The Exchange Rate: A Shock Absorber or Source of Shocks in Turkey?

This study investigates the role of the exchange rate as shock-absorber as opposed to a source of its own shocks in Turkey during the period from 1990 to 2009 by employing a structural VAR framework with long-run and short-run restrictions. We find that the economic shocks have predominantly been asymmetric relative to one of the largest trading partner, the US. Our results provide evidence of the fact that while the major source of variability in exchange rates in the pre-2001 crisis period is mainly nominal shocks, a large proportion of the exchange rate variability can be attributed to supply and demand shocks in the post-2001 crisis period. This suggets that, rather than reacting to shocks to the foreign exchange market, such as shifts in risk premia, the exchange rate moves mainly in response to the real shocks during the post-2001 crisis period. Hence, there is a sizeable role for exchange rate stabilization during this period, absorbing those shocks and therefore requiring opposed monetary policy responses.     

A wavelet analysis of capital markets’ integration in Latin America

The continuous wavelet transform analysis may provide a rich and flexible framework for the analysis of time series which exhibit less stable statistical properties, such as the ones describing the dynamic trajectory of capital markets. In contrast to the Fourier analysis, wavelet transform preserves information on both time and frequency. We provide a summary of the most important features of this framework. By involving the concept of coherence as well as its partial and multiple forms, we analyse the connections between Santiago Stock Exchange, Mexican Stock Exchange and BM&FBOVESPA São Paulo Stock Exchange, for a time span which covers the 23 September 2003–12 March 2014 period. We highlight the existence of several significant forces of regional integration and of a short- to medium-run synchronization process between these markets. We conclude that deeper structural and institutional reforms are required in order to enhance the sustainable development and more profound integration of these markets.     

A model of trust in quality and North–South trade

Why do some countries produce higher quality goods than other countries? This paper suggests that one reason is self-perpetuating reputations, modelling the idea with a Klein–Leffler reputation model embedded in a general equilibrium model of trade. Reputation differences are particularly interesting because reputation is a form of “social capital”. Like product differentiation, it can explain why countries might trade even if their technologies and endowments are identical, why firms could profit from exports even if the foreign price is no higher than the domestic one, and why governments like to have “high-value” sectors. Ideally, a developing country would shift its own producers to a high-quality equilibrium; if that is not possible, the next best thing is to import experience goods and substitute to home production of goods for which reputation is not important.     

Generational management in corporate America： The differences and challenges in management of four generations of working adults

There are many differences and challenges that employers face while managing employees in the current work force. Our present day workforce is made up of a diverse group of people： Matures, also known as Veterans （age 55＋）, Baby Boomers （age 45-54）, Generation X （age 35-44） and Generation Y also known as Millennial （age 18-34）. The differences and challenges among these groups will be evident when reviewing recognition and praise, managerial styles, subordinate responses to generational leadership. Companies are stepping back and looking more holistically at how to develop programs and deploy technology that will speak to four distinct generations in the workforce （Sprague, 2008）. Each generation has their own definition of work ethic, responsibility, and performance. The best way to deal with the multi-generations is coming up with ways that make everybody feel like they are members of a team, thus helping them to learn how to develop a better way of communication than what exists between them now. If everybody is a part of a team, then they are all sharing the benefits that the other generations can bring to the table, making them a strong entity. Matures and boomers can become mentors to the X and Y＇s, and the X and Y＇s can then share and impart their knowledge of technology to the Matures and boomers. Companies in today＇s workplace must learn a better way to understand the values of the four generations, for it is very important in understanding and guiding these people in the workplace. Without this proper understanding, the guidance and alliance that managers are hoping to achieve will be even longer in the making and then one, possibly two, whole generations will be gone from the workforce and their knowledge and skill gone as well.     

The Energy-Bias of North–South Technology Spillovers: A Global,Bilateral, Bisectoral Trade Analysis

We examine variations in the South–North ratios (emerging vs. industrialized countries) of energy and labor intensities driven by imports. We use the novel World input-output database that provides bilateral and bisectoral data for 40 countries and 35 sectors for 1995–2009. We find South–North convergence of energy and labor intensities, an energy bias of import-driven convergence and no robust difference between imports of intermediate and investment goods. Accordingly, trade helps emerging economies follow a ‘green growth’ path, and trade-related policies can enhance this path. However, the effects are economically small and require a long time horizon to become effective. Trade-related policies can become much more effective in selected countries and sectors: China attenuates labor intensity via imports of intermediate goods above average. Brazil reduces energy intensity via imports of intermediate and investment goods above average. Production of machinery as an importing sector in emerging countries can immoderately benefit from trade-related reductions in factor intensities. Electrical equipment as a traded good particularly decreases energy intensity. Machinery particularly dilutes labor intensity. Our main results are statistically highly significant and robust across specifications.     

“Ending Welfare as We Know It”: The Symbolic Importance of Welfare Policy in America

In this paper, I offer a framework for analyzing non-market oriented household activities in a way that overcomes some issues about defining the boundaries among household activities. I utilize the concept of a social process and discuss how unpaid household activities are part of labor, care, recreation, and consumption processes. Next, I explain the importance of introducing economic class and social class processes into the framework, as well as the importance of making a distinction between the two. Economic class accounts for the basics of the capitalist economy, and social class opens contexts of variation. The framework allows for a multidimensionality of individuals and opens the question of unpaid activities varying in categorization based on economic class. Also, it helps the economic analysis of capitalism consider that maintaining a household lifestyle directly involves and pertains to unpaid household activities that are part of each of the delineated labor, care, recreation, and consumption processes.     

The Fiscal Impact of Immigrants in Austria – A Generational Accounting Analysis

In this paper, we employ generational accounting to analyse the inter-temporal stance of Austrian public finance in 1998 as well as the inter-temporal fiscal impact of immigration to Austria. Immigrants affect inter-temporal fiscal balance in essentially two ways. Firstly, they have a demographic effect in enlarging the population (and thus the tax base) and in altering its age- (and gender-) composition. Secondly, they change the fiscal characteristics of age cohorts due to a representative immigrant exhibiting higher or lower tax and transfer payments than a representative native of the same age and gender. The overall fiscal effect of immigration is found positive, under the assumption that the age and fiscal characteristics of future immigrants resemble those of the current immigrant population in Austria. This is due to a favourable age composition and lower per capita net transfer receipts during retirement age, which compensate for lower per capita net tax payments during working age. However, immigration is not likely to achieve inter-temporal fiscal balance, even if immigration increases or migrants are screened by skill or age.     

The Extension of Enterprise Innovation in Market Economy:A New Definition

Enterprise innovation means that the enterprise utilizes social and economic resources more efficiently,and allocates the resources better,it means the foundation of a new productive function.To this connotation,people seem to have the same view.But,to the question that what kind of behavior of an enterprise is exactly an enterprise innovation,there seem to be different views,which often leads to confusion to the extension of enterprise innovation and inconvenience in studying.Therefore,this p…     

The Extension of Enterprise Innovation in Market Economy：A Nwe Definition

Enterprise innovation means that the enterprise utilizes social and economic resources more efficiently, and allocates the resources better, it means the foundation of a new productive function. To this connotation,people seem to have the same view. But,to the question that what kind of behavior of an enterprise is exactly an enterprise innovation,there seem to be different views, which often leads to confusion to the extension of enterprise innovation and inconvenience in studying. Therefore, this paper will try to give a new definition to the extension of enterprise innovation.     

The macroeconomics of the quiet revolution: Understanding the implications of the rise in women’s participation for economic growth and inequality

We study the impact of the rise in female labor supply on the economic performance of the United States over the period 1967–2002 through the lens of a calibrated structural model. The model features all the key forces behind the increase in female participation (the “Quiet Revolution”): (1) the decline in marriage rates, (2) the narrowing gender wage gap, (3) the preference (or cultural) shift towards market work, and (4) the change in women’s bargaining power within the household. We find that preference shifts and the rise in relative wages of women were the most important driving forces behind rising women’s participation, while changes in marriage patterns have also had a sizeable effect. We conclude that half of the growth in US earnings per capita over this period can be traced to growth in female labor supply. We also find that the rise in female labor supply has had offsetting effects on income inequality and, therefore, its overall role has been negligible relative to skill-biased demand shifts and rising residual wage volatility.     

Research of E-commerce Application in Small and Medium Enterprises——A Case Study of Wenzhou

The paper analyzes the status quo of E-commerce application in Wenzhou＇s small and medium enterprises. This survey selects the 100 prominent small and medium enterprises covering chemical engineering, shoes, apparel, machinery, furniture, glasses, lighters, pen and pencil, electric and electronics as the investigating targets and issues the questionnaires to them. The result indicates that, the status quo of E-commerce application in Wenzhou＇s small and medium enterprises are worrisome, which is obviously way behind other cities. Based on that, the paper analyzes the reasons in combination with visiting them, and also proposes the corresponding strategies and predicts its prospect in the end.     

The Developing Thought of “Tourist Agriculture” in Suburb of Mianyang——Lessons from Taiwan Province of China

Tourist agriculture, based on agriculture, is a new cross combination of agriculture and tourism from 1970s. It has appeared some original features by now, and we should use the successful experience of the tourist agriculture in Taiwan of China for reference to standardize all the aspects of work. Support it more in policy, fund,technology, and propaganda, and strengthen the combination of the program of city and suburb to promote the development of the tourist agriculture in Mianyang.     

Explicit vs. tacit collusion—The impact of communication in oligopoly experiments

We explore the difference between explicit and tacit collusion by investigating the impact communication has in experimental markets. For Bertrand oligopolies with various numbers of firms, we compare pricing behavior with and without the possibility to communicate among firms. We find strong evidence that talking helps to obtain higher profits for any number of firms, however, the gain from communicating is non-monotonic in the number of firms, with medium-sized industries having the largest additional profit from talking. We also find that industries continue to collude successfully after communication is disabled. Communication supports firms in coordinating on collusive pricing schemes, and it is also used for conflict mediation.     

The Rise of Populist Movements in Europe: A Response to European Ordoliberalism?

This article aims to explain the contemporary emergence of populism in the European Union. According to Polanyi’s double movement framework, the emergence of these political forces can be understood as the result of protective responses from societies weakened by difficult market adjustments. Since the Single Act treaty (1986), the European economy took a path that intended to create a supranational self-adjusting markets economy based on the ordoliberal philosophy. However, by detaching the economic sphere from the reach of politics, the European Single Market has injured some important social institutions. The rise and the diversity of populisms in the European Union can therefore be explained by an attempt to preserve some national institutions that were diversely impacted by the market forces.     

The Feldstein–Horioka puzzle in groupings of OECD members: A panel approach

This paper investigates the relationship between investment and savings in 26 OECD countries and demonstrates that the relationship changes when the countries under consideration in the selected panel vary. Accordingly, panel estimations using annual data for the period from 1970 to 2008 have been made for various groupings of developed countries, specifically the OECD as a whole, the EU15, NAFTA and the G7. Additionally, the paper examines changes in investment savings relationships when the presence of structural shifts in developed countries – where such exist – are taken into account. Recently developed panel techniques are employed to examine the investment savings relationship and estimate saving-retention coefficients. The empirical findings reveal that the Feldstein–Horioka puzzle exists only in the panel of G7 countries, wherein the saving-retention coefficient is estimated as 0.754 and 0.864 (for the full sample of G7 countries and for stable G7 countries, respectively). The estimated saving-retention coefficient for unstable G7 countries is 0.482, which indicates a higher level of capital mobility in unstable countries with respect to stable ones. This conclusion is further supported by the estimations for OECD countries and the EU15.