Dynamic managerial capabilities: Scale development and validation

Studies on dynamic managerial capabilities still have a rather theoretical nature, and there is great difficulty in finding a valid, reliable instrument to measure this construct. The present study contributes to solving this problem: It aims to develop and validate a scale to measure dynamic managerial capabilities. In this investigation, we develop a scale for three factors related to dynamic managerial capabilities: human capital, managerial cognition (already described in the literature), and relationship networks. The prominent finding in this research is the factor that is referred to here as relationship networks.     

On the corner of diverse/reverse globalization: the third stage of global 'urban studies'

Books reviewed in this article: Peter Marcuse and Ronald van Kempen (eds.) 2000:, Globalizing Cities: A New Spatial Order? Peter Marcuse and Ronald van Kempen (eds.) 2002:, Of States and Cities: The Partitioning of Urban Space.     

Existence of Equilibria in Matching Models of Money: A New Technique

This paper develops a new technique for proving the existence and indeterminacy of monetary equilibria in money search models with divisible money. Our technique is substantially simpler than standard constructive proofs in the literature. This paper is based on the second half of Kamiya and Shimizu (2002). We are very grateful to the associate editor and an anonymous referee of this journal for their very detailed suggestions and comments. This research is financially supported by Grant-in-Aid for Scientific Research from JSPS and MEXT. The second author also acknowledges the financial support by Zengin Foundation for studies on Economics and Finance.     

ON THE ROLE OF TAX SUBSIDY SCHEME IN MONEY SEARCH MODELS*

This article investigates the roles of policy in search models with divisible money. Recently, real indeterminacy of stationary equilibria has been found in both specific and general search models with divisible money. Thus if we assume the divisibility of money, it would be quite difficult to make accurate predictions of the effects of simple monetary policies. Therefore, in this article, we introduce a certain tax subsidy scheme and show that this is effective in selecting a determinate efficient equilibrium. In other words, for a given efficient equilibrium and for any real number δ > 0 , a certain tax subsidy scheme induces a locally determinate equilibrium within the δ‐neighborhood of the given equilibrium. Moreover, the size of the tax subsidy can be arbitrarily small.     

Peer Effects among Swimmers

We develop a novel identification strategy and examine various aspects of peer effects using swimming data. We find that the performance of adjacent competitors positively influences swimmers' performances. In particular, swimmers are influenced by slower‐lane peers, suggesting that being chased improves one's performance. We use absenteeism data to directly compare the performances of swimmers with and without peers. We have found that swimmers swim faster with peers swimming behind them than when swimming alone, but that they swim slower with peers swimming ahead. Finally, we find that observability is a key determinant of peer effects, by comparing freestyle and backstroke competitions.     

Appropriate assumption on cross-hauling national input–output table regionalization

Input–output tables are useful for regional economic analyses. Although scholars often regionalize national input–output tables, cost-related issues make surveying regional trade flow difficult; hence, non-survey approaches are implemented instead. While location quotient (LQ) approaches have been used widely, they ignore cross-hauling in interregional trade. Therefore, alternative non-survey approaches with different assumptions on cross-hauling are used, such as cross-hauling depends on regional size and cross-hauling is proportional to its potential determined by output or demand. This study concludes that the most appropriate assumption, as per the relative performance of non-survey approaches, is that cross-hauling is in proportion to trade volume.     

Habit formation and the present-value model of the current account: Yet another suspect

In a recent paper, Gruber (Gruber, J.W., 2004. A present value test of habits and the current account. Journal of Monetary Economics 51, 1495-1507) claims that habit formation in consumption plays an important role in current account fluctuations in selected developed countries, extending the present-value model of the current account (PVM) with consumption habits. In this paper, however, I show that the habit-forming PVM is observationally equivalent to the PVM augmented with persistent transitory consumption, which is induced by world real interest rate shocks. Based on a small open-economy real business cycle (SOE-RBC) model endowed with consumption habits as well as persistent world real interest rate shocks, this paper resolves the inherent identification problem of the habit-forming PVM by Bayesian methods to seek effects of habit formation on current account fluctuations in typical small open economies, Canada and the United Kingdom. Results reveal no clear evidence that habit formation plays a crucial role in current account fluctuations.