bluuebunny/crossref_metadata_2025 huggingface dataset:
Standardized Data, Scalable Documentation, Sustainable Storage – EnzymeML As A Basis For FAIR Data Management In Biocatalysis
Authors: Pleiss Jürgen
Published: July 2021

The often reported reproducibility crisis in the biomedical sciences also applies to enzymology and biocatalysis, and mainly results from incomplete reporting of reaction conditions. In this Concept article, an infrastructure based on EnzymeML is sketched, which enables reporting, exchange, and storage of enzymatic data according to the FAIR data principles. EnzymeML is a novel data exchange format for enzymology and biocatalysis, which facilitates the application of the STRENDA Guidelines and thus makes data on enzyme‐catalyzed reactions findable, accessible, interoperable, and reusable. EnzymeML enables the comprehensive documentation of metadata, thus fostering reproducibility and replicability in enzymology and biocatalysis. An EnzymeML Application Programming Interface integrates electronic lab notebooks with modelling platforms and databases on enzymatic reactions, and thus enables the seamless flow of enzymatic data from measurement to modelling to publication, without the need for manual intervention such as reformatting or editing. EnzymeML serves as a valuable tool for the design of biocatalytic experiments and contributes to the vision of a unified research data infrastructure for catalysis research.
Kinetic study on hydrolysis of isoamyl DL‐lactate catalyzed by NKC‐9
Authors: Xu Jumei , Wang Ying , Li Shating , Zeng Zuoxiang , Xue Weilan , Jiang Shan
Published: July 2021

The kinetics for hydrolysis of isoamyl DL‐lactate over cation‐exchange resin NKC‐9 was investigated in this paper, which was the prerequisite for a proper design of reactive distillation processes. The effects of mass transfer resistance, temperature, catalyst dosage, and the molar ratio of water to isoamyl DL‐lactate on conversion of isoamyl DL‐lactate were evaluated. The pseudo‐homogeneous (PH), Eley‐Rideal (ER), and Langmuir‐Hinshelwood (LH) models were then utilized to correlate the data obtained from experiments. Activities were used in the kinetics instead of the mole fractions because the reactants and products were not ideal. The activity coefficients were estimated by UNIFAC. It was demonstrated that the PH model was the best one to describe the hydrolysis of isoamyl DL‐lactate. The standard enthalpy was 5.46 kJ · mol−1 and the activation energy was 59.71 kJ · mol−1. Finally, the thermal stability and reusability of NKC‐9 were also tested.
Metastatic rectal cancer in the ampulla of Vater: A unique case
Authors: Samara Athina A. , Sgantzou Ioanna‐Konstantina , Diamantis Alexandros , Kokkalis Alexandros , Tsapakidis Konstantinos , Tolia Maria , Christodoulidis Gregory , Rountas Christos , Zacharoulis Dimitris
Published: July 2021

Background

A metastatic lesion located in the ampulla of Vater is considered extremely rare, with only 32 cases reported globally.

Case

A 65‐year‐old patient was primarily diagnosed with a rectal adenocarcinoma. Twenty‐four months later as part of the oncological follow‐up, the patient was diagnosed with a single secondary tumor in the ampulla of Vater. After undergoing a pancreaticoduodenectomy (Whipple procedure), the patient experienced an uneventful recovery and received adjuvant chemotherapy. Sixteen months later the patient remained disease‐free.

Conclusion

To the best of our knowledge, the present case represents the first reported metastatic tumor in the ampulla of Vater, originating from a rectal adenocarcinoma. This case underlines the critical role of immunohistochemistry in arriving at a correct diagnosis in order to guide clinical decision‐making.
Quantitative study on landscape colors of plant communities in urban parks based on natural color system and M‐S theory in Nanjing, China
Authors: Shen Shiguang , Yao Yao , Li Canliu
Published: July 2021

Plant color landscape plays an important role in improving the quality of visual landscapes, regulating the emotion of landscape space, and highlighting the characteristics of urban landscapes. How to reasonably quantify and create rich plant color landscapes to achieve the best visual perception of the plant color landscape at different visual scales, so as to better meet the aesthetic needs of the public, has become a hot and difficult issue in the plant color design and application. Therefore, this article selects four typical urban parks in Nanjing to study the color characteristics of plant communities. The natural color system color card is used to extract plant color data. The color harmony and suitability degree of the plant community and external environment are quantitatively evaluated according to the Moon‐Spencer (M‐S) color harmony theory. The correlation between the chromaticity difference, color harmony, and color suitability of the plant landscape color is strong, whereas that between the chromaticity difference and lightness difference of the plant landscape color is weak. Among the four urban parks, the color harmony is the highest, and the appropriate color is the lowest in Xuanwu Lake Park. In addition, among the 12 selected plant community landscapes, the plant community number A3 in Xuanwu Lake Park has the highest color harmony and D3 in Gulin Park has the lowest color harmony. In short, the quantitative study of the plant community landscape color can provide new ideas for improving the optimal allocation of the plant community landscape color in urban parks.
Examining the roles of cognitive flexibility, emotion recognition, and metacognitions in adult Attention Deficit and Hyperactivity Disorder with predominantly inattentive presentation
Authors: Aydın Orkun , Balıkçı Kuzeymen , Sönmez İpek , Ünal‐Aydın Pınar , Spada Marcantonio M.
Published: July 2021

The evaluation of cognitive functions in Attention Deficit and Hyperactivity Disorder (ADHD) is fundamental to improve the efficacy of therapeutic interventions. However, the role of specific higher‐order cognitive functions in adult ADHD, including cognitive flexibility, emotion recognition, and metacognitions, remains unclear. Therefore, in the current study, we aimed to examine these three distinct higher‐order cognitive functions among adult ADHD individuals. Forty patients with ADHD with predominantly inattentive presentation and 42 healthy controls participated in the study. The Adult Attention Deficit and Hyperactivity Disorder Scale (AADHDS), the Wisconsin Card Sorting Test (WCST), the Reading the Mind in the Eyes Test (RMET), and the Metacognitions Questionnaire‐30 (MCQ‐30) were administered. Results indicated that patients with ADHD had worse metacognitions scores, in specific subdimensions, relative to healthy controls. However, cognitive flexibility and emotion recognition did not differ between the groups. Moreover, the cognitive confidence subdimension of the MCQ‐30 was found to be sole significant predictor in the attention deficit subdimension of the AADHDS. Our findings suggest that lack of cognitive confidence may contribute to ADHD symptomatology despite regularly functioning cognitive flexibility and emotion recognition. Therefore, metacognitions could be a suitable target to alleviate the severity of ADHD symptoms.
Binge‐eating disorder is associated with an unfavorable body mass composition in patients with non‐alcoholic fatty liver disease
Authors: Forlano Roberta , Harlow Christopher , Mullish Benjamin H. , Thursz Mark R. , Manousou Pinelopi , Yee Michael
Published: July 2021

The interaction between eating disorders and non‐alcoholic fatty liver disease (NAFLD) remains unexplored, especially with regards to binge‐eating disorder (BED). Our team conducted a service evaluation project in order to assess risk factors for the presence of BED among patients with NAFLD and the impact of BED on body mass composition. The overall prevalence of patients screening positive to BED Screener‐7 (BEDS‐7) was 28.4%, while a previous diagnosis of depression and marital status (as single or separated) were independently associated with positive BED. Furthermore, patients with positive BEDS‐7 had higher BMI, with greater visceral component and overall lower muscle mass. There was no difference in terms of liver disease severity as assessed by noninvasive markers of fibrosis. However, as body mass composition and sarcopenia have been shown to be associated to disease progression in patients with NAFLD, further studies are required to ascertain the long‐term impact of BED in these patients. Moreover, further work is warranted to identify to implement multidisciplinary approach within clinical psychology for the management of patients with BED, who may be particularly challenging in terms of achieving lifestyle modifications. As a hepatology community, we should address NAFLD with a more holistic approach.
Cardiac output states in patients with severe functional tricuspid regurgitation: impact on treatment success and prognosis
Authors: Unterhuber Matthias , Kresoja Karl‐Patrik , Besler Christian , Rommel Karl‐Philipp , Orban Mathias , von Roeder Maximilian , Braun Daniel , Stolz Lukas , Massberg Steffen , Trebicka Jonel , Zachäus Markus , Hausleiter Jörg , Thiele Holger , Lurz Philipp
Published: July 2021

Aims

To investigate whether there is evidence for distinct cardiac output (CO) based phenotypes in patients with chronic right heart failure associated with severe tricuspid regurgitation (TR) and to characterize their impact on TR treatment and outcome.

Methods and results

A total of 132 patients underwent isolated transcatheter tricuspid valve repair (TTVR) for functional TR at two centres. Patients were clustered according to k‐means clustering into low [cardiac index (CI) < 1.7 L/min/m2], intermediate (CI 1.7–2.6 L/min/m2) and high CO (CI > 2.6 L/min/m2) clusters. All‐cause mortality and clinical characteristics during follow‐up were compared among different CO clusters. Mortality rates were highest for patients in a low (24%) and high CO state (42%, log‐rank P < 0.001). High CO state patients were characterized by larger inferior vena cava diameters (P = 0.003), reduced liver function, higher incidence of ascites (P = 0.006) and markedly reduced systemic vascular resistance (P < 0.001) as compared to TTVR patients in other CO states. Despite comparable procedural success rates, the extent of changes in right atrial pressures (P = 0.01) and right ventricular dimensions (P < 0.001) per decrease in regurgitant volume following TTVR was less pronounced in high CO state patients as compared to other CO states. Successful TTVR was associated with the smallest prognostic benefit among low and high CO state patients.

Conclusions

Patients with chronic right heart failure and severe TR display distinct CO states. The high CO state is characterized by advanced congestive hepatopathy, a substantial decrease in peripheral vascular tone, a lack of response of central venous pressures to TR reduction, and worse prognosis. These data are relevant to the pathophysiological understanding and management of this important clinical syndrome.
Treating symptoms and reversing remodelling: clinical and echocardiographic 1‐year outcomes with percutaneous mitral annuloplasty for mild to moderate secondary mitral regurgitation
Authors: Witte Klaus K. , Kaye David M. , Lipiecki Janusz , Siminiak Tomasz , Goldberg Steven L. , von Bardeleben Ralph S. , Sievert Horst , Levy Wayne C. , Starling Randall C.
Published: July 2021

Aims

To determine the effects of percutaneous mitral annuloplasty on symptoms, walk distance and left ventricular (LV) structure and function in patients with mild or moderate secondary mitral regurgitation (SMR).

Methods and results

This was a pooled analysis of patients (n = 68) who, despite guideline‐directed medical therapy had symptomatic heart failure (HF) with mild (n = 25) or moderate (n = 43) SMR treated with percutaneous mitral annuloplasty as part of the TITAN, TITAN II, or REDUCE‐FMR trials. Primary outcomes were changes in symptoms, 6‐min walk distance, and quality of life assessed by the Kansas City Cardiomyopathy Questionnaire (KCCQ) after 1 year. Secondary analyses included changes in LV structure and function. At 1 year, New York Heart Association class status was maintained (48%) or improved (46%) in most patients, mean KCCQ scores increased from baseline by 10 units [95% confidence interval (CI) 3 to17; P < 0.01] and mean 6‐min walk test distance increased by 34 m (95% CI 12 to 57; P < 0.01). SMR grade improved in 25% of patients and was maintained in 58% of patients with changes in mean regurgitant volume of −7 mL (95% CI −11 to −3; P < 0.001), vena contracta −0.11 cm (95% CI −0.20 to −0.02; P < 0.05), and effective regurgitant orifice area −0.03 cm2 (95% CI −0.06 to −0.01; P < 0.05). There were non‐significant improvements in LV ejection fraction and volumes. Survival over 1 year was 89% with no difference between mild (96%) and moderate (86%) SMR (log‐rank P = 0.22). Progression‐free survival was 70% (82% in mild vs. 63% in moderate SMR; P = 0.16). Freedom from HF hospitalization was 73% (87% in mild SMR vs. 66% in moderate SMR; P = 0.07).

Conclusion

Among patients with symptomatic HF and mild or moderate SMR on guideline‐directed medical therapy, percutaneous mitral annuloplasty was associated with improvements in symptoms, SMR, a stabilization of LV structure and function, and high survival rates.
Seismic design of multiple‐rocking systems: A gradient‐based optimization approach
Authors: Marzok Ameer , Lavan Oren
Published: July 2021

Self‐centering concentrically braced frames (SC‐CBFs) have shown many advantages towards structural damage‐free seismic behavior. These systems could be designed either with a single rocking section at the base or with multiple rocking sections along their height. Initial design methodologies for both cases have been proposed with an emphasis on the former case. These methods focused on simplicity of the design process and mostly relied on parametric studies. Thus, the obtained designs may violate some displacement constraints when verified using nonlinear time history analysis (NLTHA) or lead to conservative designs that may be expensive. Furthermore, focusing on simplicity, these methods are tailored for regular structures. This paper takes a different approach that leads to minimum cost designs for irregular structures that satisfy the constraints exactly when verified using NLTHA. The proposed approach allows for multiple rocking sections along the height of the designed buildings, if these lead to cost reductions. Of course, this comes with more demanding computing resources. Nevertheless, these are kept reasonable for practical use on a personal computer. For that purpose, the NLTHA is performed using the computationally efficient Mixed Lagrangian Formalism. Furthermore, an efficient gradient‐based optimization framework is developed. The framework is applied for the design of 8, 12, and 20‐story spine SC‐CBFs and an irregular 12‐story building with a setback level. These have shown promising results while revealing also non‐traditional designs. This demonstrates the power of using optimization for the design of these lateral load resisting systems.
Individualized real‐time prediction of working memory performance by classifying electroencephalography signals
Authors: Mirjalili Mina , Zomorrodi Reza , Daskalakis Zafiris J. , Hill Sean , Rajji Tarek K.
Published: July 2021

An individualized model that predicts trial‐by‐trial working memory performance is instrumental for personalized interventions. Here, we propose a single‐trial electroencephalography (EEG) classification process predicting individuals' responses, that is, target correct versus target non‐correct during a working memory task, N‐back. We used event‐related (de‐)synchronization (ERD and ERS) prior to an anticipatory cue as features. The proposed comprehensive process addresses single‐trial EEG classification challenges such as temporal overlap between training and testing datasets, feature selection's stability, and significance of the classification accuracy which have been often overlooked. Our model identified for the first time a few (ranged between 4 and 10) brain regions and oscillations where ERD and ERS predicted an individual's performance. Mean (SD) prediction accuracy across 50 participants (mean age [SD] = 28.56 [7.55]) was 69.51% (8.41). Accuracy was significantly above chance in 34 participants. This machine learning‐based approach provides a proof of principle for individualizing EEG targets for potential interventions.
How the Client Effect Moderates Price Competition
Authors: Lee Dwight R. , McKenzie Richard B.
Published: July 2021

Why is unregulated competition supposed to drive price down to ruinous levels in some high fixed‐cost‐low marginal‐cost industries (e.g., railroads) but not in others (e.g., hotels)? We argue that price competition is moderated in high fixed‐cost‐low marginal‐cost industries when the value one consumer realizes from the service is affected by the characterics of other consumers. We develop a simple model of this client effect using the example of the demand for hotels and then generalize the implications of our model to other industries.
What Explains Wage Differences Between Union Members and Covered Nonmembers?
Authors: Schumacher Edward J.
Published: July 2021

An individual covered by a collective bargaining agreement but who is not a union member is estimated to earn about 13% lower wages than a union member. Sectors with relatively few covered nonmembers are associated with a large coverage differential, while sectors with high proportions of covered nonmembers are associated with small differentials. This suggests freeriders either weaken the bargaining position of the union or weak bargaining positions increase the incentive to freeride. Only a modest amount of this differential is accounted for by unmeasured ability, the probationary period associated with newly hired union workers, or union status misclassification.
Employment and Prices in a Simple Macroeconomy
Authors: Goeree Jacob K. , Holt Charles A.
Published: July 2021

This exercise sets up interlinked labor and goods markets in a classroom macroeconomy. Students with worker roles are endowed with labor that can be consumed or sold to firms that post wages, purchase labor, and produce goods that can be either consumed or sold to workers. The money from sales is used by firms to purchase labor in the next period. Complicated record keeping is avoided by using ordinary playing cards to represent money and goods. The exercise can stimulate a discussion of potential output, unemployment, and the role of money in determining wages and prices.

Use: This experiment can be used in introductory macroeconomics classes to teach concepts of the circular flow, real and money wages, unemployment, and labor market equilibrium and in intermediate classes to consider Keynesian and quantity theories.

Time required: Fifteen minutes for reading instructions, 30 to 45 minutes for trading (depending on the number of periods), and 15 minutes for discussion.

Materials: You will need one copy of the instructions for each person and one deck of ordinary playing cards for each replicated group of two workers and one firm. No money or other incentives are required.
Optimal Export Taxes with an Endogenous Location
Authors: Hwang Hong , Mai Chao‐cheng
Published: July 2021

Export tax policy is one of the most debated issues in many developing countries. Those countries with strong natural advantages in the production of primary commodities, such as agricultural and livestock products, coffee, jute, rubber, and others, have attained at particular times a position as dominant suppliers in international trade. They have often used export taxes on those commodities to obtain foreign exchange and/or government tax revenues. This paper provides a normative analysis to examine how the inclusion of economic space affects export tax policy and to compare optimal export taxes under endogenous location with optimal export taxes under exogenous location, both in the short run and in the long run.
On‐the‐Job Training, Establishment Size, and Firm Size: Evidence for Economies of Scale in the Production of Human Capital
Authors: Black Dan A. , Noel Brett J. , Wang Zheng
Published: July 2021

Oi argues that the costs of monitoring employees rise with the value of the entrepreneur's time. One way of economizing on these monitoring costs is through the provision of on‐the‐job training for new employees. In this paper, we argue that differences in training by firm‐ and establishment‐size arise from cost advantages for larger firms; specifically, large firms and establishments have economies of scale in the provision of formal training and greater opportunities for informal coworker training. A unique data set is employed to estimate the relation among employer size and the intensity, duration, and composition of various training measures. It is possible that these cost advantages, which lead to greater amounts of training for employees of large firms, may explain, in part, the wage rate‐firm size differential.
Virtual Patent Extension by Cannibalization
Authors: Kamien Morton I. , Zang Israel
Published: July 2021

We propose a model to explain the recent practice of pharmaceutical firms of introducing generic substitutes for their own branded products before their patents expire. By this early introduction, a branded product's provider seeks to establish a Stackelberg leadership role in the forthcoming generic substitute market. Along with the early introduction of the generic substitute for its branded product, the firm optimally raises the price of its branded product above its prior monopoly level. However, despite its Stackelberg leadership position in the subsequent generic substitute market, the firm's branded product's price declines for a sufficiently large number of entrants into that market. Consumers, who are assumed to be composed of a brand‐loyal segment and a price‐sensitive segment, are better off both before and after the branded product's patent expires as a result of the branded products' suppliers early introduction of generic substitutes. The branded products' suppliers are also better off but the generics' suppliers are not as a result of this practice. However, total producer profits are higher than they would be if the branded products' suppliers were not involved in supplying their own generic substitute.
Have Air Pollutant Emissions Converged Among U.S. Regions? Evidence from Unit Root Tests
Authors: List John A.
Published: July 2021

Previous studies of income distribution have found evidence indicating that incomes across U.S. regions have converged, supporting the prediction of the neoclassical growth model. A potential shortcoming in these studies is that only one measure of well‐being is considered—a measure of wealth linked to incomes or production. This paper examines whether income convergence was accompanied by air pollutant emission convergence. Results from unit root tests provide some evidence that indicators of environmental quality have converged across U.S. regions during the 1929‐1994 period.
Reputation Effects in Bargaining Games
Authors: Park Eun‐Soo
Published: July 2021

This paper studies reputation effects in a dynamic simultaneous‐offer bilateral bargaining game in which one player might have some kind of irrational commitment that compels him to insist on some particular bargaining allocation. It is shown that if this player insists on this allocation, then the bargaining game will end within the first few rounds and he can get an expected payoff close to that allocation. More importantly, the upper bound within which the bargaining game ends does not depend on the relative strength of the two players.
Sibling Similarity in High School Graduation Outcomes: Causal Interdependency or Unobserved Heterogeneity?
Authors: Oettinger Gerald S.
Published: July 2021

This paper uses data on age‐adjacent sibling pairs from the National Longitudinal Survey of Youth to test for causal interdependencies between the high school graduation outcomes of older and younger siblings. Even after controlling for observable background characteristics, the graduation probability of an individual whose sibling graduated from high school exceeds the graduation probability of an individual whose sibling did not graduate by a large amount. However, this difference does not measure the causal effect of sibling graduation because of unobserved family factors and genuine simultaneity in the determination of all siblings' graduation outcomes. To measure the causal effect of sibling achievement on own achievement, I specify models in which sibling achievement is endogenous and estimate these models by two‐stage methods using sibling‐specific background characteristics as instruments. The evidence indicates that older sibling achievement has a positive causal effect on younger sibling achievement but that younger sibling achievement has no significant influence on older sibling achievement. These results are consistent with a model of intrafamily allocation in which parents learn about child endowments sequentially.
Errors‐in‐Variables Bounds in a Tobit Model of Endogenous Protection
Authors: Gawande Kishore , Bohara Alok K.
Published: July 2021

The errors‐in‐variables (EIV) problem is pervasive in econometrics but has not received the attention it deserves, perhaps because it is difficult to resolve. The first objective of this paper is to demonstrate the effectiveness of recently developed methods to deal with the EIV problem in models with censoring. The second objective of this paper is to empirically examine, in light of the EIV problem, theories of endogenous protection that have become important in trade theory in their ability to explain why nations do not follow the traditional economic maxim of free trade. These theories emphasizing political‐economic factors have gained momentum based on a set of empirical studies that have sought to prove their validity. Whether inferences about the theories of endogenous protection are gravely affected by errors in variables is examined using data on U.S. nontariff barriers with respect to nine developed countries. The theoretical developments in Klepper (1988) and Klepper and Learner (1984) are combined with a result from Levine (1986), which usefully extends the use of EIV diagnostics to a model with censoring.
A Long History of FOMC Voting Behavior
Authors: Chappell Henry W. , McGregor Rob Roy
Published: July 2021

We devise and apply a method for estimating monetary policy reaction functions for individual members of the Federal Open Market Committee (FOMC) of the Federal Reserve. Our method uses members' votes on the monetary policy directive in FOMC meetings as the key source of data on individual preferences. The analysis provides a ranking by preference for ease for 84 FOMC members who served during the 1966‐1996 period.
Estimating the Effects of Earnings Uncertainty on Families' Saving and Insurance Decisions
Authors: Palumbo Michael G.
Published: July 2021

This paper investigates whether families save partially to self‐insure against uncertain future earnings and estimates the extent to which pooled insurance substitutes for saving as a precaution against earnings risk. An econometric model is estimated using unique household survey data from the nineteenth century to examine families' joint saving and insurance decisions. The historical microdata are of interest because they predate widespread social insurance programs, which may stunt self‐insurance through private saving among contemporary families. The econometric results imply that two independent measures of idiosyncratic earnings risk matter for families' saving decisions. Additionally, families whose primary wage earners belong to labor unions significantly save less frequently than others, all else being equal, but this tendency is not apparent among members of private benevolent societies.
Process Versus Product Innovation: Do Consumption Data Contain Any Information?
Authors: Thompson Peter , Waldo Doug
Published: July 2021

In a model of endogenous growth in which product and process innovations are the joint outputs of an unspecified research program, we show that if quality growth is not captured by official price indices the usual isomorphism of product and process innovations breaks down. We derive and estimate a Euler equation for a representative consumer under the assumption of measurement error. Unobserved quality improvements account for at least half of growth, and real productivity growth in postwar United States was two to five times greater than measured total factor productivity (TFP) growth. We also find that at least 15% of the measured slowdown in TFP growth can be attributed to unobserved increases in the relative importance of product innovations.
The Success of American Communes
Authors: Thies Clifford F.
Published: July 2021

This study analyzes the effect of the structure of communes on their success, using the data of 281 communes started in America from 1683 to 1937. Factors increasing the likelihood of success include (i) being a pietist religious sect, (ii) inducing commitment as measured by an index of several underlying variables, (iii) allowing some private property, and (iv) with some qualification, having anarchic governance. These results support the prevailing commitment hypothesis. They additionally indicate that communes can increase their likelihood of success by making some concessions to egoistic concerns.
An Assessment of the Causes of the Abandonment of the Gold Standard by the U.S. in 1933
Authors: Hallwood Paul , MacDonald Ronald , Marsh Ian W.
Published: July 2021

In this paper we present an investigation of the pressures on the United States to devalue the dollar against the franc and gold in the early 1930s. We calculate monthly time‐series of realignment expectations and find that these are well explained by a set of fundamental economic variables. The implication is drawn that macroeconomic events were at least in part responsible for jolting the U.S. off the gold standard and that the Federal Reserve was constrained in its response to the Depression by the United States' commitment to gold.
The Demand for Excess Reserves
Authors: Dow James P.
Published: July 2021

This paper provides an estimate of the demand for excess reserves in the United States. It finds that excess reserves are negatively related to the Federal funds rate and positively related to transactions deposits. It also finds that clearing needs significantly affect the demand for reserves with increases in excess reserves coming in response to lower required reserve balances and higher clearing volume. Some implications for monetary policy are discussed.
The Future of Market Regulation
Authors: Sherman Roger
Published: July 2021

Market regulation is accomplished both by competition and by external government agencies, and the trend is toward greater reliance on competition. Economists have fostered this trend and have even invented markets to help overcome some externality problems. They have contributed to a steady improvement in antitrust policy, which currently reflects economic knowledge well. They diagnosed and demonstrated problems with external regulation of the airline industry and gave assurance that regulation by competition could work in its place. Success there led not only to deregulation of airlines but also deregulation of railroads, trucks, buses, and, in some ways, natural gas pipelines. Two other industries, telecommunications and electricity, are now following very ambitious paths toward less external regulation and greater dependence on competition. The Internet raises new issues, but there also, competition will play an important regulatory role.
Trends in the Male‐Female Wage Gap: The 1980s Compared with the 1970s
Authors: Polachek Solomon W. , Robst John
Published: July 2021

Despite a more rapid increase in female work behavior in the 1970s than in the 1980s, the male‐female wage gap in the 1970s narrowed one‐eighth as quickly as in the 1980s. This paper uses 1972 through 1988 Panel Study of Income Dynamics data to explain why women's wages rose less quickly in the 1970s. It illustrates how new female labor market entrants in the 1970s brought down mean female wages, thereby driving down female wage growth. This decline played itself out in the 1980s as the relative growth in female labor market entrants diminished and as the proportion of women's potential work years actually worked increased.
Simulating the Effects of Railroad Mergers
Authors: Park Joon Je , Babcock Michael W. , Lemke Kenneth , Weisman Dennis L.
Published: July 2021

The purpose of this paper is to add to the empirical literature regarding merger simulation analysis by examining the effect of railroad mergers on railroad market power. This is done by measuring railroad profits and revenue/variable cost ratios corresponding to different degrees of intrarailroad competition for movements of Kansas export wheat to Houston, Texas.

Two models are developed to achieve the objectives of the study. A network model of the wheat logistics system is used to identify the least cost transportation routes from the Kansas study area to the market at Houston. A profit improvement algorithm, which identifies Nash equilibrium prices, is developed to measure the amount by which railroads can profitably raise their prices above variable cost.

The results of the study have implications for U.S. railroad merger policy. The paper indicates that railroad mergers do not necessarily increase railroad market power or make railroad shippers worse off. Instead, the study demonstrates that the impact of railroad mergers on shippers and railroads depends on factors that vary geographically, such as the degree of intrarailroad and intermodal competition in the area.
An Empirical Analysis on Capital Flows: The Case of Korea and Mexico
Authors: Ying Yung‐Hsiang , Kim Yoonbai
Published: July 2021

This paper discusses causes of capital flows in Korea and Mexico. Both countries received substantial amounts of foreign capital in the late 1980s and early 1990s. International capital helped these countries achieve a higher standard of living and faster economic growth. However, undesirable macroeconomic effects such as appreciation of real exchange rate and widening current account deficits usually accompany foreign capital inflows. The vector autoregressive (VAR) method is applied to investigate the underlying shocks causing the capital inflows. The main findings are that the U.S. business cycle and shocks to foreign interest rates account for more than 50% of capital inflows to both countries in the past two decades.
A Flexible Multistage Demand System Based on Indirect Separability
Authors: Moschini GianCarlo
Published: July 2021

The notion of indirect separability is exploited to derive a new multistage demand system. The model allows a consistent parameterization of demand relations at various budgeting stages and it fulfills the requirement of flexibility while satisfying separability globally. Two propositions are derived to characterize flexible and separable functional forms, which lead to the specification of a flexible and separable translog (FAST) demand system. The model is particularly attractive for modeling large complete demand systems and is illustrated with an application to Canadian food demand.
Multiple Regime Shifts and Multiple Ends of the Taiwanese Hyperinflation, 1945‐1953
Authors: Burdekin Richard C. K. , Whited Hsin‐Hui I. H.
Published: July 2021

We reexamine the behavior of money growth, inflation, and real money balances in post‐World War II Taiwan. Our results suggest that the importance of the June 1949 reform package has been overstated. The empirical work reveals an extended period of instability that begins several months prior to the June 1949 announcements and continues until early 1950. This implies that stabilization was achieved only gradually. We also point to the importance of two high‐interest deposit programs—introduced in May 1949 and March 1950—in helping account for the Taiwanese authorities' ability to end the inflationary spiral.
Is It Worthwhile to Pay Referees?
Authors: Chang Juin‐jen , Lai Ching‐chong
Published: July 2021

There are puzzles in refereeing scholarly articles: Why are referees willing to review a paper without payment, and is it worthwhile to pay referees in order to raise the review rate? Two interesting results are found in this article. First, when reviewing services are driven by reciprocity, the equilibrium participation of referees may exhibit the so‐called self‐fulfilling feature. Second, the optimal payment may not be zero if the referee receives the benefit of reputation gained by refereeing an article. In particular, this article will show that those journals whose status quo review rate is lower tend to pay reviewers more while journals whose status quo review rate is higher do not find it worthwhile to pay referees enough. This result implies that, in order to raise its quality, a journal with a low review rate is more likely to adopt a strategy to increase pay and attract a critical mass of referees.
Multiunit Auctions in Which Almost Every Bid Wins
Authors: Engelbrecht‐Wiggans Richard , Kahn Charles M.
Published: July 2021

We consider multiunit auctions in which there are enough units so that each bidder but one wins every unit on which he bids. We characterize the equilibrium bidding strategy for three different payment rules: the pay‐your‐bid auction, the uniform‐price auction in which the price equals the lowest winning bid, and the uniform‐price auction in which the price equals the highest losing bid. We also consider the Vickrey pricing rule. In the case we examine, the auctions are all efficient and thus are revenue equivalent. The equilibria illustrate several phenomona that cannot arise in single‐unit auctions. Even though the auctions are expected‐revenue equivalent, different bidders may end up paying very different amounts. Also, in contrast to single‐unit auctions, changing the seller's reservation price affects revenues, even if it remains below the lowest possible value to bidders.
Tax Liability‐Side Equivalence in Experimental Posted‐Offer Markets
Authors: Borck Rainald , Engelmann Dirk , Müller Wieland , Normann Hans‐Theo
Published: July 2021

In theory, the incidence of a tax should be independent of the side of the market on which it is levied. This principle of liability‐side equivalence underlies virtually all theories of tax incidence. Policy discussions, however, tend to place great emphasis on the legal division of tax payments. We use computerized experimental posted‐offer markets to test liability‐side equivalence. We find that market outcomes are essentially the same when the tax is levied on sellers as when it is levied on buyers. Thus, we cannot reject liability‐side equivalence.
The Determinants of the Cost Efficiency of Electric Generating Plants: A Stochastic Frontier Approach
Authors: Hiebert L. Dean
Published: July 2021

This article provides a detailed analysis of generation plant operating cost efficiency over the period 1988‐1997. I estimate a stochastic frontier cost function together with a model of plant inefficiencies to measure the operating efficiencies of individual plants and identify factors that are associated with variations in plant efficiencies. I find evidence that plant efficiencies are associated with capacity utilization of the plant, the number of plants under utility management, and ownership form. I also find that regulatory restructuring activity in certain states is associated with improvements in plant operating performance.
Aviation Policy: Past and Present
Authors: Bailey Elizabeth E.
Published: July 2021

Airline deregulation has been a symbol of the trend toward less expansive government over the past quarter century. The move from economic regulation to deregulation has delivered on its efficiency promises. There have been significant benefits to consumers in terms of lower prices and more convenient schedules. However, airline competition, particularly at hub airports, remains imperfect. The nature of these imperfections is explained better by models of oligopolistic behavior than by the contestability theory. Paradoxically for this industry, the terrorist attack of September 11, 2001, has ushered in an expanded role of government in aviation policy. This expanded role does not reinstate government intervention in airline economic decisions. Rather, it provides financial stabilization (bailout and loan guarantees) of the industry in the short run and long‐term structural change in aviation security.
A Market‐Clearing Classroom Experiment
Authors: Boháček Radim
Published: July 2021

This paper describes a classroom experiment demonstrating the price mechanism and the clearing of markets in an endowment economy. Participants receive random endowments of two goods they may trade in order to maximize a given utility function. A market‐clearing price is reached when no mutually beneficial trades are possible. The outcome is truly endogenous, with no reservation prices or willingness to trade imposed on the participants. A problem set allows the participants to study the equilibrium outcome analytically. The experiment can be used in intermediate micro‐ and macroeconomic courses.
Taxes, the Speed of Convergence, and Implications for Welfare Effects of Fiscal Policy
Authors: Russo Benjamin
Published: July 2021

Previous studies suggest that income taxes do not affect the convergence speed in neoclassical and new growth models. Those studies use very simple tax structures. This paper shows that a relation between taxes and convergence speed emerges if tax benefits are included in standard macroeconomic models. A welfare example suggests that the economic impact could be large even if the absolute size of the effect of taxes on convergence speed is small.
Human Capital Attainment, University Quality, and Entry‐Level Wages for College Transfer Students
Authors: Hilmer Michael J.
Published: July 2021

This paper examines the returns to institutional quality for all institutions attended by college transfer students and asks whether such an analysis provides insight into the role of human capital accumulation in determining a college graduate's entry‐level earnings. Exploiting panel data techniques, I find that the quality of both a transfer student's initial and graduation universities have significant, positive, and nearly identical effects on his or her future earnings. Such evidence suggests that the return to quality is similar across all institutions attended and thus can be consistent with the human capital theory of educational attainment.
The Wage and Employment Dynamics of Minimum Wage Workers
Authors: Even William E. , Macpherson David A.
Published: July 2021

This study uses panel data to examine the wage and employment dynamics of minimum wage workers. Compared with workers earning above the minimum, minimum wage workers are much more likely to be new entrants or to exit the labor market. Changes in industry, occupation, and access to job training are particularly important to improving the wages of minimum wage workers. Many minimum wage workers earn less than their potential wage temporarily because of nonwork circumstances that make higher‐paying jobs less attractive.
The Evolution of Fuzzy Rules as Strategies in Two‐Player Games
Authors: West James E. , Linster Bruce
Published: July 2021

This paper describes simulations using fuzzy rules that show how Nash equilibrium behavior can be achieved by boundedly rational agents in two‐player games with infinite strategy spaces. That is, we show how agents using simple “rules of thumb” can achieve near‐equilibrium outcomes without any overt computation of the equilibrium. This is accomplished by using a genetic algorithm to approximate repeated play. Two games of differing complexities, both with analytic solutions, are examined: a repeated linear‐demand Cournot game and a contestable rent game. When fuzzy rules used only the most recent information, the games we examined converged to outcomes similar to their respective Coumot‐Nash equilibrium outcomes. When fuzzy rules “remembered” play from the more distant past, we found that the games converged more slowly, if at all.
An Application of Unit Root Tests with a Structural Break to Risk‐Based Capital and Bank Portfolio Composition
Authors: Jacques Kevin T.
Published: July 2021

During the 1990s, the composition of commercial bank portfolios in general and bank holdings of business loans and government securities in particular exhibited unusual behavior. One possible explanation for these unusual changes was the implementation by U.S. bank regulators of the risk‐based capital standards. This paper examines the issue of nonstationarity in bank holdings of commercial loans and government securities by considering whether a trend specification with structural break model is consistent with the implementation of the risk‐based capital standards.
Reflections and Confessions of an Erstwhile Economist
Authors: McTeer Robert D.
Published: July 2021

Bob McTeer reflects on some of the people and events that have influenced his thinking and his career as a central banker. He also discusses some of the issues he has encountered along the way. including free trade, productivity growth, inflation, monetarism, unemployment, and budget deficits.
Industry Dynamics and the Distribution of Firm Sizes: A Nonparametric Approach
Authors: Lotti Francesca , Santarelli Enrico
Published: July 2021

The aim of this paper is to analyze the evolution of the size distribution of young firms within some selected industries, using as a background three theories of the distribution of firm sizes that identify a process of passive learning (Jovanovic 1982), one of active learning (Ericson and Pakes 1995), and an evolutionary one (Audretsch 1995) in the postentry dynamics of business firms. We use a non‐parametric technique, the kernel density estimator, applied to a data set from the Italian National Institute for Social Security (INPS), consisting of 12 cohorts of new manufacturing firms that were followed on a quarterly base for six years. We find that firm size distribution is in general skewed to the right, although different industries display different paths and speeds of convergence toward the limit distribution. This finding is fairly consistent with theories allowing for industry heterogeneity in terms of structural and technological features, which, in turn, result in industry‐specific evolution of the size distribution of new entrants.
A Dynamic Analysis of the Global Timber Market under Global Warming: An Integrated Modeling Approach
Authors: Lee Dug Man , Lyon Kenneth S.
Published: July 2021

We develop a dynamic integrated modeling approach to identify the effect of global warming on the global timber market. The Timber Supply Model (TSM) 2000, BIOME 3, and Hamburg are used as suitable economic and ecological models. In particular, the TSM 2000 is developed to incorporate important additional components in the global timber market. We estimate dynamic ecological change based on the simulation results of BIOME 3 using Hamburg and linearity assumptions about change in climate and ecosystem. The projected dynamic ecological changes are run through the TSM 2000 to identify the effects of dynamic climate change on the timber market. We simulate a non‐climate change base scenario and a climate change scenario of the TSM 2000, and we conclude that global warming has a positive effect on the global timber market through an increase of timber production causing stumpage prices to be lower than they otherwise would have been. In the welfare sense, we also identify that global warming is economically beneficial to society through the global timber market.