Abstract:This paper builds a lifecycle Bewley model which incorporates the rising housing price and endogenous housing demand, in order to investigate on the effects that housing price may have on household saving rate and wealth inequality in urban China. This paper finds that the rising housing price stimulates the investment housing demand of the rich, which in turn boosts the housing price. A subset of young households have to save more in order to catch up with the housing price while more households are not able to purchase their own homes, leading to higher Gini coefficient of housing asset. The distortion induced by the housing price generally implies welfare loss for urban residents, among which the midlow income households suffer most.
Key Words:Housing Price; Household Saving Rate; Wealth Inequality

Abstract:This thesis applied the New\|Keynesian Dynamic Stochastic General Equilibrium Model to measure the quarterly inflation expectation of China by bayesian estimation for the first time.Main results are as following:the public’s learning behavior and timevarying inflation target can strengthen the ability of New\|Keynesian Dynamic Stochastic General Equilibrium Model to describle the relationship between macroeconomy variables in China and has good in\|sample and out\|sample fit; Inflation expectation estimated by DSGE model exhibits dramatically real inflation process in China since 1992, has the characteristic of being sluggish and self\|fulling adjustment,and demonstrates the characteristic of being moderation and near\|rational; Compared to current econometric analysis of inflation expectation, such as Statisitic Survey Method, Two\|Variable State Space Model, SVAR model and Markov Regime Switching Model, the estimation of inflation expectation on the basis of DSGE model has better predict power of fututer inflation, and remains more robust estimation.The learning behavior revealed by this thesis lends theoretical support to central bank’s management of inflation expectation,central bank should improve transparency of monetary policy, construct an anchor for the formation of inflation expectation,actively convey anti\|inflation attitude towards the public to effectively manage inflation expectation.
Key Words:Learning Effect; Inflation Target; Inflation Expectation; New\|Keynesian Dynamic Stochastic General Equilibrium Model

Abstract:This paper emphasizes that the actual enterprises will not passively entrust their fate to market demand and other enterprises, because they always try to not only build their own internal capacity, but also seek government helps in order to obtain some competitive advantages. However, they are constrained by limited resources and must balance between capacitybuilding and political connections. Based on a verticaldifferentiation model, This paper sates that if the government controls a great amount of economic resources and is granted great discretion, and it is very difficult for the enterprises to upgrade and maintain the advantages of product quality, then, enterprises will be keen to political association rather than capacitybuilding, especially when proportion of lowend consumer groups is very large. This paper also finds that if the income distribution is seriously unfair and the portion of the poor is very large, while some multinational companies account for the highend market, then, domestic enterprises are likely to become lowquality producers, and increase the desire for political relevance.
Key Words:Growth of Enterprises; Political Connections; Capability; Quality Differentiation; Advantage of Costs

Abstract：During 1990s to the early 2000s, Chinas telecommunications sector has experienced a golden period of economic reform. Since then, the telecommunications reform entered into a stagnant period. Using the provincial panel data from 1994 to 2007, this paper empirically analyses the effect of Chinas telecommunications reform on the total factor productivity (TFP). Then, the contribution of the telecommunications reform on the industrial growth is estimated. This paper finds that the telecommunications reform significantly improves the TFP, thereby contributing to the rapid growth of this sector. During 1998—2002, the dramatic economic reform accounted for 608% of the industry growth. Nevertheless, the contribution of the reform to the industry growth has dropped to 182% over the postreform period from 2003 to 2007 With the dividends of the telecommunications reform exhausted, this result well explains why the sector falls into the low growth period recently. This paper also finds that the unbalanced competition in the telecommunications sector also contributed significantly to the low industrial growth in recent years.
Key Words： Telecommunications; Economic Reform; Total Factor Productivity; Industrial Growth

Abstract：As an effective and convenient medium for information communication, mobile communication plays more and more important role in the economic system, and the equilibrium of which has a considerable impact on harmonious development between districts. However, Mobile communication in China shows serious imbalances in different regions. This paper improves Mansfields model and overcomes the difficulty of estimating the terminal saturated rate before the end of diffusion, and achieves to describe as well as demonstrate the different development paths and related mechanisms of mobile telecommunications in Chinas different districts. The study indicates that investment plays a vital role in the starting period, while income, price and citization level determine the final development level. In order to alleviate the digital gap and achieve harmonious development, it is vital to increase the effective demand for mobile communication.
Key Words： Mobile Telecommunications; Diffusion Model; Effective Saturated Penetration; District Difference

Abstract：Handling the DEA model of “multiinputmultioutput”, based on environmental production functions and environmental directional distance functions, bringing pollution into production theory as byproduct of production process, extending traditional production technique into environmental production technique, this paper measures the totalfactor energy efficiency of Metropolitan Regions of Yangtze River Delta and its composition during 1996—2008, and empirically analyzes their influencing factors. This paper finds out, under environmental restriction, energy overspend and excessive discharge of exhaust gas brought out the decline of growth rate of energy efficiency and technical efficiency of energy use, and neglecting the elevation of energy use of emission reduction resulted in the decline of growth rate of technique of energy use. Accumulative growth rate of technical efficiency, per capita GDP,  volume of exhaust emission of unit GDP, progressive degree of technique, FDI and per capita amount of energy have a varying degree effect on the energy efficiency. Growth rate of technical efficiency, growth rate of technical advancement, per capita GDP, proportion of industrial production and volume of exhaust emission of unit GDP have a varying degree effect on the growth rate of energy efficiency.
Key Words： Environmental Production Functions; Environmental Directional Distance Functions; Totalfactor Energy Efficiency; ML Productivity Index

Abstract：This paper uses the rural per capita expenditure on basic education, health expenditure per capita fiscal, agricultural capital expenditure to support agricultural production expenses and other variables, C2R model constructed based on input and inputbased measure the efficiency level of fiscal expenditure on agriculture, and the use of county and township governments from 2004 to 2006, mixed data. The county level on the use of Tobit model analysis of the average mechanical power, the distance from the county, the level of urbanization, per capita income, farmers age, gender and other individual characteristics variables on county and township government fiscal expenditure efficiency. Studies have shown that the current county and township government fiscal expenditure on agriculture produced better efficiency of agricultural production. However, a narrow functional coverage, the lack of personalized public services, reflecting the level of farmers income is not sensitive. Improve the efficiency of county and township government fiscal expenditure on agriculture must take into account the appropriate supporting policies and fiscal expenditure on agriculture.
Key Words： Public Finance；Expenditure for Rural Area；Efficiency；Factors Affecting；Empirical Studies

Abstract:This paper talks about transmission mechanisms from labor productivities to the trade balance in China. We first use every province’s RMB real exchange rate against U.S. dollar and real effective exchange rate index, and construct model based on productivities of trade sectors and nontrade sectors at home and abroad. We use empirical methods like panel cointegration, error correction and threshold model.  Firstly, This paper finds productivities of trade sectors and nontrade sectors influence trade balance obviously. Secondly, there is a significant transmission mechanism of real exchange rate, and there is a transmission mechanism of labor but no capital flow mechanism in China. Real exchange rate influences trade balance through RMB real exchange rate against U.S. dollar but not through RMB real effective exchange rate. Thirdly, there exists threshold effect of economic growth, showing that the impact of labor productivity is more obvious at higher GDP. What more, the impact is different in different districts. There is real exchange rate mechanism in eastern region and there is labor mechanism in central and western regions obviously. At last, This paper shows some advice to improve our trade balance.
Key Words:Trade Balance； Labor Productivity； Transmission Mechanism of Real Exchange Rate； Threshold of Economic Growth； Regional Differences

Abstract:This paper employs the GMM estimator to investigate the empirical relationship between the size of Japanese foreign exchange reserve and the degree of Yen internationalization from 1976 through 2009 by specifying the regression benchmark based on the longrun determinants of Yen internationalization with economic power, financial market development, Yen appreciation, inflation and currency inertia. This paper finds that the extremely high ratio of foreign exchange reserve to international reserves in Japan has a statistically significant but negative effect on Yen internationalization. After controlling for the effects of the Yen’s exchange rate volatility and the oncein100year international financial crisis as well as Japan’s super lower interest rate, the conclusion still holds. This study provides a new interpretation to the lower degree of Yen internationalization.
Key Words:Foreign Exchange Reserve; Local Currency Internationalization; Japanese Yen