Dynamics of money, output and price interaction — some Indian evidence

The present study is an attempt to model the dynamic interactions between money, output and prices in a structural vector autoregression framework. The primary concern of the paper is to examine the sources of variations and response of one variable to changes in others in a system of economic variables in the Indian context. Using quarterly data from 1970Q1 to 1990Q4, we find that structural factors, in addition to monetary factors, play an important role in generating and sustaining the process of inflation and fluctuations in economic activity. An increase in money/credit supply is found to increase output and prices in the short-run and prices in the long-run, while a non-accommodating monetary policy is ineffective in controlling inflation even at the cost of substantial output losses, thereby indicating relative rigidities in price movements. Another interesting finding is that the monetary authority responds differently to different price shocks, exercising its leverage in altering the quantity as well as the composition of aggregate money supply. Our findings also indicate that the economy is characterized by relatively large and infrequent shocks to ‘price/cost’-related factors. Finally, our analysis suggests that a simple monetary targeting without adequate ‘supply side’ measures may not be able to serve the objective of maintaining growth with price stability.     

Descending the energy ladder? Oil price shocks and domestic fuel choices in Kano,Nigeria

In recent years, the densely populated region around the burgeoning city of Kano in northern Nigeria has been the focus of much academic enquiry into the links between vegetation modification and fuelwood production and consumption. While many scholars have praised the socio-economic and ecological sustainability of Kano's rural–urban interface, arguing that indigenous agro-forestry systems will continue to resist urban fuelwood pressures for many years to come, other less optimistic observers have warned that exposure to a rapidly changing world economy is challenging traditional resource management systems like never before. Focusing on the case of Kano and its resource hinterlands, recent field-based evidence presented in this paper suggests that the latter supposition may be gaining increasing currency. In peri-urban regions, the rising prices of kerosene and other petroleum-based domestic fuels, coupled with the economic knock-on effects of a current petro-boom, are making fuelwood a much more attractive alternative as a domestic fuel choice. As lower and middle-income households shift away from commercial petroleum-based energy sources in favour of cheaper and more readily available biomass alternatives, it may be placing increased pressure on woodland resources and Kano's surrounding rural ecology: in the hinterlands of the city, local perceptions of research informants suggest that deteriorating economic conditions have driven some individuals to ‘step up’ fuelwood production to meet rising peri-urban demands. Although the intention of the paper is not to perpetuate crisis narratives or to suggest that fuelwood demand is causing runaway deforestation, the evidence presented does suggest that as conventional fuels become progressively more expensive, the poorest and most disadvantaged households may find it increasingly challenging to meet their basic energy needs.     

A review of aggregation techniques for agent-based models: understanding the presence of long-term memory

Quality & Quantity - A key feature of agent-based modeling is the understanding of the macroscopic behavior based on data at the microscopic level. In this respect, financial market models are...     

Intraurban interactions, social structure, and urban government expenditures: A stochastic model

A behavioral model is presented to identify the linkages between urban social structure and urban public expenditure data. The model is then tested on data from the 198 largest U.S. cities using first a principal components analysis to dimension the structural variables and second a regression model to measure the covariation between urban spending and selected measures of urban structure. The results suggest a relevant set of considerations for planning the urban fisc for purposes of State and Federal intergovernmental policy as well as for purposes of urban physical planning.     

THE IMPORTANCE OF SOLO PATROL IN POLICING A LIBERAL SOCIETY: A RESPONSE TO JOHN BLUNDELL

Police deployment strategies have a direct bearing on the general relationship with the public. In this article, the author reviews the research and argues that not only is routine deployment of officers in pairs wasteful of finite resources, it can lead to increased alienation from the public.     

'THE LAW OF STORMS': EUROPEAN AND INDIGENOUS RESPONSES TO NATURAL DISASTERS IN COLONIAL INDIA, c. 1800–1850

Focusing on collective response to storms and floods in early colonial India, the paper explores obstacles to successful disaster response with one example related to meteorology of cyclones and the other the use of embankments. In both these examples, there was an attempt to build public-private partnerships, which succeeded in the case of weather prediction and failed in river embankment. The failure is explained by two factors. Coordination and contracting were costly when the private partners had variable capacities and interests. Furthermore, whereas meteorology predicted nature, embankments interfered with nature, an intervention which carried social and economic costs.     

Tariffs,the balance of payments,and the demand for money

This paper shows that in a small country the impact of a tariff on the balance of payments depends crutially on the role of relative prices in the demand function for money. An import (export) duty has a perverse impact on the balance of payments if importables (exportables) and money are net complements, but both import and export duties cannot have a perverse impact. A relation between the impact of export and import duties is also derived and is used to reestablish a well-known theorem of Meade on the equivalence of replacing import with export duties and currency depreciation.     

An integrated model of sales managers’ communication practices

Drawing from several diverse streams of research, the authors develop the rationale and empirical background for considering the role of sales manager communication practices. Using a multifaceted conceptualization of communication as its base, the study justifies, proposes, and evaluates a model describing the relations among sales managers’ communication practices and salesperson ambiguity, satisfaction, performance, and commitment. The results support the hypothesized model and suggest that sales manager communication practices are associated with these important salesperson job outcomes. Mark C. Johlke is an assistant professor of marketing in the Cameron School of Business at the University of North Carolina at Wilmington, Wilmington, North Carolina. Dale F. Duhan is an associate professor of marketing and director of International Bussiness Programs in the College of Business Administration at Texas University, Lubbock, Texas. Roy D. Howell is dean of the College of Business Administration at Texas Tech University, Lubbock, Texas. Robert W. Wilkes is the United Supermarkets professor of marketing and marketing area coordinator in the College of Business Administration at Texas Tech University, Lubbock, Texas.