bluuebunny/crossref_metadata_2025 huggingface dataset:
A Platform for User‐Tailored Interaction Development in 2D, 3D, and VR
Authors: Encarnacao L. Miguel , Fechter Jürgen , Grunert Thomas , Straßer Wolfgang
Published: March 2003

The discussion on the advantages and disadvantages of 2D, 3D, and VR interfaces and their applicability to different types of systems, users, and information led to a series of stand‐alone implementations that lack the possibility of realizing an integrated approach. The acceptance of the different interaction techniques will depend on their success in practical applications, i.e. with systems that are used by different users for different purposes. Since this acceptance is especially hard to achieve in computer‐critical environments, such as medicine, we developed a software environment that allows for the development, integration, and user‐centered evaluation of existing and new interaction techniques for their use in medical applications. This environment is equipped with an innovative message‐passing functionality that provides the communication to and among application objects in 2D, 3D, and VR. Furthermore, the environment contains a component for user‐adapted interaction and system support at runtime.
A Unified, Object‐Oriented Graphics System and Software Architecture for Visualising CAD/CAM Presentations
Authors: Kochhar Sandeep , Hall Jim
Published: March 2003

Most object‐oriented graphics systems (OOGS) either support general purpose graphics capabilities (drawing editors, ray tracing, etc.), or have targeted specific areas of computer graphics, for example, interface building, animation, and visualisation. However, the key concept in CAD/CAM graphics systems is that of presentations—pictures that convey information about products or parts of products. CAD/CAM graphics systems that create and manipulate presentations have specific graphical requirements that have not been addressed by existing OOGS. These requirements include the support of CAD/CAM concepts such as drawings, views and view‐specific graphics, and layers, and the ability to allow external geometric modelers to be linked into the presentation. We describe an object‐oriented presentation architecture that allows the application to describe the structure of the CAD/CAM presentation. This architecture provides a unified interface to drawings, views, layers and entities, and allows linkage to models created with an external geometric modeler, while isolating applications from details of the underlying traditional graphics rendering systems. It is our hope that this architecture provide the foundation for the architecture of next generation OOGS. We also present an implementation of this architecture and compare it to other OOGS.
A Formal Evaluation of the Chairman of the Board
Authors: Neubauer Fred
Published: March 2003

This paper describes a process for the evaluation of the Chairperson by his or her fellow board members. It has been developed in close co‐operation between academics and practitioners and has been successfully tested in different companies. Frequently, there is a fairly high threshold to be overcome before companies agree to such a step. They fear a dismantling of the authority of the Chairman or a “Götterdämmerung” in the board room. These fears are unfounded if the process is handled with care and embedded in a culture of learning; learning even at the level of the board. In such cases, all parties involved (and, in particular, the Chairman) found the process very helpful, and satisfaction was widespread despite considerable initial hesitation and uneasiness.
Corporate Governance and Growth Potential: an empirical analysis
Authors: McGuire Jean
Published: March 2003

This study investigates the influence of growth potential on corporate governance mechanisms. Results suggest that firms with high growth potential make greater use of managerial equity ownership and long term incentives and have higher proportions of insiders on their boards of directors. The findings are congruent with the argument that firms with high growth potential make use of more flexible, future‐oriented mechanisms of corporate governance.
From Maturity to Entrepreneurship: A Stakeholder Model of Innovation
Authors: Jones Oswald
Published: March 2003

In this paper I set out a framework which is intended to act as a guide for managers of smaller firms in mature sectors who want to develop an entrepreneurial culture. Such a culture is defined as the ability to adopt new working practices within the organisation as well as introducing new products and services. There are two key factors in the proposed framework, first, stakeholding which encourages mutual commitment between employer and employee. Secondly, IT which is seen as the catalyst in culture change by stimulating the sharing of information across all organisational boundaries.
Are We Ready to Innovate? Work Climate‐Readiness to Innovate Relationship: The Case of Jordan
Authors: Suliman Abubakr Mohyeldi Tahir
Published: March 2003

This paper aims at understanding the role of work climate in influencing employees’ innovation. The study consists of two core concepts: work climate and readiness to innovate. By surveying a sample of 1000 employees from 20 industrial companies in Jordan, it investigates the impact of work climate on employees’ readiness to innovate. The results reveal that employees’ perceptions of their work climate tend to play a significant role in their readiness to innovate, with implications for both practitioners and researchers. An interesting finding is that older employees showed higher climate satisfaction reports than did younger employees, and were found to be more innovative. In addition, male employees reported higher levels of readiness to innovate – as rated by themselves – than did their females counterparts.
Increasing Understanding of Technology Management through Challenge Mapping
Authors: Basadur Min , Potworowski J. Andreé , Pollice Nicholas , Fedorowicz Jan
Published: March 2003

The authors seek to clarify what is understood by the management of technology by involving a group of managers in a workshop to identify specifically what they believe to be their critical difficulties and challenges in managing technology. The approach is shown to be a means of enhancing creativity, designed not so much for creating good answers and solutions, but rather for discovering good questions and challenges and for conceptualizing complex issues. Virtually all of the challenges selected as most important had much more to do with leading people to think more innovatively and collaboratively than with new technology itself.
Triggering Creativity in Teams: An Exploratory Investigation
Authors: Kyle´n Sven F. , Shani A.B. (Rami)
Published: March 2003

Triggering, developing and maintaining creativity in teams is critical to the economic performance of the firm. This article presents an exploratory action research effort in a health care organization that focused on interaction patterns amongst team members, creativity and performance. The results indicate that the teams’ inquiry and dialogue into their interaction patterns have the potential of influencing creativity. Team interaction patterns were found to influence team performance. Directions for future research are discussed.
The Clustering and Contagion of Suicide
Authors: Joiner Thomas E.
Published: March 2003

Two general types of suicide cluster have been discussed in the literature; roughly, these can be classified as mass clusters and point clusters. Mass clusters are media related, and the evidence for them is equivocal; point clusters are local phenomena, and these do appear to occur. Contagion has not been conceptually well developed nor empirically well supported as an explanation for suicide clusters. An alternative explanation for why suicides sometimes cluster is articulated: People who are vulnerable to suicide may cluster well before the occurrence of any overt suicidal stimulus, and when they experience severe negative events, including but not limited to the suicidal behavior of one member of the cluster, all members of the cluster are at increased risk for suicidality (a risk that may be offset by good social support).
The Neural Basis of Motor-Skill Learning
Authors: Willingham Daniel B.
Published: March 2003

Recent work indicates that motor-skill learning is supported by four processes: a strategic process that selects new goals of what to change in the environment, a perceptual-motor integration process that adjusts to new relationships between environmental stimuli and the appropriate motor response, a sequencing process that learns sequences of motor acts, and a dynamic process that learns new patterns of muscle activations. These four processes can operate in one of two modes: an unconscious mode, in which one is aware only of the goal of the movement, or a conscious mode, in which one consciously controls detailed aspects of the movement. This article provides an overview of these four processes and two modes, and describes their neural bases.
The Psychology of Sexual Prejudice
Authors: Herek Gregory M.
Published: March 2003

Sexual prejudice refers to negative attitudes toward an individual because of her or his sexual orientation. In this article, the term is used to characterize heterosexuals' negative attitudes toward (a) homosexual behavior, (b) people with a homosexual or bisexual orientation, and (c) communities of gay, lesbian, and bisexual people. Sexual prejudice is a preferable term to homophobia because it conveys no assumptions about the motivations underlying negative attitudes, locates the study of attitudes concerning sexual orientation within the broader context of social psychological research on prejudice, and avoids value judgments about such attitudes. Sexual prejudice remains widespread in the United States, although moral condemnation has decreased in the 1990s and opposition to antigay discrimination has increased. The article reviews current knowledge about the prevalence of sexual prejudice, its psychological correlates, its underlying motivations, and its relationship to hate crimes and other antigay behaviors.
Computational Versus Associative Models of Simple Conditioning
Authors: Gallistel C.R. , Gibbon John
Published: March 2003

In associative models of simple conditioning, conductive connections (associations, Hebbian synapses) are strengthened by the repetitive temporal pairing of stimuli. The associations cause the animal to behave more adaptively, but they do not encode information about objectively specifiable properties of the conditioning experience. In information processing (computational) models, the temporal intervals in that experience are timed and the results recorded in memory for later use in computations that determine the decisions whether and when to respond to the conditioned stimulus. The predictions of these latter models depend on the ratios of remembered and currently experienced temporal intervals; hence, they are time-scale invariant. Two examples of empirical time-scale invariance are described: Neither the delay of reinforcement nor the ratio of reinforced to unreinforced presentations of the conditioned stimulus affects rates of acquisition and extinction. Time-scale invariance has far-reaching implications for models of the processes that underlie conditioning, for example, models of Hebbian synapses.
War and peace: historiography and seventh‐century embassies
Authors: Barnwell Paul S.
Published: March 2003

The evidence for, and circumstances of, seventh‐century embassies are examined, and it is suggested that the lack of documented diplomacy is partly accounted for by what may have been relatively peaceful conditions in the west, and partly by the nature of the sources for the period.
Stephen of Ripon and the Bible: allegorical and typological interpretations of the Life of St Wilfrid
Authors: Laynesmith Mark D.
Published: March 2003

This article attempts a re‐reading of Stephen of Ripon's Life of Saint Wilfrid in the light of a biblical exegetical methodology which is contemporary to its composition, being derived chiefly from the works of Bede. Through an analysis of typology in the Life, this study argues that Stephen compared his hero with various biblical reformers. By inaccurately linking Wilfrid's main enemies with quartodecimanism Stephen could claim that Wilfrid was in conflict with enemies who could be rhetorically characterized as types of perfidious Jews. Ultimately Stephen is shown to have used a theology of Jewish–Christian supersessionism to characterize and explain his subject's turbulent career. The work includes an appendix speculatively interpreting two resurrection miracles.
Scinditur in partes populus: Pope Damasus and the Martyrs of Rome
Authors: Sághy Marianne
Published: March 2003

Pope Damasus (366–384) was the impresario of the late antique cult of the martyrs at Rome. Damasus celebrated the martyrs with epigrams written in Virgilian hexameters which he had engraved in exquisite lettering on their tombs. This article investigates the specifically Roman context of these activities as a means of shedding new light on Damasus' purposes. The enhancement of the cult of the Roman martyrs was more than a stage in the process of christianisation, creating Christian but still distinctively Roman holy patrons for the urbs. It was also directed against rival Christian traditions, including Nicene splinter groups such as the Ursinians and Luciferians who contested Damasus' election. The epi grams allowed Damasus to inscribe very specific and carefully shaped meanings on strategic and often contested sites within the Christian topography of Rome. By placing the Damasan epigrams in the context of a bloody ecclesiastical factionalism in Rome, this paper argues that these very public celebrations of the martyrs were used to promote concord and consensus within the Catholic community in Rome.
Chester's earliest regatta? Edgar's Dee‐rowing revisited
Authors: Barrow Julia
Published: March 2003

The meeting of the kings of Britain and the Isles at Chester in 973 has usually been interpreted as a submission ritual. The object of this paper is to explore an alternative explanation, that the ritual involved was an egalitarian one of a type commonly used in the Roman world, and subsequently by parties desiring to make peace treaties. Such meetings often took place on rivers, especially those marking borders, as they were regarded as neutral. The location of the 973 meeting on the Dee is examined from this viewpoint. Finally the paper looks at whether the sources for the Dee‐rowing present the event as a display of overlordship by Edgar, and comes to the conclusion that this version of events developed among Benedictine writers from c.1000 onwards, to give lustre to the ruler who had done most to establish Benedictine monasticism in England.
The origins of Christian commemoration in late antique Britain
Authors: Handley Mark A.
Published: March 2003

The corpus of approximately 250 Christian inscriptions, dating from before c.700, from western Britain has been interpreted as the result of contact between Britain and Gaul. This article will show that Christian commemoration was neither a new, post‐Roman introduction into Britain nor the product of contact with Gaul. Rather, it will show that the inscriptions should be seen as part of a larger pattern of epigraphic practice also evidenced in Spain, Italy and North Africa during late antiquity. Where earlier scholars have argued that Christian inscriptions in Britain begin in the period AD 420–40, it will demonstrate that they are more likely to date from the late fourth century, a conclusion with important implications for the study of western Britain.
Old wine in new bottles
Authors: Wolf Martin
Published: March 2003

Trade restrictions are being justified by arguments for harmonisation of minimum labour or environmental standards. But diverse standards are one of the sources of the gains from trade. Protectionism can be concealed ‘…under a cloak of concern for workers in developing countries or for the global environment.’
The impossibility of accurate macro‐economic forecasting
Authors: Ormerod Paul
Published: March 2003

The macro‐economic short‐term forecasting record in the West over the past thirty years is very poor. Modern non‐linear signal processing techniques can be used to show that such inaccuracy is a deep and inherent property of the data themselves. The forecasting record simply cannot be improved. Much economic policy still focuses on short‐term intervention based on short‐term forecasts. But such efforts are futile because forecasts of sufficient accuracy over time cannot be made.
Business ethics and the free market
Authors: Sternberg Elaine
Published: March 2003

Contrary to popular opinion, business ethics properly understood does not justify any kind of government interference with the free market. By highlighting the distinctive nature of business, and precluding coercion, business ethics actually provides essential support for free markets.
The consequences of minimum wage legislation
Authors: Oi Walter Y.
Published: March 2003

A policy which could raise wages in the low‐wage labour market without job losses would be remarkable. Employers will respond to a wage floor not only by changing the employment level but by altering the other components of job packages. The‘new economics’of the minimum wage largely ignores such effects.
Older men: the groom price of migrating Eastern European women
Authors: Cameron Samuel , Collins Allan
Published: March 2003

One type of economic behaviour in the marriage market is trading off the desired age of partner against other benefits. This paper demonstrates the presence of this effect using samples of females seeking partners from the UK and women from Eastern Europe marrying to migrate to the UK. It is found that the age of man deemed acceptable is substantially greater for women moving from the poorer to the richer economy.
Student loans in developing countries: government versus company loans
Authors: Tooley James , West Edwin G.
Published: March 2003

Using data from the International Finance Corporation study on private investment in education, Tooley and West give details of two types of international experience with student loans. In particular they look at the government student loan scheme in Thailand and loan schemes offered by various for‐profit and nonprofit education companies in Peru, Colombia and India. Difficulties are pointed out with regard to the government scheme, which it may be possible to alleviate under the company schemes.
The reform of housing benefit
Authors: King Peter
Published: March 2003

Housing benefit in the UK is currently out of control, due to its open‐endedness and the ability of landlords to control rent levels. This paper proposes the abolition of housing benefit and its replacement with a notional housing element incorporated into income support. This will break the control of landlords as well as reconnecting the link between income and rent levels which is lost under the current system.
The Rebirth of Austrian Economics: 1974–99
Authors: Vaughn Karen I.
Published: March 2003

Twenty five years ago, Austrian economics appeared to be a ‘closed chapter in the history of economics.’ Today Austrian ideas are flourishing as never before. That is partly due to the compelling nature of Austrian ideas. But there is a good case for arguing that the ‘official rebirth’ of Austrian economics dates back to a meeting in South Royalton, Vermont in June 1974.
Science and the campaigners
Authors: North Richard D.
Published: March 2003

Campaigners routinely use and abuse ‘science’ in their arguments, while often complaining about the ‘reductionist’ basis of science, and society's over‐reliance on scientific arguments. This paper examines the long‐running battle between old‐fashioned ideas derived from the Enlightenment and the newer ‘Post‐Modern’ and Romantic ideas now used by campaigners.
Injecting incentives into the solution of social problems: Social Policy Bonds
Authors: Horesh Ronnie
Published: March 2003

There seems little chance of achieving many social objectives, given that the ways in which they are being pursued fail to harness self‐interest. A way forward is to create a new financial instrument ‐ Social Policy Bonds ‐ which would be auctioned by government. The bonds would be tradable and would be redeemed only when a specified social objective had been achieved.
‘Any schmuck can consume’1
Authors: Blundell John
Published: March 2003

The notion of consumers' sovereignty is flawed. In a free market, the outcome is determined by the interaction of consumers and producers: one does not dominate the other. The balance of debate is skewed if it assumes that the consumer is always right.
Interest Rates are Low but are Mortgages Cheap?
Authors: Booth Philip , Wood Geoffrey E.
Published: March 2003

It is claimed that mortgages are at present cheap so that people can afford higher mortgages, and hence more expensive houses, than previously. But that claim is based on money illusion. Nominal interest rates are at present ‘low’ primarily because of relatively low inflation. People contemplating mortgages should look at real values or they may face an unexpectedly large debt burden in the future.
Directors' remuneration and the DTI review of company law
Authors: Main Brian G. M.
Published: March 2003

This article considers how directors' remuneration should be set. It does so in both general terms and in the light of the DTI (1999) paper entitled Directors' Remuneration. A Consultative Document. The DTI document forms part of a general review of company law that is being undertaken by the Department of Trade and Industry. This article explores the extent to which these government‐directed developments can be seen as an extension of the Cadbury, Greenbury and Hampel Reports and the extent to which self‐regulation as opposed to government regulation looks set to dominate this area.
Government administrative burdens on SMEs in East Africa: reviewing issues and actions
Authors: Macculloch Fiona
Published: March 2003

The important macroeconomic reforms achieved in East African economies (Kenya, Tanzania and Uganda) during the late 1980s and early 1990s have failed to deliver the magnitude of private sector growth and increased employment expected. Governments in the region have begun to recognize that lower‐level policies and administrative procedures impose significant constraints on private sector development, stemming primarily from the command and control bureaucracies that characterised colonial governance. There are three priority areas for administrative reform: business licensing and registration, tax and customs procedures and specialised approvals. Also discussed are the problems of the special position of the informal sector, the impact of corruption and access to commercial justice.
Who owns the universities? The battle for university independence and against the dependency culture
Authors: Hills Sir Graham
Published: March 2003

Universities have lapsed into an ‘abject state of financial dependence on central government’ from which they should be reclaimed. Moreover, they are no longer intellectually independent. A ‘single, simple financial reform’ would make a great difference: universities need to determine the costs of their activities, charging accordingly, and government should once again offer students scholarships which would cover the greater part of the ‘basic costs’ of their courses.
Markets in the firm
Authors: Phillips Ken
Published: March 2003

There is widespread acceptance of the advantages of a market economy but not yet of the next logical step of applying market principles to the internal operations of firms. The use of markets within firms would benefit companies and the economy. It would also require fundamental re‐appraisal of labour market regulations which imply master????????servant relationships.
Popper and classical liberalism
Authors: Shearmur Jeremy
Published: March 2003

Popper was not part of the revival of classical liberalism, but many of his ideas have implications for classical liberals. His arguments about the significance of markets as learning mechanisms, about the character of knowledge, about the evaluation of theories in the ‘public sphere’ and his critique of ‘justificationism’ are of particular importance.
ENDING WELFARE AS WE KNOW IT: A MODEST PROPOSAL
Authors: McGee Robert W.
Published: March 2003

Government welfare schemes are based on a false premise, the belief that forcible redistribution can be moral if the cause is just. People forget that whatever resources government has, it first had to take from someone. Government welfare schemes violate property rights and destroy incentives. There is no way to reform such a system simply. The only just system is one of voluntary charity. The government system, which relies on force, must be abolished and replaced by private charity.
BACK TO THE FUTURE: TOWARDS A BETTER STATE OF HEALTHCARE
Authors: Evans Tim , Evans Helen
Published: March 2003

In 1948, the government nationalised more than 3,000 independent hospitals, homes and clinics to create a National Health Service that was supposed to deliver ‘all medical, dental and nursing care’‐ free at the point of delivery. Demonstrating that the service failed to do this and instead substituted rational pricing signals with numerous forms of rationing, the authors examine the re‐emergence of a sizeable independent health and social care sector today and its implications for the future.
EXAMINATION BOARDS: REGULATORY OVERKILL OR PATTERN FOR THE FUTURE?
Authors: Steinberg Bene't
Published: March 2003

The Examination Boards that award A‐levels and GCSEs began in the nineteenth century as university committees dedicated to ensuring high, and trusted, standards in education. Progressive government intervention has led to a decline in the credibility of the exams. How this happened and what can be done in future to maintain standards is the subject of this paper.
THE COMPETITION COMMISSION INQUIRY INTO SME BANKING
Authors: Freeman Peter
Published: March 2003

This article describes the current Fair Trading Act régime for complex monopoly investigations with particular reference to the Competition Commission's recent SME Banking Inquiry. There then follows a critique of aspects of the process and an outline of the market investigation régime in the proposed Enterprise Act with an assessment of likely changes this will make to investigations of this kind.
YOUR DOG OWNS YOUR HOUSE1
Authors: de Jasay Anthony
Published: March 2003

If your dog guards your house, a widely held ethical theory of redistribution would contend that he is entitled to own part of it. Each contribution to a product justifies a claim to a share of it. In fact, the social product is produced by society as a whole and society may distribute it as it sees fit. The article argues that this reasoning is confused and misunderstands the function of contracts of exchange.
ABOLISH THEANTIDUMPING LAWS
Authors: McGee Robert W.
Published: March 2003

Antidumping laws protect consumers from low prices. Since the creation of the WTO and the declining importance of tariffs and quotas, antidumping laws have become the protectionist tool of choice for an increasing number of countries. Domestic producers use them to prevent foreigners from selling their products to willing consumers. There is no way to reform antidumping laws because they are structurally deficient. They must be abolished, the sooner the better.
TAX AND THE DIVISION OF LABOUR
Authors: Arthur Terry
Published: March 2003

All taxes drive a wedge between the prices consumers pay and prices producers receive, thus promoting inefficient ‘do‐it‐yourself’(DIY) work ‐ not just at home but also in the workplace.
THE ILLUSORY TAX BASE: WHY TAXES ON CAPITAL ARE COUNTERPRODUCTIVE
Authors: Bracewell‐Milnes Barry
Published: March 2003

Taxes on capital are economically and socially counterproductive. The economy and society would benefit from their abolition. The obstacle to their abolition is not financial or economic but a failure of political will. This article looks at taxes on capital from an economic perspective: how do they differ from other taxes, what costs do they impose on the economy, and what are the consequences of their abolition? And, even if they are a failure economically, can they be justified socially or politically?
WHO BENEFITS FROM PUBLIC EDUCATION EXPENDITURES?
Authors: Vawda Ayesha Yaqub
Published: March 2003

In most countries, governments remain the largest financiers and providers of education. This note examines the evidence on the extent to which public expenditure on education have been effective in reaching the poor. The distribution of educational expenditures is inequitable, especially at the post‐primary levels, where poor income groups are under‐represented as compared with higher income groups. Targeted financing and a redefinition of the role of the government vis‐á‐vis the non‐public sector can help achieve greater equity and efficiency.
COULD DEFLATION BE IDEAL?
Authors: Lilico Andrew
Published: March 2003

Slight systematic deflation is ideal in a growing economy. However, adopting negative inflation targeting would not be stable. Instead, we should use trend deflation under price‐level targeting.
The Agricultural Depression, Collegiate Finances, and Provision for Education at Oxford, 1871–1913
Authors: Jones Michael John
Published: March 2003

This article considers the agricultural depression of 1873–96, and its implications for college finances and educational provision at Oxford from 1871 to 1913. Most colleges’ agricultural income decreased markedly in money terms, particularly between 1883 and 1893, but the depression’s impact was unevenly spread across the colleges. A general fall in the cost of living index mitigated the colleges’ loss of income. No marked redistribution of income occurred. Collegiate contributions to the university proved less than anticipated and consequently university teaching, including scientific education, suffered.
‘Riches beyond the dreams of avarice?’: commerical returns on British warship construction, 1889‐1914
Authors: Arnold A.J.
Published: March 2003

The contracts for naval warships placed in private shipyards in the nineteenth century provide an early example of state procurement policy. It has been widely argued that these contracts allowed the firms concerned to earn unusually high profits, although the evidence provided has been very limited. This article analyses the effects of naval warship contracts on the profitability of the dominant suppliers during the ‘naval arms race' of 1889‐1914 in order to provide new and more systematic evidence on the workings of an early form of regulation and on a tangible aspect of the relationship between firms and the British government.
Russia: Collapse and Recovery
Authors: Henry Brian , Gavrilenkov Evgeny
Published: March 2003

The financial collapse in Russia in the summer of 1998 was a profound shock to the efforts to reform the Russian economy. It was also thought that it would seriously worsen the short‐ and medium‐term outlook for growth and inflation. In this article, Brian Henry and Evgeny Gavrilenkov argue that the most recent data show that the more pessimistic of these views were probably misplaced; modest but significant growth has been evident since the collapse without substantial increases in inflation. The real improvements, in so far as they are simply the results of devaluation and the beneficial effects of the increase in the world oil price, could prove to be temporary, although there are more hopeful indicators with the recent increases in investment. But to ensure sustainable recovery, fundamental improvements in the structure of the economy, especially in the areas of industrial and financial restructuring, are needed. Meanwhile, they argue that it would be very beneficial for medium‐term prospects if progress is made on the twin problems of external debt reduction and tax reform.
Prospects for the Euro: Why has it been so weak?
Authors: Hall Stephen , Henry Brian
Published: March 2003

In this article, Stephen Hall and Brian Henry consider the reasons for the Euro's weakness since its introduction and ask what are the likely prospects for a recovery to near‐fundamental levels over the medium term. They conclude that the major factor leading to the currency's depreciation since 1999 has been a rise in the risk premium surrounding the Euro. A successful launch of Euro notes and coins may help to eliminate this premium.
Mortgage credit conditions in the UK
Authors: Muellbauer John
Published: March 2003

It is widely perceived that credit conditions for UK consumers, particularly in the mortgage market, have been radically liberalized since the 1970s. The implications for the housing market and consumer spending have been important. This article by John Muellbauer draws on a 1997 paper by the author which examined data from the Survey of Mortgage Lenders to learn, from information about loan‐to‐value ratios of first‐time buyers, classified by region, about changes in mortgage credit conditions. By controlling for economic and demographic influences on credit conditions, a single time‐varying index of mortgage credit conditions was extracted from these SML data. This index rises in the 1980s, peaking towards the end of the decade. It retraces part of its rise in the early 1990s before rising again by 1995 to a level not far below the previous peak. The article considers whether more recent data suggest a further liberalisation of mortgage credit conditions. It draws on joint research with others to discuss possible implications for consumer spending, house prices, the volume of property transactions and mortgage defaults.
Measuring Poverty Changes with Bounded Equivalence Scales: Australia in the 1980s
Authors: Bradbury Bruce
Published: March 2003

When measuring poverty, an equivalence scale is used to take account of the different income needs of different family types. However, there is little consensus about the choice of scale. A method is presented here that permits general statements about changes in poverty to be made which will be true for a range of equivalence scales. The method is used to describe changes in poverty in Australia between 1981–82 and 1989–90. Different scales lead to estimates of the increase in the head count poverty rate between 1981–82 and 1989–90 of between +1.7 and −0.6 percentage points (at commonly chosen poverty thresholds).
Cash Flows and Debt Maturity
Authors: Goswami Gautam , Rebello Michael , Noe Thomas
Published: March 2003

In an asymmetric information framework, a number of authors have demonstrated the existence and uniqueness of short‐term debt pooling equilibria in the absence of dissipative costs. We show that short‐term debt pooling is robust to a broad range of deviations from stationarity and intertemporal independence. However, with intertemporal dependence, separating equilibria exist in which short‐term debt signals favourable information. Non‐stationary allows for separating equilibria in which long‐term debt signals favourable information. A range of deviations from stationarity and intertemporal independence also support long‐term debt pooling equilibria.
Does Growth Vary over the Business Cycle? Some Evidence from the G7 Countries
Authors: Kontolemis Zenon G.
Published: March 2003

In this paper we analyse the dynamics of business cycles in the G7 countries. Our aim is to answer the question of whether growth varies (in an absolute sense) over the business cycle, and hence to examine whether the simple two‐phase characterization (downturn/upturn) is an appropriate description of the business cycle. To study growth over the cycle, we estimate single‐country equations and then a pooled regression that takes into account the important interactions of international business cycles. The results confirm the steepness asymmetry of the growth cycles and show that growth varies systematically within upturns and downturns. These are consistent with the notion of deepness asymmetry which implies that contractions are more pronounced in the later stages of a downturn whereas expansions are stronger immediately after troughs.
Why Are the Unemployed So Unhappy?Evidence from Panel Data
Authors: Winkelmann Liliana , Winkelmann Rainer
Published: March 2003

This paper tests for the importance of non‐pecuniary costs of unemployment using a longitudinal data‐set on life‐satisfaction of working‐age men in Germany. We show that unemployment has a large detrimental effect on satisfaction after individual specific fixed effects are controlled for. The non‐pecuniary effect is much larger than the effect that stems from the associated loss of income.
General Equilibrium Effects of Import Constraints under Variable Labour Supply, Public Goods and Income Taxation
Authors: Michael Michael S. , Hatzipanayotou Panos
Published: March 2003

We consider a general equilibrium trade model of a small open economy with a representative consumer, where labour supply is variable, where imports are restricted by a small tariff, a quota or a voluntary export restraint (VER), and where alongside the production of two traded goods—one imported and one exported—a pure public good is produced and funded through an income tax. Within this framework, we demonstrate, among other things, that under certain conditions, while a small tariff or quota reduces employment and welfare, a VER may increase them. Thus, in the context of a small open economy, contrary to standard results, in certain cases VERs may become the welfare‐ and employment‐dominant instrument over the alternative import restrictions.
Caught in a Trap? Wage Mobility in Great Britain: 1975–1994
Authors: Dickens Richard
Published: March 2003

In this paper I study wage mobility in Great Britain using the New Earnings Surveys of 1975–94 and the British Household Panel Surveys of 1991–94. Measuring mobility in terms of decile transition matrices, I find a considerable degree of immobility within the wage distribution from one year to the next. Mobility is higher when measured over longer time periods. Those in lower deciles in the wage distribution are much more likely to exit into unemployment and non‐employment. Measuring mobility by studying changes in individuals’ actual percentile rankings in the wage distribution, I find evidence that short‐run mobility rates have fallen since the late 1970s. This has potentially important welfare implications, given the rise in cross‐section earnings inequality observed over the last two decades.
Incomplete Adoption of a Superior Innovation
Authors: Lapan Harvey E. , Moschini Giancarlo
Published: March 2003

We consider a model in which an innovating monopolist of a technologically superior intermediate input must sell this product to final output producers. Prior research shows that, with complete information, the monopolist’s optimal strategy will lead to complete adoption of this technologically superior innovation. In this article we show that, when the price of some competitively supplied input used in the final product market is endogenous and is altered by adoption of the innovation, then the optimal pricing strategy of the monopolist may lead to incomplete innovation. Thus, the standard result of complete adoption of the superior technology is partly attributable to the partial equilibrium nature of prior models.
The Impact of Advanced Technology Adoption on Wage Structures: Evidence from Taiwan Manufacturing Firms
Authors: Liu Jin‐Tan , Tsou Meng‐Wen , Hammitt James K.
Published: March 2003

We examine the impact of advanced technology adoption on wage and employment structures in Taiwan. Using a survey of manufacturing firms that provides direct information on the use of advanced technologies, we find that firms using more advanced technologies pay higher wages to both non‐production and production workers and employ higher fractions of non‐production workers. Controlling for the possible endogeneity of technology adoption suggests that the estimated impact of new technologies on wages is downward‐biased and that the effect on production workers’ wages may be minimal.
Nonlinear Dynamics, Spillovers and Growth in the G7 Economies: An Empirical Investigation
Authors: Sarno Lucio
Published: March 2003

This paper proposes an empirical growth model which is consistent with a stochastic steady‐state labour productivity level varying over time and across countries, where the disequilibrium mechanism leading to long‐run equilibrium follows a nonlinear equilibrium correction model. Using data for the G7 economies during the postwar period since 1950, the empirical analysis yields a long‐run model which implies plausible estimates of the production function parameters. Postwar economic growth in each of the G7 countries appears to be well characterized by a nonlinear equilibrium correction model where the dynamic adjustment towards long‐run equilibrium is governed by a logistic function, while also capturing spillover effects in growth dynamics.
Reach for the Stars: A Strategic Bidding Game
Authors: Pepall Lynne M. , Richards Daniel J.
Published: March 2003

We examine two–sided competition in a duopoly market for differentiated products. Downstream, the two firms compete in prices. Upstream, they compete in bidding to hire talent input and there is one unique superstar. The outcome depends on the downstream effect of only one firm employing the superstar. When this intensifies downstream competition, both firms are worse off than they would be if no superstar talent were available. When the hiring of the superstar softens downstream competition, both firms benefit, but a ‘winner’s curse’ emerges in which the firm winning the superstar talent earns less profit than its rival.
Welfare Reform and Unemployment in New Zealand
Authors: Maloney Tim
Published: March 2003

In the early 1990s, New Zealand cut benefits and tightened eligibility criteria under its main social welfare programmes. These benefit changes varied substantially across both time and demographic groups. Synthetic panel data are used econometrically to isolate the effects of these reforms on several dimensions of ‘unemployment’ behaviour. A simple theoretical model suggests that cutting benefits could either increase or decrease excess labour supply. Our results indicate that these reforms increased the official unemployment rate by nearly one–quarter of a percentage point, but significantly reduced broader measures of economic inactivity or the under–utilization of labour in the New Zealand economy.
Fixed Production Capacity, Menu Cost and the Output–Inflation Relationship
Authors: Danziger Leif , Kreiner Claus Thustrup
Published: March 2003

This paper analyses the impact of inflation when firms face frictions in both price and quantity adjustments. A vast literature examines the consequences of price‐adjustment costs assuming frictionless quantity adjustments. However, temporary quantity adjustments may be expensive, for example because continual adjustments of the optimal production plant are impossible. Moreover, recent findings suggest that frictions in quantity adjustment may remove the linkage between output and inflation. In this paper we show that this is not the case when inflation is anticipated. On the contrary, a predetermined production capacity may significantly amplify the consequences of price adjustment costs.
Politically Motivated Fiscal Deficits: Policy Issues in Closed and Open Economies
Authors: Corsetti Giancarlo , Roubini Nouriel
Published: March 2003

In this paper we reconsider the trade‐off between rules and discretion in fiscal policy in the presence of politically motivated fiscal deficits. We present a model of political bias in the budget process appropriately developed to allow for tax‐smoothing‐motivated deficits as well as for the consideration of deficit biases in open economies. We find that endowing politically‐biased governments with the ability to respond to economic shocks with deficit finance will not exacerbate the existing biases. In an open economy, the ability to borrow abroad will significantly increase the deficit. However, restrictions to public foreign borrowing will not reduce the political bias as long as the private sector has access to international capital markets at the same terms as the government.
A Visible Hand? Bond Markets, Political Parties, Balanced Budget Laws, and State Government Debt
Authors: Lowry Robert C.
Published: March 2003

Recent empirical work demonstrates that fiscal institutions in American states have real effects on state government bond rates, but the causal mechanisms have not been identified. We show how laws that restrict state governments' ability to carry forward a deficit improve the ability of investors to extract information from noisy signals. This affects the response of bond markets to repeated deficits in states that have these laws. We argue that partisan preferences for higher spending also increase risk for investors, leading to higher interest rates. We provide empirical support for our hypotheses using data from 1973–1995.
Harmonizing External Quotas in an FTA: A Step Backward?
Authors: Cadot Olivier , De Melo Jaime , Olarreaga Marcelo
Published: March 2003

This paper explores how political–economy forces shape quantitative barriers against the rest of the world in an FTA. We show that whereas the dilution of lobbying power in an FTA typically leads to a relaxation of external quotas, this result is likely to be overturned as integration deepens. In particular, we show that cooperation among member countries on the level of their external quotas, cross–border lobbying by import–competing interests in the free–trade area, and the consolidation of national external quotas into a single one, all lead to stiffer restrictions against imports from the rest of the world. We also show that, unlike tariffs, endogenous quotas are not crucially affected by the presence of rules of origin.
Measuring the welfare costs of EU accession
Authors: Pudney Stephen , Markov Nikolay , Ackrill Robert
Published: March 2003

We analyze possible reforms to the Bulgarian VAT system, evaluating revenue‐neutral reallocations of goods to tax bands within the existing 2‐rate structure. We investigate the sensitivity of the results to behavioural response and imperfect tax recovery. We find only a weak case for the use of non‐uniform VAT rate structures for redistributional purposes. Selective VAT exemptions can produce approximate welfare gains equivalent to a general price fall of much less than 1 per cent for plausible specifications of social welfare.

JEL classification: D31, J31, P24.
Wages and wage growth in Poland: The role of foreign direct investment
Authors: Bedi Arjun S. , Cielik Andrzej
Published: March 2003

In recent years Poland has received substantial inflows of foreign direct investment. This paper combines detailed labour market data with industry data from the Polish manufacturing sector to examine the effects of foreign direct investment inflows on wages and wage growth. The empirical evidence we assemble suggests that workers in industries with greater foreign presence enjoy higher wages and higher wage growth. This effect appears to be robust to a variety of empirical approaches, estimation techniques and specification checks.

JEL classification: F23, J31, 019, P33.
On dollarization
Authors: Calvo Guillermo A.
Published: March 2003

The paper examines the case for dollarization in emerging market economies. It is claimed that dollarization becomes an attractive monetary regime when account is taken of recent financial turmoil in such economies. The case is further strengthened by the fact that these economies have a penchant for acquiring dollar debts (i.e., liability dollarization). However, exchange rate misalignment and deflation are potentially serious problems, unless appropriate fiscal and public sector prices policies are implemented, in addition to establishing a financial sector whose assets and liabilities face parallel relative price risks.

JEL classification: F31, F41