Cobalt thin films were deposited on silicon substrates by magnetron sputtering two commercial cobalt targets with different pass-through fluxes(PTFs).The influences of PTF on the magnetic properties of sputtered thin ...Cobalt thin films were deposited on silicon substrates by magnetron sputtering two commercial cobalt targets with different pass-through fluxes(PTFs).The influences of PTF on the magnetic properties of sputtered thin films were investigated.The results indicate that under the same sputtering conditions,cobalt thin film deposited by Co target with high PTF(84.21%) has lower remanence ratio(0.65),while cobalt thin film prepared by Co target with low PTF(69.13%) has higher remanence ratio(0.87).Through introducing an external magnetic field parallel to the film surface during sputtering processes,both the remanence ratios of cobalt thin films prepared by the two targets can be enhanced to approach 1.High-resolution transmission electron microscopy(HRTEM) images show that in the absence of the external magnetic field during sputtering,cobalt thin film deposited by the target with high PTF is randomly oriented in crystallographic orientations,which is due to that Co atoms have no enough time to migrate and diffuse on substrate and the atomic stacking is disordered.It is worth mentioning that crystallographic orientations of cobalt thin film deposited by target with low PTF are relatively consistent,resulting in relatively higher remanence ratio.In addition,HRTEM analysis indicates that the external magnetic field during sputtering drives the Co grains to arrange in a regular order with(002) orientation,leading to the improvement in remanence ratios.展开更多
The present paper uses a two-step approach to estimate the pass-through effects of changes in international commodity prices and the RMB exchange rate on domestic consumer price inflation in China. We first estimate t...The present paper uses a two-step approach to estimate the pass-through effects of changes in international commodity prices and the RMB exchange rate on domestic consumer price inflation in China. We first estimate the pass-through effects of international commodity prices on producer prices and then estimate the pass-through effects of producer price inflation on consumer price inflation. We find that a l O-percent increase in international commodity prices would lead to China＇ s producer prices increasing by 1.2 percent 3 months later, which in turn would increase China＇ s domestic inflation by 0.24 percent over the same period. However, a 10-percent appreciation of the RMB exchange rate against the US dollar would help to reduce increases in producer prices by 4.4 percent over the following 3 months, which in turn would lead to a 0. 89-percent decline in consumer price inflation over the same period. Our findings suggest that appreciation of the RMB in an environment of rising global commodity prices and a weak US dollar could be an effective instrument to help contain inflation in China.展开更多
Using the Phillips-Loretan approach, this paper verifies the degree and speed of pass- through and rigidity of different interest rates in China, as well as the response of private loan interest rates to other interes...Using the Phillips-Loretan approach, this paper verifies the degree and speed of pass- through and rigidity of different interest rates in China, as well as the response of private loan interest rates to other interest rates during 2002-2012. The results indicate that the long-term pass-through from the interbank offered rates and deposit and loan interest rates to the treasury bond rate is incomplete, but that the long-term pass-through to private loan interest rates is overshooting. The long-term pass-through from the deposit and loan interest rates to the overnight interbank offered rate is incomplete, while that to the interbank offered rates of other maturities is complete. The short-term passthrough and adjustment speed of interest rates exhibit asymmetry. Therefore, before considering a full liberalization of interest rates, it is important to further enhance the competition of the financial system and the function of different interest rate systems, such as the interhank market and bond market.展开更多
During the second half of 2007 and early part of 2008 when there were intense inflationary pressures in China, RMB appreciation was advocated as a means of helping to curb inflation. The effectiveness of appreciation ...During the second half of 2007 and early part of 2008 when there were intense inflationary pressures in China, RMB appreciation was advocated as a means of helping to curb inflation. The effectiveness of appreciation in controlling inflation depends on the impact of exchange rate movements on import and domestic prices. Our analysis finds fairly large and speedy exchange rate pass-through （ERPT） to import prices： 50 and 60percent for the short run and long run, respectively. However, the degree of ERPT decreases along the price chain from upstream to downstream prices. ERPT for consumer prices, the most downstream prices, is much milder and has substantial lags. A 10-percent rise in the nominal effective exchange rate will dampen consumer prices by 1.1 percent within a year, with very little pass-through in the first half year, and by 2.0percent over the long run. These findings, particularly the ERPT to consumer prices, suggest that RMB appreciation can help to reduce inflationary pressures over the longer term. However, it is unlikely to provide rapid relief to the current round of high inflation because of the long lags in ERPZ. The RMB needs to strengthen in effective terms to exert the desired dampening impact on prices.展开更多
基金financially supported by the National Key R&D Program of China(No.2017YFB0305502)the National Natural Science Foundation of China(Nos.51571017,51671023,and 51871018)+2 种基金the Beijing Natural Science Foundation(No.2192031)the Key Science and Technology Projects of Beijing Education Committee(No.KZ201810011013)the Fundamental Research Funds for the Central Universities(No.FRF-TP-19-011B1)。
文摘Cobalt thin films were deposited on silicon substrates by magnetron sputtering two commercial cobalt targets with different pass-through fluxes(PTFs).The influences of PTF on the magnetic properties of sputtered thin films were investigated.The results indicate that under the same sputtering conditions,cobalt thin film deposited by Co target with high PTF(84.21%) has lower remanence ratio(0.65),while cobalt thin film prepared by Co target with low PTF(69.13%) has higher remanence ratio(0.87).Through introducing an external magnetic field parallel to the film surface during sputtering processes,both the remanence ratios of cobalt thin films prepared by the two targets can be enhanced to approach 1.High-resolution transmission electron microscopy(HRTEM) images show that in the absence of the external magnetic field during sputtering,cobalt thin film deposited by the target with high PTF is randomly oriented in crystallographic orientations,which is due to that Co atoms have no enough time to migrate and diffuse on substrate and the atomic stacking is disordered.It is worth mentioning that crystallographic orientations of cobalt thin film deposited by target with low PTF are relatively consistent,resulting in relatively higher remanence ratio.In addition,HRTEM analysis indicates that the external magnetic field during sputtering drives the Co grains to arrange in a regular order with(002) orientation,leading to the improvement in remanence ratios.
文摘The present paper uses a two-step approach to estimate the pass-through effects of changes in international commodity prices and the RMB exchange rate on domestic consumer price inflation in China. We first estimate the pass-through effects of international commodity prices on producer prices and then estimate the pass-through effects of producer price inflation on consumer price inflation. We find that a l O-percent increase in international commodity prices would lead to China＇ s producer prices increasing by 1.2 percent 3 months later, which in turn would increase China＇ s domestic inflation by 0.24 percent over the same period. However, a 10-percent appreciation of the RMB exchange rate against the US dollar would help to reduce increases in producer prices by 4.4 percent over the following 3 months, which in turn would lead to a 0. 89-percent decline in consumer price inflation over the same period. Our findings suggest that appreciation of the RMB in an environment of rising global commodity prices and a weak US dollar could be an effective instrument to help contain inflation in China.
基金support from the National Social ScienceFund of China(Grant Nos.10zd&034 and 12CJY115)the National Natural Science Foundation of China (Grant No.71373011)Zhejiang Provincial Natural Science Foundation of China(Grant No. LY12G03027)
文摘Using the Phillips-Loretan approach, this paper verifies the degree and speed of pass- through and rigidity of different interest rates in China, as well as the response of private loan interest rates to other interest rates during 2002-2012. The results indicate that the long-term pass-through from the interbank offered rates and deposit and loan interest rates to the treasury bond rate is incomplete, but that the long-term pass-through to private loan interest rates is overshooting. The long-term pass-through from the deposit and loan interest rates to the overnight interbank offered rate is incomplete, while that to the interbank offered rates of other maturities is complete. The short-term passthrough and adjustment speed of interest rates exhibit asymmetry. Therefore, before considering a full liberalization of interest rates, it is important to further enhance the competition of the financial system and the function of different interest rate systems, such as the interhank market and bond market.
文摘During the second half of 2007 and early part of 2008 when there were intense inflationary pressures in China, RMB appreciation was advocated as a means of helping to curb inflation. The effectiveness of appreciation in controlling inflation depends on the impact of exchange rate movements on import and domestic prices. Our analysis finds fairly large and speedy exchange rate pass-through （ERPT） to import prices： 50 and 60percent for the short run and long run, respectively. However, the degree of ERPT decreases along the price chain from upstream to downstream prices. ERPT for consumer prices, the most downstream prices, is much milder and has substantial lags. A 10-percent rise in the nominal effective exchange rate will dampen consumer prices by 1.1 percent within a year, with very little pass-through in the first half year, and by 2.0percent over the long run. These findings, particularly the ERPT to consumer prices, suggest that RMB appreciation can help to reduce inflationary pressures over the longer term. However, it is unlikely to provide rapid relief to the current round of high inflation because of the long lags in ERPZ. The RMB needs to strengthen in effective terms to exert the desired dampening impact on prices.
