Neutraal Geld,Een Overzicht Neutral money

Summary This article traces the development of the concept of neutral money. Wicksell, Davidson, Hayek and Koopmans, though they sometimes referred to a barter economy, really treated neutrality of money as synonymous with monetary equilibrium. Post-war writers on the other hand, notably Patinkin, Gurley and Shaw, do not regard neutrality as synonymous with the maintenance of monetary equilibrium; instead, they take it to mean the restoration, following a monetary disturbance, of the original values of the real variables in a general-equilibrium model. The conditions of neutrality in the post-war sense are critically discussed. It is shown that static price expectations and an elasticity of price expectations equal to one are not necessary conditions for neutrality. Attention is paid to the distinction between inside money and outside money and to Pesek's and Saving's criticism of this distinction. Post-war and pre-war concepts of neutral money are compared. It is shown that Wicksell, Davidson and Hayek were thinking of different disturbances, both monetary and non-monetary in nature, when they formulated their criteria for neutrality. Koopmans' approach was the most general one. Finally, the rôle of money in general-equilibrium models is discussed. What is lacking is a general-equilibrium model to accommodate transaction costs and what is often — confusingly — callednon-tatônnement pricing (pricing which permits trade at non-equilibrium prices).     

The Demand for Food Products: An Analysis of Interpurchase Times and Purchased Quantities

In this paper we study household purchase behaviour of storable food products. An inventory model is developed in which the household chooses an optimal stock level of the product. Storage of the product is costly, there is a fixed cost per purchase occasion, and the market price is sometimes discounted because of price promotions. We show that the optimal purchase policy is an s , S policy. The model is used to derive predictions on the correlations between interpurchase times and purchased quantities on the one hand, and prices on the other. These predictions are empirically verified using consumer panel data.     

Changing factor market conditions in South Africa: The capital market – a sectoral description of the period 1970–97

This article explores changing conditions in South African real capital markets. Noteworthy is the evidence of strong restructuring in this market during the 1990s. Whereas the 1970s and 1980s showed the best investment performance among primary commodity sectors and sectors with strong parastatal involvement, the highest investment rates of the 1990s have been associated with the manufacturing industry. We show that the real user cost of capital and capital productitivity contribute plausible determinants of investment rates in South Africa. The extent to which market forces are allowed to bring in line marginal cost and marginal return on capital appears to influence the sustainability of investment.     

Constraints facing tourism entrepreneurs in South Africa: a study in the Gauteng and Mpumalanga provinces,South Africa

The current study is an investigation into tourism entrepreneurship of small, medium and micro enterprises in Gauteng and Mpumalanga. Through Principal Factor Analysis, the paper identifies a three-factor instrument that could be used as a diagnostic tool to investigate how government policies and support, the tourism industry's products and services, and perceptions about South Africa could advance or constrain the development of small, medium and micro tourism in South Africa. Such a tool can be used to identify problematic areas in order to take remedial action to manage sustainable tourism in South Africa and prevent the leakage of profits.     

Reinventing the branch: An empirical assessment of banking strategies to environmental differentiation

The present study investigates the effects of two atmospheric differentiation strategies currently used by banks: co-locating with a hedonic business vs. refurbishing through an upscale environment. We assessed the potential moderating effects of congruency between the retail environment and the type of services. Using a Structural Equation Model based on 300 bank visit intercepts, we found significant differences between modern branch concepts and the traditional one in their influence on customers’ retail experience. More specifically, the type of atmospheric strategy moderates the relationship between retail environment and customers’ affect and the relationship between affect and approach behavior. Also, the mediating role of the employees and financial services evaluation varies depending on the branch environment. We conclude that a modern, mildly arousing and pleasure-oriented retail environment is the most suited at maximizing customers approach behavior. Adverse effects from a highly-arousing environment are discussed in the light of the financial services context. Theoretical and managerial implications along with avenues for future research are proposed.     

Boekbespreking

Amsterdam, Juli 1959.