This study examines the exchange rate pass-through to the United States(US)restaurant and hotel prices by incorporating the effect of monetary policy uncertainty over the period 2001:M12 to 2019:M01.Using the nonlinea...This study examines the exchange rate pass-through to the United States(US)restaurant and hotel prices by incorporating the effect of monetary policy uncertainty over the period 2001:M12 to 2019:M01.Using the nonlinear autoregressive distributed lag(NARDL)model,empirical evidence indicates asymmetric pass-through of exchange rate and monetary policy uncertainty.Moreover,a stronger pass-through effect is observed during depreciation and a negative shock in monetary policy uncertainty,corroborating asymmetric pass-through predictions.Our results further show that a positive shock in energy prices leads to an increase in restaurant and hotel prices.Furthermore,asymmetric causality indicates that a positive shock in the exchange rate causes a positive shock to restaurant and hotel prices.We found feedback causal effects between positive and negative shocks in monetary policy uncertainty and positive and negative shocks in the exchange rate.Additionally,we detected a one-way asymmetric causality,flowing from a positive(negative)shock to a positive(negative)shock in energy prices.Therefore,these findings provide insights for policymakers to achieve low and stable prices in the US restaurant and hotel industry through sound monetary policy formulations.Highlights.The drivers of restaurant and hotel business in tourism destinations are examined.There is asymmetric pass-through of exchange rate and monetary policy uncertainty.A stronger pass-through is observed during appreciation and a negative shock to monetary policy uncertainty.There is asymmetric causality from positive shock in exchange rate to postive shock in restaurant and hotel prices.展开更多
Based on time series data of RMB exchange rate and urban-rural income, this paper makes an empirical study for the influence of RMB exchange rate fluctuation on urban-rural income by utilizing rolling regression model...Based on time series data of RMB exchange rate and urban-rural income, this paper makes an empirical study for the influence of RMB exchange rate fluctuation on urban-rural income by utilizing rolling regression model through direct and indirect transmission mechanisms. According to the results, the transmission effect of RMB exchange rate fluctuation on urban-rural income has features of incompleteness and asymmetry. Moreover, RMB appreciation will help to reduce the urban-rural income gap. Therefore, this paper suggests that the Chinese economy should accelerate the course of transforming mode, adjusting structure and promoting development under the new normal. Meanwhile, reform of RMB exchange rate mechanism should be promoted, living standard of residents must be improved, and the urban-rural income gap should be reduced.展开更多
Based on this global environment, this essay will first present basic concepts of RMB exchange rate policy and its evolutionhistory, then discuss some important challenges from the global perspective that the Chinese ...Based on this global environment, this essay will first present basic concepts of RMB exchange rate policy and its evolutionhistory, then discuss some important challenges from the global perspective that the Chinese government meets in terms of the increasinglyundervalued exchange rate, thirdly argue that China cannot take a substantial appreciation, Finally discuss whether China should take a gradualappreciation by comparing its advantages and disadvantages.展开更多
This study discusses global golden map to handle global liquidity gap.Further,it discusses 3rd Central Bank to effectively apply golden policy.Reason for applying golden policy is based on IMF system.IMF system is bas...This study discusses global golden map to handle global liquidity gap.Further,it discusses 3rd Central Bank to effectively apply golden policy.Reason for applying golden policy is based on IMF system.IMF system is based on golden-dollar relations.However,that system is not run enough effectively due to multiple parity and multiple exchange system in global economy.In order to effectively apply multiple parity and multiple exchange system,it needs 3rd Central Bank,it is Asia Central Bank.Otherwise,global economy might go to severe liquidity problem and gap that may create conditions severe than 1929 Case.展开更多
Since 2000,Guangdong has continued to increase investment in infrastructure construction in rural areas,and indicators for the main construction in the rural areas have met the requirement of remediation.However,the r...Since 2000,Guangdong has continued to increase investment in infrastructure construction in rural areas,and indicators for the main construction in the rural areas have met the requirement of remediation.However,the return visit has found that there are still huge gaps in urban and rural settlements.Therefore,this paper comprehensively investigated and scientifically analyzed existing problems in the rural settlements in Guangdong,and proposed that urbanization was the fundamental way to improve the rural settlements by carrying out the strategic planning of the provincial urbanization space and formulating different policies in urban areas and rural areas.Specifically,in the urban areas,the municipal government could coordinate the urban-rural development,formulate a transformation and development plan for villages to be urbanized,and classify the villages into three types in accordance with the degree of influence of villages affected by the cities to set different planning policies.In the rural areas,the provincial government was responsible for rural protection and development together with the county government,and divided the villages into three types according to the regional planning goals to implement different supporting policies for them.展开更多
文摘This study examines the exchange rate pass-through to the United States(US)restaurant and hotel prices by incorporating the effect of monetary policy uncertainty over the period 2001:M12 to 2019:M01.Using the nonlinear autoregressive distributed lag(NARDL)model,empirical evidence indicates asymmetric pass-through of exchange rate and monetary policy uncertainty.Moreover,a stronger pass-through effect is observed during depreciation and a negative shock in monetary policy uncertainty,corroborating asymmetric pass-through predictions.Our results further show that a positive shock in energy prices leads to an increase in restaurant and hotel prices.Furthermore,asymmetric causality indicates that a positive shock in the exchange rate causes a positive shock to restaurant and hotel prices.We found feedback causal effects between positive and negative shocks in monetary policy uncertainty and positive and negative shocks in the exchange rate.Additionally,we detected a one-way asymmetric causality,flowing from a positive(negative)shock to a positive(negative)shock in energy prices.Therefore,these findings provide insights for policymakers to achieve low and stable prices in the US restaurant and hotel industry through sound monetary policy formulations.Highlights.The drivers of restaurant and hotel business in tourism destinations are examined.There is asymmetric pass-through of exchange rate and monetary policy uncertainty.A stronger pass-through is observed during appreciation and a negative shock to monetary policy uncertainty.There is asymmetric causality from positive shock in exchange rate to postive shock in restaurant and hotel prices.
文摘Based on time series data of RMB exchange rate and urban-rural income, this paper makes an empirical study for the influence of RMB exchange rate fluctuation on urban-rural income by utilizing rolling regression model through direct and indirect transmission mechanisms. According to the results, the transmission effect of RMB exchange rate fluctuation on urban-rural income has features of incompleteness and asymmetry. Moreover, RMB appreciation will help to reduce the urban-rural income gap. Therefore, this paper suggests that the Chinese economy should accelerate the course of transforming mode, adjusting structure and promoting development under the new normal. Meanwhile, reform of RMB exchange rate mechanism should be promoted, living standard of residents must be improved, and the urban-rural income gap should be reduced.
文摘Based on this global environment, this essay will first present basic concepts of RMB exchange rate policy and its evolutionhistory, then discuss some important challenges from the global perspective that the Chinese government meets in terms of the increasinglyundervalued exchange rate, thirdly argue that China cannot take a substantial appreciation, Finally discuss whether China should take a gradualappreciation by comparing its advantages and disadvantages.
文摘This study discusses global golden map to handle global liquidity gap.Further,it discusses 3rd Central Bank to effectively apply golden policy.Reason for applying golden policy is based on IMF system.IMF system is based on golden-dollar relations.However,that system is not run enough effectively due to multiple parity and multiple exchange system in global economy.In order to effectively apply multiple parity and multiple exchange system,it needs 3rd Central Bank,it is Asia Central Bank.Otherwise,global economy might go to severe liquidity problem and gap that may create conditions severe than 1929 Case.
基金Sponsored by National Natural Science Fund of China(51708134)
文摘Since 2000,Guangdong has continued to increase investment in infrastructure construction in rural areas,and indicators for the main construction in the rural areas have met the requirement of remediation.However,the return visit has found that there are still huge gaps in urban and rural settlements.Therefore,this paper comprehensively investigated and scientifically analyzed existing problems in the rural settlements in Guangdong,and proposed that urbanization was the fundamental way to improve the rural settlements by carrying out the strategic planning of the provincial urbanization space and formulating different policies in urban areas and rural areas.Specifically,in the urban areas,the municipal government could coordinate the urban-rural development,formulate a transformation and development plan for villages to be urbanized,and classify the villages into three types in accordance with the degree of influence of villages affected by the cities to set different planning policies.In the rural areas,the provincial government was responsible for rural protection and development together with the county government,and divided the villages into three types according to the regional planning goals to implement different supporting policies for them.