Global slack hypothesis: evidence from China,India and Pakistan

It is widely believed that globalization has changed inflation process. The global resource capacity reduces responsiveness of inflation to domestic activity and increases responsiveness of inflation to global resource capacity. This global slack hypothesis is tested using different theoretical specifications, which also relate domestic output elasticity and foreign output elasticity to the degree of trade openness of an individual economy. The results reject this hypothesis. The global resource capacity does not drive domestic inflation. The impact of globalization has not increased in the inflation process, and the results yield important policy implications for monetary policy formulation. The global resource capacity does not affect ability of the central banks to stabilize inflation, real economic activity and also respond to the volatility of output growth.     

Leadership styles and gender: An extension

Leadership remains an elusive concept despite decades of research. In this paper, we attempt to deconstruct the concept by exploring the possibility of developing new measures of leadership, focusing on the attributes of “good” and “bad” leaders. Using a sample of 312 managers, we conducted factor analyses to reduce 13 “good” leadership attributes to two factors, the “visionary” and the “good,” and 13 “bad” attributes to two factors, the “inept” and the “evil.” Second, we assessed how male and female followers perceive the leadership styles of their best and worst bosses. We found that women viewed their best bosses differently from their male counterparts on several dimensions; however, there is little contrast in how bad bosses are perceived by men and women.     

Input substitution in manufacturing for three LDCs: translog estimates and policy implications

Demand and subsititution elasticities from a translog cost model are estimated for the manufacturing sectors of India, Pakistan, and Bangladesh. Conventional formulae for the standard errors of the estimated elasticities are checked by a bootstrap experiment, and their validity is confirmed for the moderate-sized samples of India and Pakistan. The elasticity estimates indicate a high degree of substitutability among capital, labour, and energy resources in manufacturing sectors of these countries. The result yields important policy implications for employment expansion through changing relative resource prices and the ability of these three economies to adjust to energy price shocks without serious impairment to economic growth.     

Asymmetric size-dependent effects of the output gap on inflation: US evidence from the last half a century

This article examines asymmetric size- and sign-dependent effects of the output gap on the US quarterly inflation rate using data from the last half a century (1959Q2–2013Q1). Consistent with previous studies, it is found that the consumer price index is cointegrated with the unit labour cost and the price of oil. A short-run dynamic model is then estimated in which variations in the output gap are divided into three groups: large-positive; large-negative; and small-medium positive/negative. The results provide convincing evidence that only sufficiently large (positive or negative) variations of the output gap can significantly influence inflation. Put otherwise, relatively small to medium changes in the output gap exert no significant impact on inflation and if not separated, they can somewhat obscure the significant effects associated with large variations of the output gap. This study can lead to greater consensus on the inflation–output gap nexus. The findings remain robust despite the use of different measures of output gap and they are consistent with the modern doctrine but with a new caveat: inflation responds to both positive and negative changes in the output gap as long as such variations are of sizable magnitudes.     

地衣标本的采集、制作、鉴定及保存

文章从有关地衣标本的采集、制作、鉴定及保存进行了系统的描述,对地衣全面深入的研究有着重要意义。     

The Kuwaiti Manager: Work Values and Orientations

Work values and the loyalty (commitment to hard work, profession, and principles) of 762 managers in Kuwait were investigated. The results indicated that managers scored high on work values and loyalty. Furthermore, there was a high positive correlation between the two measures. Demographic and organizational variables had significant influence on managerial orientations. Specifically, expatriates and female managers showed a high commitment to work values and loyalty.     

Evaluation of land administration systems

Currently there are no internationally accepted methodologies to evaluate and compare the performance of land administration systems. This is partly because land administration systems are in constant reform, and probably more importantly, they represent societies’ different perceptions of land. This paper describes the development of a framework to measure and compare the performance of land administration systems. The research is of particular relevance since it develops a management model which links the operational aspects of land administration with land policy.     

Asymmetric causality between Australian inbound and outbound tourism flows

We employ the asymmetric version of the Granger causality test to assess how Australian inbound and outbound tourism flows across 49 markets (countries) are driven by the sign-dependent variations in departure series or vice versa. A multivariate generalized autoregressive conditional heteroscedasticity (MGARCH) model is also estimated to study the time-varying co-volatility between inbound and outbound tourism growth rates. We find that rising co-volatility spillovers between inbound and outbound tourism are statistically significant for a number of markets. The six markets that are most susceptible to global shocks are China, Hong Kong, Papua New Guinea, Singapore, South Africa and the United Kingdom. China is by far the largest of these markets and, except for the United Kingdom, both arrivals and departures for each of these countries represent growing markets for Australia. We present recommendations for policymakers and destination management organizations (DMOs) to assist in developing customized strategies targeting resilient inbound markets in order to optimize tourism performance and reduce potential losses in times of crisis.     

Quantifying the Effect of the GST on Inflation in Australia's Capital Cities: An Intervention Analysis

This article examines the magnitude and duration of the effect of the Goods and Services Tax (GST) on inflation in Australia's eight capital cities using the Box and Tiao intervention analysis and quarterly data spanning from 1948:4 to 2003:1. We found that the GST had a significant but transitory impact on inflation only in the September quarter of 2000 when this new tax system was implemented. In this quarter inflation showed an additional increase of 2.6 per cent in Sydney (minimum effect) and 2.8 per cent in Australia as a whole, and the figure for Hobart was 3.3 per cent (maximum effect). Based on Wald test results, we also found some evidence that there is no significant (or substantial) difference in the average price changes among capital cities. We could not reject the null hypothesis that the GST increased the consumer price index by 2.8 per cent across the board in various cities. These results are also consistent with previous studies and surveys.