Market structure and the pass-through of the federal funds rate

We study the effect of local market bank concentration on business loan originations and on the pass-through of the federal funds rate to business loan originations. Economic theory on the relationship between concentration and the pass-through of input prices to quantity (or price) is ambiguous. We find that more concentrated markets have lower business loan originations and experience smaller changes in business loan originations in response to changes in the federal funds rate. Our results support the idea that market concentration dampens quantity reactions to input price changes.     

A Conversation with Katherine K. Wallman

Katherine Wallman has had a highly distinguished career in federal statistics and has been serving as the Chief Statistician in the USA for the last 22 years. She was also the President of the American Statistical Association (ASA) in 1992. This interview starts with Wallman's early career and introduction to the field of statistics and goes on to describe her fascinating journey and many accomplishments. The interview was conducted on 19 November 2014. The author thanks Mary Ann Kasper, CNSTAT staff, for transcribing.     

A Good Walk Foiled: Monopoly Power and Barriers to Entry into the PGA Tour

In order to explore whether the PGA Tour's 2013 qualifications amendments represent a meritocratic evolution or simply a monopolistic barrier to entry, this study compares the results of the 2014 PGA Tour to those of the Web.com Tour. Upon empirical examination of each tour's earnings, scoring characteristics, and course characteristics, we are able to predict the marginal skill differences between players on the two tours. In doing so, we illustrate that sufficiently talented Web.com Tour golfers are being excluded from participation in the PGA Tour. As such, the changes made by the PGA Tour regarding qualification perhaps run counter to welfare maximization in terms of tour participants and fans of professional golf. Copyright © 2015 John Wiley & Sons, Ltd.     

Urban Political Ecologies and Children's Geographies: Queering Urban Ecologies of Childhood

This article focuses on the material and discursive constructions of nature and children in the city. While dominant representations and idealizations of nature and childhood depend on the binary logic of the nature/culture and rural/urban divide, there is also a simplification and romanticization of nature in children's geographies and a lack of children and their spaces in urban political ecology. We argue that children and nature in cities need to be removed from a binary model of being and attended to in more nuanced ways in urban political ecology and children's geographies. In this regard, we suggest that both nature and children in cities need to be queered. We need to ask how the production of urban spaces (re)creates particular romantic and idealized relations with natures that reify the binaries between nature/culture, and male/female through a heteronormative framework. The purpose of this article is to bring the critical nature–society theories of urban political ecology into conversation with work in children's geographies that explores the ‘nature' of childhood, and in doing so queer the relationship between children and nature. Drawing on research on queer ecologies, and queered childhoods, we aim to provide a framework to rethink and queer both nature and children in cities.     

The organization of the future: Unity of marketing and strategy

Marketing and strategy, while once diverse activities and entities, are moving ever closer together—in this paper it is speculated that they may someday become one. This is in response to changing business environments, and to the emergence of new organizational forms. However, a more fundamental force may be the simple recognition that without relationships there is no need for strategy, and that relationships are fundamental to marketing.     

Trends and prospects of ensuring energy resources in Ukraine

The article examines the state of power supply in Ukraine for the period from 2000 to 2010. The trend in the Ukraine GDP energy intensity (at purchasing power parity), compared to other countries of the Commonwealth of Independent States, is analyzed. The key points of demand determination and of alternative ways to satisfy it in Ukraine for the period until 2015 are formulated. A forecast of production and consumption of energy resources was conducted in accordance with the expected socioeconomic development of the country through the development of advanced fuel and energy balances.     

Product development with multiple partners: Strategies and conflicts in networks

This paper provides an insight into and discusses the variety of sources of conflict in linking multiple partners in a network to the product development process. Conflict issues are discussed in relation to focal company strategies for product development within networks. On the basis of three case studies representing three different strategic intentions and network situations, our findings suggest that the sources of conflict are related to the actors' definition and negotiation of the development task at hand. The study suggests that the ability to combine and find complementarities in the strategic intentions of the multiple participating actors is essential to accomplish innovation. The paper concludes that influential actors initiating or acceding to changes are crucial for reaching a positive outcome in joint product development.     

Did Hayek have a monetary theory of business cycles?

Joseph Schumpeter, a careful reader of Hayek, categorized Hayek??s theory of economic cycles as non-monetary. Almost every other source, including Hayek himself, categorized the theory as monetary. The issue turns on the concept of causality being used. The question of what causality concept to apply to complex phenomena has substantive implications for economic theory. A simple concept of causality, appropriate to the study of some physical phenomena, will mislead when applied to complex phenomena. We provide examples of errors in analysis that follow from the wrong choice of a causal paradigm.     

WHITHER GERMANY AND THE EMU IN A CHALLENGING ENVIRONMENT?*

While the German economy may currently be a bright spot in Europe, it has faced substantial challenges in recent years. Moreover, tensions are rising regarding Germany's responsibilities and opportunities as a member of the European Monetary Union. Other studies have documented the difficulties that Germany has encountered as a result of the unification and further integration of Europe. This paper adds to that literature by using an aggregate translog cost function approach to examine the relationships among inputs of domestic capital and labour and imports. Our findings indicate that the input pairs of capital‐labour and labour‐imports are substitutes. The substitutes relationship between labour and imports, which has become stronger over time, suggests that increasing globalisation will add to Germany's unemployment woes. Capital and imports appear to be weak complements, but that relationship is not statistically significant. The results also suggest that imports are playing an increasingly important role in Germany's aggregate production, accentuating the role of the international environment.