bluuebunny/crossref_metadata_2025 huggingface dataset:
The Chronotope of City of Love: The Image of Kaunas in Lithuanian Culture
Authors: Petrulionytė Justina
Published: August 2019

This article discusses the image of Kaunas as a city of love, which is noticeable in different narratives: novels The Novel of Kaunas (1973) by Alfonsas Bieliauskas and Tūla (1993) by Jurgis Kunčinas, the social advertisement “Wherever I Am: Kaunas Is My Hometown” by Monika Vilčinskienė (2008) and the representative Kaunas video “Kaunas Is Sharing Love” by the Studio of Kaunas Cinema (2013). The concept of “narrative as a socially symbolic act” (Fredric Jameson) and the concept of “chronotope” (Mikhail Bakhtin) help to analyse emerging images of the city. The investigation reveals that all the narratives represent: 1) love for Kaunas, 2) a city where people are (happily or unhappily) in love, 3) personified city, which is in love. This shows the mark of love which is significant in the whole narrative of Kaunas. However, different modes of art production propose different mirages of this city. The chronotope of unhappy love is noticeable in the novels representing soviet Kaunas, while the chronotope of idyllic city is very bright in non-literary narratives representing current Kaunas.
Violence as the Manifestation of Simulacra in Salman Rushdie’s Novel “Shame”
Authors: Radavičiūtė Jūratė
Published: August 2019

The article analyses Salman Rushdie's novel Shame from the perspective of portraying two female characters Bilquis Hyder and her daughter Naveed and how the violence underlying the instability of the images they construct manifests itself. The research is carried out within the theoretical framework of postmodernism with the view to the concept of the postmodern sign elaborated by Jean Baudrillard and Jacques Derrida. The postmodern sign is characterised by the loss of a reference to reality which is masked by the abundance of supplements for reality. The vulnerability of such a sign is revealed through the process of crisis the sign is subjected to, because it uncovers the void underlying the simulacrum of the sign. The portrayal of Hyder women reveals the concept of the simulacrum from the point of view of its reliance on thingness for existence. The indeterminacy of the simulacrum is revealed through the repeated occurrence of the images of the wind and childbirth, which signify the threat of violence underlying the simulacrum.
The Rhetoric Topic of Borrowing in Advertising
Authors: Gabrėnaitė Eglė
Published: August 2019

The emotional appeal dominates in the persuasive discourse; usually, it is the rhetorical argumentation, the efficiency of which is closely related to the addressee value priorities. In order to achieve the advertising targets not only the newly discovered, but also the time-tested techniques of persuasion as well as the classic eristic argumentation models are employed.

The research object of this article is the expression of borrowing topic in the advertising discourse. The aim of this research is to identify and describe the rhetoric topics, i.e., the mainrepeatable structural and conceptual models that act as arguments in the advertisements created by the companies providing quick loans. The analysis of rhetoric discourse allows to identify and describe the universal categories of argumentation, i.e., the rhetorical topics and their semantic and (or) structural modification in the persuasive discourses. The research reveals that the advertising of quick loans is based on the identical rhetorical topic expressed by the repeatable eristic arguments.

Three following eristic arguments are identified and discussed: appealing to the masses (argumentum ad populum), appealing to time (argumentum ad tempus), appealing to safety (argumentum ad securitatem). It has been asserted that the advertising denies inconvenient and unsafe loan tradition. It patronizes unrestrained culture of lending where the loan is associated with the attractive images that eliminate the threat of social separation.
Ideology in Literary Translation, or What Is, After All, “The White Man’s Burden”?
Authors: Kamovnikova Natalia
Published: August 2019

A literary translation invariably reflects the historical and cultural features of the time and place of its production. The perception of literary texts is determined by the political and cultural situation in a given language community, and the literary translation, therefore, is justly seen as the negotiation that aims at reaching a compromise between two languages, two geographical spaces, and two historic times. Literary translation is as well regarded as a manipulation, an attempt to make the translation fit in with the target audience culture, social situation, or ideology. The famous poem The White Man’s Burden by Rudyard Kipling was alternately seen as racist and Eurocentric or as missionary and philanthropic. The translations made into different European languages conveyed the ideology of the poem differently as well, the interpretation depending on the historic time, the targeted language community, and the social requirements to literature and translation. These social factors preconditioned the difference in interpretation of such controversial issues of the poem as race, difference, and religion in the five translations analysed in this article. The article offers a comparative study of the strategies applied by Russian, Bulgarian, and French translators of the poem who worked under different historical and social conditions.
Chinese functional foods and nutraceuticals: plants and products commercialized in the Ciudad Autónoma de Buenos Aires, Argentina
Authors: Puentes Jeremías Pedro , Arenas Patricia Marta , Hurrell Julio Alberto
Published: August 2019

This article contributes to the study about urban botanical knowledge within the pluricultural context of Buenos Aires-La Plata Metropolitan Area, in particular, the botanical knowledge about plants and its products introduced by Chinese immigrants in the Ciudad Autónoma de Buenos Aires. The registered functional food and nutraceutical plants products marketed by these immigrants (that belong to the Traditional Chinese Phytotherapy) are locally employed for the treatment of diseases linked to the urban way of life, such as diabetes, hypercholesterolemia, hypertension, cancer, cognitive dysfunctions, among others. In this sense, the work contributes to the understanding of the local biocultural diversity (both plants and its associated knowledge). The research followed usual qualitative ethnobotanical methods and techniques, especially semi-structured and free interviews to 250 qualified informants, prior informed consent. An inventory of plant products of 52 vascular plants (vegetables, legumes, fruits, condiments) locally recognized as functional foods was obtained. Plants products belonging to 30 of the 52 treated taxa are commercialized only within the restricted commercial circuit of the Chinese immigrants. Therefore, these taxa are considered “invisible” for the majority of local inhabitants. Plants products of the 22 remaining taxa are marketed in both the restricted Chinese circuit and the general commercial one. Then, these taxa are “visible” for all residents. Local botanical knowledge is evaluated from the circulation of plant products in local trade circuits. “Invisible” taxa may become “visible” when entering the general commercial circuit. This “visualization process” of plants products and its associated knowledge express the local botanical knowledge dynamics.
Are meats indeed sold in Portugal without Clostridioides difficile?
Authors: Carvalho P. , Barbosa J. , Teixeira P.
Published: August 2019

The incidence and severity of diarrhoea associated with Clostridioides difficile have been increasing exponentially. In 2014, an outbreak with the hypervirulent ribotype 027 strain was firstly reported in Portugal and, among others, this ribotype have been mainly isolated from animals and food. This study aimed to detect and quantify C. difficile from different meats sold in traditional commerce and hypermarkets in two different cities of Portugal, Porto and Lisboa.

Techniques of quantification and detection of C. difficile were performed, but absence of C. difficile in the 143 analysed samples indicates that, if present, the level of contamination should be very low (below 2 log CFU g−1). Despite the lack of confirmed cases of foodborne diseases caused by C. difficile, the increased CDI incidence suggests that contaminated foods may contribute to C. difficile-acquired infections.
Brood parasitism on Meadow Pipits Anthus pratensis by Common Cuckoos Cuculus canorus in two mountain areas in Norway
Authors: Berstad Jan Rolf , Stokke Bård , Moksnes Arne
Published: August 2019

In the period 2001–2014 we studied Common Cuckoo Cuculus canorus brood parasitism on Meadow Pipits Anthus pratensis in two mountain areas; one located in the eastern and one in the western part of southern Norway. In the total material of 211 Meadow Pipit nests, 14 (6.6%) were parasitized by the cuckoo. The parasitism rate showed considerable variation both in time and space, with highest rate in one of the areas in 2005 (35.3%). Cuckoo eggs were quite similar in appearance to host eggs. In spite of this, 30% of the cuckoo eggs were rejected by desertion. No host ejection of parasite eggs was observed. Nest predation rates were rather low. Due to climate change, it has been hypothesized that the cuckoo, a long-distance migrant, may arrive too late to successfully utilize the Meadow Pipit because the latter is better able to advance the breeding season due to a shorter migration distance. Our data lend support to the mismatch hypothesis, but the low sample size regarding cases of parasitism does not allow us to make any firm conclusions. Long-term monitoring of host-parasite interactions in specific populations is important to further disclose the mechanisms responsible for the decline in the Norwegian cuckoo population.
Delays and Barriers to Cancer Care in Low- and Middle-Income Countries: A Systematic Review
Authors: Brand Nathan R. , Qu Liang G. , Chao Ann , Ilbawi André M.
Published: August 2019

Background

Advanced stage presentation of patients with is common in low- and middle-income countries (LMICs). A comprehensive analysis of existing delays and barriers in LMICs has not been previously reported. We conducted a systematic literature review to comprehensively outline delays and barriers to identify targets for future interventions and provide recommendations for future research in this field.

Materials and Methods

Multiple electronic databases were searched using a standardized search strategy. Eligible articles were of any language, from LMICs, and published between January 1, 2002, and November 27, 2017. Included studies reported cancer care intervals or barriers encountered. Intervals and associated barriers were summarized by cancer type and geographical region.

Results

This review included 316 study populations from 57 LMICs: 142 (44.9%) studies addressed time intervals, whereas 214 (67.7%) studies described barriers to cancer diagnosis. The median intervals were similar in the following three stages of early diagnosis: (a) access (1.2 months), (b) diagnostic (0.9 months), and (c) treatment (0.8 months). Studies from low-income countries had significantly longer access intervals (median, 6.5 months) compared with other country income groups. Patients with breast cancer had longer delay intervals than patients with childhood cancer. No significant variation existed between geographic regions. Low health literacy was reported most frequently in studies describing barriers to cancer diagnosis and was associated with lower education level, no formal employment, lower income, and rural residence.

Conclusion

Early diagnosis strategies should address barriers during all three intervals contributing to late presentation in LMICs. Standardization in studying and reporting delay intervals in LMICs is needed to monitor progress and facilitate comparisons across settings.

Implications for Practice

This review draws the attention of cancer implementation scientists globally. The findings highlight the significant delays that occur throughout the cancer care continuum in low- and middle-income countries and describe common barriers that cause them. This review will help shape the global research agenda by proposing metrics and implementation studies. By demonstrating the importance of standardized reporting metrics, this report sets forth additional research and evidence needed to inform cancer control policies.
Predicting Chemotherapy Toxicity and Death in Older Adults with Colon Cancer: Results of MOST Study
Authors: Retornaz Frédérique , Guillem Olivier , Rousseau Frédérique , Morvan Francois , Rinaldi Yves , Nahon Sophie , Castagna Chantal , Boulahssass Rabia , Grino Michel , Gholam Dany
Published: August 2019

Purpose

Older patients with colon cancer (CC) are vulnerable to chemotherapy toxicity and death. Establishing simple scores specific for patients with CC to predict severe chemotoxicity or early death is needed to select the best treatment strategy.

Subjects, Materials, and Methods

This prospective multicenter study included patients aged ≥70 years with CC receiving adjuvant or first-line metastatic chemotherapy. Frailty markers (nutrition, physical activity, energy, mobility, strength), comprehensive geriatric assessment (functional status, comorbidities, falls, nutrition, cognition, and depression), and usual laboratory parameters were collected. Logistic or Cox regression was used to examine at 500 days the association between frailty markers, comprehensive geriatric assessment, laboratory parameters, and grade 3–4 toxicity or death.

Results

A total of 97 patients (median age, 79.0 years) received adjuvant (37.1%) or metastatic (62.9%) chemotherapy. During the first 500 days, grade 3–4 toxicity occurred in 49.5%, and 30% died. The predictive model for grade 3–4 toxicity combined (polychemotherapy × 3) + (hypoalbuminemia <32 g/L × 2) + (abnormal grip strength × 1.5) + C-reactive protein >11 mg/L + Eastern Cooperative Oncology Group performance status (ECOG-PS), cutoff score >3. The predictive model for death combined (metastasis × 5) + (age × 2) + alkaline phosphatase >100 IU/mL + sex (female) + abnormal grip strength + ECOG-PS, cutoff score >6. For chemotoxicity prediction, sensitivity was 81.6% and specificity 71.4%. For death prediction, sensitivity was 89.7% and specificity was 83.6%.

Conclusion

These simple and efficient “ColonPrediscores” will help to better identify older patients with CC with increased risk of chemotherapy-related toxicity and/or death.
The Use of Interest Rate Policies as a Stimulus to Economic Growth
Authors: Emery Robert F.
Published: August 2019

One of the prime concerns of less developed countries since the end of the Second World War has been to stimulate the rate of economic growth. This objective was a primary goal of the Second Development Decade. But in spite of all the attention given to this problem, the government and business leaders in most of the less developed coutnries have overlooked the important contribution which a realistic interest rate policy could make in accelerating the rate of economic growth.
A New Approach to Foreign Aid
Authors: Irvine Reed J.
Published: August 2019

The existence of cycles in economic thinking is nowhere better illustrated than in the related fields of economic development and economic aid from advanced to the the less-develeoped countries. If we go back 20 years to the end of the 1940's, we find that those who were then considered most knowledgeable about what are now called the less-develeoped countries believed that it would be long and arduous task to greatly increase the material standards of comfort in these backward parts of the world. They felt that the most effective way of assisting the economic development of these areas was through the provision of technical assistance and advice. They specifically warned against programs based on the transwer of large amounts of capital to the poor countries.
Some Policy Aspects of Foreign Operations of International Banks
Authors: Gemmill Robert F.
Published: August 2019

Foreign operaions of major international banks -- U.S. and foreign -- expanded very substantially during the decade of the 1960's, and bankers appear to be planning for further considerable expansion in the years ahead. This growth in foreign financing has taken the form both of an increate in the foreign claims of head offices, and of sharply increased financing by branches and subsidiaries located outside the country of domicile of the head office. The surge in Euro-dollar market activity has been the most striking evidence of the growth in international financing, but the general phenomenon is broader one.
The Foreign Term-Lending Activities of U.S. Banks
Authors: Terrell Henry S.
Published: August 2019

In recent months some observers have commented upon the increase in the foreign lending activities of internationally oriented banks in general, and in particular of the increased term-lending activities of U.S. banks through their foreign branch networks. An increase in term lending activity, certeris paribus, is sometimes considered to be risky for individual banks and the world financial system in accordance with the traditional view that banks are not expected to have too wide an "intermidation gap" between their long-term assets and their short-term sources of funds.
SDRs, Interest and the AID Link: Further Analysis
Authors: Isard Peter , Truman Edwin M.
Published: August 2019

In a recent article, John Williamson advocated a monetary reform package that includes both a development assistance link and a competitive interest rate on SDRs. In his view, the interest rate on SDRs should be raised to a level comparable to the interest rate on short-term dollar assets in order to make SDRs attrative substitutes for reserve currency holdings. He recognizes that charging a higher rate of interst on the net use of SDRs would redue the development assistance contect of an aid link. Link benefits would "not be eliminated entirely, because a few less-developed countries could hope to borrow long-term on international captial markets at short-term dollar interest rates..." Williamson is concerned, however, that a competitive interest rate would increate the danger that recipients of link aid would default on interest payments. To deal with this potential problem, Williamson proposes that the linked SDRs be allocated under modification of the procedure currently used to distribute new SDRs. His modification involves paying directly out of new link allocations of SDRs the interst due to the developed countries on SDRs accumulated as a result of the prior use of link aid by less developed countries.
The Distribution of West European Trade Under Alternative Tariff Policies
Authors: Resnick Stephen A. , Truman Edwin M.
Published: August 2019

The purpose of this paper is to provide empirical answers to the following questions concerning the trade patterns of Western Europe. What were the impacts of the Dillon and Kennedy Rounds of tariff reductions? How did the creation of the EEC and EFTA affect their trade? How will the enlargement of the EEC in the context of a broader area of free trade affect the level and distribution of trade in Western Europe?
Direct Investment, Research Intensity, and Profitability
Authors: Severn Alan K. , Laurence Martin M.
Published: August 2019

The large amount of foreign direct investment by U.S. firms in recent years suggests that such firms had a high internal rate of return on investment abroad. In this paper we attempt to provide an explanation for this high rate of return. Our conclusion is that direct investors tend to be in research-intensive industries and that their profitability is associated with research and development, rather than with direct investment itself. By investing abroad, they spread the fixed cost of research activity, thereby increasing the return to such activity. Thus, the internal rate of return on foreign direct investment exceeds average rates of return observed in foreign economies. Combined with the fact that direct investors in manufacturing are typically research-intensive, this result suggests why capital may flow from countries with high rates of return to those with lower observed rates of return.
Structural Change in the Euro-Dollar Market: Evidence From a Two-Equation Model
Authors: Mills Rodney H.
Published: August 2019

This paper describes a two-equation supply-and-demand model for 3-month Euro-dollar deposits, and discusses the results of estimating a reduced-form equation for the determination of the interest rate on such deposits. The objectibe is to emphasize the differences between the estimation results for the period 1966-68 and those for 1969-70. Multicollinearity among the explanatory variables complicates the interpretation of the estimates, and thus there is also a discussion of the tests developed by Farrar and Glauber for determining the degree and location of multicollinearity.
The Effect of Changes in Economic Acitivity on U.S. Trade Flows
Authors: Junz Helen B. , Lowrey Barbara R.
Published: August 2019

Recent events have demonstrated an increasing need to gain a better understanding of how changes in economic activity here and abroad tend to affect U.S. trade flows. During the couple of years leading up to the multilateral realignment of exchange rates at the Smithsonian Conference in December, 1971, the discussion of how changes in business conditions affect trade balances centered upon the question of how to isolate basic trends in trade flows from temporary, and presumably reversible influences. For example in an attempt to guage the size of the disequilibrium in the U.S. foreign payments balance that existed in 1971, the Organization for Economic Co-operation and Development (OECD), estimated what amounts cyclical influences might have added to or subtracted from the U.S. current payments balance during that year. Further attempts to estimate such effects were made subsequently so as to enable policymakers to form an opinion by how much exchange rate changes and other policy meas
On the Balance-of-Payments Effects of Direct Investment and the Efficacy of Controls: Comments on and Extensions of an Article by Peter H. Lindert
Authors: Stevens Guy V. G.
Published: August 2019

By demonstrating the superiority of the present-value to the recoupment-period criterion, Peter Lindert has made a major contribution to the analysis of foreign investment controls. In fact, after reading Lindert's analysis, one wonders how the recoupment-period criterion got a foothold in the first place: the assessment of the net impact of a control program is clearly dependent on a comparison of capital inflows and outflows occurring at different points in time: and the accepted and traditional way to make such intertermporal comparisons is by a present value calculation. Moreover, as I attempt to show below, the present value formulation leads to useful insights into the analysis of the balance of payments effects of direct investment, independent of th existend of controls.
Comparing U.S. Company Bond Issue Costs in the U.S. and Euro-Bond Markets
Authors: Mills Rodney H.
Published: August 2019

Removal of the Interest Equalization Tax (IET) in the United States on January 29 of this year restored to U.S. investors freedom to purchase bonds issued by any foreign issuer, or by U.S. companies in the Euro-bond market, without paying a penality. The termination of the Foreign Direct Investment Program (FDIP) on the same date gave to U.S. direct investors full freedom to shoose whether to draw on U.S. markets or foriegn markets to finance their foreign investment outlats. These actions increated the potential for capital outflows from the United States in response to differentials in investor yields on U.S. and foreign (including Euro-) bonds, and in costs paid by U.S. or foreign companies for the long-term funds.
The Energy Content of U.S. Exports and Imports
Authors: Fieleke Norman S.
Published: August 2019

The recent oil crisis forcefully brought home the fact that the United States is a new importer of crude petroleum on a sunstantial salce. Because petroleum is an important energy source, the oil crisis immediately became an energy crisis. But crude petroleum is only one of the forms in which energy is exported and imported; coal and natural has are other obvious examples. In addition, such natural forms are embodied in other traded products; for example, if a nation imported crude petroleum, refined it, and exported the refined product, it would be absurd to count the nation's imports of crude petroleum as its total trade in energy.
The Effects of Recent Exchange Rate Changes on the U.S. Trade Balance
Authors: Clark Peter B.
Published: August 2019

As a result of the multilateral exchange rate changes that took place between the first quarter of 1971 and the second quarter of 1973, the dollar depreciated on a trade-weighted basis by about foureen percent. The paper represents some estimates of the change in the value of U.S. merchandise imports and exports over this nine-quarter period that may be ascrived to thses adjustments in exchange rates. in the first section of the paper an attempt is made to calculate the rise in the dollar prices of U.S. imports and exports brought about by the deprecation of the dollar. The second section then gives the results of estimating import and export price elasticities of demand. Finally, in the third section the calculated price increases and import and export demand elasticities are combined to yield estimates of the impact of the dollar depreciation on the U.S. trade balance, quarter by quarter, between 1971I-1973II.
The Lagged Adjustment of U.S. Trade to Prices and Income--A Commentary
Authors: Wilson John F.
Published: August 2019

The appearance of the interesting article by Joseph Miller and Michele Fratianni in the Spring 1974 issue of the Journal of Economics and Business (Temple University) refelcts the current high level of interst in lag processes and the adjustment of trade flows. Unfortunately, the results in the Miller-Fratianni (M-F) article raise far more problems than they solve. While the author's intention is "to stay strictly within the confines of theory" (p. 191) and to put trade studies on a sounder footing, in fact the article contains a number of debatable applications of aggregate demand theory, as well as several error which vitirate the author's stated conclusions.
Simultaneous Determination of the U.S. Balance of Payments and Exchange Rates - An Exploratory Report
Authors: Berner Richard , Carr Peter , Howe Howard , Kwack Sung Y. , Stevens Guy V. G.
Published: August 2019

The Quantitative Studies Section has as its collective research goal the formulation and estimation of a quarterly model of the U.S. balance of payments in which certain features will play a leading part: exchange rates (or an effective exchange rate) are endogenously determined; exchange market intervention policy is explicit; links to the domestic economy are specified in both real and monetary terms; and monetary policy instruments and their impacts on balance of payments and exchange rates, direct and inderect, are explicit. The model is to be used for both forecasting and policy simulations. The focus of these applications will be on the impact of domestic policies and of foriegn economic developments on the componets of the U.S. balance of payments and on U.S. domestic economic activity.
Monetary Correction and Interest Rates
Authors: Maroni Yves , Howard David H.
Published: August 2019

Over the years much has been written about the iead of linking the nominal value of contractual obligations to a price index so as to offset the efects of the instability of the puchasing power of money. But, until well into the twentieth century, little was done to put such a suggestion into effect. There was general agreeement that it was much better to maintain the real puchasing power of money by means of policies which would avoid inflation and deflation than to offset the effects of instability in the nominal puchasing power by means of monetary correction. More important, in many countries, if not in most countries, the majority of hte people had faith in the Governement's ability to adopt and carry out policies conductive to the maintenance of relative price stability, if not in the short run, then in the long run. Indeed, Governments, by and large, had shown themselves to be worthy of this faith throughout most of the nineteenth century, at least in most of Europe and in North America.
Gains From Trade Under Uncertainty, Once Again
Authors: Kotlikoff Laurence J. , Salant Stephen W.
Published: August 2019

In "Gains from trade under Undertainty" [AER, December 1974], Batra and Russell have examined the situation of a small country which must make its domestic production decisions prior to the realization of the world terms of trade. Once this realization occurs, home production can be traded internationlly for preferable bundles of the same value.
No End to the "Age of Zinc": The Length of the Optimal Program When Depletion Affects Extraction Costs
Authors: Salant Stephen W.
Published: August 2019

The literature on the optimal mining of an exhaustiable resource usually assumes that costs of extraction depend only on the amount extracted during the current period. The depletion effect--the dependence of the marginal cost curbe on the amount already extracted--is either ignored or captured inadequately by assuming that shifts in the marginal cost curve occur exogenously over time regardless of the extractor's previous behavior. Under these conventional cost assumptions, extraction optimally ceases in finite time except in one "neither believable nor important" case, noted by solow, where the demand curve never cuts the price axis.
Note on Interest Parity, Eurocurrencies and Capital Controls
Authors: Dooley Michael P.
Published: August 2019

In a recent artivle Robert Aliber [1973] suggested a reinterpretation of the interest parity theory. Aliber's reinterpretation resests on the distinction between political risk and exchange risk as determinantes of forward exchange rates. Several studies (Aliber, 1973; Dooley, 1974; Marson, 1974) have shown that interst rates paid on Eurocurrency deposits, which are identical in terms of policital risk, are offect by forward exchange premia or discounts to that covered differentials among Eurocurrency deposits are essentially zero. The objective of this paper is to analyze a corollary of this finding. That is, if interst rates paid in Eurocurrency deposits are different from deposit rates paid by banks located in the country issue, then covered differentials do exist between deposit rates in national money markets. These covered differentials are of interest because under certain assumptions they provide a measure of private speculative expectations. In this paper the well known argument that speculation influences forward exchange premia is recast in terms that are consistent both with Aliber's reinterpretation of the interst parity theory and with current institutional arrangements in international credit and foreign exchange markets. We then test the usefulness of this formulation in evaluating private speculative expectations for the German mark relative to the U.S. dollar during the time period January 1970-Decemver 1975.
How Far Can We Push The "Law of One Price"?
Authors: Isard Peter
Published: August 2019

Students exposed to the pure theory of international trade have been seduced by visions of an imaginary world with few goods, each typically produced by several countries but nevertheless homogeneous. In the assumed absence of transport costs and trade restrictions, perfect commidty arbitrage insures that each good is uniformly priced (in common-currency units) throughout the world -- the "law of one price" prevails.
A Monetary Model of Exchange Market Pressure Applied to the Post-War Canadian Experience
Authors: Girton Lance , Roper Don E.
Published: August 2019

The monetary approach to the balance of payments has received considerable attention. However, most the empirical studies employ models of a small country with fixed exchange rates. Without relying on the small-country assumption, we derive a model to explain a measure of exchange market pressure that incorporates both exchange rate movements and official intervention. the models is used to analyze the post-war Canadian experience.
Balance of Payment Equations and Exchange Rate Determination
Authors: Stevens Guy V. G.
Published: August 2019

This paper is intended to elaborate and justify rigorously the statements made in Part III of "Modeling the international Influence of the U.S. Economy: A Multi-Country Approach, " (the summary paper). The primary purpose is to justify the use of equilibrium conditions based on the balance-of-payments accounts in the determination of the exchange rates and other endogenous variables of the overall model developed in the summary paper. Here I shall show how such "balance-of-payments conditions or equations" can be constructed as a linear combination of the model's market clearing conditions and budget constraints. Then it will be proved that a balance-of-payments equation can be substituted for a judiciously chosen market clearing conidition, while leaveing the set of solutions for the system unchanged. Thus one can prove that the transformed model containing balance-of-payments conditions is equivalent to the original set of equations.
The Process of Exchange-Rate Determination: A Survey of Popular Views and Recent Models
Authors: Isard Peter
Published: August 2019

Thus purpose of this study is to evaluate the various ciewpoints within the economics profession regarding the processes that determine exchange rates between currencies. Although much of the study focusses jointly on spot forward excahnge rates, the term "exchange rate," when unmodified, should interpreted to refer to spot rates and not necessarily ro forward rates.
A Multi-Country Model of the International Influences on the U. S. Economy: Preliminary Results
Authors: Berner Richard , Carr Peter , Hernandez-Cata Ernesto , Howe Howard , Kwack Sung Y. , Stevens Guy V. G.
Published: August 2019

The major responsibility of the Quantitative Studies Section has been the construction of a model of U.S. international transactions that will provide answers to a broader tane of questions than has hitherto been possible using existing models at the Board. The most important of these questions are the following: what effect does U.S. monetary and fiscal policy have on U.S. trade and capital flows, and how do these flows affect important domestic variables such as GNP, interest rates, the price level and unemployment; how do exchange rates respond to changes in macroeconomic policies and what is the effect of exchagne rate movements on income and prices; what is the repercussion of economic developments in the United States on other countries, and what are the feedbacks to the United States from those countries; and finally , what is the directed impact on this country of changes in foreign economic conditions and policies.
The Short-Run Relation Between Growth and Inflation in Latin America: A Quasi Rational or Consistent Expectations Approach
Authors: Hanson James A.
Published: August 2019

The purpose of this paper is to explore the short-run relation between inflation and growth in Latin America. This topic was the subject of heated debate between "structuralists" and monetarists in the 1960's but has only begun to explored empirically. The evidence presented here also should provide a useful complement to the numerous studies of the relation between output and employment and inflation in developed countries, for Latin America provides a far broader set of well-documented "experiments" wich which to test hypothesis regarding inflation than the Group of Ten.
Impact of the Dollar Depreciation of the U.S. Price Level: An Analytical Survey of Empirical Estimates
Authors: Hooper Peter , Lowrey Barbara R.
Published: August 2019

The decline in foreign currency value of the dollar over the past year and a half and the increase in U.S. prices inflation more recently have reaised questions concerning the extent to which the dollar depreciation has raised U.S. prices. A number of estimates of the impact of exchange rate changes on U.S. domestic prices have been made by the staff of the Federal Reserve Board, and by others. The purpose of this paper is to survey and analyze a number of alternative estimates that have been made.
Monetary Policy Under Alternative Exchange-Rate Regimes: Simulations with Muliti-Country Model
Authors: Hernandez-Cata Ernesto , Howe Howard , Kwack Sung Y. , Stevens Guy V. G. , Berner Richard , Carr Peter
Published: August 2019

The purpose of this paper is to present some preliminary results on the impact of monetary policy in today's system of managed exchange-rate flexibility. Typical monetary policy actions in the United States, Japan and West Germany will be investigated with an eue both to their effects at home and abroad and to the dependence of these effects on the degree of exchange-rate flexibility and exchange-market intervention.
The Japanese Sector of the Multi-Country Model
Authors: Hernandez-Cata Ernesto
Published: August 2019

This paper descrives the structure and presents the main quantitative results of a quarterly econometric model of Japan. This model is part of the Multi-Country Model, which is a set of linked econometric models for the United States and four of its major trading partners that has been developed at the Federal Reserve Board by the Quantitative Studeis Section. The present paper deals exclusively with the Japanese sector of this wider model; it refers only very briefly to the over-all structure of the Multi-Country Model (MCM) which has been described in details in previous papers. Following this introductory chapter, the structure of the model's financial sector is described in Chapter II. Chapter III explains the notation used in the paper and Chapter IV provides detailed estimation results for all the behavioral equations of the model. Chapter V and VI list the model's identities and provide sources and definitions of variables. Finally, Chapter VII presents simulation results for key variables. The results various policy experiments using the model will presented in a future publication dealing with the MCM as a while.
The Real Rate of Interest on International Financial Markets
Authors: Howard David H.
Published: August 2019

Recent experience with high nominal interest rates and inflation rates has raised the question of the behavior of expected real rates of interest -- defined as the nominal interest rate less ehe expected rate of inflation and called simly the real rate of interest in this paper -- during this period. This paper examines real domestic interest rates in four major industrialized countries (Canada, Germany, the United Kingdom, and the United States) during the period 1971:Q1 - 1977:Q3. The approach taken is to construct time-series models for consumer-price inflation in each of the countries. These models yield predicted inflation rates which are then used to calculate a short real rate of interest for each country. QUestions regarding the behavior of the real estate interest over time and across countries are addressed. In particular, the question of the existence of a constant real rate and a world real rate of interest rate investigated.
U.S. Direct Investment Receipts and Payments: Models and Projections
Authors: Stekler Lois E.
Published: August 2019

The purpose of this study was to analyze the factors influencing direct investment receipts and payments and to make projects of net investment income. The models and techniques used are very similar, although the receipts side is disaggregated by industry, while the payments side is not. The paper is divided into three parts: direct investment receipts are analyzed in Part I, direct investments are analyzed in Part II, and the implications for net direct investment income are discussed in Part III.
A Simple Model of the Welfare Effects of Central Bank Intervention in the Foreign Exchange Market
Authors: McCormick Frank
Published: August 2019

Since the breakdown of the Bretton Woods system of adjustable peg exchange rates in early 1973, a continuing debate has take place concerning the appropriate role cnetral bank intervention under the existing ad hoc system of managed floating exchange rates. Most people would agree that the primary purpose of such intervention should be to increase economic welfare. And since most economists have long accepted the proposition that if speculators as a group make profits, they increase economic welfare, some have argued that central banks should also attempt to make profits in their interventions activities.
Protection, Real Wage Resistance and Employment: An Analysis of Some Proposals of the Cambridge Economic Policy Group
Authors: Eichengreen Barry J.
Published: August 2019

The protectionist proposals of a group of economists affiliated with the Department of Applied Economics as Cambridge University (also known s the "Cambridge Economic Policy Group," hereinafter CEPG) have generated considerable controversy. According to the CEPG, the only feasible combination of policies with which the U.K. and other "relatively unsuccessful" industrial countries can achieve full employment in the next decade is import controls (either tariffs or quotas) plus explansionary fiscal policy. The basic argument is that alternative policies, such as exchange rate depreciation, will rendered ineffective by compensating wage and price inflation; hence protection is the only sustainable means of stimulating British industry in the face of balance of payments constraints. Critics of the "New Cambridge" view contend that import controls "are a snare and a delusion which will help to cripple the British economy in the long run. Exchange rate adjustment is much to be preferred." The controvery hasentered its fifth year without showing signs of abating.
A Cross Country Study of the Relationship Between Discount Rate Changes and Exchange Rate Movements
Authors: Brown Kathleen H.
Published: August 2019

This paper attempts to arrive at some generalization about announcement effects of changes in a country's discount rate on teh foreign exchange value of that country's currency, analyzing the experiences of the United Kingdom, Germany, Japan, Canada and Belgium. In concludes that such announcement effects depend largely on the nature of the discount rate mechanism and how it is used by monetary authorities.
Transversality Conditions in Infinite Horizon Models
Authors: Gray Jo Anna , Salant Stephen W.
Published: August 2019

The transversality condition associated with finite horizon maximization problems is well-known. It is sometimes believed that the analogous condition for infinite horizon problems can be obtained simply by replacing evaluations at the terminal time with the limit of these quantities as time tends to infinity. That this belief is incorrect has been shown by Hubert Halkin (1974), who produced an example where an optimal solution to an infinite horizon problem violated the limiting extension of the standard condition.
Reserve Requirements on Eurocurrencey Deposits: Implications for the Stablization of Real Outputs
Authors: Henderson Dale W. , Waldo Douglas G.
Published: August 2019

The development of closer links between domestic financial markets and the Eurocurrency markets has provided an incentive for further investigation of the implications of placing reserve requirements on Eurocurrency deposits. In this paper a rational expectations model of a two-country world economy described in Section II is employed to analyze the impolications of placing a reserve requirement on Eurodollar deposits for the stabilization of real outputs.
Inflation, Indexation, and the Oil-Price Shock: The British Experience
Authors: Howard David H.
Published: August 2019

During the mid 1970s, there was a dramatic upsurge in British inflation rates, with rates exceeding 25 percent (measured from one year earlier). The acceleration in the growth of prices coincided fairly closely with the oil-andcommodity-price shock of 1973-74, and this coincidence suggests that the acceleration of inflation was attributed at least in part to the sharp increases in oil and commodity prices on world markets. However, a few years prior to the acceleration of inflation, there was an increase in the browth rates of the reported monetary aggregates, which suggests that the course of inflation in the United Kingdom during the mid 1970s was attributable at least in part to monetary causes as well.
Capital Mobility and the Scope for Sterilization: Mexico in the 1970s
Authors: Cumby Robert , Obstfeld Maurice
Published: August 2019

This paper studies the interaction between Mexico's capital account and domestic credit policy during the decade 1970-1980. It seeks in particular to measure the offset to moentary policy due to interest-sensitive capital flows, and, in doing so, is careful to account for the potential estimation bias introduced by central-bank sterilization activities. The empirical record suggests that the instnataneous capital-account offset to monetary policy, while substantial, was less than complete in the 1970s. The Bank de Mexico's short-run control of the monetary base allowed it wo attempt the compelte sterilization of foreign reserve movements, at least over part of the decade.
Exchange-Rate Regimes in Transition: Italy 1974
Authors: Flood Robert P. , Marion Nancy P.
Published: August 2019

From August, 1971, when the U.S. suspended dollar convertibility, until February, 1973, when the dollar was devalued under 10 per cent, the Bretton Woods System was in the final stage of collapse. During the transition period from fixed but adjustable exchange rates to managed floating, some major European countries adopted a middle-ground position, instituting some sort of two-tier exchange market, with seperate exchange rates for curecnt-account and capital-account transations. The authorities generally pegged the commercial exchange rate and allowed the financial exchange rate to be determined by market forces. It was hoped that the two-tier exchange market would relieve pressure on official reserves caused by massive shifts in capital flows. At the same time, it would insulate commerical transactions from exchange-rate fluctuations and eliminate the need for discretionary restrictions on capital transactions. Insulation of foreign trade from exchange-rate fluctuations seems to hav ebeen a less pressing objective for some coutnries during this period, since they pursued a two-tier float where the commercial rate was allowed to float in its own tier.
A Model of Stochastic Process Switching
Authors: Flood Robert P. , Garber Peter M.
Published: August 2019

Often, a policy authority such as a central bank operates by establishing a policy rule to set the variables under its control. Such a rule is allowed to operate freely as long as certain endogenous variables of interest to the authority remain within particular bounds; however, then those endogenous variables cross their bounds, the authority switches toa new policy rule which it had prepared to meet this contingency. Since variable such as prices are determined partly by agents' beliefs about future events, agents' behavior injects the probabilities that policy switches will occur at particular future times into current price determination.