Inflation and economic growth in LDCs

Economists find it difficult to reach agreement about the effects on economic growth of depreciation of the money value. One reason is that they define certain terms in different ways, another one is that many other factors as well as inflation have an impact on economic growth. They may intensify or compensate for positive and negative relations between inflation and economic growth.     

Rent Subsidy and Housing Satisfaction The Case of Urban Renewal In Lubbock, Texas

—Governmental programs proposing rental supplements for low-income families assume that social and economic conditions of these families may be improved by such subsidy. However, this assumption has not been adequately tested by social science research. Data presented here were gathered at an urban renewal relocation housing project in Lubbock, Texas, and suggest that when families who, before urban renewal, were self-sufficient in slum housing are forced into welfare situations because of rent subsidy programs, dissatisfaction with relocation facilities results. The data also indicate that dissatisfaction is correlated positively with the number of persons in the household, the age of residents, and socioeconomic status.     

Employment Decisions in Self-Directed Work Teams: A Regulatory Compliance Perspective

Organizations are increasingly relying on self-directed work teams (SDWTs) to accomplish organizational tasks. The introduction of SDWTs into the workplace poses a number of managerial challenges. This paper will focus on one such challenge, the continuing need to comply with labor and equal employment regulations. We discuss several factors that potentially affect the legal compliance process. These include: (1) the impact of an increasingly diverse workforce on individual behavior and team processes, and (2) the role of procedural justice perceptions in effective HR compliance management. We conclude with some practical solutions to the challenge of managing compliance in SDWT settings.     

Non-convex Technologies and Cost Functions: Definitions,Duality and Nonparametric Tests of Convexity

This contribution is the first systematic attempt to develop a series of nonparametric, deterministic technologies and cost functions without maintaining convexity. Specifically, we introduce returns to scale assumptions into an existing non-convex technology and, dual to these technologies, define non-convex cost functions that are never lower than their convex counterparts. Both non-convex technologies and cost functions (total, ray-average and marginal) are characterized by closed form expressions. Furthermore, a local duality result is established between a local cost function and the input distance function. Finally, nonparametric goodness-of-fit tests for convexity are developed as a first step towards making it a statistically testable hypothesis. An erratum to this article is available at .     

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Wachstumsaspekte des schweizerischen Steuersystems

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The present state and prospects of the European Communities

The image of the European Communities has lost some of its glamour as should be stated bluntly in any attempt to present a fair view of the state and prospects of the European Economic Community, the European Coal and Steel Community and the European Atomic Energy Community—the three communities which have sprung from the Treaties of Rome and Paris. As their organs have since been merged, they will here be designated “The Community”. Walter Kittel, the Deputy Permanent Representative of the Federal Republic of Germany with the Community, states in the following a personal view.     

Market Responses to Buy Recommendations Issued by Personal Finance Magazines: Effects of Information, Price-Pressure, and Company Characteristics

This paper analyzes explicit buy recommendations for stockspublished by German Personal Finance Magazines from 1995 to2003. These recommendations earn significant abnormal returnsof 2.58% within the five days around the publication day. Boththe price-pressure hypothesis and the information hypothesiscan be confirmed by our data. The price-pressure effect is mostevident for small stocks and glamour stocks. However, whereasthe initial price reaction to small stocks is additionally drivenby permanent information value, this does not hold true forglamour stocks. In contrast, value stocks are associated withhigh cumulative abnormal returns that are solely driven by informationvalue.