A General Theory of Competition: Resources,Competences, Productivity,Economic Growth by Shelby D. Hunt

The Review of Austrian Economics -     

Will the (German) NAIRU Please Stand Up?

Abstract. This paper deals with a critical assessment of the ‘non‐accelerating inflation rate of unemployment’ (NAIRU) for Germany. There are quite a few obstacles to perceiving the NAIRU as an easy‐to‐use analytical instrument: the possibility of a non‐vertical Phillips curve, the occurrence of shocks and hysteresis effects, and the (mis‐)measurement of important variables, cointegration issues and a time variability of the NAIRU. A new attempt is made to estimate a NAIRU for Germany using direct measures of inflationary expectations. However, by any method, the NAIRU is very hard to determine and subject to considerable arbitrariness.     

斯图加特的经济：在未来也要领先

新千年伊始 ,斯图加特市面临新的挑战。经济全球化的迅速到来正影响我们所有人在２１世纪的生活。对这种挑战必须要充分地说明 ,要保持领先 ,最迫切需要的是行动。斯图加特市和斯图加特地区有优越的条件来迎接挑战 ,其明显的潜力需要挖掘和调动。斯图加特不仅是多国著名公司的所在地 ,同时还是它们的家园。例如 :戴姆勒———克莱斯勒、Ｐｏｒｓｃｈｅ、Ｂｏｓｃｈ、ＩＢＭ和ＡｌｃａｔｅｌＳＥＬ。斯图加特地区传统的实力是ＳＭＥｓ ,他众多的产品能迅速而灵活地适应全球市场需求。虽然斯图加特地区经济主要集中在动力和机械工程上 ,但他仍…     

Intraday Empirical Analysis and Modeling of Diversified World Stock Indices

This paper proposes an approach to the intraday analysis of diversified world stock accumulation indices. The growth optimal portfolio (GOP) is used as reference unit or benchmark in a continuous financial market model. Diversified portfolios, covering the world stock market, are constructed and shown to approximate the GOP, providing the basis for a range of financial applications. The normalized GOP is modeled as a time transformed square root process of dimension four. Its dynamics are empirically verified for several world stock indices. Furthermore, the evolution of the transformed time is modeled as the integral over a rapidly evolving mean-reverting market activity process with deterministic volatility. The empirical findings suggest a rather simple and robust model for a world stock index that reflects the historical evolution, by using only a few readily observable parameters. Mathematics Subject Classification: (1991) primary 90A12, secondary 60G30,62P20 JEL Classification: G10, G13     

Value creation in the relationship life cycle: A quasi-longitudinal analysis

Among the growing literature on value creation in collaborative buyer-seller relationships, most researchers examine relationship value at a single point in time. In the present research, we explore whether different stages of the relationship life cycle moderate the relative importance of value-creating dimensions. To shed light on the dynamic nature of value in B2B relationships, we present the results of a survey among purchasing managers using a quasi-longitudinal research design. Our findings confirm the moderating role of the relationship life cycle in value creation. More precisely, our results indicate that a key supplier's potential for value creation in customer's operations increases in relative importance as relationships move through the life cycle. In turn, supplier's capabilities to create superior value at the level of the customer's sourcing process display a decreasing role over the life cycle of a business relationship. No significant link was found in the present study between value creation through a supplier's core offering and different stages of a buyer-seller relationship.