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利率走廊、利率稳定性和调控成本 被引量:42
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作者 牛慕鸿 张黎娜 张翔 《金融研究》 CSSCI 北大核心 2017年第7期16-28,共13页
20世纪80年代以来,发达国家和多数中等收入国家的货币政策操作框架都完成了从货币供给量为中介目标向以利率为中介目标的框架转型。在这个过程中及之后,许多国家采用了显性的或隐性的利率走廊。本文建立若干理论模型来描述利率走廊的运... 20世纪80年代以来,发达国家和多数中等收入国家的货币政策操作框架都完成了从货币供给量为中介目标向以利率为中介目标的框架转型。在这个过程中及之后,许多国家采用了显性的或隐性的利率走廊。本文建立若干理论模型来描述利率走廊的运行机制。研究发现:(1)利率走廊操作可以较为有效地引导市场预期,降低市场利率波动;(2)利率走廊可以减少市场对流动性的"囤积性需求",从而降低央行公开市场操作成本;(3)最优利率走廊宽度的设定要综合考虑货币市场利率敏感度、调控成本、外部冲击的频率和幅度等因素。文章认为,我国在向新的货币政策框架的过程中也应建立利率走廊机制,以降低短期利率的波动率,提升未来政策利率的市场认可度和基准性,为利率的有效传导提供基础。 展开更多
关键词 利率走廊 利率稳定 调控成本 借贷便利工具
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汇率自动稳定器和利率自动稳定器的设计 被引量:1
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作者 叶玉书 《湖南财经高等专科学校学报》 2000年第1期51-54,共4页
人民币由经常项目的完全开放到资本项目的完全开放,以及固定汇率的“退出”,都需要一个积极稳妥的安排,而汇率自动稳定器正是提供了这种安排的技术平台,它可以有效地抵制在转变期国际游资的攻击,并使汇率稳定在央行的目标汇率区内。
关键词 资本控制 汇率制度 目标汇率 中国 外汇管理 汇率自动稳定 利率自动稳定
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央行的利率平滑调控偏好:基于一个动态优化模型分析框架 被引量:1
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作者 刘义圣 黄启才 《江汉论坛》 CSSCI 北大核心 2008年第11期109-112,共4页
本文在传统的货币政策动态优化模型基础上,通过在央行的损失函数中考虑利率政策工具的时序性以及引入利率平滑和稳定性因素,得到新的货币政策动态优化模型分析框架。以此为基础,通过最优化问题一阶条件解出结构参数不确定性条件下最优... 本文在传统的货币政策动态优化模型基础上,通过在央行的损失函数中考虑利率政策工具的时序性以及引入利率平滑和稳定性因素,得到新的货币政策动态优化模型分析框架。以此为基础,通过最优化问题一阶条件解出结构参数不确定性条件下最优利率规则解,结果表明,在关注通货膨胀和产出缺口的稳定性基础上,央行如果不考虑利率平滑和利率稳定性,名义利率的波动性会较大,而央行如果采取同时也稍许关注利率平滑和利率稳定性的目标函数时,其最优利率规则解对于保持一个低的和稳定的通货膨胀更有利,从而给出各国央行利率平滑调控的偏好证据。 展开更多
关键词 通货膨胀目标制 利率平滑 利率稳定 最优利率规则
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利率平滑调控效果的数理分析及我国情况的考察
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作者 刘义圣 张晶 《东南学术》 CSSCI 北大核心 2009年第3期70-79,共10页
本文通过运用数理分析的方法对利率平滑调控的效果进行了数理检验,结论表明:在货币当局的损失函数中引入利率平滑因素后,最优名义利率对通货膨胀与其长期目标的偏离、产出缺口变动的反应都被弱化了,货币当局应对的行动也变得更加保守。... 本文通过运用数理分析的方法对利率平滑调控的效果进行了数理检验,结论表明:在货币当局的损失函数中引入利率平滑因素后,最优名义利率对通货膨胀与其长期目标的偏离、产出缺口变动的反应都被弱化了,货币当局应对的行动也变得更加保守。同时,由于货币当局可以通过改变利率平滑的权重来控制名义利率稳定性,所以货币当局保持名义利率、国民产出、价格水平稳定的能力得到提高。数理分析的结论与我国货币政策操作的实际情况是相吻合的。 展开更多
关键词 利率平滑 调控效果 利率稳定
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浮动利率结构下的远期定价与风险管理 被引量:6
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作者 张屹山 田萍 《中国软科学》 CSSCI 北大核心 2004年第9期131-134,共4页
在无风险利率结构的基础上进行扩张,引入浮动利率结构模型。结合实际情况,假设存在利率相对稳定的市场,在这个市场中研究远期的定价,并与无风险利率市场中远期的定价进行比较。同时由于利率的不确定性使购买远期时面临风险,对于这种风险... 在无风险利率结构的基础上进行扩张,引入浮动利率结构模型。结合实际情况,假设存在利率相对稳定的市场,在这个市场中研究远期的定价,并与无风险利率市场中远期的定价进行比较。同时由于利率的不确定性使购买远期时面临风险,对于这种风险,提出切实可行的风险管理方法。 展开更多
关键词 浮动利率 相对稳定利率 远期定价 风险管理
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High-resolution reconstruction of the ablative RT instability flowfield via convolutional neural networks
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作者 Xia Zhiyang Kuang Yuanyuan +1 位作者 Lu Yan Yang Ming 《强激光与粒子束》 CAS CSCD 北大核心 2024年第12期42-49,共8页
High-resolution flow field data has important applications in meteorology,aerospace engineering,high-energy physics and other fields.Experiments and numerical simulations are two main ways to obtain high-resolution fl... High-resolution flow field data has important applications in meteorology,aerospace engineering,high-energy physics and other fields.Experiments and numerical simulations are two main ways to obtain high-resolution flow field data,while the high experiment cost and computing resources for simulation hinder the specificanalysis of flow field evolution.With the development of deep learning technology,convolutional neural networks areused to achieve high-resolution reconstruction of the flow field.In this paper,an ordinary convolutional neuralnetwork and a multi-time-path convolutional neural network are established for the ablative Rayleigh-Taylorinstability.These two methods can reconstruct the high-resolution flow field in just a few seconds,and further greatlyenrich the application of high-resolution reconstruction technology in fluid instability.Compared with the ordinaryconvolutional neural network,the multi-time-path convolutional neural network model has smaller error and canrestore more details of the flow field.The influence of low-resolution flow field data obtained by the two poolingmethods on the convolutional neural networks model is also discussed. 展开更多
关键词 convolutional neural networks ablative Rayleigh-Taylor instability high-resolutionreconstruction multi-time-path pooling
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基于金融监管的存款准备金付息制度研究 被引量:2
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作者 毛泽盛 李鹏鹏 《南京财经大学学报》 2016年第4期44-54,共11页
次贷危机后,构建货币政策与金融监管的统一框架被提上日程,而存款准备金付息制度日益被一些学者视为解决货币政策与金融监管之间非一致性的新途径。以修正的庇古税模型为出发点,结合近30年我国利率市场化改革过程中的经济数据,运用现代... 次贷危机后,构建货币政策与金融监管的统一框架被提上日程,而存款准备金付息制度日益被一些学者视为解决货币政策与金融监管之间非一致性的新途径。以修正的庇古税模型为出发点,结合近30年我国利率市场化改革过程中的经济数据,运用现代计量方法展开研究,结果发现,我国存款准备金付息制度可以提供一种稳定基础利率的内在机制,它有利于构建稳定利率体系,进而促进宏观审慎金融监管。 展开更多
关键词 金融监管 存款准备金付息制度 稳定利率体系 修正的庇古税模型
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Utilization of Yellowfin Tuna and Red Snapper Roe Protein Concentrate as Emulsifier in Mayonnaise
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作者 Safira Yessica Wiharja Joko Santoso Lisa Amanda Yakhin 《Journal of Food Science and Engineering》 2013年第12期678-687,共10页
Roes of yellowfin tuna (Thunnus albacares) and red snapper (Lutjanus champecanus) are considered as abundant and underutilized by-product in Indonesia. The production of roe protein concentrate (RPC) is expected... Roes of yellowfin tuna (Thunnus albacares) and red snapper (Lutjanus champecanus) are considered as abundant and underutilized by-product in Indonesia. The production of roe protein concentrate (RPC) is expected to increase the economic value and potency of their usage. Tuna and red snapper RPC was defatted using etano195% with one, two, three and four times of repetition. Both RPC made with four times repetition of defatting had the highest protein content (79.90% and 80.72%), showed high emulsion activity (97.46% and 99.62%) and emulsion stability (97.10% and 99.48%), and decreased the interfacial tension of 51% and 55.9%, respectively. Mayonnaise was made with 0, 25, 50, 75 and 100% substitution level of each RPC with four times repetition ofdefatting. The physical, chemical and organoleptic properties of mayonnaise were studied. The best mayonnaise formulation was obtained from 50% substitution level of tuna and red snapper RPC. Mayonnaise with tuna and red snapper RPC had good viscosity (5,920 cPs and 5,845 cPs), high emulsion stability (90.5% and 91.73%) and small fat globule size (±2.5 lam and ± 2.25 lam), respectively. These mayonnaises also showed high score of spreadability and low intense of fishy odor. However they still had quite strong of fishy flavor based on scoring test. 展开更多
关键词 EMULSIFIER MAYONNAISE red snapper yellowfin tuna RPC.
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The obstacles and countermeasures of developing function of China's Unemployment insurance funds
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作者 Wang wanying 《International English Education Research》 2015年第5期72-74,共3页
The function of the unemployment insurance funds arc: ensuring the basic life and stabling employment, preventing unemployment and promoting employment, on the one hand, it guarantee basic livings of the unemploycd, ... The function of the unemployment insurance funds arc: ensuring the basic life and stabling employment, preventing unemployment and promoting employment, on the one hand, it guarantee basic livings of the unemploycd, in order to reduce the impact on the individual and society. On the other hand, it also has a function of stabling employment, preventing unemployment and promoting unemployed again obtain employment. In recent years, however, the unemployment insurance fund revenue has been greater than its expenditure, balance funds become more and more, it not only faces a risk of depreciation, also will cause the waste of funds. Therefore, improve the utilization rate of the uncmployment insurance fund itself and expand the function of the unemployment insurance fund, realize the sustainable development of unemployment insurance funds is great significance. 展开更多
关键词 unemployed insurance funds function expand OBSTACLE countermeasur
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The effects of an experimental drought on the ecophysiology and fruiting phenology of a tropical rainforest palm
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作者 Nara O.Vogado Michael J.Liddell +6 位作者 Susan G.W.Laurance Mason J.Campbell Alexander W.Cheesman Jayden E.Engert Ana C.Palma Françoise Y.Ishida Lucas A.Cernusak 《Journal of Plant Ecology》 SCIE CSCD 2020年第6期744-753,共10页
Aims Anthropogenic climate change is predicted to increase mean temperatures and rainfall seasonality.How tropical rainforest species will respond to this climate change remains uncertain.Here,we analysed the effects ... Aims Anthropogenic climate change is predicted to increase mean temperatures and rainfall seasonality.How tropical rainforest species will respond to this climate change remains uncertain.Here,we analysed the effects of a 4-year experimental throughfall exclusion(TFE)on an Australian endemic palm(Normambya normanbyi)in the Daintree rainforest of North Queensland,Australia.We aimed to understand the impact of a simulated reduction in rainfall on the species’physiological processes and fruiting phenology.Methods We examined the fruiting phenology and ecophysiology of this locally abundant palm to determine the ecological responses of the species to drought.Soil water availability was reduced overall by~30%under a TFE experiment,established in May 2015.We monitored monthly fruiting activity for 8 years in total(2009–2018),including 4 years prior to the onset of the TFE.In the most recent year of the study,we measured physiological parameters including photosynthetic rate,stomatal conductance and carbon stable isotopes(δ13C,an integrated measure of water use efficiency)from young and mature leaves in both the dry and wet seasons.Important Findings We determined that the monthly fruiting activity of all palms was primarily driven by photoperiod,mean solar radiation and mean temperature.However,individuals exposed to lower soil moisture in the TFE decreased significantly in fruiting activity,photosynthetic rate and stomatal conductance.We found that these measures of physiological performance were affected by the TFE,season and the interaction of the two.Recovery of fruiting activity in the TFE palms was observed in 2018,when there was an increase in shallow soil moisture compared with previous years in the treatment.Our findings suggest that palms,such as the N.normanbyi,will be sensitive to future climate change with long-term monitoring recommended to determine population-scale impacts. 展开更多
关键词 climate change water use efficiency stable isotopes SEASONALITY reproductive phenology
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