the checking rate in stage one falls into a certain range,the optimal ordering policy for the retailer at each stage is to order both kinds of products.Knowing the retailer’s optimal ordering policy at each stage,IAO can modify the checking rate accordingly to keep the ratio of deceptive counterfeits on the market under a certain level.展开更多
基金supported by Program for New Century Excellent Talents in University(NCET-08-0762)a research grant of the 211 University Advancement Project entitled "The Autonomy of Monetary Policy and the Flexibility of Exchange Rates" sponsored by the Education Ministry of China
文摘This paper uses monthly data to examine the autonomy and effectiveness of monetary policy in China under the de facto fixed exchange rate arrangement in place from 1998 to 2005. The results obtained from Granger causality tests in a vector autoregression framework indicate that： （i） China actually conducted independent monetary policy during the fixed exchange rate period; and （ii） market-oriented policy measures are impotent in influencing real output and prices. The framework of the investigation into the autonomy of monetary policy adapts to the Chinese economic condition that primary loan and deposit rates are set by the central bank. Based on the empirical results, the present paper provides alternative strategies to improve the effectiveness of monetary policy in China, including developing the financial system and solidifying microeconomic fundamentals instead of forcing the adaptation of a more flexible exchange rate regime.
基金the National Natural Science Foundation of China(Nos.71390334 and 11271356).
文摘Over past decades,deceptive counterfeits which cannot be recognized by ordinary consumers when purchasing,such as counterfeit cosmetics,have posed serious threats on consumers’health and safety,and resulted in huge economic loss and inestimable brand damages to the genuine goods at the same time.Thus,how to effectively control and eliminate deceptive counterfeits in the market has become a critical problem to the local government.One of the principal challenges in combating the cheating action for the government is how to enhance the enforcement of relative quality inspection agencies like industrial administration office(IAO).In this paper,we formulate a two-stage counterfeit product model with a fixed checking rate from IAO and a penalty for holding counterfeits.Tominimize the total expected cost over two stages,the retailer adopts optimal ordering policies which are correlated with the checking rate and penalty.Under certain circumstances,we find that the optimal expected cost function for the retailer is first-order continuous and convex.The optimal ordering policy in stage two depends closely on the inventory level after the first sales period.When the checking rate in stage one falls into a certain range,the optimal ordering policy for the retailer at each stage is to order both kinds of products.Knowing the retailer’s optimal ordering policy at each stage,IAO can modify the checking rate accordingly to keep the ratio of deceptive counterfeits on the market under a certain level.
