Reserve-requirement changes,open-market operations,and banks' asset mix

Conclusion This paper has demonstrated, in terms of a characteristics-space model of banks' demand for earning assets, that banks' desired ratio of securities to loans willfall when deposits are restricted by means of a raised reserve requirement, butremain constant orrise when the restriction is due to open-market sales (assuming that the differential between loan and security rates of interest does not widen). It is then argued that open-market sales can be judged superior to raised reserve requirements as an instrument of monetary restriction according to at least six criteria. A necessary and sufficient condition for this judgement by each criterion is that banks' asset mix respond to deposit contraction in the manner predicted by our model.     

Introduction to Special Issue on the Economics of Information in Real Estate Markets

The articles featured in this issue are introduced, their relationships noted, and their key points highlighted.     

提升研发产能 获取企业最大收益

杰克·韦尔奇总喜欢提醒GE的管理层,业务的目标并不复杂,而应专注于增加股东价值。推动股东价值增长的最大因素之一就是高产研发。具有高产研发能力的企业能持续推出满足或超越市场需求的新产品或服务,同时保持比竞争对手更低的研发成本,便可获得更大的利润与更高的股东价值。     

Working with customers: Cooperation and competition in relational marketing

The relationship and interaction between salespeople and their customers may be usefiilly examined in terms of how they believe their goals and interests are related. Twenty‐five sales persons and 40 travel agents and managers in charge of corporate travel were interviewed on specific interactions. Results support previous theorizing that productive conflict management and resulting trust and personal bonds contribute to successful marketing relationships and suggest that these dynamics occur when sales representatives and clients have developed strongly cooperative goals, but not when they have competitive or independent goals. Results were interpreted that the constructive discussion of opposing views complements cooperative goals as important contributors for developing successful relational marketing.     

The Global Challenge to Advertising

Abstract

Written by several executives of the International Advertising Association, “The Global Challenge to Advertising” was first made public at the 23rd IAA World Congress in Dublin in early June of 1973. The study, with detailed examples from many areas, brings into focus the two main currents of world-wide opposition to advertising: mounting consumer dissatisfaction with product quality and claims, and increasing government regulation and control of advertising. It is reprinted here by permission of the International Advertising Association, 475 Fifth Avenue, New York, N.Y. 10017.