Miracle-dz/UniFAR-FTUs huggingface dataset:
Monetary Policy in the Deflationary Economy; Japan's Experience

The paper addresses the effectiveness of monetary policy in the prolonged Japan’s recession. A large amount of research has been aimed at the topic. A majority of the previous paper denies the effectiveness of monetary policy in the deflation. The Bank of Japan always insists that monetary policy does not work well especially in the severe deflation. However the role of money should not be ignored when we considers M. Friedman’s word “Both inflation and deflation are monetary phenomenon. ” The paper will apply the Vector Error Correction Model into Japan’s economy over the period from 1980q1 through 2009q1. The model examines whether or not there exists a long-run equilibrium relationship between the monetary base and economic activity, paying a close attention to the precautionary money demand caused by the financial anxiety. People are expected to increase the precautionary demand, facing the financial crisis. The survey data is used to quantify the financial anxieties. The result shows that the cointegration property among monetary base and economic acclivity still hold even after Japan’s economy fallen into the deflation in 1997, when people’s financial anxiety is taken into account. The paper also analyzes the existence of the liquidity trap by the same model. The data analysis demonstrates the non-existence of the trap. Thus, we conclude that monetary policy is still effective and the BOJ’s role is crucially important to combat against the prolonged recession.
Import-Reducing Effect of Trade Barriers: A Cross-Country Investigation

A comprehensive empirical investigation is carried out to ascertain the import-reducing effect of trade protection barriers. We first present a statistical summary of the status of global trade protection. Then, based on a monopolistic competition trade model and 1994 cross-country data on trade barriers, trade flows, and production, we estimate the import-reducing effect of trade barriers including both tariffs and non-tariff barriers (NTBs). We use the disaggregated cross-country, cross-industry data on manufactured goods and, unlike previous studies, our sample covers a broad range of countries - more than 70 in total - including countries from the most developed ones like those in the Group of Seven to the least developed one, Bangladesh. We specify an empirical model that captures the stylized facts well and helps generate sensible estimates. Our econometric framework is designed to control for the simultaneous determination of trade flows, trade barriers, and production. We find that both tariff and NTBs are quite significant in restricting imports.
EVIDENCE ON PRICE ADJUSTMENT COSTS IN U.S. MANUFACTURING INDUSTRY

This paper investigates the degree of rigidity in prices of manufactured products in the United States, conditional on labor costs. The author extends Julio J. Rotemberg's model of quadratic price-adjustment costs and finds that prices are costly to adjust: after a year, about 40 percent of adjustment remains to be completed for aggregate manufacturing, while for some industries the adjustment is twice as slow. But manufacturing prices are less sluggish than prices in the U.S. economy as a whole. Thus, nominal rigidity in other markets, such as those for services or labor, may be important. Copyright 1992 by Oxford University Press.
Estimating Distortions in the Chinese Economy: A General Equilibrium Approach

A computable general equilibrium model is constructed to simulate the Chinese economy under a system of free markets, and is estimated using a calibration procedure coupled with econometric estimation for key parameters. The equilibrium solution of the model indicates substantial distortions in prices and resource allocation in the 1983 Chinese economy. Labour was found to be overpaid and capital underpaid in most non-agricultural sectors. Two-fifths of the agricultural labour force would have been employed by the non-agricultural sectors had China been a market economy. The elimination of these distortions would imply a significant improvement in allocative efficiency and a redistribution of income from labour to capital, from households to the state, and from urban to rural households. Copyright 1996 by The London School of Economics and Political Science.
Competing Discourses of Sustainable Consumption: Does the 'Rationalisation of Lifestyles' Make Sense?

Sustainable consumption is a key concept in the sustainable development paradigm, which calls for individuals in high-incomes countries to consider, and take action on, the environmental impacts of their household consumption practices. Within recent international policy framings, sustainable consumption is part of an efficiency-focussed rationalisation discourse, representing distinct theories of the environment, the state and the individual. This paper considers how this discourse resonates and impacts upon the very citizens it has been constructed to affect. 'Alternate' discourses of sustainable consumption and critical social science research suggests that politically dominant approaches mean little to members of the public. This suggestion is tested here through interviews with participants of a sustainable lifestyle programme in the UK called Action at Home. This analysis argues that social justice, not sustainable lifestyles, has the most resonance with interviewees. As a result, not only do calls for rationalisation carry little cultural meaning, they also actively alienate individuals from the project of sustainable consumption. This is because the idea of rationalising lifestyles appears actively to ignore, and is unable to address, individual's pressing social concerns. Hence, the rationalisation of lifestyles makes little (common) sense.
Human sperm handling in intracytoplasmic sperm injection processes: In vitro studies on mouse oocyte activation, embryo development competence and sperm oxidation–reduction potential

Polyvinylpyrrolidone (PVP) and hyaluronic acid (HA) are routinely used in handling spermatozoa for intracytoplasmic sperm injection (ICSI). As there are still concerns about possible adverse effects on the embryo, this study investigated sperm handling in a mouse ICSI model to (i) evaluate oocyte activation after injection of spermatozoa selected for rotational or linear motion in PVP; (ii) assess the effect of sperm selection in PVP, HA and medium on oocyte activation; (iii) examine the effects of PVP and HA on parthenogenetic oocyte activation and embryo development; and (iv) assess the oxidation–reduction potential (ORP) of spermatozoa exposed to PVP, HA or medium. Oocyte activation was higher when spermatozoa exhibited rotational motion rather than linear motion (79% vs. 52%; p = .05). There was no difference in oocyte activation and embryo development after parthenogenetic oocyte activation after sperm injection using PVP, HA or medium‐incubated spermatozoa. PVP‐selected spermatozoa exhibited lower (p < .0001) ORP levels than using HA. Thus, results indicate that the sperm handling method and the type of medium used impact ICSI outcomes. Overall, sperm incubation in PVP, HA and medium yields similar outcomes with regard to oocyte activation and embryo development. However, PVP provides more antioxidative protection than HA and should therefore be preferred for sperm manipulation.
Consequences of Gaap Disclosure Regulation: Evidence from Municipal Debt Issues

We compare characteristics of municipal debt issues in states that mandate GAAP for municipalities with issues in states that impose no annual financial disclosure requirements. Cross‐sectional comparisons indicate that the use of public (versus private) debt is greater, and municipal debt costs are 14 to 25 basis points lower, in states where GAAP is mandated. Moreover, municipalities in states that impose the GAAP requirement realize lower debt costs following the effective date of the regulation. These results suggest that GAAP requirements reduce municipal borrowing costs. More generally, the evidence indicates that financial reporting regulation reduces contracting costs between borrowers and lenders.
Voting on the Budget Deficit

This paper analyzes a model in which different rational individuals vote over the composition and time profile of public spending. Potential disagreement between current and future majorities generates instability in the social choice function that aggregates individual preferences. In equilibrium a majority of the voters may favor a budget deficit. The size of the deficit under majority rule tends to be larger the greater is the polarization between current and potential future majorities. The paper also shows that the ex-ante efficient equilibrium of this model involves a balanced budget. A balanced budget amendment, however, is not durable under majority rule.
Modulation of acetylcholine‐activated K+ channel function in rat atrial cells by phosphorylation.

1. In voltage‐clamped whole cells dialysed with GTP, extracellular application of ACh elicits an inwardly rectifying K+ current which subsequently decreases to a steady‐state level well below the maximally induced current (desensitization). The mechanism of desensitization of the acetylcholine (ACh)‐activated K+ channel current was studied in rat neonatal atrial cells at the single‐channel level using the patch‐clamp technique. 2. In cell‐attached patches with ACh in the pipette, a similar pattern of K+ channel current desensitization was present. Single‐channel analyses revealed that the initial rapid decrease in channel activity was associated with progressive shortening of the mean open time (tau o) and prolongation of the mean closed time (tau c) of the K+ channel. 3. In excised, inside‐out patches with ACh in the pipette, GTP activated K+ channels with a tau o of approximately 1.0 ms. Addition of ATP to the cytosolic surface resulted in progressive increases in tau o (from 1 to 5 ms) and channel activity. These changes are similar but opposite in direction to those observed during the early phase of ACh‐induced channel desensitization in cell‐attached patches. 4. The effect of ATP on the channel kinetics was abolished in Mg(2+)‐free solution AMP‐PNP (adenylyl‐imidodiphosphate, a non‐hydrolysable analogue of ATP), ADP, CTP (cytidine triphosphate), ITP (inosine triphosphate) or UTP (uridine triphosphate) did not alter the channel kinetics, suggesting that the ATP effect on channel gating probably occurs via phosphorylation by a membrane‐bound kinase. H‐8 (an isoquinolinesulphonamide derivative which inhibits protein kinases A and C) failed to prevent the action of ATP on the channel. 5. The increases in tau o and channel activity produced by ATP could be completely reversed by an elevation of cytosolic [Ca2+] to 3 x 10(‐5) M or above. 6. The effect of Ca2+ on the ATP‐induced changes in channel kinetics was blocked by sodium vanadate, a general phosphatase inhibitor. Okadaic acid, an inhibitor of protein phosphatase 1 and 2A, did not block the Ca2+ effect. Calmodulin antagonists, N‐(6‐aminohexyl)‐5‐chloro‐1‐naphthalenesulphonamide (W‐7), trifluoroperazine, and calmidazolium, partially blocked the effect of Ca2+. 7. Alkaline phosphatase (20 units/ml) reversed the ATP‐induced increases in tau o and channel activity. These results suggest that the ACh‐activated K+ channel can be modulated by phosphorylation and dephosphorylation. (ABSTRACT TRUNCATED AT 400 WORDS)
Local Zoning and Environmental Justice

This article presents an agent-based computational analysis of the effects of externality zoning on environmental justice (EJ). We experiment with two ideal types of externality zoning: proactive and reactive. In the absence of zoning, environmental injustice emerges and minority agents have lower average environmental quality than majority agents. With proactive zoning, which allows polluting firms only in designated zones, EJ problems are less severe and appear more tractable. With reactive zoning, which creates buffering zones around polluting firms, environmental injustice tends to emerge more quickly as compared with proactive zoning but tends to decline over time. This analysis examines a possible policy tool available for cities to ameliorate environmental injustice.
Firm-Specific Human Capital and Optimal Capital Structure

The authors consider the moral hazard in managers undersupplying imperfectly-marketable, firm-specific human capital. Firms may cope by granting long-term wage contracts that protect managers against employment termination. Although ex ante efficient, these contracts may be ex post inefficient when managerial ability is discovered to be low. Precommitted firms must honor these contracts, unless there is ownership transfer that permits their legal invalidation. Bankruptcy is one such transfer mechanism. Since managers anticipate the contractual consequence of bankruptcy, leverage worsens moral hazard; this cost provides a counterbalance to the debt tax shield and leads to an optimal capital structure. Copyright 1994 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
Cancer recurrence in papillary thyroid microcarcinoma: a multivariate analysis on 231 patients with a 12-year follow-up.

AIM Papillary thyroid microcarcinoma (PMC) is considered a common disease with a good prognosis and low rate of recurrence but the extension of initial surgical treatment and the need of completion thyroidectomy are still controversial. Aim of this study is the assessment of the prognostic factors that are predictive of cancer recurrence on a large controlled series of patients with a prolonged follow-up. METHODS A total of 231 patients with PMC were followed up for a median period of 12 years (range 5-35 years). The patients included 54 males and 177 females, with a mean age at the time of first diagnosis of 45.7±12.7 years. RESULTS At presentation 158 patients had no metastases, whereas 73 had lymph node metastases and 1 had bone metastases. Surgery included 177 total thyroidectomies and 54 lobectomies. Eighty-four patients underwent lymph node dissection, and 131 patients were treated with radioiodine therapy. The disease recurred in 15 patients (6.5%): 5 cases of local recurrence, all of which in the contralateral lobe after lobectomy, 13 cases of lymph-node metastases, and 2 cases of lung metastases. Multivariate analysis showed that two parameters were predictive for local recurrence: age <45 years (P=0.05; RR: 6.9; 95% CI: 1.59-29.9) and evidence of lymph-node metastases at presentation (P=0.03; RR: 3.24; 95% CI: 1.17-8.55) CONCLUSION: Total or near-total thyroidectomy seems to reduce the risk of local recurrences in non-incidental PMC. Prophylactic dissection of central compartment nodes in the absence of clinically evident metastases seems not to change the risk of recurrence. In incidental PTMC without multifocality, extracapsular extension or histologically-proven lymph node metastases, lobectomy is associated with a very low risk of recurrence. Follow-up with neck ultrasonography seems advisable at yearly intervals, as recurrences may present from less than one year until several years after thyroidectomy. Radioiodine ablation of thyroid remnants should be considered only in young patients in presence of multifocal tumors, histologically-proven metastatic lymph nodes to the significantly higher risk of recurrence.
The Changing Dynamics of Urban Politics: Black and Hispanic Municipal Employment--Is There Competition?

The question of competition for political and socioeconomic resources between blacks and Hispanics in urban politics is one receiving increased attention. How does the significant presence of one minority group affect the other minority group? This research explores the issue of municipal employment competition between blacks and Hispanics in U.S. urban centers. Based on EEO-4 data from 41 U.S. cities of more than 25,000 population with at least 10% black and 10% Hispanic in 1980, findings indicate that black and Hispanic municipal employment outcomes covary negatively with white municipal employment but not with each other. Still, evidence also indicates that competition in municipal employment does appear as the size of the black work force increases. Additionally, in cities with black majorities or pluralities, Hispanics seem to fare less well in municipal employment outcomes, while in cities in which Hispanics are a majority or plurality, the consequences for blacks are more diffuse.
FDI and Trade: The Irish Host�?Country Experience

In Irish manufacturing, the foreign sector accounts for about one half of employment and some 60 percent of gross output. The Irish experience therefore provides the authors with a textbook case study of the effects on an EU host economy of export-oriented foreign direct investment (FDI). They explore in this paper the structural changes induced by FDI and the effects of FDI on the determinants of growth in Ireland. The authors also consider some possible adverse effects that may be associated with such strong reliance on multinational investment. Copyright 1997 by Royal Economic Society.
Risk and performance of non-bank financial institutions

This study examines the risk levels of Non-Bank Financial Institutions (NBFIs) and their effect on performance. A panel data analysis of 42 NBFIs over the period of 2006-2010 is used for the study. The results show that NBFIs have been safe as far as bankruptcy is concerned, over the period under study. The risk index used as a measure of overall risk levels show a high mean risk level suggesting that the risk of insolvency of NBFIs in Ghana has been low. The results of the study also establish that lower risk levels lead to an increase in performance of NBFIs. It is further shown that the size of NBFIs has a positive relationship with performance. The results also show that further increases in size of NBFIs measured as the squared of size has a positive impact on performance.
Trade Unions and Job Satisfaction

Members of trade unions express greater dissatisfaction with the conditions of their jobs than nonmembers. Alternative explanations of this are examined. It is argued that Richard B. Freeman and James L. Medoff's (1984) "voice" model of trade unionism does not provide a satisfactory account of the dissatisfaction expressed by unionists in the Australian youth labor market. Evidence is presented to suggest that the negative relationship between job satisfaction and unionism may be attributable to unpleasant work environments, which both induce dissatisfaction and motivate workers to join unions. Copyright 1990 by Blackwell Publishers Ltd/University of Adelaide and Flinders University of South Australia
Molecular Classification of Estrogens 1

Estrogens are involved in a multiplicity of programmed events in target tissues e.g.: uterus, breast, and pituitary gland, and hormone-responsive tumors occur at these target sites. We have addressed the possibility that all of the estrogens do not produce the same conformation of estrogen receptor (ER). A novel assay in vitro was used to activate the transforming growth factor (TGF) gene in situ in MDA-MB-231 cells stably transfected with cDNA for D351 ER or D351G ER. Three estrogen types were used: estradiol, diethylstilbestrol, and a triphenylethylene (TPE) derivative of tamoxifen without the antiestrogenic side chain. Computer molecular modeling was used to interpret data. A flat estrogen such as estradiol or diethylstilbestrol can induce TGFthrough a correctly positioned activating function 2 (AF2) and bind SRC-1. The TPE did not activate AF2 but activated the TGFgene through AF2b. This was demonstrated because D351 but not D351G ER activated the TGFgene with the TPE. We propose two classes of estrogens with different ER complexes that may incorporate different coactivators to function. Phytoestrogens and environmental xenoestrogens will fall into different classes based on structure and may exhibit selective actions and carcinogenic potential based on different ER conformations.
Flight mechanics and control of escape manoeuvres in hummingbirds. I. Flight kinematics

ABSTRACT Hummingbirds are nature's masters of aerobatic manoeuvres. Previous research shows that hummingbirds and insects converged evolutionarily upon similar aerodynamic mechanisms and kinematics in hovering. Herein, we use three-dimensional kinematic data to begin to test for similar convergence of kinematics used for escape flight and to explore the effects of body size upon manoeuvring. We studied four hummingbird species in North America including two large species (magnificent hummingbird, Eugenes fulgens, 7.8 g, and blue-throated hummingbird, Lampornis clemenciae, 8.0 g) and two smaller species (broad-billed hummingbird, Cynanthus latirostris, 3.4 g, and black-chinned hummingbirds Archilochus alexandri, 3.1 g). Starting from a steady hover, hummingbirds consistently manoeuvred away from perceived threats using a drastic escape response that featured body pitch and roll rotations coupled with a large linear acceleration. Hummingbirds changed their flapping frequency and wing trajectory in all three degrees of freedom on a stroke-by-stroke basis, likely causing rapid and significant alteration of the magnitude and direction of aerodynamic forces. Thus it appears that the flight control of hummingbirds does not obey the ‘helicopter model’ that is valid for similar escape manoeuvres in fruit flies. Except for broad-billed hummingbirds, the hummingbirds had faster reaction times than those reported for visual feedback control in insects. The two larger hummingbird species performed pitch rotations and global-yaw turns with considerably larger magnitude than the smaller species, but roll rates and cumulative roll angles were similar among the four species. Summary: A detailed examination of the body and wing kinematics of four hummingbird species in fast escape manoeuvres shows that they change wing trajectory significantly, and escape manoeuvres do not obey the ‘helicopter model’.
The Sustainability of Dual Earner at the Workplace in Malaysia

Malaysia has moved away from the sole breadwinner towards a dual breadwinner paradigm. Important criterion of success for such new paradigm is the integration of women and particularly of mothers, into the labor force. According to statistics compiled by the Statistics Department of Malaysia (1970, 1980, 1991 & 2003) and Malaysia 2006, about 30.8 percent of women make-up the labor force in 1970. The percentage started to increase to 35.1 percent in 1980, decreased slightly to 33.5 percent in 1991and increased to 36.7 percent in 2005. As for the male labor force, the pattern was the same, whereby the rate was 69.2 percent in 1970, decreased to 64.9 percent in 1980, increased again to 67.9 percent in 1991, but dropped to 63.3 percent in 2005. The demographic shifts have resulted from the economic changes that requires most families to have two incomes for economic viability and from the women’s desire to have both an active and fulfilling family life as well as a career. Men have begun to do slightly more household and childcare tasks as women are involved in employment. This article will highlight the strategies to sustain the dual earner in the workplace.