Growth,Distribution, and External Constraints: A Post-Kaleckian Model Applied to Brazil

ABSTRACT

The purpose of this research is to analyze whether the Brazilian economy behaved under a wage-led or profit-led regime between 1960 and 2011, considering a Post-Kaleckian model in a context of external constraints. The time span is limited by data availability (i.e., 2011). To answer the question of whether the Brazilian economy works under a wage-led or profit-led regime, we propose a simple Post-Kaleckian model. The model suggests that a profit-led regime is more probable for Brazil. Moreover, a wage-led regime occurs when a balance of payments constrained growth model is taken into consideration. Likewise, the real exchange rate has a positive impact on economic growth through the export channel. This result is a novelty in the recent literature about the relationship between real exchange rate and economic growth within a Post-Kaleckian model. The Brazilian economy was chosen as it is one of the biggest economies in Latin America.     

A multi-motivational general model of entrepreneurial intention

We develop and test an overarching model of entrepreneurial intention that includes profit, social impact, and innovation as the three main drivers of entrepreneurial behavior. A holistic model is developed to identify separately the generic intention to be a self-employed entrepreneur from the associated intention to be a specific type of entrepreneur. The latter is revealed by using a conjoint experiment to reveal the individual's relative preferences for profit, social impact, and innovation outcomes. Using fuzzy-set qualitative comparative analysis we provide insights into individuals' motivations for different types of entrepreneurial careers and for their multiple pathways to the same entrepreneurial type.     

Banks’ deferred tax assets during the financial crisis

Review of Quantitative Finance and Accounting - Prior studies have demonstrated that the net deferred tax liabilities of industrial firms are valued by market participants in a manner consistent...     

Elasticity of substitution and technical efficiency: evidence from the US electricity generation

ABSTRACT

The implications of national or regional energy policies for technical efficiency and environmental outcomes in electricity generation depend on fossil fuel input substitution. This study uses state level data to examine fossil fuel (coal and natural gas) substitution in electricity generation under increased availability of natural gas in the United States. We observe that changes in elasticities of substitution from pre-2009 to post-2009 differ across states suggesting that the effects of increased availability of inexpensive natural gas on electricity generation have been spatially heterogeneous. We rely on the observed heterogeneity to assess the effects of fossil fuel input substitution on technical efficiency and CO₂ emissions. The results reveal that state level elasticity of substitution between natural gas and coal has a positive effect on technical efficiency and a negative effect on CO₂ emissions. Therefore, future policy design and analyses should reflect the implications for regional elasticities of fossil fuel substitution and associated environmental outcomes.     

HOW DID UNCONVENTIONAL MONETARY POLICY AFFECT ECONOMIC FORECASTS?

We study how unconventional monetary policy announcements affected professional forecasters' predictions of bond rates, gross domestic product growth and inflation using data from the monthly survey by the Wall Street Journal. We find that unconventional monetary policy (UMP) announcements moved predicted bond rates in the direction the Fed intended. UMP announcements had differential impacts on forecasters' predictions; they also tended to move growth and inflation predictions in directions opposite those the Fed intended due to Fed information effects. A policy implication of our study is that the Fed should communicate economic projections to the public separately from monetary policy announcements to mitigate Fed information effects. (JEL E52, E58)     

Organizational culture in a terminally ill hospital

This study analyzed an organizational culture in a community hospital in Texas to measure organizational culture change and its impact on Patient Satisfaction (PS). The study employed primary and secondary data, combining quantitative and qualitative methods for a case study. Participant observation was used and archival data were collected to provide a better understanding of the organizational culture and the context in which change was taking place. This study also applied a "Shared Vision" of the organization as the central process in bringing forth the knowledge shared by members of the community hospital who were both subjects and research participants. The results from the study suggest an increase in PS due to the shared vision of one subculture within the hospital. There were powerful subcultures in this organization based on occupation and specialization, and their interests and functional orientations were not conducive to a systems approach. Hospital management was conducted in "silos" and there was lack of feedback between organizational levels of the hospital, especially in financial management, with organizational dysfunctionality in reacting and adapting to the health care market.     

Why sales reps should welcome information technology: Measuring the impact of CRM-based IT on sales effectiveness

This study seeks to answer the following question: Can sales representatives enhance their performance through their acceptance of information technology (IT) tools? Using data collected from two companies, we show that despite uncertain results and the frequent resistance among salespeople to IT interventions, IT acceptance indeed has a positive effect on sales performance. This occurs because salespeople using IT expand their knowledge and, in turn, gain improved targeting abilities, enhanced presentation skills, and increased call productivity. Thus, sales representatives have a strong incentive to accept IT because doing so is likely to sharpen their own job performance.     

Assessing cross-cultural marketing theory and research: A commentary essay

Cross-cultural research (CCR) is extremely important for advancing understanding of the range and limits of theoretical constructs and frameworks across different cultural contexts. CCR also provides an important understanding of the differences between countries and cultures. This commentary essay examines the review conducted by Engelen and Brettel (2010) and comments on shortcomings, as well as identifying areas where more needs to be done. A critical first step is to properly define the unit of analysis. This step is particularly critical as the concept of “national culture” is becoming increasingly less relevant and the appropriate culture unit for examination is often a smaller, more homogeneous grouping within a given geographic location. This view allows more meaningful inferences to be made and controls for possible contextual confounds, as well as providing a richer understanding of the limits of national culture in an increasingly global economy.     

Interaction between feasibility and desirability in the formation of entrepreneurial intentions

The literature argues that entrepreneurial intentions depend on perceptions of desirability and perceptions of feasibility. Research in other fields suggests that there will be an interaction effect between these two main antecedents of intentions, but such interaction has not been investigated in the context of entrepreneurial intentions. In this paper we explore this interaction effect in an expectancy framework, hypothesizing a negative interaction effect between perceived desirability and perceived feasibility based on regulatory focus theory. A large multi-country sample confirms this negative interaction, and suggests a novel typology of nascent entrepreneurs as natural entrepreneurs, accidental entrepreneurs, and inevitable entrepreneurs.