Exchange rates and prices: The historical evidence

The paper briefly surveys the historical evolution of the purchasing power parity theory (PPP) as it was developed, beginning with Gerard de Malynes in 1601. It draws attention, indeed, for the first time, to Xenophon Zolotas' original contribution to the PPP and analyzes Zolotas' two qualitative factors which, in addition to Cassel's three quantitative factors, better explain the determination of the price of foreign currency. Finally, the paper concludes that changes in the magnitude and the degree of intensity of Zolotas' qualitative factors account for a good part of this explanation.     

The long and short of money and prices: a market equilibrium approach

The paper examines the exogeneity of money and prices within a money demand function. Two modifications to traditional money demand vector error correction modeling are made. The first modification is to introduce a money supply function, while the second is to estimate the behavior of the money sector and real sector simultaneously. Incorporating the additional information removes many of the possible biases and, therefore, allows for more efficient estimation of money and price behavior. Overall, significantly more support is found for the existence of ‘buffer stock’ relationships than has been found in the previous research.     

Exchange rates,labour costs and international competitiveness

The international competitiveness of German industry, so greatly dependent on exports, is in large measure determined both by fluctuations in the rate of exchange and by the level of its labour costs in relation to those of its competitors in the world market. Recent trends in these two factors are discussed in the following article.     

Exchange rates and the volume of trade—The case for fixed exchange rates

Exchange rate volatility and long-term distortions of exchange rate levels have given rise to concern among participants in international trade. Do exchange rate fluctuations have an adverse impact on the volume of trade? What measures could be taken to achieve greater exchange rate stability?     

Purchasing power parity: Doctrinal perspective and evidence from the 1920s

The first part of the paper traces the doctrinal origins of the purchasing power parity (PPP) doctrine and reviews the central issues of controversy. The second part is an empirical study covering the flexible exchange rates period of the 1920s. The empirical work examines the efficiency of foreign exchange markets, the absolute and the relative versions of PPP for alternative price indices, the homogeneity postulate, the relation between the short run and the long run, and the patterns of ‘causality’ between prices and exchange rates. The paper concludes with estimations of price equations and a discussion of the proper specification of PPP.     

解放悍威:"挣钱机器"新生代

作为我国民族汽车工业的代表品牌，解放卡车因不断为用户创造更大运营效益，而赢得了“挣钱机器”的美誉。面对当前日益激烈的市场竞争，解放品牌紧随世界卡车的发展趋势，成功完成了众多主力产品的换代更新。其中今年3月份才上市的解放悍威重卡，凭借其卓越品质迅速赢得了广大卡车用户的关注和青睐，并迅速在河北、山东、安徽等地区形成了热销局面，创造了卡车新品月销量的崭新记录，使之成为解放新一代“挣钱机器”的杰出代表。     

The Emergence of a New Regime: Business Management and Office Mechanisation in the Dutch Financial Sector in the 1920s

During the 1920s the methods, procedures and technologies used in the Dutch office workers' sector to conduct administrative processes underwent sweeping changes. New management styles, office methods and information technologies were introduced. These changes were closely related to each other, and served as a new organisational model for large-scale office activities. We may therefore speak of the emergence of a new ‘regime’ of office organisation. Important elements of the new regime were the standardisation and formalisation of internal communication flows, the introduction of systematic analyses of office operations and the use of punched card technology. In this article the causes, characteristics and consequences of this regime shift are traced by closely examining a couple of reorganisation projects that took place in the 1920s at two different Dutch financial institutions, one of which was successful and one of which amounted to a failure. These institutions were the Rotterdamsche Bankvereeniging (Robaver) and the national Giro Service. The cases demonstrate that the different elements of the new regime were closely connected, and that the new management styles and office methods were indispensable for the successful introduction of the new information technology.     

Target prices,market prices,and economic efficiency in agriculture in the United States

This paper looks at one aspect of current United States agricultural policy. This concerns the attempt by the federal government to support commodity prices and income of farmers. This is accomplished through the deficiency payments program. Unfortunately, the program is inherently economically inefficient. Moreover, alternatives (short of eliminating the program altogether and not replacing it) also are not economically efficient.

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Zusammenfassung In der amerikanischen Agrarpolitik spielen Preis- und Einkommenssubventionen für Farmer eine wichtige Rolle. Der Beitrag behandelt die Wirkungen des seit 1985 bestehenden Systems von Ausgleichszahlungen für landwirtschaftliche Erzeugnisse. Diese Zahlungen errechnen sich als Differenz zwischen dem Subventionspreis für ein bestimmtes landwirtschaftliches Erzeugnis und seinem Marktpreis.Die bei den Landwirten eintretenden Wirkungen sind meist positiv, hingegen werden die Konsumenten bei Lebensmitteln mit Preiserhöhungen belastet. Seit die Marktpreise in den USA über den Weltmarktpreisen liegen, sind zusätzliche staatliche Subventionen notwendig, um landwirtschaftliche Erzeugnisse auf dem Weltmarkt verkaufen zu können. Auch dafür werden die Konsumenten in ihrer Rolle als Steuerzahler belastet. Die Kosten des Systems betragen für jeden Steuerzahler jährlich etwa 413$.Die Ausgleichszahlungen führen zu Verzerrungen bei wirtschaftlichen Anreizen und dadurch zu einer Fehlallokation von Ressourcen. Deshalb wird diese Politik vom Autor als ineffizient beurteilt. Er diskutiert Alternativen, die darauf abzielen, die gewünschten politischen Ziele zu erreichen. Doch keine dieser Alternativen geht ernsthaft das Problem der wirtschaftlichen Ineffizienz an, das mit Subventionen verbunden ist.

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Noel D. Uri is a Supervisor Agricultural Economist in the Resources and Technology Division, Economic Research Service, U.S. Department of Agriculture, 1301 New York Avenue, N.W., Washington, DC 20005, USA. The views expressed are those of the author and do not necessarily represent the policies of the U.S. Department of Agriculture or the views of other U.S. Department of Agriculture staff members.     

Asymmetric competition and collection rates differentials: determinants of prices in international telephone service markets

The paper investigates determinants of pricing in international telephone service markets. The analysis—focused on 24 worldwide national markets—shows the impact of several telecommunications-specific and macroeconomic variables on collection rate differentials and traffic imbalance between countries. An econometric model is aimed at performing quantitative analysis and providing support to future telecommunications policies.     

Accounting for money: The legal presuppositions of money and accounting in ancient Greece

This paper aims to extend the purview of Business History to the ancient world by exploring the hypothesis that the development of money was stimulated by legal institutions which regulated payment of compensation for torts. The hypothesis was propounded by Philip Grierson who argued that the Germanic institution of wergeld established the earliest concept of value which underlies money's function as a unit of account. It considers Grierson's thesis in the context of archaic Greece. Although archaic Greek law developed differently from the Germanic wergeld, the legal-political sphere in Greece provides decisive impetus to the development of money and accounting. The article examines the role of commerce in archaic Greece and its relationship to monetisation.     

Minding our Ps and Qs: Exchange rates and foreign trade

Since early 1985, the dollar has been declining in the foreign exchange markets. An examination of interest rate patterns internationally suggests that the dollar's decline is not inflation induced. Taking the analysis one step further it is clear that Europe and Japan have had supply-side revolutions of their own. Therefore, the fall in the U.S. dollar appears to be the consequence of improved foreign economies. As such, the lower valued dollar will lead to improvements in the U.S. economy, especially in the tradable goods area. These improvements will not be made at the expense of the less tradable goods, however. The rich will get richer and so will the poor.     

High-Tech Corporatism: Management-Employee Relations in U.S. Electronics Firms, 1920s-1960s

In this article I examine corporative management practices inelectronics firms in Boston and in Silicon Valley from the 1920sto the 1960s. Managers in several key firms developed thesepractices in response to political and professional ideologiesand as a way to address the problems of hiring, using, and retaininga highly skilled work force. They did this independently ofthe welfare capitalism plans of corporations such as EastmanKodak and before the guru theorists and work empowerment programsof the 1960s. The corporatist methods first developed in Bostonand further refined in Silicon Valley later diffused to mostU.S. firms in the software, computer, Internet, and biotechnologyindustries.     

F1 烧钱还是赚钱

在国际上，F1被称为“烧钱运动”。今年9月，花费了无数金钱和精力的F1真的来到了中国上海的嘉定，人们正拭目以待嘉定、上海、乃至中国究竟会发生怎样的变化?