Miracle-dz/UniFAR-FTUs huggingface dataset:
A New Method of Estimating Potential Real GDP Growth: Implications for the Labor Market and the Debt/Gdp Ratio

Forecasts for the two or three years after mid-2014 have converged on growth rates of real GDP in the range of 3.0 to 3.5 percent, a major stepwise increase from realized growth of 2.1 percent between mid-2009 and mid-2014. However, these forecasts are based on the demand for goods and services. Less attention has been paid to how the accelerated growth of real GDP will be supplied. Will the unemployment rate, which has declined at roughly one percent per year, decline even faster from 6.1 percent in June, 2014 to 3.0 percent or below in 2017? Will the supply-side support for the demand-side optimism be provided instead by a major rebound of productivity growth from the average of 1.2 percent over the past decade and 0.6 percent for the last four years, or perhaps by a reversal of the minus 0.8 percent growth rate since 2007 of the labor-force participation rate? The paper develops a new and surprisingly simple method of calculating the growth rate of potential GDP over the next decade and concludes that projections of potential output growth for the same decade in the most recent reports of the Congressional Budget Office (CBO) are much too optimistic. If the projections in this paper are close to the mark, the level of potential GDP in 2024 will be almost 10 percent below the CBO's current forecast. Further, the new potential GDP series implies that the debt/GDP ratio in 2024 will be closer to 87 percent than the CBO's current forecast of 78 percent. This paper also has profound implications for the Federal Reserve. The unemployment rate has declined rapidly, particularly within the last year. Faster real GDP growth will accelerate the decline in the unemployment rate and soon reduce it beyond any estimate of the constant-inflation NAIRU, even if productivity growth experiences a rebound and the labor force participation rate stabilizes. The macro economy is on a collision course between demand-side optimism and supply-side pessimism.
Asset Prices in Dynamic Production Economies with Time-Varying Risk

We examine the effect of changes in output uncertainty on the price of aggregate capital and on the prices of levered claims on capital. The relation between the volatility of the marginal product of capital and the price of capital depends on the level of capital adjustment costs and the elasticity of intertemporal substitution. For available estimates of this elasticity, the value of capital and risks are directly related while the value of levered equity claims on capital may be decreasing in risk. We use these results to analyze the argument that increased risk was responsible for the U.S. stock market decline of the 1970s. Article published by Oxford University Press on behalf of the Society for Financial Studies in its journal, The Review of Financial Studies.
Single domain antibody-based bispecific antibody induces potent specific anti-tumor activity

ABSTRACT Bispecific antibodies have emerged as powerful therapeutic agents given their high specificity and ability to induce a potent immune response. Various bispecific antibody formats have been designed and studied regarding their applications in cancer therapy, though associated with issues of short half-life or manufacturing difficulties. Herein, a novel bispecific antibody, SS-Fc, was constructed by pairing 2 single-domain antibodies, anti-CD16 and anti-CEA, which were fused with CH3 “knobs into holes” mutations individually. SS-Fc was expressed and purified from E.coli. In vitro and in vivo experiments confirmed that SS-Fc can form a heterodimeric bispecific antibody when expressed and purified from E. coli. By engaging natural killer (NK) cells through an anti-CD16 single domain antibody, the SS-Fc bispecific antibody exhibited potent in vitro and in vivo cytotoxicity against cancer cells with carcinoembryonic antigen (CEA) expression. Thus, SS-Fc represents a novel bispecific antibody format that can be applied to a wide range of both discovery and clinical applications.
The Lucas Critique and the Volcker Deflation

This paper examines, in light of the Lucas Critique, the behavior of the Phillips curve and of the term structure of interest rates after October 1979. It starts with an informal account of the policy change and then discusses how we might expect these two relations to shift after such a change. It finds little evidence of a direct effect of the policy change on the Phillips curve, at least until 1982. It finds substantial evidence of a direct effect on term structure.
Livelihood resilience in a hyperinflationary environment: experiences of people engaging in money-burning (kubhena mari) transactions in Harare, Zimbabwe

At the zenith of Zimbabwe’s protracted politico-economic crises around 2007, which resulted in record hyperinflation, the majority of ordinary people confronted monumental livelihood challenges and complex reconfigurations of social and economic relationships. Many people could hardly sustain themselves from their meagre salaries from formal employment. In spite of this seemingly insurmountable livelihood catastrophe, people did not remain passive victims of such economic quandary. Rather, in the midst of this economic crisis, many people demonstrated great ingenuity, resilience and displayed immense resourcefulness in terms of rationally navigating through the economic crisis. This study explores a widespread survival strategy adopted by many people in Harare as a response to economic conditions: that of “money burning” or illegally exchanging money on the black market through electronic transfers. It is argued in this study that the emergence of money “burning” was a clear manifestation of human agency directed at individual survival amid livelihood catastrophe. Research findings revealed that money burning had become the lifeblood of many urbanites’ survival and livelihood portfolio. Interestingly, people’s perceptions on the money-burning practice were rather ambivalent. In trying to dissect the money-burning practice, I adopted Giddens’s structuration thesis and more especially the “structure–agency” dichotomy as my analytical insight, showing how the structure constrains and enables simultaneously.
Gender Discrimination in Chinese Recruitment Advertisements: A Content Analysis

ABSTRACT Sex-role stereotypes exist as a primary source of gender inequality in employment. This issue becomes even more salient in the social context of China, where the traditional view of female inferiority persists and the legal system provides inadequate protection of equal employment rights. Reporting a content analysis of Chinese recruitment advertisements, this article concludes that gender discrimination is practiced by Chinese employers in recruiting for white-collar positions. It also finds that female applicants are more likely to encounter other forms of discrimination such as age and physical appearance requirements as well.
Modulation of cortex-muscle oscillatory interaction by ischaemia-induced deafferentation

We studied the effect of sensory feedback on the oscillatory interaction between activity of the motor cortex and the spinal motoneuron pool during isometric contraction. After inducing ischaemic sensory deafferentation in the upper limb in six subjects, we calculated coherences between simultaneously recorded whole-scalp magnetoencephalographic (MEG) signals and electromyographic (EMG) signals from the first dorsal interosseus muscles. We expected that the dominant frequency of coherence would change if there were interaction through a sensory feedback loop. However, the MEG–EMG coherence frequency did not change significantly during ischaemia. The strength of the coherence was reduced during ischaemia, but returned to the pre-ischaemic level after ischaemia had ended. Reduction of sensory feedback may thus indirectly reduce the amount of corticomuscular coherence, but the lack of change in the dominant coherent frequency suggests that a sensory feedback loop is not essential for the generation of this coherence.
Contributions of the Musculus Uvulae to Velopharyngeal Closure Quantified With a 3-Dimensional Multimuscle Computational Model

AbstractThe convexity of the dorsal surface of the velum is critical for normal velopharyngeal (VP) function and is largely attributed to the levator veli palatini (LVP) and musculus uvulae (MU). Studies have correlated a concave or flat nasal velar surface to symptoms of VP dysfunction including hypernasality and nasal air emission. In the context of surgical repair of cleft palates, the MU has been given relatively little attention in the literature compared with the larger LVP. A greater understanding of the mechanics of the MU will provide insight into understanding the influence of a dysmorphic MU, as seen in cleft palate, as it relates to VP function. The purpose of this study was to quantify the contributions of the MU to VP closure in a computational model. We created a novel 3-dimensional (3D) finite element model of the VP mechanism from magnetic resonance imaging data collected from an individual with healthy noncleft VP anatomy. The model components included the velum, posterior pharyngeal wall (PPW), LVP, and MU. Simulations were based on the muscle and soft tissue mechanical properties from the literature. We found that, similar to previous hypotheses, the MU acts as (i) a space-occupying structure and (ii) a velar extensor. As a space-occupying structure, the MU helps to nearly triple the midline VP contact length. As a velar extensor, the MU acting alone without the LVP decreases the VP distance 62%. Furthermore, activation of the MU decreases the LVP activation required for closure almost 3-fold, from 20% (without MU) to 8% (with MU). Our study suggests that any possible salvaging and anatomical reconstruction of viable MU tissue in a cleft patient may improve VP closure due to its mechanical function. In the absence or dysfunction of MU tissue, implantation of autologous or engineered tissues at the velar midline, as a possible substitute for the MU, may produce a geometric convexity more favorable to VP closure. In the future, more complex models will provide further insight into optimal surgical reconstruction of the VP musculature in normal and cleft palate populations.
A relational framework for international transfer of diversity management practices

The aim of this paper is to propose that a relational framework, which is underpinned by a contextual and multilevel conceptualisation of diversity management, can help international transfer of diversity management policies and practices. We argue that the mainstream single-level conceptualisations of diversity management within the territory of legal or organisational policy fail to capture the relational interplay of structural- and agentic-level concerns of equality. Consequently, individual choices, organisational processes, and structural conditions – all of which collectively account for unrelenting power disparity and disadvantage within social and employment contexts – remain generally under explored. The paper proposes a relational framework that bridges the divide between macro-national, meso-organisational and micro-individual levels of analyses to arrive at a more comprehensive, realistic and context-specific framing of diversity management, which can overcome the difficulties of international transfer.
Government Selection and Executive Powers: Constitutional Design in Parliamentary Democracies

Provisions for a parliamentary investiture vote have become increasingly common in parliamentary democracies. This article shows that investiture provisions were largely introduced when new constitutions were written or old ones fundamentally redesigned. It also shows that the constitutions that endowed executives with strong legislative agenda powers also endowed parliaments with strong mechanisms to select the executive. It is argued that constitution makers’ decisions can be seen in principal–agent terms: strong investiture rules constitute an ex ante mechanism of parliamentary control – that is, a mechanism to minimise adverse selection and reduce the risk of agency loss by parliament. The findings have two broad implications: from a constitutional point of view, parliamentary systems do not rely exclusively on ex post control mechanisms such as the no confidence vote to minimise agency loss; parliamentarism, at least today and as much as presidentialism, is the product of conscious constitutional design and not evolutionary adaptation.
Skin-resident CD4+ T cells protect against Leishmania major by recruiting and activating inflammatory monocytes

Tissue-resident memory T cells are required for establishing protective immunity against a variety of different pathogens, although the mechanisms mediating protection by CD4+ resident memory T cells are still being defined. In this study we addressed this issue with a population of protective skin-resident, IFNγ-producing CD4+ memory T cells generated following Leishmania major infection. We previously found that resident memory T cells recruit circulating effector T cells to enhance immunity. Here we show that resident memory CD4+ T cells mediate the delayed-hypersensitivity response observed in immune mice and provide protection without circulating T cells. This protection occurs rapidly after challenge, and requires the recruitment and activation of inflammatory monocytes, which limit parasites by production of both reactive oxygen species and nitric oxide. Overall, these data highlight a novel role for tissue-resident memory cells in recruiting and activating inflammatory monocytes, and underscore the central role that skin-resident T cells play in immunity to cutaneous leishmaniasis.
Two stage interest rate pass through in Kenya

Interest rate volatility is a major concern for emerging economies due to its crippling effects on the economy. There is wide ranging disconsensus on the effectiveness and speed of various tools. This paper proposes timely monetary policy mediation to curb interest rate volatility through the determination of the total time taken for the effects of monetary policy instruments to transmit to via the interest rate channel to market rates. A change in the Central Bank Rate (CBR) will trigger a corresponding change in intermediate variables (Treasury bill (T-bill), Repurchase agreement (REPO) and Interbank rates) in the first stage of transmission. The second stage measures the transmission from the intermediate variables to market rates. The study uses an Auto Distributed Lag (ADL) specification parameterized as an Error Correction Model (ECM) with primary data coming from Central Bank of Kenya (CBK). The results indicate it takes 7 days for monetary policy adduced shocks to transmit from CBR to REPO, 3 months from CBR to T-bill and 12 months from CBR to interbank for the 1st stage. At the second stage it takes 3 months for the adduced shocks to transmit from interbank to market rates and 10 months from T-bill to market rates. The paper proposes that CBK considers alternative monetary policy transmission channels as well as adopting a hybrid approach to monetary policy control. The study is the first to measure the complete two stage interest rate pass-through in Kenya and will contribute the scarce but steadily growing pool of literature on the subject in Kenya and Sub-Saharan Africa. The study will aid economists in determining the appropriateness of the interest rate channel based on its speed.
New Evidence on Regional Inequality in Iberia (1900–2000)

Abstract This article presents new evidence on the evolution of regional inequality in Iberia from 1900 to 2000 from a geographical perspective. To do so we introduce a new historical dataset of regional gross domestic products (GDPs) for Spanish NUTS III and Portuguese Historical Districts, synthetic indices of regional inequality, and different measures of spatial correlation across regional per capita GDPs. The results show that the Portuguese and Spanish national economic integration processes initially led to the economic specialization across Iberian regions promoting the divergence in terms of their regional per capita GDPs. Notwithstanding, ulterior advances in the integration of national markets and the subsequent first stages in the process of adhesion of these two national economies into the UE coexisted with a progressive reduction in Iberian regional inequality.
Market Mechanisms and Valuation of Environmental Public Goods

In Chapter 1, we show that imperfect substitutability in the indirect utility function can lead to the disparity either between WTA and WTP - due to the opportunity loss - or between gains and losses, which reflects a net loss. In Chapter 2, we evaluate the impact of three auction mechanisms in the measurement of private willingness-to-pay and willingness-to-accept for a pure public good. Our results show that the endowment effect can be eliminated with repetitions of the BDM mechanism. Yet, on a logarithmic scale, the random nth-price auction yields the highest speed of convergence to welfare indices' equality. In Chapter 3, we introduce a model which shows that bidders bid according to the anchoring-and-adjustment heuristic, contingent on a sequential weighting function, which neither ignores the incentive-compatibility constraints nor rejects the posted prices issued from others' bids. In Chapter 4, we show that when agents are intrinsically impulsed, that is, they mostly provide the public good in order to alleviate their guilt, they tend to free-ride. In contrast, when agents are extrinsically impulsed and compete for social status, their provisions become strategic complements. In the latter case, the aggregate level of the public good increases as the disparity between agents' incomes shrinks.
Elder Self-Neglect Is Associated with an Increased Rate of 30-Day Hospital Readmission: Findings from the Chicago Health and Aging Project

Background/Aim: Elder self-neglect is associated with increased morbidity and mortality. The objective of this study is to examine the prospective relationship between reported elder self-neglect and the rate of 30-day hospital readmission in a community population. Methods: We conducted a prospective population-based study of community-dwelling older adults who participated in the Chicago Health and Aging Project. Of the 7,219 participants in the Chicago Health and Aging Project, a subset of 1,228 participants was reported to the social services agency for suspected elder self-neglect. The primary predictor was elder self-neglect reported to the social services agency. The outcome of interest was the annual rate of 30-day hospital readmission calculated from the Center for Medicare and Medicaid System hospitalization data from 1993 to 2009. Poisson regression models were used to assess these relationships. Results: The average annual rate of 30-day hospital readmission for those without elder self-neglect was 0.2 (SD 0.7) and for those with reported elder self-neglect 0.9 (SD 2.8). After adjusting for sociodemographic and socioeconomic characteristics, medical comorbidities, cognitive function, physical function, and psychosocial well-being, elders who self-neglect had a significantly higher rate of 30-day hospital readmission (rate ratio 2.50, 95% confidence interval 2.02-3.10). Greater self-neglect severity [mild: parameter estimate (PE) 1.09, standard error (SE) 0.19, p < 0.001; moderate: PE 0.84, SE 0.13, p < 0.001; severe: PE 1.24, SE 0.40, p = 0.002] was associated with increased annual rates of 30-day hospital readmission after considering the same confounders. Interaction term analyses suggest that the significant relationship between self-neglect and 30-day hospital readmission was not moderated by medical conditions, cognitive impairment, physical disability, or psychosocial well-being. Conclusion: Reported elder self-neglect was associated with increased rates of 30-day hospital readmission in this community population. Greater self-neglect severity was associated with a greater increase in the rate of 30-day hospital readmission.
Price Setting Practices in Greece: Evidence from a Small‐Scale Firm‐Level Survey

The paper documents the price setting practices followed by some 400 or so firms operating in Greece. Survey replies reveal: a low percentage of firms changing prices with frequency higher than annual; staggering of price changes during the year; sluggish adjustment of prices to cost shocks; asymmetries in price adjustment across positive and negative cost shocks and a speedier adjustment to increases in costs than to reductions in demand. The data confirm cross-sectional variations in price setting practices also found for other countries. On the basis of the results reached the conjecture that the prevalence of small firms, of firms providing services to businesses and of firms active in tourism-related activities might lie behind the inflation persistence exhibited until recently in Greece appears plausible.
Selling the Case for Gender Equality: Deregulation and Equality Bargaining

This article explores the implications of deregulation for gender equality. Comparative, outcomes-based analyses suggest that deregulated systems are characterized by inequality. A critical case study of British Gas is used here to evaluate the prospects for equality bargaining, that is the use of voluntary, joint regulation to further equality, in the wake of radical deregulation. Responsibility for equality in the workplace is found to have been privatized. The State as regulator has stood back and managers have reclaimed equality policy within managerial prerogative. Action on inequality has become conditional upon the existence of a business case, an approach that is insufficient for the task. Some re-regulation is required to help bargainers exploit fully the potential of joint regulation for equality
American workers' organizational identification with a Japanese multinational manufacturer

Organizational identification has been found to be associated with workers' improved performance (Benkhoff 1997), low turnover rate (Wegge, van Dick, Fisher, Wecking and Moltzen 2006) and workers' job satisfaction (van Knippenberg and van Schie 2000). With globalization and increased numbers of multinational corporations (MNCs), the organizational identification process in an MNC needs to be further investigated. This study examined the organizational identification and culture in a Japanese MNC located in Southeastern United States. One hundred and nineteen American workers participated in the survey that measured workers' levels of organizational identification and ethnocentrism as well as their perceptions regarding management practices, management communication and dimensions of organizational cultures (i.e. people vs. work orientation, open vs. closed system and loose vs. tight control). The results indicated that workers' organizational identification is associated with evaluation process, workers' autonomy and people orientation as an organizational culture.
Volume and Volatility in a Common-Factor Mixture of Distributions Model

Abstract This paper develops a multi-asset mixture distribution hypothesis model to investigate commonality in stock returns and trading volume. The model makes two main predictions: First, the factor structures of returns and trading volume are independent although they stem from the same valuation fundamentals and jointly depend on a latent information flow; second, cross-sectional positive volatility-volume relations arise solely from the dynamic features of the information flow. Empirical analyses at the market level support these predictions. Furthermore, the results indicate that removing the information flow significantly reduces the return volatility persistence and the extent of the reduction exhibits a size pattern.