Endogeneity in European money demand

European wide monetary aggregates constructed from pre-unification data cannot be used as evidence that money demand in the euro area is stable. To overcome the Lucas critique, we apply the standard foreign exchange rate model. Since the uncoordinated country specific money supply system is abolished, the increased comovement between local monetary aggregates leaves little room for a free ride on the law of large numbers. Current monetary policy decisions must be based on untested relations, and given ‘the long and variable lags’, we conclude that the road towards monetary stability is a non-activist steady money supply policy.     

对企业实施全面预算管理的几点认识

全面预算管理是根据企业发展目标,以预算、控制、协调、业绩评价等为内容建立起来的综合管理决策控制系统。推行全面预算管理不仅要做好预算编制,还必须做好绩效评价和预算机构设置。     

Average correlation and stock market returns

If the Roll critique is important, changes in the variance of the stock market may be only weakly related to changes in aggregate risk and subsequent stock market excess returns. However, since individual stock returns share a common sensitivity to true market return shocks, higher aggregate risk can be revealed by higher correlation between stocks. In addition, a change in stock market variance that leaves aggregate risk unchanged can have a zero or even negative effect on the stock market risk premium. We show that the average correlation between daily stock returns predicts subsequent quarterly stock market excess returns. We also show that changes in stock market risk holding average correlation constant can be interpreted as changes in the average variance of individual stocks. Such changes have a negative relation with future stock market excess returns.     

The Right to Rent: Active Resistance to Evolving Geographies of State Regulation

Drawing on recent qualitative research on the UK's Immigration Act 2016, this article sets out to explain the opposition of social housing professionals to the imposition of the Right to Rent. By locating this policy intervention within the evolving geographies of state regulation, it is possible to account for the mechanisms through which housing professionals can resist the extension of duties that were previously the remit of border agents and immigration officials. Synthesizing Bourdieu's critical sociology with Boltanski and Thevenot's sociology of critique helps explain not only the governmental underpinnings of contemporary immigration rhetoric, but also the forms of resistance for which housing professionals display a strong justification in exercising. The universal nature of ‘classification struggles’ within and beyond state institutions extends the relevance of this research to encompass most, if not all, welfarist regimes operating within actually existing neoliberal orders. The analysis of the findings of this research has wider implications that reach beyond housing and urban studies while immigration persists as one of the most significant contemporary political issues, almost without geographical exception, right across the globe.     

The Facts and the Values of the Lucas Critique

In his influential 1976 paper, ‘Econometric Policy Evaluation: A Critique,’ Robert E. Lucas, Jr. presented the policy non-invariance argument, also known as the Lucas critique (LC). Drawing on the work of Putnam and Walsh, this paper discusses how the LC, like all works of scientific inquiry, contains values entangled with scientific facts, and argues that the Lucas critique devalued and revalued the highest values in macroeconomic science, a process known as ‘transvaluation.’ Most importantly, the LC worked to operationalize a shift in values that undermined belief in economists’ ability and responsibility to make meaningful interventions in the economy. Employing the language and concepts of continental philosophy, this paper discusses the meaning and effect of the LC on the values embedded in contemporary macroeconomic science.     

Putting the ‘Amsterdam School’ in its Rightful Place: A Reply to Juan Ignacio Staricco’s Critique of Cultural Political Economy

This article responds to Staricco’s critique of cultural political economy (CPE) for being inherently constructivist because of its emphasis on the ontologically foundational role of semiosis (sense- and meaning-making) in social life. Staricco recommends the Amsterdam School of transnational historical materialism as a more immediately productive and insightful approach to developing a regulationist critique of political economy. Both lines of criticism of CPE are addressed. First, Staricco misinterprets the implications of treating semiosis and structuration as ontologically equal bases of social life. Second, Staricco mistakes our criticisms of the ‘Italian School’ in international political economy for criticisms of the Amsterdam School – an approach we have always warmly endorsed. He therefore misses our more nuanced claim that while the Amsterdam School emphasises the importance of semiosis, it has fewer concepts to explain how semiosis matters and why only some imagined class identities and concepts of control are selected, retained, and institutionalised. CPE addresses this lacuna by integrating critical semiotic analysis into political economy. Third, we provide the first detailed comparison of the Amsterdam School and CPE to provide a better understanding of the merits of each approach and to indicate where they might complement each other without claiming one to be superior to the other.     

论日常生活批判、精神生产与现实生活的重塑

唯物史观的“宏大叙事”是建立在日常生活基础之上的。马克思、恩格斯的精神生产充分证明了这一点。而列斐伏尔等人的日常生活批判正是对唯物史观这一基本立场、观点和方法的继承和发展。日常生活批判的意义在于寻找人类精神家园。日常生活的异化或物化是现代性的一个特征，它凸显出重建精神生活的重要性和迫切性。精神生活的基础在于精神生产，而以创造性为显著特征的精神生产是以消除日常生活的异化或物化、丰富人的精神生活和实现人的自由自主的创造为根本价值取向的。     

精神关怀的批判与重建

精神关怀在应试教育体系中存在主体、客体和内容的缺失。随着中国素质教育的实施和教育改革的进一步深入,对学生的精神关怀转变为包括学习能力、适应社会能力以及自主创新能力的培养为主的现实关怀以及对生命意识和健康心理为主要内容的终极关怀的关怀精神。要实现关怀的转型,必须实行改革。     

Commentary on learning to talk like an (urban) woodsman: an artistic intervention

Rebekah Modrak's Learning to Talk like an (Urban) Woodsman: An Artistic Intervention project presents an artistic critique of the Best Made Co. lifestyle “axe” brand. The article and the Re Made Co. “plunger” art piece it describes engage directly with issues discussed by brand researchers and other scholars, such as the strategic use of appealing design and product aesthetics, the sign value of brands, and the creation of brand identity and cultural codes based upon the performance of an idealized, historicized and gendered mythology. The artwork itself, the reactions to the Re Made Co. project and the artist's reflections, all add to the interdisciplinary exploration of brands, brand culture and meaning.     

Theory for an age of crisis: seeing money as an organizational process

The worldwide financial crisis and the need to understand the conditions leading up to it and the associated responses highlight the importance of money in organizations. Yet, money is undertheorized in management theory and considered uninteresting or “inert” (Mitchel & Mickel, 1999 ). In contrast, related social sciences and organizational practices provide rich insights into the socially contingent and expressive qualities of money. This paper proposes a new multidimensional framework for analyzing money as a social construct and suggests how it can be used to theorize and research the collapse of financial markets and the Great Recession. Copyright © 2011 ASAC. Published by John Wiley & Sons, Ltd.