The Phillips Curve, the IS Curve and Monetary Transmission: Evidence for the US and the Euro Area

In this paper we assess the empirical performance of commonlyused empirical specifications of the baseline New Keynesianmodel for the US and the euro area. We estimate standard specificationsof the model and extended specifications also including non-standarddeterminants of aggregate supply and demand. The results suggestthat based on the standard specifications it is often not possibleto establish a significant link between the monetary policyinstrument and output and inflation. Based on the extended specificationsof the model, which take into account the significant effectof commodity prices on inflation and of house prices on theoutput gap, we are generally able to restore a significant monetarytransmission channel. (JEL E3, E52, C22)     

What Drives the Property Price-Trading Volume Correlation? Evidence from a Commercial Real Estate Market

The significant price-trading volume correlation found in the residential property market presents a challenge to the rational expectation hypothesis. Existing theories account for this fact with either capital market imperfection (down-payment effect or loss-aversion consideration) or imperfect information (search theoretic models). This paper employs data from a commercial real estate market, which face a different degree of severity of capital market constraint than the residential market, and thus provide an indirect but effective test for alternative theories. Policy implications are also discussed.     

Influence of decision styles on use of decision models

This article discusses how the “decision style” of an administrator influences the adoption and use of particular decision models. Several “interactive” and “analytical” decision models often used to guide decision making are described and critiqued to point out their virtues and deficiencies. Propositions are suggested that contend that “systematic,” “judicial”, “speculative”, and “intuitive” styles have clear-cut preferences for a particular decision model. This model seems to be used, even when another would be more suitable. Effective decision makers are postulated to adapt their styles, or at least to see the benefits of different styles. Mixed-mode models are proposed that seem to simulate the behavior of successful decision makers.     

Uit De Economist Van 1863

O.Van Rees,Antwoord aan den heer Mr. S. Vissering, hoogleeraar te Leiden, over de bank-kwestie. (blz. 451/2).     

Line,staff and the systems perspective

It's time to retreat from the old principle: ‘staff advises, line decides.’ But where do we go? to a new broad principle? Conflict in line/staff relations must be handled in a pragmatic, existential approach to the design of the organization.     

Experimental determination of the power functions of the two-sample rank tests of WILCOXON, VAN DER WAERDEN and TERRY by Monte Carlo techniques

In this paper the authors present the results of a sampling experiment to determine the power functions of the two-sample rank tests of WILCOXON, VAN DER WAERDEN and TERRY against shift alternatives for normal parent distributions, based on 2000 trials for each alternative. The sample sizes considered are m = n = 6 and m = n = 10. The powers of the three rank tests are compared with the power of the STUDENT t-test and with each other. The results indicate that in small samples (i) the power of the WILCOXON test is not much smaller than the power of the t-test and (ii) the normal scores tests are only slightly superior to the WILCOXON test, if at all.     

Structuring the organization for fast decision-making

As the No. 1 organizational problem, slow decision-making affects every large and medium-sized company. This, not size, makes these companies ponderous and cumbersome. After examining why slow decision-making occurs, the author details a new decision-making process designed not only to speed up decision-making, but to give management, for the first time, control over its corporate tempo.     

Revitalization of traditional resorts

The process of revitalizing tranditional resorts is discussed, through examination of the redevelopment of Scheveningen — a leading seaside resort in the Netherlands. Location and organizational aspects of the redevelopment are identified as two key factors in this process. The market analysis, the development plan and investment sources, the role of public authorities and private enterprise and the redevelopment results are evaluated.