For the Sake of Argument: Towards an Understanding of Rhetoric as Process

ABSTRACT   This paper seeks to respond to two particular aspects of Legge's work, her development of the concept of rhetoric and her commitment to the educative process. Legge has been drawing attention to the concept of rhetoric for a long time (e.g. Gowler and Legge, 1981 , 1996 [originally 1983]; Legge, 1989 , 1995a ). However, despite its popularity as an epithet, the process of rhetoric remains largely unexplored. Locating rhetoric within a poststructuralist view of language, this paper utilizes and explores the contribution of 'The New Rhetoric' to such an understanding, focusing on issues of style and context. This is used to illustrate a characterization of rhetoric which emphasizes its quality as a closed system with an important role in maintaining the status quo of 'managerialism'. Highlighting the key concept within 'The New Rhetoric' of audience , we suggest that to achieve change it is necessary to intervene in the closed cycle of the relationship between producers and consumers of management knowledge.     

To bundle or not to bundle

Comparing monopoly bundling with separate sales is relatively straightforward in an environment with a large number of goods. We show that results similar to those for the asymptotic case can be obtained in the more realistic case with a given finite number of goods, provided that the distributions of valuations are symmetric and log‐concave.     

The Incremental Predictive Information Associated with Using Theoretical New Keynesian DSGE Models vs. Simple Linear Econometric Models*

In this paper we construct output gap and inflation predictions using a variety of dynamic stochastic general equilibrium (DSGE) sticky price models. Predictive density accuracy tests related to the test discussed in Corradi and Swanson [Journal of Econometrics (2005a), forthcoming] as well as predictive accuracy tests due to Diebold and Mariano [Journal of Business and Economic Statistics (1995) , Vol. 13, pp. 253–263]; and West [Econometrica (1996) , Vol. 64, pp. 1067–1084] are used to compare the alternative models. A number of simple time‐series prediction models (such as autoregressive and vector autoregressive (VAR) models) are additionally used as strawman models. Given that DSGE model restrictions are routinely nested within VAR models, the addition of our strawman models allows us to indirectly assess the usefulness of imposing theoretical restrictions implied by DSGE models on unrestricted econometric models. With respect to predictive density evaluation, our results suggest that the standard sticky price model discussed in Calvo [Journal of Monetary Economics (1983), Vol. XII, pp. 383–398] is not outperformed by the same model augmented either with information or indexation, when used to predict the output gap. On the other hand, there are clear gains to using the more recent models when predicting inflation. Results based on mean square forecast error analysis are less clear‐cut, although the standard sticky price model fares best at our longest forecast horizon of 3 years, it performs relatively poorly at shorter horizons. When the strawman time‐series models are added to the picture, we find that the DSGE models still fare very well, often outperforming our forecast competitions, suggesting that theoretical macroeconomic restrictions yield useful additional information for forming macroeconomic forecasts.     

OUTPUT,PRODUCTIVITY AND WAGES IN THE BRITISH COAL INDUSTRY BEFORE 1914: A MODEL WITH EVIDENCE FROM THE DURHAM REGION*

This paper proposes a model of productivity and wages in the Durham coal industry during 1882–1914. The model predicts a negative relationship between wages and productivity which derives from the industrys production function and wage-setting arrange- ments and does not require or imply a ‘leisure preference’ by miners. It is also suggested that predicted effects of some variables on productivity are different from those proposed by previous investigators. Using modern time-series methods on data for output per worker and per shift, it is shown that the two measures essentially reflect predicted effects on output and productivity respectively.     

Do Newspaper JOAs Charge Monopoly Advertising Rates?

Conventional wisdom argues that all commercial and economic competition between two daily newspapers stops when they merge their advertising and printing capabilities to form a joint operating agreement (JOA). Clearly the JOA acts a monopolist in the sale of advertising, but there are two forces that may constrain the JOA to sell more advertising than a profit maximizing single paper monopolist would find optimal. First, there is the possibility of what is sometimes termed ``end game competition'. Disposition of assets from a JOA are often not determined until the JOA is near its termination date, and this may induce the weaker paper to maintain quality, both to improve its bargaining position and to keep open the possibility of remaining in the market as a competitor at the end of the JOA. Second, a daily paper arguably has to maintain a certain level of advertising and maintain a certain ``look' and ``feel' if it is to be considered a daily paper. This may constrain the JOA to sell more advertising and maintain a higher joint circulation than might be optimal for a single paper monopolist. We present econometric evidence that shows JOAs to have ad rates that are closer to those of competitive dailies than to those of single paper and 2-edition monopolists.     

Monetary Policy Rules with Model and Data Uncertainty

In this paper we examine the prevalence of data, specification, and parameter uncertainty in the formation of simple rules that mimic monetary policymaking decisions. Our approach is to build real-time data sets and simulate a real-time policy-setting environment in which we assume that policy is captured by movements in the actual federal funds rate, and then to assess what sorts of policy rule models and what sorts of data best explain what the Federal Reserve actually did. This approach allows us not only to track the performance of alternative rules over time (hence facilitating a type of model selection among competing rules), but also to more generally assess the importance of the data revision process in the formation of macroeconomic time series models. From the perspective of real-time data, our results suggest that the use of data that are erroneous, in the sense that they were not available at the time decisions could have been made based on forecasts from the rules, can lead to the selection of quantitatively different models. From the perspective of finding a rule that best approximates what the Federal Reserve Board (Fed) has actually done (and hence from the perspective of finding a rule that best approximates what the Fed will do in the future), we find that (i) our version of “calibration” is better than naïve estimation, although both are dominated by an approach to rule formation based on the use of adaptive least-squares learning; (ii) rules based on data that are not seasonally adjusted are more reliable than those based on seasonally adjusted data; and (iii) rules based solely on preliminary data do not minimize mean square forecast error risk. In particular, early releases of data can be noisy, and for this reason it is useful to also use data that have been revised when making decisions using policy rules.     

Product elimination: A barrier to successful financial service sector company mergers?

The UK's financial service sector is in a process of consolidation predominately via merger and acquisition activity. Driving this process is the desire to reduce costs, increase efficiency and acquire larger customer volumes. This may result in the amalgamation of product management functions and product portfolios, leading inevitably to the need for product rationsalisation. A key controlling factor within this is the inability easily to eliminate financial service products. This may jeopardise the organisation's ability to gain the objectives that have driven the merger/acquisition action. Two key factors were seen to hinder the portfolio amalgamation process. First, the incompatibility of IT-based product management systems. Secondly, the existence of a ‘knowledge gap’ which made it harder to plan and implement effectively large-scale product elimination and portfolio amalgamation. It is likely that this will lead to higher than desired operating costs, duplication in product and service function, and loss of freedom in managing customers.     

Regoo plots as a regression diagnostic tool

Given the widespread use of regression methods in the social sciences, the recent concern with regression diagnostics is timely and important. Every diagnosis must be followed by an appropriate data analytic procedure: diagnosis and treatment are complementary and interdependent tasks. We propose a graphical diagnostic procedure for use in ordinary least squares contexts, several data analytic treatments, and illustrate them in an extant data set.