Miracle-dz/UniFAR-FTUs huggingface dataset:
Resolving Differences over the Optimal Quantity of Money

OPTIMAL STEADY-STATE MONETARY POLICY in models of infinitely lived agents calls for a deflation of the fiat money stock at a rate that equates the rates of return of fiat money and capital. This prescription for the optimal quantity of money holds whether the demand for money springs from placing money in the utility function (Friedman 1969), a cash-in-advance constraint (Grandmont and Younes 1973), or spatial separation (Townsend 1980). In contrast, monetary models of overlapping generations have counseled the (golden rule) optimality of a fixed stock of fiat money. 1 This model has often been criticized for its lack of a transactions role for money that would distinguish itself from other assets.2 The seeming difference in this model's implications concerning the optimal quantity of money thus raises an obvious question.3 Does the overlapping-generations model obtain different welfare implications because it assumes a finite lifespan or because it lacks a special transactions role for money? Recent work has reexamined the optimal quantity of money in overlappinggenerations models featuring transactions roles for money. Abel (1987), who takes the broadest and clearest look, finds that the golden rule optimal monetary policy,
Developmental trajectories of depressive symptoms from early childhood to late adolescence: gender differences and adult outcome.

BACKGROUND Limited information is available on gender differences and young-adult poor outcome in children and adolescents following distinct developmental trajectories of depressive symptoms. METHODS Parent information on depressive symptoms of 4- to 18-year-olds from an ongoing Dutch community-based longitudinal multiple-cohort study (N = 2,076) was used to estimate trajectories from semi-parametric mixture models. The identified trajectories were used to predict depressive problems, general mental health problems, referral to mental health care, and educational attainment in young adulthood. RESULTS In both genders six distinct developmental trajectories were identified. Gender differences existed not only in level, but also in shape and timing of onset of depressive problems. Only in girls was a chronic trajectory of early childhood-onset depression identified. In both boys and girls a group with increasing levels of depressive symptoms was identified that reached a high level around adolescence, although boys showed an earlier onset. Two decreasing trajectories were found in boys, one reaching normative levels of depressive symptoms around late childhood and one around mid-adolescence, while none was found for girls. Individuals who followed elevated trajectories during their whole childhood or starting at adolescence had significantly more depressive and other mental health problems in young adulthood compared to those who followed normative trajectories. Boys in these elevated trajectories showed lower educational attainment, while girls were more likely to have been referred to mental health care. CONCLUSIONS This study shows the value of estimating growth-mixture models separately for boys and girls. Girls with early childhood or adolescence-onset depressive problems and boys with depressive problems during childhood or starting in adolescence are especially at risk for poor outcome as young adults and should be considered candidates for intervention.
Odd pricing effects: an examination using adaptation‐level theory

Purpose – Using adaptation‐level theory as a conceptual framework, the purpose of this research is to determine what effect, if any, marketplace conditioning has on consumer price estimates and product evaluations.Design/methodology/approach – A total of 475 subjects participated in two experiments that required them to read a scenario, evaluate a series of advertised products, and perform an aided price recall task.Findings – The results suggest consumers are more likely to recall the correct price when more of the rightmost digits end in 0 or 9. Moreover, when prices are incorrectly recalled, consumers are likely to inadvertently assume prices end in commonly used rightmost digits (i.e. 5 and 9). Combined, the results demonstrate odd pricing effects are likely a result of marketplace price conditioning rather than truncation of rightmost digits as suggested by the analog model of numerical cognition.Practical implications – Findings suggest that use of atypical rightmost digits in odd prices fails as a .
AN EMPIRICAL EXAMINATION OF THE DIVIDEND INFORMATION CONTENTS IN THE BALANCE SHEET: A Signaling Approach*

This study examines whether the changes in the financial statements and dividends can together provide a better information transmittal system to deliver missing private information on the firm using Indonesian firms as the sample. In doing so, this study consider three components in evaluating the dividend signaling theory: the expected content favorableness, the sign of dividend change, and the role of dividend signal. The finding shows that in Indonesia, the market reactions to the dividend announcements depend on the role of dividend signals, whether it is confirmatory, clarificatory, or unclear. The other finding shows that this market is more concern to the content expected favorableness rather than to the dividend sign.
Welfare and Macroeconomic Effects of the German Pension Acts of 1992 and 1999: A Dynamic CGE Study

Abstract The German Pension Act of 1992 raises the mandatory retirement age while the Act of 1999 adjusts pension benefits to demographic changes. To examine welfare and macroeconomic effects of these reform schemes, we have carried out a dynamic CGE study. The model used is an enlarged version of the Auerbach- Kotlikoff model with endogenous retirement decisions, unemployment, age-dependent rates of unemployment, health, and long-term care insurance. The simulation is performed in two stages: first, the effects of the population decline in Germany are computed ignoring the reforms and, second, the effects of the reform schemes are examined and compared with the benchmark case. The results suggest that the Act of 1992 implies welfare gains while suspending the Act of 1999 induces welfare losses.
Cues that hippocampal place cells encode: Dynamic and hierarchical representation of local and distal stimuli

Hippocampal place fields were recorded as rats explored a four‐arm radial maze surrounded by curtains holding distal stimuli and with distinct local tactile, olfactory, and visual cues covering each arm. Systematic manipulations of the individual cues and their interrelationships showed that different hippocampal neurons encoded individual local and distal cues, relationships among cues within a stimulus set, and the relationship between the local and distal cues. Double rotation trials, which maintained stimulus relationships within distal and local cue sets, but altered the relationship between them, often changed the responses of the sampled neural population and produced new representations. After repeated double rotation trials, the incidence of new representations increased, and the likelihood of a simple rotation with one of the cue sets diminished. Cue scrambling trials, which altered the topological relationship within the local or distal stimulus set, showed that the cells that followed one set of controlled stimuli responded as often to a single cue as to the constellation. These cells followed the single cue when the stimulus constellation was scrambled, but often continued firing in the same place when the stimulus was removed or switched to respond to other cues. When the maze was surrounded by a new stimulus configuration, all of the cells either developed new place fields or stopped firing, showing that the controlled stimuli had persistent and profound influence over hippocampal neurons. Together, the results show that hippocampal neurons encode a hierarchical representation of environmental information. Hippocampus 1997;7:624–642. © 1997 Wiley‐Liss, Inc.
Are Tour Guides in China Ready for Ecotourism? An Importance–Performance Analysis of Perceptions and Performances

This study aims to examine tour guides' perceptions about and behavior toward ecotourism. The target respondents were tour guides working in the front line of the tourism industry. A total of 350 data sets were collected in China. An importance–performance analysis was applied to examine the tour guides' perceived importance and performance simultaneously. The findings indicate that although the tour guides have realized the importance of ecological protection, they fail to perform well in educating tourists on the paradigm of ecotourism. Thus, the results may provide useful guidance for tourism management. This study concludes with a discussion of limitations and suggestions for future research.
Social trust and use of banking services across households in 28 transitional countries

In this paper, we use survey data from a sample of 29,000 households from 28 transitional countries and Turkey to address two main questions: (i) is there any effect of social trust on the use of banking services and (ii) what are the household-level and country-specific determinants of using banking services in transitional countries. We found that the higher level of trust in people predicts a greater level in use of banking services by households regardless of the model specifications and econometric adjustments employed. This association appears to be more prominent among less educated respondents and in countries with low levels of legal enforcement. The results also suggest that location, income and wealth of households, along with country income level, legal enforcement and inflation rates strongly affect the decisions made by households regarding their use of banking services. In contrast, we found either a very small or non-significant impact with regard to bank ownership structure on the use of banking services across households.
Human Capital and Growth: An Alternative Accounting

Abstract This paper re-examines the importance of human capital in explaining economic growth. Previous studies are extended by including schooling investments of both time and goods within the school year, a human capital externality, and imperfect substitution between white collar and manual tasks. The model of worker productivity used to conduct the growth accounting is consistent with (1) rates of return to time and goods investment in education, (2) white collar wage premia, and (3) trendless worker productivity growth rates in the United States over the 20th century. The analysis suggests that about one third of United States growth over this period was related to human capital accumulation, accounting for an average annual growth rate of 0.6 to 0.7 percent. The model also implies that neoclassical inputs can account for 5.5 to 8.5-fold differences in worker productivity across rich and poor countries.
The Ham D(6) is more homogenous and as sensitive as the Ham D(17).

OBJECTIVE Using the data of a positive d.b.c.t. comparing an hypericum extract (W55570) to placebo in depressed patients we explored whether the Ham D(6) was unidimentional and in case of a positive answer whether the total score was as sensitive as the total score of the Ham D(17). METHODS The study was a 6 weeks double blind placebo controlled trial comparing 300 mg of hypericum t.i. d (n=186), to placebo (n=189), in patients with a single or recurrent depression according to DSM-IV. Superiority of hypericum versus placebo on the main outcome criterion (HDRS 17) was already published. The unidimensionality of the Hamilton depression scale 6 and 17 items were tested using a Mokken scale analysis. The effect size according to the initial severity of depression was calculated on the ITT last observation carried forward population. RESULTS The Ham D(6), covering the core symptoms of depression was unidimensional, implying that improving this score reflects a true antidepressant effect. The Ham D(17) was not unidimensional. Hypericum was an effective antidepressant in patients with a pre-treatment score of 12 or more (n=208) on the Ham D(6), the effect size was 0.46. No difference with placebo was observed for those with a score of less than 12 (n=167). CONCLUSIONS For the evaluation of an antidepressant effect, because of its specificity and sensitivity, the Ham D(6) should be used as a primary outcome measure rather than the Ham D(17).
The Effects of Alternative Exchange Rate Regimes on Real Exchange Rate Volatility: Evidence Based on a New Dataset

Do alternative exchange rate regimes affect short‐term real exchange rate volatility differently? The existing empirical evidence is quite mixed with slightly more papers supporting that they do. We show that such lack of consensus is mainly due to current literature limitations regarding the measurement of real exchange rates (RERs), the identification of exchange rate regimes (ERRs), and the control for the incidence of real and nominal shocks. To address these limitations, we construct a novel monthly dataset for 63 countries over the period 1946–2007, which includes market‐determined multilateral RER and a proxy for terms of trade. We find that ERRs indeed affect short‐term real exchange rate volatility differently. While the evidence is generally consistent with Mussa's sticky prices argument, we find that for nonadvanced countries in post‐Bretton Woods there exists a “U‐shape nominal flexibility puzzle of RER. ” We also find evidence of a “short‐run RER volatility puzzle. ” Having controlled for the incidence of real and nominal shocks, nonadvanced countries' RER volatility remains between 25% and 150% greater than that of the advanced economies. Moreover, the key literature finding that short‐term RER volatility is higher in Bretton Woods (BW) than in post‐Bretton Woods (PBW) for industrialized countries vanishes when using market‐determined multilateral RER instead of official bilateral RER.
Housing Recovery Lessons From Chile

Problem, research strategy and findings: The 8.8 magnitude earthquake and subsequent tsunami that struck south-central Chile on February 27, 2010, affected 75% of the country's population and damaged or destroyed 370,000 housing units (about 10% of the housing in six regions). Within six months, the Ministry of Housing and Urban Development published a plan to repair or rebuild 220,000 units of low- and middle-income housing with government assistance within four years. By February 2014, 94% of the housing was complete. The successful rebuilding effort had strong leadership at the national and local levels and used existing programs and institutions. The management staff adapted programs over time to meet the needs of local conditions. When compared with housing recovery programs in other countries, Chile's program stands out, combining national government management with local citizen input. The reconstruction plan also included updated zoning plans, road and infrastructure improvements, heritage recovery, and new master plans for affected cities. Going forward, the earthquake created an opportunity for Chile to use the recovery planning to expand national urban policy and to develop a framework for citizen participation at the local level. Takeaway for practice: Successful planning in disaster recovery involves strong government leadership and coordination together with the engagement of local government and the participation of citizens.
Anxiety in Long‐Term Cancer Survivors Influences The Acceptability of Planned Discharge From Follow‐Up

Anxiety levels in a sample of 65 long‐term cancer survivors were assessed in a study of the effects of a planned discharge from an oncology clinic. Thirty‐one percent of patients scored ≥8, and 12% ≥11 on the anxiety subscale of the Hospital Anxiety and Depression Scale (HADS), indicating that anxiety rates in patients in long‐standing remission do not greatly differ from patients with active disease. Despite the provision of continued support and guaranteed fast‐access return to the clinic if necessary, 28% of patients refused to be discharged. Fear that recurrence would not be detected was the reason most frequently cited. Seventy‐five percent of these patients were HADS anxiety cases. A second assessment 4–5 months later of the 41 patients who were discharged showed a slight, but non‐significant increase in anxiety rates suggesting that anxiety in cancer survivors may be persistent and not related to clinic attendance. © 1997 John Wiley & Sons, Ltd.
Postacquisition performance of acquiring firms

We investigate whether negative postacquisition stock-price performance of acquiring firms is a genuine phenomenon or a statistical artifact. Using a comprehensive sample of domestic acquisitions in the 1966-1986 period, we show that acquiring firms underperform a control portfolio only during the three years but not five years following the acquisition. There is evidence of negative performance in the second and third postacquisition years, but that performance occurs mainly in the 1960s and 1970s, and disappears in the 1980s. Thus, especially in the later years, the postacquisition years do not provide convincing evidence of wasteful corporate acquisitions, or strong evidence that contradicts market efficiency.
General relativistic dynamics of compact binaries at the third post-Newtonian order

The general relativistic corrections in the equations of motion and associated energy of a binary system of pointlike masses are derived at the third post-Newtonian ~3PN! order. The derivation is based on a postNewtonian expansion of the metric in harmonic coordinates at the 3PN approximation. The metric is parametrized by appropriate nonlinear potentials, which are evaluated in the case of two point particles using a Lorentzian version of a Hadamard regularization which has been defined in previous works. Distributional forms and distributional derivatives constructed from this regularization are employed systematically. The equations of motion of the particles are geodesiclike with respect to the regularized metric. Crucial contributions to the acceleration are associated with the nondistributivity of the Hadamard regularization and the violation of the Leibniz rule by the distributional derivative. The final equations of motion at the 3PN order are invariant under global Lorentz transformations, and admit a conserved energy ~neglecting the radiation reaction force at the 2.5PN order! However, they are not fully determined, as they depend on one arbitrary constant, which probably reflects a physical incompleteness of the point-mass regularization. The results of this paper should be useful when comparing theory to the observations of gravitational waves from binary systems in future detectors VIRGO and LIGO.
Suicide among male veterans: a prospective population-based study

Objectives: To assess the risk of mortality from suicide among male veteran participants in a large population-based health survey. Design and setting: A prospective follow-up study in the US. Data were obtained from the US National Health Interview Surveys 1986–94 and linked to the Multiple Cause of Death file (1986–97) through the National Death Index. Participants: The sample comprised 320 890 men, aged ≥18 years at baseline. The participants were followed up with respect to mortality for 12 years. Results: Cox proportional hazards analysis showed that veterans who were white, those with ≥12 years of education and those with activity limitations (after adjusting for medical and psychiatric morbidity) were at a greater risk for completing suicide. Veterans were twice as likely (adjusted hazard ratio 2.04, 95% CI 1.10 to 3.80) to die of suicide compared with non-veterans in the general population. The risk of death from “natural” causes (diseases) and the risk of death from “external” causes did not differ between the veterans and the non-veterans. Interestingly, male veterans who were overweight had a significantly lower risk of completing suicide than those who were of normal weight. Conclusions: Veterans in the general US population, whether or not they are affiliated with the Department of Veterans Affairs (VA), are at an increased risk of suicide. With a projected rise in the incidence of functional impairment and psychiatric morbidity among veterans of the conflicts in Afghanistan and Iraq, clinical and community interventions that are directed towards patients in both VA and non-VA healthcare facilities are needed.
Natural Resources Conflict Management Processes and Strategies in Africa

Natural resources have played a major role in Africa's public arena, defining power politics, resource distribution and gerrymandering strategies in much of the public administration domain. They have also fuelled armed conflicts in Africa, which has proven to be a hurdle in effective statecraft, while being a hindrance to peace processes. From another perspective, climate change can be viewed as an additional burden for the continent on top of its many other problems. It expands the purviews of environmental security, threatens the very basis of national security and escalates social conflicts. However, it is important to note that the phenomenon of natural resources conflict is quite intricate and a mono-causal link between natural resources conflicts and climate change would not provide the basis for either a thorough conflict analysis or a proper understanding of natural resources conflict management. This paper seeks to provide a link between natural resources and social conflicts, situate the debate within the nexus between natural resources management and conflict management, and argue for the use of a multi-actor and multi-level approach in dealing with natural resources conflicts in the context of conflict management and peace building.