Jack of All Trades or a Master of One? Specialization,Trade, and Money*

We consider a model of decentralized exchange where individuals choose the set of goods they produce. Specialization involves producing a smaller set of goods and doing it more proficiently. In doing so, agents reduce production costs, but also reduce the ease of trading their output. We derive the equilibrium degree of specialization and examine how it is affected by underlying fundamentals. Due to the existence of a hold‐up problem, individuals specialize too little relative to the social optimum. Introducing money leads to more specialization relative to barter and increases welfare.     

High-investment HR values and firm performance among local firms and U.S. MNCs’ subsidiaries in South Asia: a comparative study

Grounded in institutional theory, this study investigates the differential adoption and internalization of high-investment human resource (HR) values by local companies and by subsidiaries of US firms located throughout South Asia; and the impact of these HR values on firms’ performance. In line with our predictions, results suggest that US subsidiaries have a greater rate of adoption of high-investment HR values compared to local South Asian firms. Contrary to our predictions, however, both types of firms are similar in the level of internalization of their respective HR values. Finally, while greater levels of high-investment HR value adoption is associated with firm performance across the board, this relationship tends to be stronger for US MNCs’ subsidiaries compared to local South Asian companies. Theoretical and practical implications for the transfer and diffusion of high-investment HR values in institutionally and culturally distant contexts are discussed.     

Monetary Impacts and Overshooting of Agricultural Prices in an Open Economy

This article's focus is on the time adjustment paths of the exchange rate and prices in response to unanticipated monetary shocks. First, we expand the theoretical specification of the overshooting hypothesis by generalizing Dornbusch's model to include a third sector (i.e., agricultural prices). Second, we employ Johansen's cointegration test along with a vector error correction model to investigate whether agricultural prices overshoot in an open economy. The empirical results indicate that agricultural prices adjust faster than industrial prices to innovations in the money supply, affecting relative prices in the short run, but strict long-run money neutrality does not hold.     

债务危机难撼迪拜金融中心地位

【美国《商业周刊》12月2日】在迪拜政府在11月底宣布国有控股投资公司迪拜世界寻求对近260亿美元债务进行重组后，全球股市应声暴跌。虽然海外股市随后迅速反弹，但迪拜股市惨遭重创，而且迪拜领导人信誉扫地。然而，     

Perceptions of national AAA meetings

Professional conferences, such as those conducted by the American Accounting Association, are vehicles that can provide new information to people who share common interests. There has been little formal study of what should be the purpose of such gatherings. This paper uses questionnaire responses to focus specific attention on the perceptions tenure track faculty members have about paper sessions and other activities at both national and regional meetings. Particular attention is given to how different backgrounds and interest areas appear to influence impressions.     

英格兰银行的内幕

蜚声国际的英国中央银行为英国带来了空前的繁荣,但其中却包含着泡沫一个房产泡沫。英格兰银行会使这种繁荣持续下去吗?     

Simon,Raymond. Public Relations Management,Cases and Simulations. Columbus,Ohio: Grid,Inc., 1977

This study represents an initial empirical test of a new construct--attitude toward on-line advertising format (A_format). An on-line survey was used to examine both antecedents and consequences of A_format for each of six on-line ad formats (e.g., pop-ups, banners, skyscrapers). Regression analyses revealed A_formatto be significantly related to attitude toward the ad (A_ad) for all formats. Furthermore, A_format was significantly related to self-reported on-line ad behaviors such as clickthrough. Overall, the results strongly suggest that the nature of the on-line ad format is an important characteristic that influences on-line advertising response.     

Decision Strategy and Structure in Households: A “Groups” Perspective

From a practical perspective, (arguably) most consumer decisions are not made in isolation of the households in which consumers are inserted, yet we commonly treat them econometrically as if they were. The purpose of this workshop was to take some initial steps in defining needed research in household decision making that structurally accounts for goal sharing, utility interdependence, taste heterogeneity, choice set formation, power structures, group size and composition, and so forth. We also considered conditions under which aggregation of tastes, utility and choices might occur and make sense from both behavioral and modeling perspectives.