The impact of the composition of government spending on private consumption and investment: some impirical evidence

Government spending is disaggregated into investment and consumption components to investigate both theoretically and empirically whether public sector consumption and investment spending crowd out private sector expenditures in the same categories. The hypothesis is that the composition of public sector expenditures may also be important in influencing the composition of private expenditures, rather than just the total level of public expenditure. The empirical results do not indicate that public expenditures in these two categories significantly influence their private sector counterparts.     

New product development practices of urban regeneration units: a comparative international study

The new product development (NPD) activities of 14 not‐for‐profit urban regeneration organisations in three cities (London, Copenhagen and Boston) were examined to establish the degree to which they reflected the best practices recommended by the academic NPD literature in the for‐profit field. Executives in each organisation were questioned about the stages of the NPD process that they activated most intensively, relationships between marketing staff and technical urban development specialists, mechanisms for consulting end users of place products, methods for generating new ideas and the major problems they experienced. Parallels between the NPD behaviour of nonprofit urban regeneration organisations managing projects involving widespread change and that previously observed among for‐profit organisations engaged in the development of radically new products were investigated. Copyright © 2004 Henry Stewart Publications     

Banking and interest rates in monetary policy analysis: A quantitative exploration

The paper reconsiders the role of money and banking in monetary policy analysis by including a banking sector and money in an optimizing model otherwise of a standard type. The model is implemented quantitatively, with a calibration based on US data. It is reasonably successful in providing an endogenous explanation for substantial steady-state differentials between the interbank policy rate and (i) the collateralized loan rate, (ii) the uncollateralized loan rate, (iii) the T-bill rate, (iv) the net marginal product of capital, and (v) a pure intertemporal rate. We find a differential of over 3% p.a. between (iii) and (iv), thereby contributing to resolution of the equity premium puzzle. Dynamic impulse response functions imply pro- or counter-cyclical movements in an external finance premium that can be of quantitative significance. In addition, they suggest that a central bank that fails to recognize the distinction between interbank and other short rates could miss its appropriate settings by as much as 4% p.a. Also, shocks to banking productivity or collateral effectiveness call for large responses in the policy rate.     

澳大利亚羊毛产品市场研发

羊毛产品市场调查 澳大利亚在服装用羊毛的供应量上处于世界领先地位.2003年,全世界用于服装的羊毛有48%是由澳大利亚提供的,其美利奴羊毛的产量占世界的67%.在全球美利奴细羊毛贸易中,澳大利亚也占有统领地位,细度在19.5微米以下的美利奴羊毛,有90%来自澳大利亚.     

The selection and evaluation of word processing equipment in a research organization

. This paper is concerned with the selection, evaluation and subsequent implementation of shared logic word processing equipment in an R & D environment. The authors formed a multidisciplinary team in order to carry out the project from the stages of problem definition to final evaluation in all its aspects of the chosen equipment.