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ABSTRACTIn the literature on monetary economics, there is the 'inflationary bias' result which predicts that the rate of inflation will be biased towards a higher level under discretionary monetary policy than under a rule‐based policy regime. It is established that a credible nominal target can eliminate this 'inflationary bias'. In this paper, we examine the case of nominal GDP targeting, which is a rule‐based monetary regime. Depending on the degree of conservativeness by the central bank, we show in a stylized model the choice of different combination of inflation and real GDP targets can still result in an 'inflationary bias', and there also exists the possibility of a 'dis‐inflationary bias'.

AbstractThis study addresses the Chinese Second World War victims' reparations movement (CWRM) against Japan as a case of contemporary Chinese memory politics. While many studies indicate the Chinese government's use of the war memories for political purposes, ours focuses on how official discourses are translated into citizens' political participation and how the state–society interactions lead to variation in the development of the movement sectors within the case of CWRM. Drawing on textual and ethnographic data and a theoretical "dynamic statism," we argue that the central government's ambivalent attitude towards this ideologically useful yet institutionally troublesome movement created room for local governments and the movement to pursue their own causes. Yet the local and central governments' strong interventions, either facilitation or repression, discouraged civil society's participation and led to the underdevelopment of some movement sectors. In the sectors where the local governments held an attitude of absenteeism or co-operation, the movement was able to mobilize resources from civil society and state institutions and finally developed well.

AbstractChina has experienced rising wage inequality due to rising relative demand for skilled labour. In this paper, we use a sample of 1,500 firms to investigate the impact of trade and technology on China's rising skill demand. We find that export expansion had a negative direct effect (Heckscher–Ohlin type) and a positive indirect effect (export‐induced skill‐biased technical change) on skill demand; the net effect was found positive and accounted for 5 percent of rising skill demand of the sample firms. We find that technical change in Chinese firms was on average skill‐neutral, but majority foreign‐owned firms experienced skill‐biased technical progress that accounted for 22 percent of the rising skill demand of the sample firms.

Intellectual property (IP) protection has been suggested to be essential in protecting innovation in product-dominant companies. However, with the development of service industries, the ineffectiveness in IP protection becomes manifest. Meanwhile, other knowledge protecting methods enable companies to maintain their competency without formal protection. This study examines the effectiveness of different means of knowledge protection. Specifically, business is classified according to companies' offering nature, serving mode and consider about their business hardware. The effectiveness of protection methods is analyzed among these business types. Interviews were conducted with senior managers of 39 companies in China and Singapore. It is demonstrated that the choice of knowledge protecting method does not depend mainly on whether a company provides products or services, but on how the company produces and provides its offerings. It is found that the core competency of companies largely affects their attitude on whether to protect their offerings. It is found that in weak appropriability regimes, companies apply for patents not for their knowledge protection function, but for other benefits, such as getting awards or tax reductions, and improving reputation among customers.