uncertainty about government policy and stock prices
.
Introduction
Governments shape the environment in which the private sector operates. They affect firms in many ways: they levy taxes, provide subsidies, enforce laws, regulate competition, define environmental policies, etc. In short, governments set the rules of the game. Governments change these rules from time to time, eliciting price reactions in financial markets. These reactions are weak if the change is anticipated, but they can be strong if the markets are caught by surprise. For example, the U.S. government’s decision to allow Lehman Brothers to go bankrupt, which was perceived by many as signaling a shift in the government’s implicit too-big-to-fail policy, was followed by a 4.7% drop in the S&P 500 index on September 15, 2008. This paper analyzes the effects of changes in government policy on stock prices. A key role in our analysis belongs to uncertainty about government policy, which is an inevitable by-product of policymaking. We consider two types of uncertainty. The first type, which we call policy uncertainty, relates to the uncertain impact of a given government policy on the profitability of the private sector. The second type, which we call political uncertainty, captures the private sector’s uncertainty whether the current government policy will change. In other words, there is uncertainty about what the government is going to do, as well as what the effect of its action is going to be. We find that both types of uncertainty affect stock prices in important ways. Prior studies have analyzed the effects of uncertainty, broadly defined, on various aspects of economic activity. For example, it is well known that uncertainty generally reduces firm investment when this investment is at least partially irreversible.1 The impact of uncertainty about government policy on investment has been analyzed both theoretically and empirically.2 The literature has also analyzed the effects of uncertainty about government policy on capital flows and welfare.3 However, the literature seems silent on how this uncertainty
June 15, 2010
Abstract We analyze how changes in government policy affect stock prices. Our general equilibrium model features uncertainty about government policy and a government that has both economic and non-economic motives. The government tends to change its policy after performance downturns in the private sector. Stock prices fall at the announcements of policy changes, on average. The price fall is expected to be large if uncertainty about government policy is large, as well as if the policy change is preceded by a short or shallow downturn. Policy changes increase volatility, risk premia, and correlations among stocks. The jump risk premium associated with policy decisions is positive, on average.
See, for example, Bernanke (1983), McDonald and Siegel (1986), Pindyck (1988), and Dixit (1989). Bloom (2009) provides a structural analysis of various real effects of macroeconomic uncertainty shocks. 2 For example, Rodrik (1991) shows that even moderate amount of policy uncertainty can impose a hefty tax on investment. Hassett and Metcalf (1999) find that the impact of tax policy uncertainty on investment depends on the process followed by the tax policy. Julio and Yook (2008) and Yonce (2009) find that firms reduce their investment in years leading up to major elections. 3 For example, Hermes and Lensink (2001) show that uncertainty about budget deficits, tax payments, government consumption, and inflation is positively related to capital outflows at the country level. Gomes, Kotlikoff, and Viceira (2008) calibrate a life-cycle model to measure the welfare losses resulting from uncertainty about government policies regarding taxes and Social Security. They find that policy uncertainty materially affects the agents’ consumption, saving, labor supply, and portfolio decisions.
1
1
affects asset prices.4 Such effects are at the heart of our theoretical study. We develop a general equilibrium model in which firm profitability follows a stochastic process whose mean is affected by the prevailing government policy. The policy’s impact on the mean is uncertain. Both the government and the investors (firm owners) learn about this impact in a Bayesian fashion by observing realized profitability.5 All agents have the same prior beliefs about the current policy’s impact, and the same beliefs apply to any other future government policy. The prior standard deviation is labeled “policy uncertainty.” At a given point in time, the government decides whether or not to change its policy. If a policy change occurs, the agents’ beliefs are reset: the posterior beliefs about the old policy’s impact are replaced by the prior beliefs about the new policy’s impact. When making its policy decision, the government is motivated by both economic and non-economic objectives: it maximizes the investors’ welfare, as a social planner would, but it also takes into account the political cost (or benefit) incurred by changing the policy. This cost is unknown to the investors, who therefore cannot fully anticipate whether the policy change will occur. The investors’ uncertainty about the political cost is labeled “political uncertainty.” We find that it is optimal for the government to replace its policy by a new one if the old policy’s impact on profitability is perceived as sufficiently unfavorable; i.e., if the posterior mean of the impact is below a given threshold. This threshold decreases with policy uncertainty as well as with the political cost. If the government derives an unexpectedly large political benefit from changing its policy, the policy will be replaced even if it worked well in the past. In expectation, however, the threshold is below the prior mean of the policy’s impact. To push the posterior mean below the prior mean, the realized profitability in the private sector must be lower than expected. As a result, policy changes are expected to occur after periods of unexpectedly low profitability, which we refer to as “downturns.” We derive the conditions under which stock prices fall at the announcement of a policy change. Relative to the old policy, the new policy typically increases the firms’ expected future cash flows, but it also increases the discount rates due to the higher uncertainty associated with an untested new policy. We find that the discount rate effect is stronger than the cash flow effect unless the old policy’s impact on profitability is perceived as sufficiently
中国文交所中英文介绍NJ
关于我们 ABOUT US
背景 backgrou nd
艺术品市场逐渐升温 Marketing pick up ，Auction price higher 艺术品拍卖价格屡创新高
Property share market rise
中国艺术品份额化市场兴起，文交所遍地开花 Exchanges blooming 中国制定了大力发展文化产业的发展战略
China cultural industrial strategy
关于我们 ABOUT US
宗旨 Aim
打造面向公众的艺术品高端交易平台
Creat public high -tec artworks dealing
platform 提供公平、公正、高效的艺术品综合服务平台 Provide fair effective multiple artworks service platform 促进中华文化发展的绵远流长 Promote chinese culture development
中國文化藝術品產權交易所
China Culture and Artwork Property Exchange
立足香港 根植中華 走向世界
Founded in HK , based on chinese culture , develop globally
关于我们 About us
规则概述 Rules
业务优势 Advantages
雄厚的股东背景 Eminent background
2011年金融运营经验的广东汇昌国际 投资有限公司发起，联合香港、欧美数 家实力企业，总投资1亿元港币，资金雄 厚，管理团队经验丰富。 CCAPE total capital of 100 million HK dollars was founded by GRAND CHANG INTERNATIONAL With 20 years of financial ruuning experiences. United HK and western substantial enterprises .which has rich experienced management team
2021年12月大学英语CET四级预测押题卷一和答案解析
2021年12月四级考试预测押题卷（一）Part I Writing(30minutes)Directions:For this part,you are allowed30minutes to write a letter to offer your suggestions to your cousin who sought your advice on how to make his resume distinctive.You should write at least120words but no more than 180words.Part II Listening Comprehension(25minutes)Section ADirections:In this section,you will hear three news reports.At the end of each conversation,you will hear four questions.Both the news report and the questions will be spoken only once.After you hear a question,you must choose the best answer from the four choices marked A),B),C)and D).Then mark the corresponding letter on Answer Sheet1with a single line through the centre.Questions1and2are based on the news report you have just heard.1.A)Two.B)Three.C)Four.D)Five.2.A)He called the police after the accident.B)He broke his arm in the accident.C)He was caught taking drugs.D)He was arrested by the police.Questions3and4are based on the news report you have just heard.3.A)A cure to brain cancer.B)A new surgical instrument.C)A pen that can identify cancerous tissue.D)A new drug that can eliminate cancerous tissue.4.A)Finding the border between the cancerous and normal tissue.B)Identifying the accuracy rate of the new device.C)Improving their speed of removing a tumour.D)Using the new device in brain surgery.Questions5to7are based on the news report you have just heard.5.A)To collect scientific data on it.C)To take photos of the storm on it.B)To monitor the storm on it.D)To investigate its environment.6.A)It has lasted for nearly350years.B)It has lasted for more that350months.C)It seems to be getting smaller.D)It seems to be getting larger.7.A)What initially caused the storm.C)What is the impact of the storm.B)What is underneath the storm.D)What makes the storm last for so long.Section BDirections：In this section,you will hear two long conversations.At the end of each conversation,you will hear four questions.Both the conversation and the questions will be spoken only once.After you hear a question,you must choose the best answer from the four choices marked A),B),C),and D).Then mark the corresponding letter on Answer Sheet1with a single line through the centre.Questions8to11are based on the conversation you have just heard.8.A)It’s for disabled adults.B)It’s in a sports centre.C)It’s rewarding and challenging.D)It’s compulsive in her community.9.A)The skills they need.B)The products they have.C)The market they target.D)The language they require.10.A)Diversify markets and sales strategies.B)Reduce costs and jobs.C)Learn from other companies.D)Listen to the opinions of experts.11.A)The salary and the workload.B)The office hour and the penalty system.C)The welfare and the holiday system.D)The ethical policy and the carbon footprint.Questions12to15are based on the conversation you have just heard.12.A)Double-decker buses.B)The traffic in London.C)Bus routes.D)Travels in Britain.13.A)It has no windows.B)People get onto it at the front.C)It has two carriages.D)It is open at the back.14.A)Uncomfortable.B)Noisy.C)Dangerous.D)Shabby.15.A)Bendy buses can help reduce the traffic jam.B)Bendy buses are more environmentally friendly.C)Bendy buses are convenient for people in wheelchairs.D)Bendy buses are more popular among tourists.Section CDirections:In this section,you will hear three passages.At the end of each passage,you will hear some questions. Both the passage and the questions will be spoken only once.After you hear a question,you must choose the best answer from the four choices marked A),B),C)and D).Then mark the corresponding letter on Answer Sheet1 with a single line through the centre.Questions16to18are based on the passage you have just heard.16.A)They had four toes.B)They were not as big as dogs.C)They lived in South America.D)They lived in thick forests.17.A)They had long legs and a long tail.B)They were smaller and had front eyes.C)They began to eat grass as well as fruit.D)They were bigger and had long legs.18.A)They evolved into donkeys in Asia and Africa.B)They used their long legs to run south to South Africa.C)They began to eat apples on the North American plains.D)They preferred grass to fruit and vegetables.Questions19to21are based on the passage you have just heard.19.A)Being rejected by friends and teachers.B)Staying away from his native land.C)Adapting to new study expectations.D)Keeping a balance between study and job.20.A)Talking with older brothers or sisters.C)Starting a conversation with close friends.B)Having a casual talk with a college student.D)Playing with friends on the same sports team.21.A)Follow traditions of with a college student.C)Respect the customs of different colleges.B)Take part in as many activities as possible.D)Take others’advice as reference only.Questions22to25are based on the passage you have just heard.22.A)They tend to harm wildlife.C)They are thrown away everywhere.B)They are hardly recyclable.D)They are made from useless materials.23.A)It is fatal.B)It is weird.C)It is very serious.D)It is complicated.24.A)The sea creatures that have taken in then are consumed by humans.B)The ocean’s ecology has been polluted and affected humans.C)Humans eat the seabirds that have swallowed plastic particles.D)Humans consume the fish that have eaten sea creatures with them.25.A)Its use has been drastically reduced.C)Most products use natural materials.B)It is still an indispensable material.D)The use of plastic items will be charged.PartⅢReading Comprehension(40minutes)Section ADirections:In this section,there is a passage with ten blanks.You are required to select one word for each blank from a list of choices given in a word bank following the passage.Read the passage through carefully before making your choices.Each choice in the bank is identified by a letter.Please mark the corresponding letter for each item on Answer Sheet2with a single line through the centre.You may not use any of the words in the bank more than once.Questions26to35are based on the following passage.A third of the planet’s land is severely degraded and fertile soil is being lost at the rate of24bn tonnes a year, according to a new United Nations-backed study that calls for a shift away from destructively intensive agriculture, The alarming____26____,which is forecast to continue as demand for food and productive land increases,will ass to the risks of conflicts unless____27____actions are implemented,warns the institution behind the report.“As the ready supply of healthy and productive land dries up and the population grows,competition is ___28___for land within countries and globally,”said executive secretary of the UN Convention to Combat Desertification(UNCCD)at the launch of the Global Land Outlook.“To___29____the losses,the outlook suggests it is in all our interests to step back and rethink how we are managing the pressures and the competition.”The Global Land Outlook is____30____as the most comprehensive study of its type,mapping the interlinked impacts of urbanization,climate change,erosion and forest loss.But the biggest factor is the___31___of industrial farming.Heavy tilling,multiple harvests ans___32____use of agrochemicals have increased yields at the____33____of long-term sustainability.If the past20years,agricultural production has increased threefold and the amount of irrigated land has doubled,notes a paper in the outlook by the Joint Research Centre(JRC)of the European commission.Over time,however,this___34___fertility and can lead to abandonment of land and ___35___desertification.A)absorb I)limitedB)abundant J)minimizeC)billed K)occasionallyD)decline L)optimizesE)diminishes M)rateF)expansion N)remedialG)expense O)ultimatelyH)intensifyingSection BDirections:In this section,you are going to read a passage with ten statements attached to it.Each statement contains information given in one of the paragraphs.Identify the paragraph from which the information is derived. You may choose a paragraph more than once.Each paragraph is marked with a letter.Answer the questions by marking the corresponding letter on Answer Sheet2.Take Naps at Work.Apologize to No One[A]In the past two weeks I’ve taken three naps at work,a total of an hour or so of shut-eye while on the clock.And I have no shame or uncertainty about doing it.I couldn’t feel better about it,and my productivity reflects it,too.[B]Sleeping on the job is one of those workplace taboos-like leaving your desk for lunch or taking an afternoon walk-that we’re taught to look down on.If someone naps at2p.m.while the rest of us furiously write memos and respond to emails,surely it must mean they’re slacking off(偷懒).Or so the assumption goes.[C]Restfulness and recharging can take a back seat to the perception and appearance of productivity.It’s easier to stay on a virtual hamster(仓鼠)wheel of activity by immediately responding to every email than it is to measure aggregate productivity over a greater period of time.But a growing field of occupational and psychological research is building the case for restfulness in pursuit of greater productivity.[D]Companies are suffering from tremendous productivity problems because people are stressed out and not recovering from the workday,said Josh Bersin,Principal and Founder of Bersin by Deloitte.“They’re beginning to realize that this is their problem,and they can’t just say to people,‘Here’s a work-life balance course,go teach yourself how to manage your inbox,’”Mr.Bersin said.“It’s way more complicated than that.”[E]To be sure,the ability to nap at work is far from widespread,experts said.Few among us have the luxury of being able to step away for a half-hour snoozefest.But lunch hours and coffee breaks can be great times to duck out,and your increased productivity and alertness will be all the evidence you need to make your case to inquiring bosses.[F]In an ideal world,we’d all solve this problem by unplugging early and getting a good night’s sleep. Here’s our guide on how to do just that.But the next best thing is stealing away for a quick power nap when you’re dragging after lunch.[G]In a study published in Nature Neuroscience,researchers tested subjects on their perceptual performance four times throughout the day.Performance deteriorated with each test,but subjects who took a30-minute nap between tests stopped the deterioration in performance,and those who took a60-minute nap even reversed it.[H]“Naps had the same magnitude of benefits as full nights of sleep if they had a quality of nap.”said Sara Mednick,a co-author of the study and associate professor of psychology at the University of California,Riverside.[I]Dr.Mednick,a sleep researcher and the author of Take a Nap!Change Your Life,said daytime napping can have many of the benefits of overnight sleep,and different types of naps offer specific benefits.[J]For example,Dr.Mednick said a20-to60-minute nap might help with memorization and learning specific bits of information.It’s just long enough to enter stage-two sleep,or non-rapid eye movement(R.E.M.)sleep.[K]After60minutes,you start getting into R.E.M.sleep,most often associated with that deep,dreaming state we all enjoy at night R.E.M.sleep can improve creativity,perceptual processing and highly associativethinking,which allows you to make connections between disparate ideas,Dr.Mednick said.Beyond that,your best bet is a90-minute nap,which will give you a full sleep cycle.[L]Any nap,however,can help with alertness and perception and cut through the general fog that creeps in during the day,experts said.[M]So how did we even arrive at this point where aptitude is inextricably tied(紧密相连)to working long, concentrated hours?Blame technology,but think broader than smartphones and laptops;the real issue is that tech has enabled us to be available at all times.[N]“We went through a period where people were in denial and business leaders were ignoring it,”Mr. Bersin said.“They were assuming that if we give people more tools,more emails,more Slack,more chatter,and we’ll just assume they can figure out how to deal with it all.And I think they’ve woken up to the fact that this is a big problem,and it is affecting productivity,engagement,health,safety,wellness and all sorts of things.”[O]It isn’t just office workers who can benefit from an afternoon siesta(午睡).A2015study published in Current Biology looked at the at the sleeping habits of three hunter-gatherer preindustrial societies in Tanzania, Namibia and Bolivia.[P]“They’re active in the morning,then they get in the shade under the trees and have a sort of quiet time, but they’re not generally napping,”said Jerome Siegel,professor of psychiatry and biobehavioral sciences,and director of the U.C.L.A.Center for Sleep Research,a co-author of the study.“Then they do some work and go to sleep,and they sleep through the night.”[Q]Still,Mr.Siegel said,“the only genuine way to solve daytime sleepiness and fatigue starts the night before with a solid night’s sleep.”The real Holy Grail of restfulness is a regular sleep schedule with ideally seven or eight hours of sleep each night,which experts say is optimal.[R]“Daytime napping certainly does increase alertness,”Mr.Siegel said.“But it’s not as simple as going to the gas station and filling the tank.”[S]He also advises avoiding caffeine late in the day and waking around the same time every morning,even if you can’t get to sleep at the same time every night,This helps acclimate(使适应)your body to your regular wake-up time,regardless of how much sleep you got the night before.[T]So if you’ve made it this far and you’re interested in giving workday naps a try(or just starting to nod off),here’s a quick guide to the perfect nap;Find a quiet,unoccupied space where you won’t be disturbed.Try to make your area as dim as possible(or invest in a sleep mask you can keep in the office).Earplugs might help.too.Aim for around20minutes.Any longer than that and you’re likely to wake up with sleep inertia(睡眠惰性)，which will leave you even groggier(头脑昏沉的)than before.36.Participants’perceptual performance became better after sleeping one hour between tests in an article inNature Neuroscience.37.Jerome Siegel found that only by sleeping soundly through the previous night could people tackle theirweariness during the day.38.Our talent is closely bound to working with concentration for long periods of time because technologymakes us accessible24/7.39.Taking a nap at work is normally regarded as laziness that should be held in contempt and avoided inworkplace.40.Between20to60minutes,people can get into non-REM sleep which may improve memory and learningability according to Dr.Mednick.41.People can doze off at lunch and coffee breaks and defended themselves by saying their improvedproductivity and alertness when bosses investigated their whereabouts.42.The author’s tips on taking a perfect nap involve sleeping place,environment and duration.43.The author believes business leaders are aware that availability at any time due to technology has negativeeffects on every aspect of people’s life.44.The optimal length of a nap was an hour and a half so that people could go through a complete sleep cycle.45.Josh Bersin mentioned the cause of companies’big productivity problems and the solution which needsmore that just employees’efforts.Section CDirections:There are2passages in this section.Each passage is followed by some questions or unfinished statements.For each of them there are four choices marked A),B),C)and D).You should decide on the best choice and mark the corresponding letter on Answer Sheet2with a single line through the centre.Passage OneQuestions46to50are based on the following passage.Every office worker hates meetings.But it’s a strange sort of hate,similar to the hatred of Londoners for the Northern Line,or New Yorkers for tourists who walk too slowly:the dislike is real,yet if the despised thing were to vanish,it’d be like surrendering a piece of your soul.When researchers probed into why people put up with the strain that meetings place on their time and sanity, they found something-those who resent and dread meetings the moat also defend them as a“necessary evil”, sometimes with great passion.True,research suggests that meetings take up vastly more of the average manager’s time than they used to.True,done badly,they’re associated with lower levels of innovation and employee wellbeing(幸福).But that’s just office life,right?It’s not supposed to be fun.That’s why they call it work.Underlying(引起)this attitude is an assumption that’s drummed into us not just as workers but as children, parents and romantic partners;that more communication is always a good thing.So suggestions abound for(大量存在)communicating better in meetings-for example,hold them standing up,so speakers will come to the point more quickly.But even when some companies consider abolishing meetings entirely,the principle that more communication is better isn’t questioned.If anything,it’s reinforced when such firms introduce“flat”management structures,with bosses always available to everyone,plus plenty of electronic distraction.In fact,constant connectivity is disastrous for both job satisfaction and the bottom line.And anyway,once you give it three seconds’thought,isn’t it cleat that more communication frequently isn’t a good thing?Often,the difference between a successful marriage and a second-rate one consists of leaving about three or four things a day unsaid.At work,it’s surely many more than four,though for a different reason;office communication comes at the cost of precisely the kind of focus that’s essential to good work.Yet we’re so accustomed to seeing talking as a source of solutions-for resolving conflicts or finding new ideas-that it’s hard to see when it is the problem.46.What does the author say about meetings?A)Londoners hate them as well as the Northern Line.B)They can help to keep workers’physical and spiritual health.C)Workers might be reluctant to give up them completely.D)New Yorkers dislike meetings more than Londoners.47.What did researchers find about people’s attitude towards meeting?A.Their attitude and behavior are paradoxical.B)People who hate meetings the most are senior insane.C)Those who like meetings might be considered insane.D)More meetings are regarded as a sign of less innovation.48.Why do people think that more communication is always a good thing?A)Because the concept is firmly believed by workers.B)Because everyone loves to communicate with others.C)Because the idea has been instilled into people’s mind.D)Because communication is vital for building relationships.49.What does the author think of the“flat”management structure?A)It forces bosses to frequently contact their employees.B)It helps to soften employees’bottom line of work.C)It is definitely a disaster to employees’job satisfaction.D)It strengthens people’s deeply-rooted notion of communication.50.What is the author’s argument about office communication?A)It is an effective way to solve office conflicts.B)It affects work efficiency in a negative way.C)It should come to a halt at intervals.D)It is useful for workers to find new ideas.Passage TwoQuestions51to55are based on the following passage.The Internet has enabled the spread of information at lightning speed.This information revolution has created tremendous business opportunities for online publishers,but not all of them maintain proper quality-control mechanisms to ensure that only good information is being shared.Instead,many publishers aim simply to make money by whatever means possible,with no regard for the implications for society at large.When selfish publishers set up shops online,the primary goal is to publish as much as possible,often at the cost of quality.In this respect,many publishers start numerous online journals focused on overlapping(重叠的)disciplines—to increase their total number of published papers—and hire young business managers who do not have any experience in either science or publishing.In some cases,online publishers even give up peer review, while still presenting themselves as scientific journals—deception designed to take advantage of scientists who simply want to share their research.If publishers structure their business to make more revenue,it often does harm to their products.When publishers start journals with overlapping domains,in combination with the pressure to publish more studies,this could promote the publication of marginal or even questionable articles.Moreover,publishers with multiple overlapping journals and journals with very narrow specialties(专业)increase the demands on the time and efforts of willing reviewers.With the fact that reviewers are generally not compensated for their time and effort,journal editors are often unable to find enough reviewers to keep up with the increased publication rate.To improve the situation and increase the trust in scientific community,the pressure to publish must be reduced.Funding and promotion decisions should not be based on the number of publications,but on the quality of those publications and a researcher’s long-term productivity and instructions.And that’s just the start.We need additional mechanisms,such as Beall’s list of predatory(掠夺的)publishers, to alert scientists to fake journals and fake articles.In addition,the price for online publication must be controlled and a mechanism must be put in place to honor and reward hard-working reviewers.51.What does the author think of online publishers?A)A small proportion of them can guarantee their publishing quality.B)They have lots of opportunities to renovate their business models.C)Many of them tend to try every means to make a buck.D)Social impact is their first priority when publishing books.52.It can be inferred from the second paragraph that______.A)peer review generally is a criterion to identify academic journalsB)researchers focus their research on the combination of disciplinesC)scientists care about their publications rather than researchD)young business managers are willing to face new challenges53.Why can’t publishers find enough reviewers to review papers?A)Reviewers are pressed for time when reviewing articles.B)Reviewers’gains can’t make up for what they have done.C)Publishers may compel reviewers to accept marginal articles.D)Publishers urge reviewers to increase publication rate rapidly.54.What is the author’s suggestion for online publication?A)More weight should be put on the quantity of publications.B)It is worthwhile to reward diligent reviewers for their effort.C)Fake journals should be reported to a regulatory organization.D)The price of online publication should be lowered greatly.55.What is the main idea of this passage?A)Online publishers should take measures to fight against fake scientific journals.B)Online publishers are pursuing their work efficiency at the cost of quality.C)Online publishers business models are quite likely to harm their publications.D)Online publishers are sacrificing the quality of research articles to make money.PartⅣTranslation(30minutes)Directions:For this part,you are allowed30minutes to translate a passage from Chinese intoEnglish.You should write your answer on Answer Sheet2.春节是中国的传统节日，相当于美国的圣诞节。
policy(宏观经济学-加州大学-詹姆斯·布拉德福特·.ppt
Stabilization Policy
13-1
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
Questions
• What principles should guide stabilization policy?
13-3
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
Government Policy
• There are two kinds of government policy
– fiscal policy
– the principal policy-making body of the Federal Reserve system is the Federal Open Market Committee (FOMC)
• the FOMC lowers and raises interest rates and increases and decreases the money supply
13-6
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
Figure 13.1 - Structure of the Federal Reserve System
13-7
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
国际贸易实务(英文版)(第二版)(PPT),帅建林,978-7-5663-0314-1
In contrast, portfolio or indirect investments, are chiefly motivated by short- to medium-term profits. They may include equity investments that do not involve an active role in management or bonds and other debt instruments issued by foreign companies and governments. As financial markets around the world become increasingly integrated in recent years, international portfolio investments have become popular with investors as a vehicle of diversification further hastening the process of international financial integration.
行业报告格式英文
行业报告格式英文Industry Report: The Current State and Future Trends of the Global Renewable Energy Sector。
Introduction。
The global renewable energy sector has experienced significant growth in recent years, driven by increasing concerns about climate change, the declining cost of renewable technologies, and supportive government policies. This industry report provides an overview of the current state of the global renewable energy sector, including key market trends, challenges, and future growth prospects.Market Overview。
The global renewable energy sector has witnessed robust growth in recent years, with the market size reaching $928.0 billion in 2020, and is projected to grow at a CAGR of 8.6% from 2021 to 2028. This growth can be attributed to the increasing adoption of renewable energy sources, such as solar, wind, hydro, and bioenergy, as well as the declining cost of renewable technologies. In 2020, solar energy accounted for the largest share of the global renewable energy market, followed by wind energy and hydro energy.Key Market Trends。
新世纪高等院校英语专业本科生系列教材__综合教程2课后答案
核准通过，归档资料。
未经允许，请勿外传！UNIT 1Text comprehension:ⅠCⅡ1.F2.F3. T4.FⅢ1. The answer to this question can be found in the first paragraph , in which the author implies that for Mayblum the WTC was a symbol of power---- for its height and steadiness, and the force of storms was actually nothing to the WTC2.The author means that the survival of the people inside the WTC would simply depend on their locations , i.e. where they were at that moment .3.Refer to Paragraph 9,13,19,and29 .Ramos went to help the panicked workers into a stairwell(on the 78th floor),helped the heavyset man down one more flight to an elevator (on the 53rd floor),and reassured the man he would be staying with him (on the 36th floor).4.They helped the heavyset man 17floors down the building .They met him on 53rd floor and their attempt to descend ended on the 36th floor.5.The sentence implies that Ramos ‘s wife refused to believe that Ramos did not make it out of the building.Ⅳ 1.On that morning thousands of people in the WTC were thrown ,all of a sudden into a conditio n of terrible suffering and uncertainty. Mayblum was one of them.2. It seemed that the tremendous sound of the collapse of the South Tower destroyed the man’s h ope of climbing down the remaining stairs ,and thus took away his remaining energy.V ocabularyⅠ 1.burning 2. something ,a situation of a circumstance ,that is dependent on one’s location in the building3. in an intermittent manner4. help you5. Things are satisfactory up to this point.Ⅱ1. scoffed 2. dilemma 3. collapsed 4.pandemonium 5. reassuring 6. rumble 7. glancing at 8.meet up withⅢ1.panicky2. descends/descended3. enjoyable4.expectation5.morality6. persuasion7. strong 8 .energetic ⅣA/D/C/B/D/C/A/DⅤ1. amoral /nonmoral2. disappear3. wildly4. uncover /disclose /reveal5.dissuade6.happily/j oyfully/joyously7. ordinary/common8. small /thin /slenderⅥ1. helpful / helpless 2. childish /childlike/childless 3. active 4. persistent 5. revolutionary 6. successful 7.womanly dylike GrammarⅠ1.would2.woulded to would4. used toed to6. used to7.would8.woulded to10.would would wouldⅡ1. used to travel2.was not used to accepting3. was not used to receiving4. used to think5. u sed to living6. used to say7. didn’t use to eat8.am not used to drivingⅢ 1. insistence 2. habitual action 3. probability 4. willingness 6. probability 7. improbability 8. capabilityⅣ1. could would might might should might2.could /would should could might could would3.should should would would couldⅤ 1.needn’t have carried 2.needn’t have bought 3. didn’t need to tell 4. needn’t have had 5.need’t have stood 6. didn’t need to hurry 7. didn’t need to open 8. didn’t need to take 9.needn’t have washed 10.didn’t need to work Ⅵ略 Translation1. 对有些人来说，生死攸关的是她们所在的位置------不仅仅是哪幢楼，哪一层，更重要的事大楼的哪个角落2. 周围噪声震耳，烟雾弥漫，火星四溅，美布勒姆没有意识到，他的朋友朱宏始终就在他身后的楼梯井里。
The virtues of growing older 课后练习答案
Text comprehensionI. Decide which of the following best states the author’s purpose of writing.CFrom the last sentence of the second paragraph and second sentence in the last paragraph, we can see that it is not the writer’s purpose to deny the virtues of being young. She hopes to point out some of the “distinct advantages” and “a great deal of happiness to be found” in the process of aging. So A is not correct. B only touches part of the text，namely the first two paragraphs.II. Judge, according to the text, whether the following statements are true or false.1. F. Refer to Paragraph 3. They were much concerned with their appearances, both the shape oftheir bodies and the fashion of their clothes.2. F. Although they are still wearing fashionable clothes, they are no longer at the mercy offashion and “no longer slaves to style”.3. F. Under the carefree appearances, young people are troubled by “unknowns in the future”.4.T. Refer to Paragraph5.III. A nswer the following questions.1.The beginning statement tells readers about the fact that Americans worship youth. In otherwords, they are afraid of growing older. This fear is manifested in their efforts “to delay the effects of age” with the passion for cosmetics and physical exercises. (Paras. 1, 2)2.The writer mentions three aspects to show distinct advantages of growing older，i.e.1essconcern of one’s appearance(Para. 3), less uncertainty about the unknowns in the future(Para.4)and self-identity(Para. 5).3.The writer says, “when you are young，major decisions await you at every turn.” Thissuggests that they feel uncertain about what would happen to them and what they would do in the future. ( Para. 4)4.The writer presents the distinct difference between the adolescents and the forty-year-olds byrepeated use of “Being young means…”or “It means…”in contrast with “I…now…” or “I no longer…”. ( Para. 5)5.The writer learns the significance from her parents’ contentment that the newer (younger) isnot necessarily better, and she can be happier than before as she grows older. ( Para. 6)IV. Explain in your own words the following sentence taken from the text.1.I am embarrassed to admit that women are less capable than men of resisting the temptation offashion.2.It means that you make friends with different people in order to find a new identity foryourself.Structural analysis of the text参见“篇章分析”部分Vocabulary exercisesI. Explain the underlined part in each sentence in your own words.1. are likely to2. break up / disintegrate3. as a whole4. powerless against / completely controlled by5. not surprising / only too naturalII. Fill in the blanks with the appropriate forms of the given words.1. obsessive 译文：她过分担心自己会失控，因此从不感情外露。
金砖四国领导人会晤中英对照
金砖国家领导人第五次会晤德班宣言(二0一三年三月二十七日)Fifth BRICS SummitDurban: 27 March 2013BRICS and Africa: Partnership for Development, Integration and Industrialization eThekwini Declaration1、我们，巴西联邦共和国、俄罗斯联邦、印度共和国、中华人民共和国和南非共和国领导人于2013年3月27日在南非德班举行金砖国家领导人第五次会晤。
我们围绕“金砖国家与非洲:致力于发展、一体化和工业化的伙伴关系”的主题进行了讨论。
本次会晤是金砖国家第一轮领导人会晤的收官之作。
我们重申将致力于维护国际法、多边主义和联合国的中心地位。
我们的讨论表明金砖国家的团结进一步加深,愿为全球和平、稳定、发展与合作做出积极贡献。
我们还讨论了金砖国家在与各国和各国人民团结合作的基础上,在国际体系中发挥的作用。
1. We, the leaders of the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People's Republic of China and the Republic of South Africa, met in Durban, South Africa,on 27 March 2013 at the Fifth BRICS Summit. Our discussions took place under the overarching theme, "BRICS and Africa: Partnership for Development, Integration and Industrialization." The Fifth BRICS Summit concluded the first cycle of BRICS Summits and we reaffirmed our commitment to the promotion of international law, multilateralism and the central role of the United Nations (UN). Our discussions reflected our growing intra-BRICS solidarity as well as our shared goal to contribute positively to global peace, stability, development and cooperation. We also considered our role in the international system as based on an inclusive approach of shared solidarity and cooperation towards all nations and peoples.2、此次会晤举行之时,正需要我们探讨共同关心并具有系统重要性的问题,以解决共同关切,研拟长期解决之道。
硕士英语综合教程1(部分课文英汉对译)剖析
Unit 1Creating a Low-Carbon Economy创建低碳生活Overview概述1.There is no longer any real question that global warming is occurring as the result of therapid build-up of greenhouse gases primarily caused by human activities. We are on a trajectory for global warming to become much more intense unless we begin a concerted, rapid shift toward a low-carbon economy. And the danger is increasingly clear and present.As Rajendra Pachauri, chairman of the Intergovernmental Panel on Climate Change and recipient of the 2007 Nobel Peace Prize, has said, “If there’s no action before 2012, that’s too late. What we do in the next two to three years will determine our future. This is the defining moment.”对于主要由人类活动而迅速积累的温室气体引发了全球变暖这一事实，没有人再持有异议。
除非我们协同一致，快速转向低碳经济，否则全球变暖的趋势将会愈演愈烈。
这一危机日益彰显逼近。
正如获得2007年诺贝尔和平奖的联合国政府间气候变化专门委员会（IPCC）主席拉金德拉·帕乔里所声称的：“如果在2012年之前我们还没有采取行动，那就为时已晚了。
英语作文两个人的对话,第三人称
英语作文两个人的对话,第三人称全文共3篇示例，供读者参考篇1It was a sunny afternoon when Sarah and her best friend Emily decided to meet up at the local coffee shop. They had been friends since kindergarten and had an unbreakable bond. As they sat down with their drinks, Emily couldn't help but notice a certain glow about Sarah."You seem different today," Emily remarked, taking a sip of her latte. "Did something happen?"Sarah's face lit up with a radiant smile. "I have some exciting news to share!" she exclaimed, her eyes sparkling with joy. "Remember that internship I applied for at the environmental nonprofit? Well, I got the position!"Emily's jaw dropped, and she immediately set her cup down, reaching across the table to give Sarah a tight hug. "Oh my gosh, that's incredible! I'm so proud of you!"Sarah beamed, basking in the joy of her accomplishment. "I can hardly believe it myself. It's a dream come true, really. I'vebeen passionate about environmental conservation for as long as I can remember."Emily nodded, fully understanding Sarah's enthusiasm. "You've worked so hard for this. You deserve every bit of success that comes your way."As the initial excitement subsided, Sarah leaned back in her chair, her expression turning contemplative. "To be honest, I'm a little nervous too. It's a big responsibility, and I want to make sure I'm prepared."Emily offered an encouraging smile. "You're going to be amazing, Sarah. Your dedication and passion for the cause are going to shine through. Just stay true to yourself, and you'll do great things."Sarah felt a wave of gratitude wash over her. "Thank you, Em. Your support means the world to me. I don't know what I'd do without you."Emily waved her hand dismissively. "Oh, stop it. You'd be just fine without me. You're one of the strongest, most determined people I know."A comfortable silence fell between them as they sipped their drinks, each lost in their own thoughts. Finally, Sarah spoke up again, her voice tinged with a hint of uncertainty."Do you ever wonder about the future, Em? I mean, we're about to graduate college, and the world is waiting for us. It's both exciting and terrifying at the same time."Emily nodded thoughtfully. "Absolutely. It's a big transition, and it's natural to feel a little overwhelmed. But you know what? We've made it through every challenge life has thrown our way so far. And we'll tackle this one together, just like we always have."Sarah couldn't help but smile at Emily's unwavering optimism. "You're right. As long as we have each other, we can conquer anything."The conversation drifted to lighter topics as they reminisced about their college years and the countless memories they had made together. Time seemed to fly by, and before they knew it, the sun was starting to set outside the coffee shop windows.As they gathered their belongings to leave, Emily couldn't resist one last comment. "You know, I'm really going to miss our regular coffee dates once we're out in the real world."Sarah chuckled, linking her arm through Emily's. "Who says we have to stop? No matter where life takes us, we'll always make time for each other. That's a promise."With their pinkies intertwined in a sacred vow, the two friends stepped out into the warm evening, their laughter echoing through the streets. The future may have been uncertain, but one thing was clear: their friendship would endure through any challenge that came their way.篇2A Conversation Between FriendsJohn and Emily had been best friends since kindergarten. They went to the same schools, took many of the same classes, and even ended up at the same university studying business. While their closeness made them inseparable, their personalities were quite different in many ways.John was the quintessential extrovert. He loved being around people and thrived in social situations. Outgoing and charismatic, he could strike up a conversation with just about anyone. Emily, on the other hand, was much more introverted. She preferred small groups or one-on-one interactions and oftenfelt drained after too much socializing. While not exactly shy, she tended to be reserved around those she didn't know well.Despite their differences, the two friends valued and respected each other's perspectives. On this particular autumn day, they were meeting up at the student union between classes to catch up.Emily arrived first and grabbed a table by the window. As she waited for John, she couldn't help but feel a bit anxious in the crowded space. So many people coming and going made her feel overwhelmed at times. She took out a book to read, figuring it would help calm her nerves.A few minutes later, John bounded in with his typical enthusiasm, spotting Emily right away. "There you are! I'd know that nose buried in a book anywhere," he said with a big smile as he plopped down across from her.Emily looked up, instantly feeling more at ease with her friend's familiar presence. "You're one to talk, Mr.Life-of-the-Party," she countered with a smirk. "I saw you working the room as usual when I came in.""What can I say? It's a gift," John replied with an exaggerated shrug. "You know me, I just can't resist saying hi to everyone I know. And at this school, that's pretty much everyone."Emily shook her head in mock disbelief. Leave it to John to be perfectly content navigating the masses of their huge university."So, anyway, what's new with you? We haven't really had a chance to catch up in a while with all our classes and activities," John said, bringing the conversation back around."Not too much, honestly," Emily responded. "Just the usual grind of papers, projects, and studying. How about you?""Well, you know I'm always staying busy," John said with his trademark grin. "I'm actually thinking about running for student government president this year."This didn't surprise Emily at all. John had been heavily involved in various clubs and organizations since they were freshmen. She figured a run at student president was inevitable given his appetite for all things social and extracurricular."You'd definitely have my vote," Emily assured him. "If anyone could handle being the voice for all 50,000 students here, it would be you, Mr. Popularity."John playfully scowled at her teasing tone. "Hey now, just because I'm a people person doesn't make me popular. It makes me likable. There's a difference." He held up a finger as if lecturing her on semantics.Emily laughed. "If you say so. Either way, you're probably the only person I know who could take on that huge responsibility and not get overwhelmed.""Hmm, yeah, I don't know how you handle feeling overwhelmed as much as you do," John said, his expression turning more serious. "You always seem so stressed out over every little thing."Emily felt her defenses start to rise at the observation, despite knowing her friend meant no harm. "It's not like I try to get stressed or anything. My brain just...works that way, I guess. It's why I love my alone time so much to recharge."John nodded in understanding. "I know, I know. And that's not a bad thing at all. We all have our thing – you're just a little more of an introvert like that. I just wish you could be a little more easygoing sometimes, that's all."They had this discussion many times over the years, each trying to understand and appreciate where the other was comingfrom. As different as they were, their willingness to be open and honest with each otherOnly strengthened their friendship."Well, for better or worse, this is me," Emily stated plainly. "I'm definitely working on managing my stress and anxiety better, but at the end of the day, a little alone time is good for the soul. Kind of like how being around people 24/7 seems to be good for yours."It was John's turn to laugh at his friend's mild dig. "Touché. At least we'll never get bored hanging out together, right? We balance each other out pretty well in that regard.""We really do," Emily agreed with a warm smile. No matter their differences, she and John just clicked in a way she could never quite explain.They spent the next hour chatting about everything from their classes and future career plans to campus happenings and memories from their childhood. Eventually, they reluctantly packed up to head to their next classes, promising to meet up again soon.As Emily walked across campus alone, she felt completely recharged and at peace. Spending quality time with her best friend always had that effect on her. For as much as she valuedher solitude, she knew her life wouldn't be nearly as rich or vibrant without John's energy, humor and unwavering friendship to balance it all out.And for his part, John felt the same connection. Under Emily's calming influence, he was able to be his authentic self without putting on the showman persona he embodied around most others. Her quieter strength grounded him in a way he was immensely grateful for.Their differences made them an unlikely duo in some ways, yet they complemented each other perfectly. Two separate personalities, perspectives and love languages united in a bond that could never be broken. Theirs was a friendship that celebrated individuality while displaying that opposites can not only coexist, but thrive.篇3A Heated Debate Between Two StudentsIt was a typical Tuesday afternoon in the bustling halls of Oakwood High School. Students rushed between classes, their backpacks weighing heavily on their shoulders and their minds preoccupied with the upcoming midterm exams. Amidst the chaos, two unlikely classmates found themselves embroiled in aheated debate that would challenge their beliefs and test the limits of their friendship.Jacob Miller, a straight-A student and the president of the school's debate club, strode confidently down the corridor, his mind already dissecting the finer points of the next debate topic. His path was suddenly obstructed by his longtime friend, Samantha Watts, who seemed to have something on her mind."Hey, Jacob," Samantha began, her brow furrowed with concern. "Have you heard about the proposal to implement a strict dress code policy at our school?"Jacob arched an eyebrow, his interest piqued. "No, I haven't. What's the deal?"Samantha took a deep breath before launching into her explanation. "Apparently, the administration is considering implementing a uniform policy, claiming that it will promote a more disciplined and focused learning environment."Jacob's expression hardened as he processed the information. "That's ridiculous!" he exclaimed, his voice tinged with indignation. "How can they possibly think that enforcing a dress code will improve academic performance? It's a blatant violation of our right to self-expression."Samantha nodded in agreement, her eyes shining with determination. "Exactly! And that's not even the worst part. They're proposing that the uniforms be gender-specific, with specific rules for what girls and boys can wear."Jacob shook his head vehemently. "That's outrageous! It's the twenty-first century, for crying out loud. Why are they still perpetuating outdated gender norms and stereotypes?""I know, right?" Samantha agreed, her voice rising with passion. "It's like they're completely ignoring the progress we've made in terms of gender equality and inclusivity."The two students continued their heated discussion as they made their way towards the cafeteria, drawing curious glances from their peers. Jacob, ever the eloquent debater, presented a well-reasoned argument against the proposed dress code, citing numerous studies that highlighted the negative impact of strict clothing policies on students' self-esteem and academic performance.Samantha, on the other hand, focused her efforts on the discriminatory nature of the gender-specific guidelines, arguing that they reinforced harmful stereotypes and failed to acknowledge the diverse gender identities and expressions present within the student body.As the debate raged on, other students began to take notice, forming a small crowd around the passionate pair. Some nodded in agreement, while others shook their heads, skeptical of the merits of their arguments.Undeterred by the audience, Jacob and Samantha continued to volley their points back and forth, their voices rising and falling with the intensity of their convictions. They dissected every aspect of the proposal, from the potential infringement on personal freedoms to the potential financial burden it could place on families.As the bell rang, signaling the end of the lunch period, the two friends found themselves at an impasse, each steadfast in their beliefs but also deeply respectful of the other's perspective."Well, I guess we'll have to agree to disagree on this one," Jacob conceded, a hint of a smile playing on his lips.Samantha returned the smile, her eyes shining with admiration for her friend's unwavering commitment to his principles. "Yeah, I guess so. But I'm glad we had this discussion. It really made me think about the issue from different angles."Jacob nodded, his expression one of genuine respect. "Me too. And hey, even if we don't see eye to eye on everything, at least we can always count on each other for a good debate."With a shared laugh and a firm handshake, the two friends parted ways, their minds already turning to the next topic that would inevitably ignite their passions and challenge their beliefs.As they disappeared into the sea of students, their voices echoed through the halls, a testament to the power of open discourse and the unbreakable bonds forged through intellectual discourse and mutual respect.。