This paper tests for the existence of a lending channel in the transmission of monetary policy in Brazil using aggregate monthly data for the period 1995:12 through 2008:6. The test is carried out in a VECM setting that allows for multiple cointegrating relationships among the variable of interest. We find evidence of two cointegrating vectors, which we identify as loan demand and supply functions by testing for a number of exclusion and exogeneity restrictions on the cointegrating relationships. Loan supply is found to be negatively related to the interbank deposit certificate rate, suggesting the existence of a lending channel for monetary transmission. The VECM's short-term dynamics show that loan demand is equilibrium-correcting. But short-term disequilibria in the supply of loans are corrected through changes in the interbank deposit certificate rate, suggesting that monetary policy plays a role in restoring equilibrium in the credit market by affecting the borrowing rate faced by banks to raise non-deposit funds. 相似文献
How natives adjust is central to an understanding of the impact of immigration in destination countries. Using detailed labor force data for Malaysia for 1990–2010, we provide estimates of native responses to immigration on multiple extensive margins and rare evidence for a developing country. Instrumental variable estimates show that increased immigration to a state causes substantial internal inward migration, consistent with the fact that immigration increases the demand for native workers. Relocating Malaysian workers are accompanied by their spouses (three‐quarters of whom are housewives) and children who attend school. We find that these effects are concentrated among middle‐ and lower‐skilled Malaysians. 相似文献
The aim of this study was to evaluate medication adherence and persistence of patients treated with Etanercept and Adalimumab for Rheumatoid Arthritis, also giving economic evaluations on therapy costs for Received Daily Dose (RDD).
Materials and methods:
This retrospective study took into account 6 years from January 1, 2007 to December 31, 2012. Medication adherence was quantified utilizing the ratio between RDD and Prescribed Daily Dose (PDD). Persistence has been reckoned taking into account the actual days of therapy comparing posology with supplied dose. The persistence has been graphed according to Kaplan-Meier method. The cost per RDD was reckoned starting from the expense incurred by Pescara General Hospital.
Results:
Medication adherence gave results in values between 0.88–0.97 for Etanercept and 0.83–0.90 for Adalimumab. The value of persistence was 100% for Etanercept and 90% for Adalimumab for the first year, and 70% for Etanercept and 80% for Adalimumab for the second year. In the 3rd year the persistence for Etanercept was 50% while for Adalimumab it was 60%. In the fourth year the persistence for Etanercept was 21% while for Adalimumab it was 27%. The statistical analysis was conducted using the Log rank test. The average cost per RDD was €32.97 for Etanercept and for Adalimumab it was €32.00 as an average of 6 years.
Conclusion:
The medication adherence was good for both Etanercept and Adalimumab. The rate of persistence decreased strictly in the fourth year of treatment. This data suggests the need for continuous monitoring of patients in treatment with TNF blockers. 相似文献
There are several tools in the literature that support innovation in organizations. Some of the most cited are the so-called technology roadmapping methods, also known as TRM. However, these methods are designed primarily for organizations that adopt the market pull strategy of technology-product integration. Organizations that adopt the technology push integration strategy are neglected in the literature. Furthermore, with the advent of open innovation, it is possible to note the need to consider the adoption of partnerships in the innovation process. Thus, this study proposes a method of technology roadmapping, identified as method for technology push (MTP), applicable to organizations that adopt the technology push integration strategy, such as SMEs and independent research centers in an open-innovation environment. The method was developed through action-research and was assessed from two analytical standpoints: externally, via a specific literature review on its theoretical contributions, and internally, through the analysis of potential users' perceptions on the feasibility of applying MTP. The results indicate both the unique character of the method and its perceived implementation feasibility. Future research is suggested in order to validate the method in different types of organizations 相似文献
Robots are the most important innovation which has affected the production process in the last three decades. Thanks to the latest advances in technology, they have been able to perform an ever-increasing number of tasks, eventually replacing human work within the whole production process. However, because of the scarcity of suitable data, the extent of this potentially disrupting process is not fully assessed. This paper makes up for the lack of empirical evidence on the effect of robotization on labour dislocation using data collected by the International Federation of Robotics (IFR) on the number of robots installed in the different manufacturing industries of 16 OECD countries over the period 2011–2016. We show that at the industry level a 1% growth in the number of robots reduces the growth rate of worked hours by 0.16, as well as the selling prices and the real values of the compensations of employees. Moreover, we show that a given sector is more likely to be robotized when it is expanding both in terms of relative prices and employee compensations. We conclude that, at least in the selected countries, the introduction of robots plays a key role in slowing down human labour and compensation growth. 相似文献
The analysis is focused on possible time-related changes in the cyclical behaviour of production using a set of individual production series. Disaggregate data are used to analyse whether short-run fluctuations have actually become less extreme or erratic in time and whether the tendency of shocks to have permanent or transitory effects has changed between the pre-war and post-war eras. A third aspect of cyclical trends examined concerns the correlation of short-term changes across sectors. The main finding of the paper is that there has been little change in the behaviour of the individual series over time in fluctuation size, persistence and frequency. Thus, a reduction in variability appears also to be due to a problem of statistical measurement. Rather then suggesting, as the standard literature does, that demand shocks were unimportant in the post-war period – which implies that supply shocks were more important – an estimate of the Italian experience gives evidence of the importance of both causes. 相似文献