Virtual Currencies,the Money Market,and Monetary Policy

Virtual currencies are in vogue mainly due to two factors. First, as a protest against authority-driven monetary policy decisions and second, as alternatives to deficits in some monetary systems arising out of political instability or other causes. Assuming that virtual currencies indeed (partially) replace national currencies as payment vehicles, we attempt, in this article, to integrate the virtual currency supply and demand into the Keynesian money market framework. This article presents a few results for the central banks and outlines problems that may result for monetary policy formulation. Since this is the first such attempt to model a national money market as a combination of nationally-issued currency and globally-issued virtual currency, certain simplistic assumptions have been made. Nevertheless, the model offers directions on the impact of virtual currencies on the monetary system and the national money market. Additionally, the paper integrates the official standpoints of the European Central Bank and the Bank of England on this topic.     

Political problems of the southward extension

The inclusion of Greece, Spain and Portugal in the European Community will result in grave consequences for the old members of the EC as well as for the acceding states. Which are the advantages expected from the southward extension and which problems are likely to arise?     

The causes of real exchange rate movements

Increasing exchange rate fluctuations, such as those that have occurred in the US dollar, have recently revived the discussion about the causes of such movements and the criteria for calculating the long-term over- or undervaluation of a currency. This article stresses some aspects that have attracted little attention hitherto.     

Consumers’ avoidance of information on red meat risks: information exposure effects on attitudes and perceived knowledge

In accordance with cognitive dissonance theory, individuals generally avoid information that is not consistent with their cognitions, to avoid psychological discomfort associated with tensions arising from contradictory beliefs. Information avoidance may thus make risk communication less successful. To address this, we presented information on red meat risks to red meat consumers. To explore information exposure effects, attitudes toward red meat and perceived knowledge of red meat risks were measured before, immediately after, and two weeks after exposure. We expected information avoidance of red meat risks to be: positively related to (1) study discontentment; and (2) positive attitudes toward red meat; and negatively related to (3) information seeking on red meat risks; and (4) systematic and heuristic processing of information. In addition, following exposure to the risk information, we expected that (5) individuals who scored high in avoidance of red meat risks information to change their attitudes and perceived risk knowledge less than individuals who scored low in avoidance. Results were in line with the first three expectations. Support for the fourth was partial insofar as this was only confirmed regarding systematic processing. The final prediction was not confirmed; individuals who scored high in avoidance decreased the positivity of their attitudes and increased their perceived knowledge in a similar fashion to those who scored low in avoidance. These changes stood over the two-week follow-up period. Results are discussed in accordance with cognitive dissonance theory, with the possible use of suppression strategies, and with the corresponding implications for risk communication practice.     

Statistical Inference,Learning and Models in Big Data

The need for new methods to deal with big data is a common theme in most scientific fields, although its definition tends to vary with the context. Statistical ideas are an essential part of this, and as a partial response, a thematic program on statistical inference, learning and models in big data was held in 2015 in Canada, under the general direction of the Canadian Statistical Sciences Institute, with major funding from, and most activities located at, the Fields Institute for Research in Mathematical Sciences. This paper gives an overview of the topics covered, describing challenges and strategies that seem common to many different areas of application and including some examples of applications to make these challenges and strategies more concrete.     

Aspiring,nascent and fledgling entrepreneurs: an investigation of the business start-up process

This study focuses on three different milestones in the business gestation process, i.e. becoming an aspiring entrepreneur, a nascent entrepreneur, and a founder of a fledgling new business. Moreover, this study uses a combination of both individual and regional (or environmental) factors in predicting individuals’ success or failure to reach each of these three milestones. Hypotheses are developed to test the effect that human and environmental resources have on the odds of reaching the different milestones in the business start-up process. The study is based on interviews of a representative sample of 9533 Norwegians aged 18 years or older. From this group, 197 respondents qualified as nascent entrepreneurs. These were subsequently interviewed in follow-up interviews conducted in 1996, 1997 and 1999. In addition, regional data at the municipality level is included to measure the available pool of environmental resources. The results indicate that entrepreneurial experience is the single most important factor for predicting the outcome of the business start-up process. Even though environmental resources play a role, human resources are generally found to be better predictors of the outcome of the business start-up process. Several important implications for policy-makers are presented.     

Geschäftsprozesskostenrechnung in einem Leasing-Unternehmen

Zur Verbesserung der Wertsch?pfung organisieren sich immer mehr Unternehmen nach Gesch?ftsprozessen. Dies geht h?ufig mit einer Gesch?ftsprozessoptimierung einher, um die Abl?ufe effizient zu gestalten.     

Twenty years of flexible exchange rates: Experiences and developments

The Bretton Woods system of fixed exchange rates was abandoned at the beginning of March 1973 when currencies were allowed to float. Has the system of flexible exchange rates fulfilled the expectations placed in it? How should experiences with regional systems of fixed exchange rates be assessed, and what are the prospects for a return to such a system worldwide?