bluuebunny/crossref_metadata_2025_split huggingface dataset:
A NONLINEAR MODEL OF THE BUSINESS CYCLE WITH MONEY AND FINANCE (*)
Authors: Gallegati M. , Gardini L. 
Published: July 2006

ABSTRACTIn this paper we analyze the working of a capitalist system with sophisticated financial institutions, where the Modigliani‐Miller theorem does not apply, so that the financial part of the economy affects the working of the real side. This model, in which the real and the financial sectors are connected throught a simple portfolio approach, and where the ratio between cash flow and debt commitment affects the pace of investment, explains the emergence of instability and, more generally, the cyclical behavior of the economy as an internally generated phenomenon of a capitalist system. As far as the dynamic behavior of the model is concerned, we can envisage the following process: when investment activity is low, the system evolves toward a stationary state; as soon as the accumulation rate starts growing, the model shows the existence of limited cycles and, when the elasticity of investment to internal finance increases further, a chaotic dynamic appears. Finally, we expect a situation of financial crisis to emerge when the elasticity of investment to internal financing constraint goes beyond a certain level, i.e. when the realized flow of profits is not sufficiently high to validate the debt commitments. The working of the model is referred to an economics with no technical change, while its dynamic properties will be investigated by the use of numerical simulation.
MODELING THE SOFT BUDGET CONSTAINT: INFLATION EXPLAINED BY A DISEQUILIBRIUM IN THE CIRCUIT OF CAPITAL
Authors: Loranger Jean‐Guy 
Published: July 2006

ABSTRACTThe article presents a two equation model showing how a disequilibrium between financial capital and real capital is a measure of the degree of a soft budget constraint situation, how such a disequilibrium can originate from price changes, interest rates or other international causes influencing the exchange rate. This is modeled by a circuit equation which is linked to a price equation via the mark up coefficient where it will be assumed that state (or private) enterprises can always cover their current costs and investment costs either by manipulating the selling price or by borrowing at cheap conditions or by getting subsidies or tax exemptions.
INVESTMENT AND GROWTH IN THE JOHANSEN PUTTY‐CLAY MODEL. A TECHNICAL NOTE(*)
Authors: Skonhoft Anders 
Published: July 2006

ABSTRACTThe »paradoxical« result in Leif Johansens putty‐clay model, that savings and investment do not seem to matter for growth, is examined. Using a growth‐accounting framework it is shown that investment efforts generally influence output growth, but this influence is not revealed in a proper way when the investment ratio is fixed. Interpreted in a one‐country case, the existence of a positive relationship between the propensity to invest and the growth rate of output is demonstrated.
THE KALDOR‐PASINETTI PROCESS RECONSIDERED(*)
Authors: Teixeira Joanilio R. 
Published: July 2006

ABSTRACTIn this pape we extend Pasinetti's model in two ways: (i) taking into account both direct and indirect taxation we allow the government to own explicitly part of the capital stock and to get profits; (ii) opening the economy to international trade and allowing a non‐zero current/capital account balance.We show that such extensions do not violate the essential features of the Cambridge result, provided that the external rate of savings is not affected by some kind of interest rate.
NEGATIVE SURPLUS VALUE AND INFERIOR PROCESSES*
Authors: Hosoda Eiji 
Published: July 2006

ABSTRACTOne of the most interesting results in value theory is that positive profits are consistent with negative surplus value. This result is obtained, using a two‐commodity linear model with joint production. Since existence of an inferior process is always implied in a two‐commodity model, the result has been supposed to be applicable to a limited type of technology. The purpose of this paper is to show that positive profits with negative surplus value do not necessarily imply the existence of such a process in higher dimensions. Although a different type of inferiority is implied, such a definition of inferiority is quite different from what is normally understood.
INTER‐CLASS TRANSFERS IN A GOODWIN‐TYPE GROWTH MODEL
Authors: Mainwaring Lynn 
Published: July 2006

ABSTRACTIn a discrete‐time version of Goodwin's growth‐cycle model, the effects of capitalist philanthropy on workers are analysed in comparative static and dynamic terms. In either case, aggregate incomes of both classes may suffer. Likewise, concessions obtained through trade‐union activity, and resistance to labour‐saving innovations have harmful long‐term effects on the working class.
NON PURE PRIVATE GOODS IN THE ECONOMICS OF PRODUCTION PROCESSES
Authors: Parrinello Sergio 
Published: July 2006

ABSTRACTIn this article the concept of nonrival input is re‐examined as a possible source of increasing returns, by taking a production process as the elementary unit of analysis. Nonrivalry of inputs is redefined in order to furnish an analytical tool to be used for extending the theory of value and distribution beyond the case of pure private goods and constant returns. Furthermore, the reformulation of the same concept is implemented for a critical appraisal of the notion of industrial design which has been adopted by Romer in his modelling approach to the theory of endogenous growth.
A REVISED GEOMETRY OF MEAN‐VARIANCE EFFICIENT PORTFOLIOS
Authors: Ehrbar Hans G. 
Published: July 2006

ABSTRACTA revised definition of efficiency compares portfolios with different net worths. One axiom rules out instantaneous riskless gains, the other asserts that it costs money to buy good portfolios. Unlimited short sales are allowed. Portfolios which cannot be improved at any price are called absolutely efficient. The geometry of the mean‐standard deviation frontiers is governed by three “efficient set constants”. A few results regarding efficient portfolios must be modified, and a new version of the security line equation is proposed. Explicit formulas are given: no need to use different formulas for singular or non‐singular covariance matrix.
CREDIT MARKET IMPERFECTIONS AND THE INCIDENCE OF WORKER‐OWNED FIRMS
Authors: Bowles Samuel , Gintis Herbert 
Published: July 2006

ABSTRACTUnder plausible conditions, in a market economy with both democratic and capitalist firms, credit market imperfections imply that the fraction of workers in democratic firms is an increasing function of the share of worker wealth. Our analysis addresses two agency problems that all firms must solve: eliciting effort from a team of workers and choosing the appropriate level of risk, in a situation where neither effort nor risk is contractually specified. The democratic firm enjoys a relative advantage in dealing with the agency problems surrounding labor, while the capitalist firm has a relative advantage in dealing with agency problems involving risk‐bearing.
ORGANISATIONAL CAPABILITIES AND INTERFIRM RELATIONS
Authors: Loasby Brian J. 
Published: July 2006

ABSTRACTThe co‐ordination problem is a consequence of the division of labour and the division of knowledge; what is to be co‐ordinated is the generation and testing of novel conjectures. The firm provides one means of doing this, and of developing a set of capabilities which can be deployed to cope with structural uncertainty. Any firm's capabilities are inevitably limited, and must be supplemented; this requires the development of market relationships, and, where success depends on closely‐complementary activities founded on a different knowledge base, the organisation of interfirm co‐operation. The additional value thus created may justify additional transaction costs.
DIRECTED GRAPH THEORY AND THE ECONOMIC ANALYSIS OF INNOVATION
Authors: Santarelli Enrico 
Published: July 2006

ABSTRACTThis article applies digraph theory to the theory of technological regimes. The first part of the paper identifies a number of links between the evolutionary approach and a particular version of the neoclassical approach to the economic analysis of technological change. Both these approaches are shown to take the body of presently‐available technological knowledge as a quantifiable magnitude allowing firms varying in strategy, structure and core capabilities to explore a range of feasible alternatives within the frontiers imposed by such knowledge. The second part of the paper therefore considers technological knowledge to be a cognitive empirical structure which can be better defined and calculated by using the theorems of digraph theory.
ENVIRONMENTAL TAXES, RELATIVE PRICES AND CHOICE OF TECHNIQUE IN A LINEAR MODEL OF PRODUCTION
Authors: Gehrke Christian , Lager Christian 
Published: July 2006

ABSTRACTA classical model of production is used to study the effects of environmental taxes on relative prices and on the choice of technique. It is shown that a taxation of energy inputs can induce cost‐minimizing producers to switch to a technique that requires more total energy. An explanation for such a ‘perverse’ substitution is provided by showing that with a positive rate of profits the relative prices of (relatively) energy‐intensive products can be higher with a higher tax rate.
THE EVOLUTIONARY DYNAMICS OF FINANCIAL PRACTICES
Authors: Sethi Rajiv 
Published: July 2006

ABSTRACTThis paper presents a model in which financial practices are chosen by decentralized units on the basis of expectations regarding financial market conditions, while the probability distribution governing market conditions itself depends on the choices made. If all agents are unboundedly rational, there is a unique equilibrium in which expectations are self‐fulfilling. The assumption of universal unbounded rationality is relaxed by introducing an optimization cost, which leads to the possibility that optimizers may not have a sufficiently great evolutionary advantage to eliminate nonoptimizers entirely. In this case behavioral heterogeneity can persist even in the long run. For certain classes of probability distributions governing financial conditions, the evolutionary dynamics of population composition can help explain a number of stylized facts regarding the dynamics of financial practices which have hitherto been explained on the basis of learning dynamics or systematic cognitive biases.
THE ROLE OF SUBSTITUTION IN WICKSELL'S DURABLE CAPITAL MODEL
Authors: Hong Keehyun 
Published: July 2006

ABSTRACTIn this paper the author shows that the absence of a good which is used directly or indirectly for the production of other goods is a crucial feature of Wicksell's two‐sector model, without which a positive relation between the value of machine stock and the consumption good output cannot be guaranteed. In fact he proves that, if that model is generalised by assuming that the capital good is used as an input also in its own production, the sign of the “marginal product of social capital” is indeterminate, even when both sectors have “well‐behaved” production functions of a Cobb‐Douglas type.
MACROECONOMIC POLICY ANALYSIS
Authors: Sayer Stuart 
Published: July 2006

ABSTRACTMuch of the mainstream literature on macroeconomic policy proceeds by making assertions about the relative efficiency of governments and markets. All too often coordination is assumed to be performed by some mythical deus ex machina, such as the Walrasian auctioneer or a benevolent and more or less omniscient government. The limitations of this approach and the sterile debate to which it gives rise are illustrated and examined in sections 2 and 3. To overcome this problem the relative efficiency of alternative government and non‐government allocation and coordination mechanisms need to be analysed explicitly. Section 4 provides a simple illustrative sketch of this approach.
A POST KEYNESIAN PERSPECTIVE ON COMMERCIAL BANK BEHAVIOR AND REGULATION
Authors: Hill R. L. St. 
Published: July 2006

ABSTRACTThe purpose of this paper is to present a post Keynesian perspective on commercial bank behaviour and regulation. It is assumed that: i) the quantity of loans is endogenous; ii) banks are dual purpose institutions whose functions are to create credit and supply means of payment and liquidity; iii) uncertainty pervades decision making; and iv) banks are price setters in retail markets, but price takers in wholesale markets. The effects of a number of instruments of regulation are analysed including lender of last resort, liquid reserve requirements, deposit insurance, capital adequacy and open market operations.
SEARCHING FOR ENDOGENOUS BUSINESS CYCLES IN THE U.S. POSTWAR ECONOMY
Authors: Kiefer David 
Published: July 2006

ABSTRACTThis paper explores the possibility that booms and busts are endogenous with an econometric examination of the U.S. economy. Although existing empirical results suggest the contrary, a theoretical literature discounts the stability verdict on the grounds that it is based on linear econometric evidence which is unreliable when the underlying phenomenon is non‐linear. We study a simple Keynesian cycle model which is theoretically general enough to include convergence to equilibrium or endogenous cycles as special cases. We find one particular nonlinear econometric specification which exhibits a limit cycle when estimated on postwar data, while the estimate of its global linear approximation converges to a fixed equilibrium. Our results are an empirical investigation of the boundary between stability and instability.
CAPACITY UTILIZATION, INVESTMENT AND NORMAL PRICES: SOME ISSUES IN THE SRAFFA‐KEYNES SYNTHESIS
Authors: White Graham 
Published: July 2006

ABSTRACTDrawing on recent debate over the theoretical significance of (Sraffian) normal prices this paper begins by outlining an interpretation of the relation between normal prices and administered pricing. This interpretation takes the anticipated average or normal rate of capacity utilization in each sector as data in the calculation of prices and profit rates. However, anticipated average utilization in each sector, in a cyclically disturbed system, will depend on relative prices and thus on distribution. This interdependence between prices, profit rates and utilization has an important bearing on certain issues arising out of attempts at a Sraffa‐Keynes synthesis. The paper attempts to shed light on those issues by exploring further the links between pricing, utilization and investment, using a simplified three‐sector model.
Immunologic mechanisms in allergic cutaneous vasculitis: cellular interactions, effects of cytokines, therapeutic insights*
Authors: Tosca A.D. , Stratigos J.D. 
Published: July 2006

AbstractAfter establishment of the importance of circulating and tissue bound immune complexes in the immunopathogenesis of allergic cutaneous vasculitis, endothelial cell cultures and the development of experimental models permitted us to further visualise aspects of cell‐cell interactions, inflammatory mediators and recently studied adhesion molecules, knowledge that might lead to deeper comprehension of the immunology of vasculitis and at the same time open new horizons for therapeutic intervention. In this review, recent data concerning immunologic mechanisms in allergic cutaneous vasculitis are presented. Emphasis is given to anti‐idiotypic antibodies, monocyte‐endothelial cell, neutrophil‐endothelial cell and lymphocyte‐endothelial cell interactions. The implication of cytokines in immune complex mediated inflammation is postulated. Therapeutic attempts with anti‐idiotypic antibodies, cytokine inhibitors or antagonists and monoclonal antibodies against cell surface leukocyte or endothelial molecules might be rewarding in the future.
Lymphomatoid papulosis: a study of 18 cases*
Authors: Ortiz‐Romero Pablo L. , Lopez‐Estebaranz Jose L. , Gil‐Martin Ricardo , Corell‐Almuzara Alfredo , Ballestin‐Carcavilla Claudio , de Pablo‐Martin Pilar , Iglesias‐Diez Luis 
Published: July 2006

AbstractLymphomatoid papulosis (LyP) is a cutaneous eruption that is clinically benign but histologically malignant. To date, more than 300 cases have been published. About 10–20% of the patients develop a lymphoma. The purpose of this study was to make a clinicopathological study of 18 patients diagnosed with LyP in our hospital from 1973 to 1990, to characterize cellular infiltrates in the lesions, to find clonal populations of T‐cells and to look for predictive factors of malignant lymphoma in LyP patients. Mean age was 48.7 years. The most frequent clinical lesions were papules (88.8%) followed by plaques (38.8%). The localizations were on extremities (100%), trunk (88%), face (22%), palms or soles (11%), perigenital (11%) and scalp (5%). Two patients have been free of disease for more than 5 years. IgA levels are increased in LyP patients. Neither HTLV I nor III can be considered as a cause of the LyP in any of our patients. Associated diseases were found in 6 cases (1 mycosis fungoides, 1 Hodgkin's disease, 2 anaplastic large‐cell lymphoma and 2 large plaque parapsoriasis). Some types of parapsoriasis should be included in the ‘spectrum of Ki‐1 lymphomas’. 52 skin biopsies were studied. 17% were type A of Willemze, 67% were type B and 15% were transitional. In 12 of the samples follicular or perifollicular infiltration was found. Follicular LyP should not be considered as a distinct type of LyP. Vasculitis is an uncommon finding in LyP. In all the cases studied, large atypical cells were CD30 +; 5/7 cases had lost CD5 and 4/5 cases had lost CD7. In one case, all T‐cell antigens were negative. Cerebriform mononuclear cells were always recognized by T‐cell antibodies and they were CD30 positive in only two cases. In one case there were more CD8 + than CD4 + cells. In 5 patients skin and blood samples for genetic rearrangement (beta‐T) were taken. Only germinal line was found. We did not find any significant difference between those cases in which malignant lymphoma developed and those in which it did not.
Twice daily dosing of erythromycin in the treatment of venereal chlamydial infections
Authors: Lehtonen Lasse , Hirsjärvi‐Lahti Tuula , Wilen‐Rosenqvist Gunilla 
Published: July 2006

AbstractBackground. Tetracyclines are recommended as primary choice for the treatment of venereal chlamydial infections. Erythromycin has been used in high doses as an alternative. Erythromycin acistrate (EA) is a 2′‐acetyl ester prodrug of erythromycin that can be used in lower doses.Objective. To show the efficacy of EA 400 mg twice daily in the treatment of venereal chlamydial infections.Study design. A randomized, double‐blind parallel group study. Chlamydia‐positive patients were randomized to treatment with either EA or erythromycin stearate (ES) for 10 days. Follow up cultures were performed at 28 days after the start of therapy. The sexual consort was treated with erythromycin stearate.Subjects. A total of 151 patients participated (47 males, 104 females). Seventy‐two patients received EA and 79 ES.Intervention. EA (0.4 g) and ES (0.5 g) were given twice daily for 10 days.Results. The bacteriological cure rate was 98% in the EA group and 97% in the ES group. There were no statistically significant differences between the treatment groups. No patient discontinued the medication in either group, although 30% of the EA group and 27% of the ES group reported adverse effects, mainly transient gastrointestinal symptoms.Main outcome. Treatment with erythromycin acistrate or stearate twice daily is a simple and efficient alternative for the treatment of sexually transmitted chlamydial infection in both male and female patients.
CD30 ± cutaneous T‐cell lymphoma associated with sarcoidosis*
Authors: Prignano F. , Mori M. , Santucci M. , Vallecchi C. , Pimpinelli N. 
Published: July 2006

AbstractWe observed a 61‐year‐old woman, presenting with deeply infiltrating, erythemato‐cyanotic, sometimes ulcerated or crusted plaques and nodules, mainly located on the lower limbs. Similar lesions had been present for more than 4 years, with a typical evolution: fast growth, followed by ulceration and necrosis, resulting in hyperpigmented, atrophic patches. The patient had had Rx‐confirmed, symptomatic lung sarcoidosis for 5 years. Histological examination of skin lesions showed diffuse dermal and hypodermal lympho‐histiocytic infiltrate, mainly composed of pleomorphic cells. On immunohistochemistry, the infiltrate was mainly composed of CD2 ±, CD3 ±, CD45RO ±, CD4 ±, CD30 ±, CD25 ‐ T‐cells, with sparse CDla ± dendritic cells. The typical clinical evolution (relapsing, self‐regressing plaques and nodules), morpho‐immuno‐logical features of skin lesions, and strong expression of CD30 antigen by neoplastic T‐cells suggest the possible classification of this case as CD30 ± (Ki‐1 ±) cutaneous T‐cell lymphoma. The association with systemic sarcoidosis, together with a down‐regulated cell‐mediated immune response, suggests the possibility that this latter may be a common denominator in the development of the two diseases.
New methods of HPV identification*
Authors: Kapranos Nikiforos C. 
Published: July 2006

AbstractIdentification of human papilloma viruses (HPV) is of major clinical importance because certain types are strongly associated with neoplastic transformation, especially in the uterine cervix. These viruses are not reliably detected by serological tests or culture. The detection of viral capsid antigens by immunohistochemical techniques is of low sensitivity and cannot be used in typing of HPV. Molecular biology techniques based on nucleic acid hybridization are the most sensitive and specific for identification of HPV. Blot methods are applied on DNA extracted from cells or tissues. In the Southern blot technique, nucleic acid probes are bound with the electrophoresed DNA fragments whereas, in the dot blot test, the intact DNA is directly spotted onto filters and hybridized. Although the first method is considered the ‘gold standard’, the latter has a comparable sensitivity, is simpler and can also be used with non‐isotopic probes. In the filter in situ hybridization method, whole cells are denatured and hybridized on a membrane, and this results in high background and low specificity. In situ hybridization is applied directly to the cells and tissues and, although it is not as sensitive as blot methods, it permits comparison of pathological features and the retrospective study of archive material. Amplification of genomic sequences by polymerase chain reaction (PCR) makes possible their detection with non‐isotopic blot techniques. PCR, which is applicable on cells, fresh and fixed tissues, is an extremely valuable and sensitive technique for the identification of HPV in the clinical laboratory.
The sign of Leser‐Trélat: fact or myth?
Authors: Bräuer J. , Happle R. , Gieler U. , Effendy I. 
Published: July 2006

AbstractA 46‐year‐old woman presented with multiple seborrheic keratoses disseminated over her trunk and thighs. A screening for internal malignancies revealed an adenocarcinoma of the colon that was successfully treated by surgery. During a follow‐up period of 18 months, the seborrheic keratoses remained unchanged. There was no evidence of recurrence of the malignancy. We conclude that this case does not fulfill the criteria of the ‘sign of Leser‐Trélat’; according to present knowledge the existence of this cutaneous paraneoplastic syndrome cannot be taken as a certain indication. Patients with multiple seborrheic keratoses do not necessarily present internal malignancies.