Enhancing Fed Credibility

The Fed's credibility regarding control of inflation helps to anchor public expectations of price stability. This makes the Fed's actions more predictable in any given set of circumstances and thus strengthens the monetary policy transmission mechanism and shortens policy lags. The importance of the Fed's credibility can be illustrated by the consequences of its absence in the 1970s. This paper discusses the roots of the Fed's current credibility: a systematic approach to controlling inflation, transparency of its policy decisions, and timely communication of the decisions and the considerations upon which they are based. The paper also discusses areas in which there is room for further improvement. It argues that the most important future step would be to adopt specific inflation targets. Such a step would not only enhance credibility, it would help to focus policy-making itself. While there are some risks to establishing specific numerical targets, these risks can be managed and are outweighed by the benefits of explicit targets. JEL Classification E58     

Segmenting tourists to aboriginal cultural festivals: An example in the Rukai tribal area, Taiwan

Festivals are increasingly being used as instruments for promoting tourism and boosting the regional economy. Festivals are a type of cultural events and are travel attractions with unique features. Much research, undertaken from a variety of perspectives, exists on festivals. However, very few studies related to aboriginal cultures have been published. The main objective of this study is to profile tourists based upon their motives and demographic characteristics, as these traits are associated with attraction to aboriginal cultural festivals and other related activities. The research reveals that cultural exploration, among other motivational dimensions, is the most important factor attracting tourists to the aboriginal cultural festival. In addition, not all tourists have the same degree of interest in the festival cultural experience. Furthermore, motivational variables are found to be more important than demographic variables in explaining and segmenting visitors to an aboriginal festival.     

The effects of professional education on values and the resolution of ethical dilemmas: Business school vs. law school students

Prior research on the impact of ethics education within the business curriculum has yielded mixed results. Although the impact is often found to be positive, it appears to be both small and short-lived. Interpretation of these results, however, is subject to important methodological limitations. The present research employed a longitudinal methodology to evaluate the impact of an M.B.A. program versus a law program on the values and ethical decision making behavior of a cohort of students at two major universities in the northeast. The results suggest that the M.B.A. curriculum remains a value-neutral experience for most students. In contrast, the law school program had a significant impact on both values and ethical decision making.Donald L. McCabe is Associate Professor of Management at the Graduate School of Management, Rutgers — The State University of New Jersey. His research focuses on ethical decision making, interpretive processes under conditions of uncertainty, and issues of student values and ethics.Janet M. Dukerich is an Associate Professor of Management at the University of Texas at Austin. Her research focuses on individual and group decision making and interpretation processes in organizations.Jane E. Dutton is Associate Professor of Organizational Behavior and Human Resource Management at the University of Michigan. Her research interests center on organizational adaptation processes, and in particular, organizational responses to value-laden issues.     

Societal burden of cluster headache in the United States: a descriptive economic analysis

Aim: To estimate direct and indirect costs in patients with a diagnosis of cluster headache in the US.

Methods: Adult patients (18–64 years of age) enrolled in the Marketscan Commercial and Medicare Databases with ≥2 non-diagnostic outpatient (≥30 days apart between the two outpatient claims) or ≥1 inpatient diagnoses of cluster headache (ICD-9-CM code 339.00, 339.01, or 339.02) between January 1, 2009 and June 30, 2014, were included in the analyses. Patients had ≥6 months of continuous enrollment with medical and pharmacy coverage before and after the index date (first cluster headache diagnosis). Three outcomes were evaluated: (1) healthcare resource utilization, (2) direct healthcare costs, and (3) indirect costs associated with work days lost due to absenteeism and short-term disability. Direct costs included costs of all-cause and cluster headache-related outpatient, inpatient hospitalization, surgery, and pharmacy claims. Indirect costs were based on an average daily wage, which was estimated from the 2014?US Bureau of Labor Statistics and inflated to 2015 dollars.

Results: There were 9,328 patients with cluster headache claims included in the analysis. Cluster headache-related total direct costs (mean [standard deviation]) were $3,132 [$13,396] per patient per year (PPPY), accounting for 17.8% of the all-cause total direct cost. Cluster headache-related inpatient hospitalizations ($1,604) and pharmacy ($809) together ($2,413) contributed over 75% of the cluster headache-related direct healthcare cost. There were three sub-groups of patients with claims associated with indirect costs that included absenteeism, short-term disability, and absenteeism?+?short-term disability. Indirect costs PPPY were $4,928 [$4,860] for absenteeism, $803 [$2,621] for short-term disability, and $3,374 [$3,198] for absenteeism?+?disability.

Conclusion: Patients with cluster headache have high healthcare costs that are associated with inpatient admissions and pharmacy fulfillments, and high indirect costs associated with absenteeism and short-term disability.     

Triadic relationships in healthcare

One of the most important goals in healthcare today is reducing costs while maintaining high-quality care. This article focuses on a triadic relationship that is responsible for a significant amount of nonlabor spending in hospitals: physician preference items. The triadic relationship among salespeople, physicians, and hospitals’ supply managers has a direct influence on costs. Regarding some key purchases, the physician-salesperson relationship is closer than the physician-supply manager relationship—even though the latter two entities work for and within the same company and strive for the same mission. This reality creates a type of conflict that is perplexing to solve and costly to ignore. To better understand the sources of friction and opportunities for collaboration in this triad, personnel across hospitals, suppliers, and healthcare consortiums were interviewed. Herein, we introduce strategies to help resolve the conflict. It is essential that hospital supply managers continually negotiate for best solutions that consider both long-run costs and quality of patient care. Yet, salesperson motivations and close salesperson-physician relationships place barriers that prevent negotiations more common to other areas of spending. The strategies offered in this article highlight ways to mute negative and amplify positive effects of the physician-salesperson relationship.     

Developing pre-service primary teachers’ understanding of engineering through engineering habits of mind and engagement with engineers

International Journal of Technology and Design Education - This paper explores how primary teachers might be prepared through their pre-service training to feel more confident to include...