By creating a labor market dynamic general equilibrium model, this paper derives the pass-through mechanism of exchange rate's employment and wage effects,carries out an empirical study on the employment and wage ...By creating a labor market dynamic general equilibrium model, this paper derives the pass-through mechanism of exchange rate's employment and wage effects,carries out an empirical study on the employment and wage effects of RMB exchange rate for manufacturing sectors in China and the United States based on ridge regression, and examines the role of industry characteristics in this process. Research findings suggest that: RMB depreciation will drive employment and wage growth for most of China's laborintensive manufacturing sectors, and RMB appreciation will increase employment for certain capital-and technology-intensive sectors; but RMB depreciation has insignificant employment and wage effects for most sectors in the US. Hence, in achieving the longterm stability of RMB exchange rate, China should take advantage of RMB appreciation's manufacturing upgrade effect and ensure the steady growth of manufacturing employment.The US should make breakthroughs in various links of its economic development in order to tackle unemployment, instead of blaming RMB exchange rate. In addition, the nature of business activities and trade union characteristic are both significant factors that lead to differences in inter-sector employment levels of Chinese and US manufacturing sectors.Technology characteristic and other monopolistic characteristics exert decisive effects on the difference of wage return for various sectors in China and the US.展开更多
This paper sets up a framework for analyzing the policies of the US and the People＇s Republic of China toward the Republic of China （Taiwan）. It surveys how the two powers＇ policies have evolved during the period ...This paper sets up a framework for analyzing the policies of the US and the People＇s Republic of China toward the Republic of China （Taiwan）. It surveys how the two powers＇ policies have evolved during the period 1949-2009 and makes numerical evaluations of the degree of ＂supportiveness＂ of American policy toward the ROC and the degree of ＂aggressiveness＂ of the PRC＇s policies. The evaluations are charted. The paper observes that the US and the PRC have been engaged in a kind of ＂ negotiation-by-move-and-countermove＂ over this period. This form of interaction is found to be slow-motion and not very effective for resolving differences between the two sides. However, the need for a formal resolution of the island＇s political-legal status becomes less important as the trade, investment, and people-to-people linkages between the two Chinese entities increase. There appears to be a huge potential for an ever-greater convergence of the two powers＇ economic desires for Taiwan even while the issue of their respective stances towards its legal-political-military status may not be resolved for quite a while.展开更多
文摘By creating a labor market dynamic general equilibrium model, this paper derives the pass-through mechanism of exchange rate's employment and wage effects,carries out an empirical study on the employment and wage effects of RMB exchange rate for manufacturing sectors in China and the United States based on ridge regression, and examines the role of industry characteristics in this process. Research findings suggest that: RMB depreciation will drive employment and wage growth for most of China's laborintensive manufacturing sectors, and RMB appreciation will increase employment for certain capital-and technology-intensive sectors; but RMB depreciation has insignificant employment and wage effects for most sectors in the US. Hence, in achieving the longterm stability of RMB exchange rate, China should take advantage of RMB appreciation's manufacturing upgrade effect and ensure the steady growth of manufacturing employment.The US should make breakthroughs in various links of its economic development in order to tackle unemployment, instead of blaming RMB exchange rate. In addition, the nature of business activities and trade union characteristic are both significant factors that lead to differences in inter-sector employment levels of Chinese and US manufacturing sectors.Technology characteristic and other monopolistic characteristics exert decisive effects on the difference of wage return for various sectors in China and the US.
文摘This paper sets up a framework for analyzing the policies of the US and the People＇s Republic of China toward the Republic of China （Taiwan）. It surveys how the two powers＇ policies have evolved during the period 1949-2009 and makes numerical evaluations of the degree of ＂supportiveness＂ of American policy toward the ROC and the degree of ＂aggressiveness＂ of the PRC＇s policies. The evaluations are charted. The paper observes that the US and the PRC have been engaged in a kind of ＂ negotiation-by-move-and-countermove＂ over this period. This form of interaction is found to be slow-motion and not very effective for resolving differences between the two sides. However, the need for a formal resolution of the island＇s political-legal status becomes less important as the trade, investment, and people-to-people linkages between the two Chinese entities increase. There appears to be a huge potential for an ever-greater convergence of the two powers＇ economic desires for Taiwan even while the issue of their respective stances towards its legal-political-military status may not be resolved for quite a while.
