Some benefits of cyclical monetary policy

We show that modeling monetary circulation and cyclical activity offers insights about monetary policy that cannot be had in representative-agent models. Two fundamental ideas emerge: (i) the reflux of money back to the hands of those making current expenditures can be inefficient, and (ii) expansionary policy may accommodate more trade during high-demand seasons, at the expense of less trade in low-demand seasons and a less valuable currency. The paper provides a foundation for the optimality of a cyclical monetary policy. We thank Steve Williamson and, especially, an anonymous referee for helpful comments, as well as insightful discussions in presentations at the Cleveland Fed (2003), University of Iowa (2004), Queen’s University (2004), and more recently at the Chicago Fed, the New York Fed, the Institute of Advanced Studies, Simon Fraser University and the Universities of Vienna, British Columbia, and Victoria.     

The future labour market for R&D Manpower in The Netherlands

An adequate supply of qualified research and development (R&D) personnel is an important precondition for a government policy that aims for a strongly knowledge-intensive economic growth. As in many other OECD countries, there is great concern in The Netherlands about meeting this crucial condition in the next decades. This article tries to show to what extent this current concern is justified. For that purpose, forecasts of future supply and demand for research manpower in the science and engineering fields (including agriculture and health) have been produced, extending to the year 2010. Sensitivity analyses show that the fore-casts are not very sensitive to alternative assumptions on economic growth, investments, replacement demand and labour supply.
From a methodological point of view the forecasting approach differs from the more traditional manpower forecasting. Firstly, the demand for R&D personnel is split up into an increase in total employment for R&D manpower ( expansion demand ) on the one hand, and, on the other hand, the need for replacements for researchers who retire, die or switch to other occupations ( replacement demand ). Expansion and replacement demand are considered in three sectors of R&D work: universities, research institutes and private enterprises. Expansion demand and replacement demand together determine the job openings for newcomers. These job openings are confronted with the supply of new R&D manpower, which is largely determined by the output of the educational system. The confrontation of demand and supply forecasts shows that, in general, severe shortages of R & D manpower will result if there are not adequate manpower policy adjustment. The article closes with a discussion of the policy implications of the expected disequilibria in the market for R & D manpower.     

Outsider Assistance as a Knowledge Resource for New Venture Survival

An emerging theory of outsider assistance as a knowledge resource suggests that new ventures obtain a unique blend of tacit and explicit knowledge through the judicious use of outside assistance. Using data from a longitudinal study of one outsider assistance program at a point in time four to eight years beyond the provision of startup counseling assistance, we present evidence supporting the theory. Results suggest that the ventures studied enjoyed survival rates in excess of those in the general population. More importantly, logistic regression analysis indicates a positive, curvilinear relationship between survival and the time spent in venture preparation under the direction of an outside counselor, a proxy measure of new knowledge acquired. We conclude with a discussion of the directions future research should take to test more fully the relationships implied by the theory.     

The antecedents of union commitment and participation: evaluating moderation effects across unions

This article evaluates whether the nature of the union moderates the antecedents of union commitment and participation, based on a study of member attitudes in Voice, formerly the Professional Association of Teachers, and the National Unions of Teachers, often seen as the most ‘moderate’ and ‘militant’ teacher unions, respectively.     

New directions in injury surveillance: Development of a model for continuous monitoring of direct medical costs

Information on the costs of injuries is an important additional instrument in setting priorities for injury prevention. The importance of this instrument is increasingly being recognized by health policy makers. The objective of this study was to develop a model which continuously monitors the direct medical costs of injuries in The Netherlands. This model should provide information on the direct medical costs of injuries at any time and for any selection of injury categories. It is an incidence-based model according to the ‘bottom up’ principle. Homogeneous patient groupings with respect to health care use are defined. The groupings are based on existing classifications from the literature and the experience of medical experts, and are defined by means of seven criteria: nature of care provided, body region of the injury, type of injury, severity of injury, age, complications, and sex of the patient. Several cost elements are distinguished (e.g., general practitioner help, hospital care, nursing home care). For each cost element, relevant patient groupings are determined. The new Dutch Injury Surveillance System (LIS) for injuries treated in an A&E department is an important source for incidence data. This article presents the design of the model as adopted by the Working Group on the Costs of Injuries of the European Consumer Safety Association (ECOSA).     

Are cultural values associated with organizational and union commitment and citizenship behavior? A study of Chinese manufacturing workers

This paper examines the association between individual-level cultural values and employees’ commitment to, and citizenship behaviors towards, their employing organization and union. Based on a study of Chinese manufacturing workers, several significant findings emerged, most notably that workers distinguished clearly between the organization and union as foci for commitment and that horizontal, but not vertical, collectivism was positively associated with union commitment and union citizenship behavior. Our results suggest the need to differentiate between horizontal and vertical collectivism when considering the effects of cultural values on attitudes towards unions and collective action.     

The influence of social capital on local retail patronage in an urban setting

Local retail stores are currently facing intense competition from both online retailers and large chain stores. An understanding of local retail store patronage (i.e., patronage of retail stores in one's own community) is essential to the survival and growth of local retailers. Drawing on Social Capital Theory, we theorize and show with store-level survey data the influence of social capital (community attachment and reciprocity) on local retail store patronage in a large urban setting. We find that the impact of social factors differs for residents within the community compared to those outside of the community. We also demonstrate the importance of social factors in comparison to non-social factors. These findings contribute to the literature by extending the impact of social capital on local retail store patronage beyond rural settings, providing insight into urban consumers' decision to patronize local retail stores, and highlighting the impact of community boundaries. These findings also generate practical recommendations for local merchants and stress the importance of building reciprocal relationships with local customers as well as varying communications across community boundaries.