Does a factor Phillips curve help? An evaluation of the predictive power for U.S. inflation

This article evaluates various models’ predictive power for U.S. inflation rate using a simulated out-of-sample forecasting framework. The starting point is the traditional unemployment Phillips curve. We show that a factor Phillips curve model is superior to the traditional Phillips curve, and its performance is comparable to other factor models. We find that a factor AR model is superior to the factor Phillips curve model, and is the best bivariate or factor model at longer horizons. Finally, we investigate a New Keynesian Phillips curve model, and find that its forecasting performance dominates all other models at the longer horizons.     

The Managerial Lineages of Neoliberalism

Managerialism is often depicted as a key practice of neoliberalism yet relatively little has been written by scholars of neoliberalism about the actual relationship between managerialism and neoliberalism. Usually subsumed under a functional reading of neoliberalism, managerialism has too often been understood simply as a means for neoliberal ends (i.e. to promote market rule or competition). This paper challenges this perspective on the grounds that it conflates practices that stem from two different historical lineages. As we show, managerial governance not only has a very different history than neoliberal theory, but it also rests on different principles. Its development can be traced back to the US defence sector in the 1950s and the pivotal role of the RAND Corporation. On the basis of this historical perspective, we argue for the need to analyse managerialism on its own terms and make the case for considering the rise of managerial science as a paradigmatic shift in governance. In doing so, we show how managerial governance represented a radical rupture from previous management practices and show how it profoundly reshaped how we have come to understand governance.     

Innovative productivity and returns to scale in the pharmaceutical industry

This study shows that firms in the pharmaceutical industry experience decreasing returns to scale in R & D as the level of R & D expenditures rises. The paper presents the results of our study of the innovative output of 16 pharmaceutical firms over a 19 year period. Given the strong correlation between R & D budgets and firm size, our study suggests the wave of mergers in the industry may yield less innovative productivity than managers expect.     

When the going gets tough: the influence of expatriate resilience and perceived organizational inclusion climate on work adjustment and turnover intentions

Abstract

Despite the strong evidence for the beneficial influence of resilience for employee stress resistance in domestic settings, the construct has not received much attention in the expatriation literature, where stress is considered a major factor for expatriates’ poor cross-cultural adjustment and turnover. Drawing upon conservation of resources theory, the present study examines resilience as an antecedent of expatriate work adjustment and turnover intentions. Furthermore, this study investigates the moderating role of perceived organizational inclusion climate as a resource-protecting organizational factor. Results from a survey of 175 expatriates in South Korea indicate that resilience is positively related to expatriate work adjustment and that these positive effects are more pronounced when expatriates perceive their organizational climate to be highly inclusive. Furthermore, findings suggest that work adjustment mediates the effects of resilience on turnover intentions and that this mediation is moderated by a perceived organizational inclusion climate. Implications for theory and practice are discussed.     

Arbitrator Decision-Making in the Transfer Market: an Empirical Analysis

This paper analyses data generated by the annual round of arbitrated settlements of disputed transfer fees for end-of-contract players in the English Football League. Using information on final-offers of the disputant clubs and data on a variety of player and club characteristics we analyse arbitrated fees and final-offers, and the relative importance of final-offers and case facts in fashioning outcomes. Our analysis suggests that a large proportion of the variation in settlements can be accounted for by certain case facts rather than a mechanical compromise of final-offers, with the latter receiving a relatively low weight. In general, our findings are consistent with the view that conventional arbitration systems generate little useful information in terms of final-offers from the disputant parties.     

AGAINST LEVIATHAN: A REVIEW OF CLASSICAL LIBERALISM IN THE 21ST CENTURY: ESSAYS IN HONOUR OF NORMAN P. BARRY1

Classical Liberalism in the 21st Century is a collection of essays from colleagues and friends of the late Norman Barry, Professor of Social and Political Theory at the University of Buckingham. Most share Barry's Hayekian perspective. The essays cover themes such as: international competition in trade and between jurisdictions; the corporate social responsibility fad; secular economic errors; policies relating to alleged global warming; the state's impotence at removing externalities; the moral functions of competition; and, above all, Barry's rigour and eloquence in the economic and political case for freedom.     

Pricing the Groove: hedonic equation estimates for rare vinyl records

ABSTRACT

This contribution adds to the economic literature on the market value of rarity in markets for cultural collectible goods by studying the price of rare audio recordings (chiefly vinyl) sold on the online marketplace Discogs. Community-based variables serve as proxies for (inverse) rarity and (potential) demand. Results show that the elasticity of price with respect to our measure of inverse rarity (demand) ranges between ?0.120 and ?0.140 (0.150 and 0.160). In addition, effects of hedonic characteristics such as the popularity or collectibility of an artist can be identified. Finally, the study provides evidence for premia for rarity at the top end of the distribution of prices.     

欠发达省域经济差异的时空演变分析

基于1989—2012年广西89个县域经济数据,利用分解的Theil指数和马尔可夫链方法,探索欠发达省域差异的时空演变。结果表明:广西区域差异对地理尺度很敏感,县域间的差异最大,其次为地市间,区域间的发展最为平衡。三大区域内部差距的增大是促成广西整体差异拉大的主导力量。广西区域经济发展存在俱乐部趋同现象,2000—2012年间的更为显著,欠发达地区极有可能陷入"贫困陷阱"。区域间的两极分化趋势增强,趋同俱乐部总体上呈环状分布特征。高水平趋同俱乐部的分布逐渐由市辖区扩散到邻近的县域。低水平趋同俱乐部主要分布在桂西资源富集区。中高水平趋同俱乐部环绕高水平趋同俱乐部外围,而中低水平趋同俱乐部集中分布在中高水平趋同俱乐部外围。广西县域单元平稳者居多,向上转移有所增加。     

Citizen participation in public administration: investigating open government for social innovation

In recent years, public sector organizations have increasingly focused on citizen contribution by adopting instruments known from open innovation. By collaborating with the periphery and leveraging external knowledge, government institutions initiate social innovation and stimulate a positive change for society. This article examines the involvement of citizens in an ideation platform initiated by a local government and investigates the motivations affecting participation intensity. Drawing on self‐determination theory, we analyze what motivates citizens to participate in an open government platform and how these motivations influence participation quantity. Based on a survey among platform users and the analysis of usage data from the platform operator, we find that motivations of citizen participation in public administration greatly vary across forms of participation. Whereas, intrinsic motivation is positively associated with producing and consuming platform content, external and introjected regulation negatively relate to individuals’ active contribution. At the same time, external regulation is positively associated with evaluation behavior.