The Engle-Granger two-step method is used to test the determinants of the long-run decline of China's monetary velocity based on two stages (1978-1992 and 1993-2008). High growth of household savings and economic monetization have significant effects on monetary velocity, but interest rates and...

The authors use a panel data regression model to examine the effects of main monetary policy instruments on commercial bank risks in China from 1998 to 2011. The interest rate has a positive effect on bank risk while the interest rate margin, the reserve requirement ratio and open market...

We reexamine the empirical relevance of habit formation preferences with micro-data on households' portfolio choices. We first derive the analytical solution to the risky asset share in a theoretical model with both habits and time-varying labor income. Our analytical results indicate that (1)...

In this article, we explore whether relative risk aversion varies with wealth. First, we derive theoretical predictions on how risky shares respond to wealth uctuations in a portfolio choice model with both external habits and time-varying labor income. Our analytical results indicate that: (1)...

Studies have shown that the land market is heavily structured by institutions. Real estate individuals and organizations behave and perform within a framework defined by institutions, which are regarded as a matrix of formal and informal rules of the game in a society (North, 1990). In a market...

This paper quantitatively analyzes the impact of money stock on optimal monetary and fiscal policy in a stochastic production economy with sticky prices. The numerical results indicate that a sufficient large quantity of money makes a noticeable difference in many aspects of optimal monetary and...

As the key feature size keeps shrinking down, inductively coupled plasma (ICP) has been widely used for etching. In this study, a commercial ICP etcher filled with Cl2/Ar mixture was simulated. The simulation was based on a commercial software CFD-ACE+, which is a multi-module solver. For the...