The engine of growth or its handmaiden?

This paper presents an analysis of time-series data for the countries in the Summers-Heston (1991) data set, in an attempt to ascertain the evidence for or against the export-led growth hypothesis. We find that standard methods of detecting export-led growth using Granger-causality tests may give misleading results if imports are not included in the system being analyzed. For this reason, our main statistical tool is the measure of conditional linear feedback developed by Geweke (1984), which allows us to examine the relationship between export growth and income growth while controlling for the growth of imports. These measures have two additional features which make them attractive for our work. First, they go beyond meredetection of evidence for export-led growth, to provide a measurement of itsstrength. Second, they enable us to determine the temporal pattern of the response of income to exports. In some cases export-led growth is a long-run phenomenon, in the sense that export promotion strategies adopted today have their strongest effect after eight to 16 years. In other cases the opposite is true; exports have their greatest influence in the short run (less than four years). We find modest support for the export-led growth hypothesis, if “support” is taken to mean a unidirectional causal ordering. Conditional on import growth, we find a causal ordering from export growth to income growth in 30 of the 126 countries analyzed; 25 have the reverse ordering. Using a weaker notion of “support”—stronger conditional feedback from exports to income than vice versa, 65 of the 126 countries support the export-led growth hypothesis, although the difference in strength is small. Finally, we find that for the “Asian Tiger” countries of the Pacific Rim, the relationship between export growth and output growth becomes clearer when conditioned on human capital and investment growth as well as import growth.     

The occupations of slaves sold in New Orleans: Missing values,cheap talk,or informative advertising?

Although plantation records indicate that many slaves in the southern USA were artisans and craftsmen, relatively few slaves were recorded as such on the New Orleans sales invoices. Fogel (Without consent or contract: the rise and fall of American slavery. W. W. Norton & Company, New York, 1989, p. 57, 162) assumes that the slaves without recorded occupations were unskilled workers, concluding that skilled slaves were “less than half as likely to have been sold as were ordinary field hands.” Using data from New Orleans newspapers, we find that most sales advertisements include information about the slave’s occupation. A comparison of the advertisement with the corresponding sales invoice shows that the slave’s occupation was often omitted from the invoice. Because the slave’s market price should reflect all relevant information available at the time of sale, the informational value of the slave’s advertised occupation can be estimated using regression analysis. We find that the advertised occupation affected the slave’s market price, which suggests that newspaper advertisements were informative and not simply “cheap talk.”     

Technical Synergies and Trade-Offs Between Abatement of Global and Local Air Pollution

In this paper, we explore the synergies and tradeoffs between abatement of global and local pollution. We build a unique dataset of Swedish combined heat and power plants with detailed boiler-level data 2001–2009 on not only production and inputs but also on emissions of \(\hbox {CO}_{2}\) and \(\hbox {NO}_{\mathrm{x}}\). Both pollutants are regulated by strict policies in Sweden. \(\hbox {CO}_{2}\) is subject to the European Union Emission Trading Scheme and Swedish carbon taxes; \(\hbox {NO}_{\mathrm{x}}\)—as a precursor of acid rain and eutrophication—is regulated by a heavy fee. Using a quadratic directional output distance function, we characterize changes in technical efficiency as well as patterns of substitutability in response to the policies mentioned. The fact that generating units face a trade-off between the pollutants indicates the need for policy coordination.     

Local and organic food on wheels: exploring the use of local and organic food in the food truck industry

An exploratory study approach was used in this research to examine the use of local and organic food in Toronto’s food truck industry, the rationale for its use, and the challenges that food truck owners face in sourcing it. Results showed that all-but-one of the food trucks sourced local or organic food for their menu and were motivated by fresh taste/quality, social responsibility and customer preference. While there were challenges with utilizing organic/local food due to seasonality and cost, food trucks found they can derive benefits by way of increased patronage, menu differentiation, and competitiveness.     

Food literacy competencies: A conceptual framework for youth transitioning to adulthood

Objective : The modern foodscape has changed dramatically in recent decades in terms of where, what, how and with whom we eat. This has been facilitated by a transition from traditional, healthy and basic foods prepared in the home to ultraprocessed, unhealthy foods requiring little planning and preparation prior to consuming. Consequently, many youth lack the food literacy (knowledge, skills and critical perspectives) necessary to be well and minimize their risk of obesity and chronic diseases, in the context of a complex food system. The specific dimensions of these knowledge, skills and dispositions, however, are unknown. This study identified critical food literacy competencies required by youth as they transition to independent adulthood. Design : This study employed a Delphi methodology to achieve consensus statements on critical food literacy competencies within a framework encompassing cognitive, psychomotor and affective dimensions. Participants : A panel of 41 experts including dietitians, teachers and college/university students participated in in‐depth interviews. Analysis : Results were thematically analysed and incorporated into two subsequent surveys completed by panel members. Rater agreement was set at 75% agreeing/strongly agreeing with survey items. A panel subgroup further delineated results into competency statements. Results : Within the themes of “confidence and empowerment,” “joy and meaning” and “sustainable and equitable food systems,” 16 broad competency areas, and 59 specific competencies were identified. These were assembled into a Food Literacy Framework. Conclusion : Results can be used to support food and nutrition education in community settings as well as the formal school system, and to advocate for resources to support food literacy education programmes.     

Numerosity: Forward and Reverse Stock Splits

Abstract

Individuals have a tendency to fixate on large numbers and ignore other relevant information in their decision making process. The numerosity heuristic, a cognitive bias, is the first behavioral hypothesis to explain why investors prefer to receive more shares (rather than less shares) in a stock split even though the aggregate economic value is the same. For forward splits, after controlling for the positive signaling of improved earnings growth and liquidity from the split announcement, the stock price reacts positively to the larger number of shares issued. More importantly, the use of a dual class numerosity model can explain why most conventional hypotheses fail to explain the negative stock price reaction to reverse splits. Given a typical bearish outlook associated with a reverse stock split, investors’ cognitive resources have already been conditioned to derive a systematic conclusion to sell the stock at the higher price. Focusing only on large stock price numerosity, investors are incorrectly inferring a higher investment value. As the high numerosity encourages bearish investors to sell at the higher perceived investment value, the stock returns react more negatively to the higher post-reverse split price level. In both forward and reverse split cases, investors react to high numerosity.     

Farm share of the food dollar: an IO approach for the United States and Canada

This article develops a method for using input–output data to calculate a farm share estimate for all food rather than the typical approach of estimating a price spread for an individual product. The farm share of the food dollar is approximately 14% in the United States and 17% in Canada. The farm share increased somewhat during the commodity price boom but has generally fallen steadily by approximately 20% since 1997. While the farm share of expenditures on food for home consumption is approximately 22% across both countries, it is 4% in the United States and 7% in Canada for meals consumed away from home. The empirical framework can be extended to other countries given the extensive use of System of National Account data making international and temporal comparisons possible across farm and food marketing systems.     

List Prices,Sale Prices and Marketing Time: An Application to U.S. Housing Markets

Many goods are marketed after first stating a list price, with the expectation that the eventual sales price will differ. In this article, we first present a simple model of search behavior that includes the seller setting a list price. Holding constant the mean of the buyers’ distribution of potential offers for a good, we assume that the greater the list price, the slower the arrival rate of offers but the greater is the maximal offer. This trade‐off determines the optimal list price, which is set simultaneously with the seller's reservation price. Comparative statics are derived through a set of numerical sensitivity tests, where we show that the greater the variance of the distribution of buyers’ potential offers, the greater is the ratio of the list price to expected sales price. Thus, sellers of atypical goods will tend to set a relatively high list price compared with standard goods. We test this hypothesis using data from the Columbus, Ohio, housing market and find substantial support. We also find empirical support for another hypothesis of the model: atypical dwellings take longer to sell.     

Do Target Groups Appreciate Being Targeted? An Exploration of Healthy Eating Policy Acceptance

The impact of healthy eating policies falls behind policy maker’s expectations. Better targeting and stakeholder support should improve their effectiveness. The research aims to identify whether a target group (the group impacted by the policy measure) is characterised by higher acceptance levels or not. Acceptance among citizens from the target was compared to a matching non-target group, based on data from an online survey on citizens’ support of healthy eating policies conducted among 3003 adult respondents from five European countries (Belgium, Denmark, Italy, Poland, UK). The policies explored were bans of advertising to children or school vending machines, school meal regulations, education campaigns at schools and workplaces, menu nutrition information and food labelling, price subsidies for healthy food, and accessibility measures for the elderly. It was found that target groups showed more support than others for four policies: parents were more supportive of vending machine bans in schools and workers eating out at lunch of education campaigns at workplaces, food labelling was more supported by those considering nutrition content in food purchase, and price subsidies for healthy food more supported by respondents in financial difficulties. However, parents were less supportive of school education campaigns, and the pattern of support through the target group differed by country. It is concluded that members of the target group tend to, but are not per se especially supportive of healthy eating policy measures concerning themselves or their children, and there are great country differences. Acceptance of policies should be surveyed per target group and country in advance of implementation. In the case of lack in acceptance, further exploration of the barriers should be conducted so that the benefit of the policy can be more effectively communicated, assuming that this increases stakeholder cooperation and favourable peer influence.