Involuntary saving,unanticipated inflation and the rationality of expectations formation: Some empirical evidence

Conclusions There are a number of reasons why previous empirical work on the validity of the novel hypothesis of consumer behaviour outlined by Deaton must be interpreted with extreme caution.     

Health,height, and the household at the turn of the twentieth century

This article examines the health and height of men born in England and Wales in the 1890s who enlisted in the army at the time of the First World War, using a sample of recruits from the army service records. These are linked to their childhood circumstances as observed in the 1901 census. Econometric results indicate that height on enlistment was positively related to socio‐economic class, and negatively to the number of children in the household in 1901 and the proportion of household members who were earners, as well as to the degree of crowding. Adding the characteristics of the locality has little effect on the household‐level effects. However local conditions were important; in particular the industrial character of the district, local housing conditions, and the female illiteracy rate. These are interpreted as representing the negative effect on height of the local disease environment. The results suggest that changing conditions at both household and locality levels contributed to the increase in height and health in the following decades.     

Space matters: the importance of amenity in planning metropolitan growth

Most Australian capital cities require many 100,000s of additional dwellings to accommodate demographic change and population pressures in the next two or three decades. Urban growth will come in the form of infill, consolidation and urban expansion. Plans to redevelop environmental amenities such as parks and open green spaces are regularly being put forward to local councils and State governments. Maintaining parks and reserves represents one of the largest costs to local councils. To aid in the evaluation of some of the different propositions, we report the results of a spatial hedonic pricing model with fixed effects for Adelaide, South Australia. The results indicate that the private benefits of a close proximity to golf courses, green space sporting facilities, or the coast, are in the order $0.54, $1.58, and $4.99 per metre closer (when evaluated at the median respectively). The historic Adelaide Parklands add $1.55 to a property’s value for each additional metre closer. We demonstrate how the estimated model could be used to calculate how local private benefits capitalized in property values change with changes in the configuration of a park.     

Qualifying tradition: Instituted practices in the making of the organic wine market in Languedoc‐Roussillon,France

Within France, the Languedoc‐Roussillon region (now part of Occitanie) is home to about one third of the nation's area of certified organic vineyards. Each year, the world's largest organic wine fair, Millésime Bio, takes place in the city of Montpellier. This trade fair is an important site where organic wine is not only sold but also given meaning in the market, and importantly, differentiated from but made commensurate with conventional wine. In this paper, we examine processes and practices of ‘qualifying’ organic wine, including by means of relational processes of association and dissociation. Drawing on collaborative event ethnography and other qualitative methods, we focus on individual and institutional actors engaged in creating forms of commodified meanings that circulate with organic wine. In Languedoc‐Roussillon, these meanings reflect and reinforce a longer‐term so‐called shift to quality in wine production, yet also emphasize continuity over change, particularly through emphasis on ongoing role of artisanal, independent growers. We argue that qualification thereby works not only through association with independent growers but also by dissociation, specifically from Languedoc‐Roussillon's agrarian tradition of generic wine production and from the central role played by wine cooperatives in the social reproduction of the region's small‐holding grower class.     

The Instability of the Money Demand Function: An I(2) Interpretation

Some studies have suggested that although money and prices appear to be I(2) processes, real money balances are I(1) and this transformation preserves an important long-run relationship between money and prices. In this paper we present evidence indicating that the success of such a nominal-to-real transformation depends upon the particular monetary aggregate under consideration. It turns out that imposing long-run price homogeneity does not remove all I(2) components from a model of aggregate broad UK M4, but it does prove successful in the case of sectoral components of M4. Since recent research on money demand functions finds more stable relationships between sectoral components of M4 and aggregate demand, our analysis seems to point to a direct link between the existence of I(2) components and the stability of different money demand functions.     

全球经济形势黯淡

【美国《华尔街日报》8月15日】面对美国经济疲软的压力，数月来一直表现得很有弹性的全球经济终于开始明显放缓了。     

亚洲金融业面临历史性机遇

【香港《亚洲时报》7月18日】2007-2008年的金融恐慌以及随之而来的经济大衰退为全球金融界创造了公平竞争的舞台。这种情况下的关键问题就在于，亚洲金融机构是否愿意走上前台，在全球金融业发挥领导作用。