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This paper compares Léon Walras’ and Augustin Cournot’s views on monetary regulation. It shows that whereas Cournot believed discretionary monetary regulation to be convenient and acceptable, Walras held that the only acceptable monetary system is based exclusively on the stability of the value of money under a monetary rule following a strict equivalence between metallic reserves and a pure medium of exchange form of money. The paper also advances Cournot understood more clearly than Walras the evolution of the monetary system of their days because Walras was trying to guarantee the coherence of his pure theory with his applied theory, which made him unable to accept the evolution toward a monetary system based on fiat money. Este artículo compara las teorías de Léon Walras y Augustin Cournot sobre regulación monetaria. Demuestra que, si bien Cournot creía que era conveniente y aceptable la regulación monetaria discrecional, Walras sostuvo que el único sistema monetario aceptable es el basado en la estabilidad del valor del dinero bajo una regla monetaria que siga una estricta equivalencia entre las reservas metálicas y el dinero, considerado como puro medio de cambio. El artículo también apunta a que Cournot entendió mejor que Walras la evolución del sistema monetario de su época dado que Walras trataba de mantener la coherencia de su teoría pura con su teoría aplicada, lo que hizo que fuera incapaz de aceptar la evolución hacia un sistema monetario basado en dinero fiduciario.

The part played by unemployment in the rise to power of Hitler weighed on the minds of leaders in Western democracies. There was a determination to create a world in which large-scale unemployment was abnormal and at worst only a temporary phenomenon. The war had shown that this was possible in a community united to pursue a common goal and the aim was to create such a community in a world free from the horrors of war, by creating communities in which the welfare of every person was important. Australia was remarkably successful in achieving this for 30 years. Its success depended on governments responding to any sustained increase in unemployment by undertaking large increases in public sector expenditure supported by accommodating monetary policy and tax cuts if desirable. In bad times as well as good, there was a determination to ensure that both the incomes and prices paid for necessities by the less well-off did not force anyone to live in poverty. The biggest obstacle to achieving this today is the growth of neoliberalism with its emphasis on ‘freedom’ or giving individuals the ability to act as they please with minimal constraints and an ideological commitment to small government.

During the colonial era, the French colonial government in Canada experimented with paper money printed on the back of playing cards. The first experiment lasted from 1685 to 1719. In the first years, there was little inflation in spite of a rapidly expanding stock of playing card money. It is only in the later years of the experiment that prices rose. The behavior of the money stock and nominal output suggest that velocity fluctuated throughout the period. We argue here that these fluctuations can be explained by variations in the enforcement of legal tender laws. This interpretation provides insights into the debate over the inflationary impact of paper money in the colonial United States.

When scholars investigate the legacy of John Maynard Keynes’s Treatise on Probability (1921) for the development of Keynes’s thinking, the attention usually focuses on the connections among Keynes’s probability theory, his conception of decision-making under uncertainty, and the theory of the functioning of the macroeconomic system that derives from it—through the marginal efficiency of capital, the preference for liquidity, and the self-referential functioning of financial markets. By contrast, this paper aims to investigate the connections between Keynes’s probability theory, on the one hand, and his economic policy recommendations, on the other. It concentrates on the policy recommendations defended by Keynes during the Great Depression but also after the General Theory. Keynes’s economic policy can be understood as a framework for decision-making in situations of uncertainty: fiscal policy aims to induce private agents to change their “rational” probability statements, while monetary policy aims to allow more weight to these statements.

Following the fast spread of the coronavirus (Covid-19) across Europe and North America in March 2020, many people started stockpiling commodities like toilet paper. Despite the high relevance for public authorities to adequately address stockpiling behavior, empirical studies on the psychological underpinnings of toilet paper stockpiling are still scarce. In this study, we investigated the relation between personality traits, perceived threat of Covid-19, and stockpiling of toilet paper in an online survey (N = 996) across 22 countries. Results suggest that people who felt more threatened by Covid-19 stockpiled more toilet paper. Further, a predisposition towards Emotionality predicted the perceived threat of Covid-19 and affected stockpiling behavior indirectly. Finally, Conscientiousness was related to toilet paper stockpiling, such that individuals higher in Conscientiousness tended to stockpile more toilet paper. These results emphasize the importance of clear communication by public authorities acknowledging anxiety and, at the same time, transmitting a sense of control.

The Ottoman Empire introduced paper money called kaime which was also a bill of exchange bond to bearer in order to finance the reforms of the Tanzimat and to overcome the financial and fiscal difficulties of the previous period, and adopted a foreign exchange stability policy and a fixed Exchange rate system to stabilize its currency which gradually lost its value against the foreign currencies due to ongoing adulterations. Related to the developments that took place over time, the monetary policy of the government has also changed; interest-free paper money was eventually introduced to the market by decreasing the interest rates gradually. Due to the Crimean War and the economic and financial difficulties experienced during the war, the amount of paper money in the market was increased uncontrollably. The fact that the money market in the Ottoman Empire was not sufficiently organized and the weakness of the state control over the market caused intensive speculative activities to be carried out by the bankers and brokers who took on intermediary duties in the market. Following the Crimean War, the increasing influence of Western powers on the Ottoman finance was a factor that restricted the speculative activities. The Random Walk Hypothesis suggests that the future prices cannot be predicted using the current information, thus speculative gains will not be possible. In this study, the Random Walk Hypothesis in the paper money market and the Exchange rate market in the Ottoman Empire are analyzed with reference to economic and historical facts. For this purpose, Variance Ratio Test and unit root test with structural break were adopted. The results of the analysis, on a large scale concluded that the Random Walk Hypothesis is valid in both markets and that there are economic and political developments behind the structural breaks.

In the August of 2007, banks faced a freeze in funding liquidity from the asset-backed commercial paper (ABCP) market. We investigate how banks scrambled for liquidity in response to this freeze and its implications for the real economy. Commercial banks in the United States raised deposits and took advances from Federal Home Loan Banks (FHLBs). In contrast, foreign banks – with limited access to the deposit market and FHLB advances – lent less in the overnight interbank market and borrowed more from the Federal Reserve’s Term Auction Facility (TAF) auctions. Relative to banks in the United States, relative to before the ABCP freeze and relative to their non-US dollar lending (difference-in-differences), foreign banks with ABCP exposure charged higher interest rates on syndicated loan packages denominated in dollars. The results point to an important funding risk in global banking, manifesting as currency shortages for banks engaged in maturity transformation in foreign countries.

The focus of this review research is on skill mismatch rather than educational mismatch. Specifically, this research examines the definition, extent, measurement of skill mismatch, and the impact of skill mismatch on earnings, productivity, and job satisfaction of employed individuals. Skill mismatch occurs when a worker’s possessed skills are incompatible with the required task-related skills. Skill underutilization or overskilling arises when the skills of an employed individual exceed those required to perform the job. On the other hand, skill overutilization or underskilling ensues when a worker’s skills are below those required to perform the task. The extent of skill mismatch varies from country to country and by measurement approaches: subjective (self-assessment) and objective approaches. The literature review also reveals that underskilling often results in a wage premium and overskilling in a wage penalty. In addition, skill mismatch has a negative impact on productivity and job satisfacti.

China has become the world largest paper and paperboard producer. However, pulp and paper industry has involved high resource consumption and severe pollution especially for water. This research has assessed the eco-efficiency of China's pulp and paper industry at the national level and provincial level. An overview regarding the cleaner production of China's pulp and paper industry was presented to reveal the measures for reducing environmental impact in the last two decades. Slacks-based measure was used to analyze the efficiency levels of 16 provinces' pulp and paper industries. To uncover the underlying causes of eco-efficiency performance, Malmquist–Luenberger index was calculated to discover the drivers of productivity growth of pulp and paper industries. Our results showed that the pollution treatment of China's pulp and paper industry has made progress in terms of water consumption and water pollution, although the absolute amount of pollution discharge is still large. Chemical oxygen demand emissions are still the first critical influencing factor of pulp and paper industry's inefficiency. Furthermore, efficiency progress was the dominating contribution of the industry's productivity growth between 2010 and 2013. The policies for adjusting the industrial structure of pulp and paper industry have resulted in the scale effects through eliminating backward production capacity and accelerating merger and acquisitions. Moreover, the productivity of pulp and paper industry was underestimated when the undesirable outputs were ignored. It indicates that the stricter environmental regulations have positive effects on paper companies to internalize environmental pressures in the production activities through environmental management. In the future, pulp and paper companies should further internalize the cost of pollution treatment through scale effects and technology improvement.

This research aims to know the impact of macro fundamental factors such as interest rate (SBI), kurs and gross domestic product; and micro fundamental factors such as return on asset (ROA), debt to equity ratio (DER) and price earning ratio (PER) on firm value in pulp and paper industry that listed in Indonesian Stock Exchange. This research used multiple regression analysis and processed with Eviews version 8. The results of study is: 1) By partial, just interest rate have negative and no significant effect on firm value, other factors such as kurs and gross domestic products, return on asset, debt to equity ratio and price earning ratio have positive and no significant effect on firm value; 2) By Simultaneous macro fundamental factor have positive and significant effect on firm value, also micro fundamental factors have positive and significant effect on firm value; 3) By Simultaneous macro and micro fundamental factors have positive and significant effect on firm value. Keywords: macro fundamental factor, micro fundamental factor, firm value

Publishing takes a long time in economics. Consequently, many authors release “working” versions of their papers. Using data on the NBER working paper series, we show that the dissemination of economics research suffers from an overcrowding problem: An increase in the number of weekly released working papers on average reduces downloads, abstract views, and media attention for each paper. Subsequent publishing and citation outcomes are harmed as well. Furthermore, descriptive evidence on viewership and downloads suggests working papers significantly substitute for the dissemination function of publication. These results highlight inefficiencies in the dissemination of economic research even among the most exclusive working paper series and suggest large social losses due to the slow publication process.

“There is no problem that a library card can't solve” according to author Eleanor Brown [1]. This advice is sound, probably for both life and science, but even the best tool (like the library) is most effective when accompanied by instructions and a basic understanding of how and when to use it. For many budding scientists, the first day in a new lab setting often involves a stack of papers, an email full of links to pertinent articles, or some promise of a richer understanding so long as one reads enough of the scientific literature. However, the purpose and approach to reading a scientific article is unlike that of reading a news story, novel, or even a textbook and can initially seem unapproachable. Having good habits for reading scientific literature is key to setting oneself up for success, identifying new research questions, and filling in the gaps in one’s current understanding; developing these good habits is the first crucial step. Advice typically centers around two main tips: read actively and read often. However, active reading, or reading with an intent to understand, is both a learned skill and a level of effort. Although there is no one best way to do this, we present 10 simple rules, relevant to novices and seasoned scientists alike, to teach our strategy for active reading based on our experience as readers and as mentors of undergraduate and graduate researchers, medical students, fellows, and early career faculty. Rules 1–5 are big picture recommendations. Rules 6–8 relate to philosophy of reading. Rules 9–10 guide the “now what?” questions one should ask after reading and how to integrate what was learned into one’s own science.

High-profile revelations of organizational malpractices in the last few years such as unethical business deals based on large-scale conflicts of interest, insider trading, overvaluation of housing mortgages, doctored inventories of inadequate capital holdings to raise finances, and manipulation of facts and figures have made transparency an important value in today’s organizational world. Stakeholders, whether internal or external, expect to have access to information and organizations have little choice but to open up in keeping with current trends (Christensen, 2002; Christensen & Langer, 2009). This paper offers a tentative examination of what we believe to be an original conceptual framework for a critical understanding of processes of and motivations for organizational transparency, including its paradoxes, by drawing on and combining theories of power, hegemony, legitimacy, and liquid modernity.

We analyze the drivers of audience size and the number of questions asked in parallel sessions at the annual conference of the German Economics Association. We find that the location of the presentation is at least as important for the number of academics attending a talk as the combined effect of the person presenting and the paper presented. Being a presenter in a late morning session on the second day of a conference, close to the place where coffee is served, significantly increases the size of the audience. When it comes to asking questions, location becomes less important, but smaller rooms lead to more questions being asked. Younger researchers and very senior researchers attract more questions and comments. There are also interesting gender effects. Women attend research sessions more diligently than men, but seem to ask fewer questions than men. Men are less likely to attend presentations on health, education, welfare and development economics than women. Our findings suggest that strategic scheduling of sessions could ensure better participation at conferences. Moreover, different behaviors of men and women at conferences might also contribute to the lack of women in senior scientist positions.

Practitioners routinely note that new staff lack documentation skills, communication skills, and strong Excel skills. Further, new staff report critical-thinking, written and oral communication, teamwork, and project management skills deserve greater emphasis in Master of Accountancy programs. The AICPA's (2014) Model Tax Curriculum suggests that active learning approaches be used to enable students to build communication, critical-thinking, and interpersonal skills. This case uses a realistic corporate tax return preparation experience to address these criticisms by focusing on four main areas: time management, communication, research, and technical skills. The case is divided into two phases. In Phase 1, students review client information, generate requests from the client for missing information, keep a log of hours spent on the project, research ambiguous issues, meet with the project “senior” to obtain guidance, and prepare electronic work papers. In Phase 2, students incorporate feedback from the senior's review of their work papers to make corrections, prepare a corporate tax return, and create a client letter. Student feedback about the project is positive.

The World Bank and IMF have proposed the Poverty Reduction Strategy Paper (PRSP) framework for all poor countries as a condition of receiving unconditional debt relief under the HIPC Initiative. The PRSPs will also be the key vehicle for the World Bank and IMF and other donors for various assistance packages, including loans. Like its predecessors, the PRSP framework promotes the ideas of ‘participation’ and ‘ownership’. This article argues that ownership of such a grand framework cannot possibly rest with the poor countries or their people if the whole idea is the product of World Bank and IMF think-tanks. It discusses participation in the development of Bangladesh's PRSP and argues that neither participation nor ownership was the target in preparing a national poverty-reduction strategy: they were merely necessary components of a document required for the continuation of debt and lending relationships with the World Bank and IMF.

Concerns for the environment has forced many firms define policies that protect the environment within which they operate. This paper presents a linear optimization model for paper industry to compare total system cost of wood as a raw material with recycling of waste paper. Objective of the proposed model is to minimize the cost of paper in the supply chain. Costs included in the objective functions are: costs for collection of raw material, transportation, inventory, manufacturing, segregation and disposal (during recycling). The model also includes the economic implications of using these alternative material sources on environment as well as quality of final product. To gain further insights into system behavior, sensitivity analysis, shortage analysis and indifference curve analysis have been performed. The analysis clearly reveals that the paper recycling is an economical option compared to wood as a raw material. The paper analysis highlights various strategies that could be followed under different market conditions.

Increasing the energy efficiency of motor vehicles is critical to achieving national energy goals of reduced petroleum dependence, protecting the global climate, and promoting continued economic prosperity. Even with fuel economy and greenhouse gas emissions standards and various economic incentives for clean and efficient vehicles, providing reliable and accurate fuel economy information to the public is important to achieving these goals. This white paper reviews the current status of light-duty vehicle fuel economy in the United States and the role of the Department of Energy (DOE) Clean Cities Program in disseminating fuel economy information to the public.

I review evidence from published and unpublished sources on Ricardo's theological ideas. The main focuses of interest are the existence of a natural morality independent of religious confessions, morality as the essence of religion, uselessness of theological speculation, justification of toleration for everybody, including atheists, and the miscarriage of any attempt at a philosophical theodicy. The paper explores also the connection between Ricardo's interest for theodicy and his views on the scope and method of political economy and suggests that his opinion that political economy should be a secular and value-free science close to mathematics depends precisely on theological reasons.

In this note we show how the policy proposals contained in the government's Green Paper on pensions (DSS, 1998) affect the long term sustainability of the UK's public finances and redistribution between current and future generations. Using the methodology of generational accounting we show that the proposals in the Green Paper will marginally increase the tax rise needed to ensure intertemporal solvency, and slightly worsen generational imbalances. The effect of implied changes in National Insurance Contributions, and the fiscal and generational implications of fully funding the proposed State Second Pension, are also discussed. One of the main tasks of a Welfare State is to guarantee an adequate standard of living in old age. In the United Kingdom the events of the 1980s and 1990s, namely, the decision to index benefits to prices and the various reforms to the State Earnings-Related Pension Scheme (SERPS), have ultimately paved the way for a problem of poverty in retirement (Atkinson, 1994). With the release of the Green Paper A New Contract for Welfare: Partnership in Pensions (DSS, 1998), the government has revealed its plans to reform the system of transfers to pensioners and avoid this problem. The measures in the Green Paper can be considered from a number of different angles: for example, how will they affect saving behaviour? to what extent do they redistribute between rich and poor? In this note we consider the fiscal and generational effects of the reforms: how do they affect the longterm sustainability of the public finances and intergenerational redistribution.

This article investigates the reduction of water pollution at four Norwegian paper mills from the early 1970s until 1997. Especially during the 1990s water pollution from the mills has converged at a relatively low level. This is due to changes in the production processes, implementation of a common environmental strategy and investment in research and development. Over the years environmental improvements have become an integrated part of the technological trajectory in this industry. A common understanding of the problems and possible solutions between government and industry is one reason why we can talk about a greener technological trajectory. One reason for this common understanding is that the regulation of environmental problems in the paper industry has been based on the principles in Norwegian industrial policy. Integration of these principles into a site-specific environmental policy meant that questions concerning the regional economy were judged against local water pollution problems. This means that the regulation of the paper industry has to be seen in both a historical, geographical and institutional context. Copyright © 2000 John Wiley & Sons, Ltd. and ERP Environment.

The article deals with current proposals regarding the reform of the investor-to-state dispute settlement system (ISDS). At present, the European Union and the United States are involved in the negotiations regarding the Transatlantic Trade and Investment Partnership (TTIP). In this respect, the EU prepared the Concept Paper, in which it presented its ideas pertaining to the reform of investment arbitration and prospected provisions of TTIP dealing with the matter. The authors aim is to analyze the most important proposals included in the Concept Paper and make an assessment whether they should be regarded as beneficial for the system or potentially detrimental. The authors find some of the Commission’s proposals, including an idea to create an appellate mechanism, ensure third parties right to submit amicus curiae briefs and ideas pertaining to elimination of the risk of parallel proceedings to be potentially advantageous for ISDS as they can help to restore the balance between states and investors. To the contrary, the idea to enhance states’ right to regulate, preclude arbitrators from applying and interpreting domestic law and to change the current system of appointing arbitrators and in further perspective, creating an international court for investment disputes, is questionable and could lead towards weakening of investors protection which was traditionally the main purpose of ISDS.

To enter new markets and remain competitive in the existing markets, companies need to shift their focus from traditional means and ways to some innovative approaches. Though the paper industry in India has improved remarkably on its technological and environmental issues, yet it shows a low rate of innovation. The present paper attempts to review the industry in the perspective of technological innovations and investigates empirically the role of innovations in performance improvement and pollution control. Multivariate analysis of variance and discriminant function analysis are applied for data processing. The findings reveal that the mean scores on the factors, such as sales, quality, and flexibility, are higher for the good innovators than those for the poor innovators. Conversely, the factors which are likely to be reduced as a result of innovations, such as time, cost, emissions, and disposal of waste, have shown higher means for the poor innovators.

Two extremely significant empirical questions on the relationship between growth, distribution and poverty have remained the focus of attention for researchers and academicians. First, how does a change in aggregate poverty reflect intrasectoral gains/losses versus intersectoral shifts in population? Second, how much of an observed change in poverty can be attributed to the changes in the distribution of income, as distinct from growth in average incomes? Standard inequality measures like the Gini coefficient can be misleading in this context. At any rate, the change in an inequality measure can be a poor guide to its quantitative impact on poverty. Ravallion and Huppi (1991) proposed decomposition formulae to throw light on the contributions of sectoral gains and population shifts (on the one hand) and economic growth and changes in inequality (on the other) to aggregate changes in poverty. They found that both population shifts and gains to the urban and rural sectors alleviated aggregate poverty in Indonesia over the 1984-87 period. In addition, they obtained estimates of the relative contributions of growth and greater equity to poverty alleviation in Indonesia. Datt and Ravallion (1992) extended the analysis to study poverty in Brazil and India during the 1980s. Kakwani (1993) explored the relation between economic growth and poverty for Cote d’Ivoire from 1980-85. He developed his own methodology to measure separately the impact of changes in average income and income inequality on poverty. Kakwani (2000) applied the same methodology to analyse changes in poverty in Thailand covering the period from 1988-94. Recently, Contreas (2003) examined the evolution of poverty and inequality in Chile between 1990 and 1996. Using the “Datt-Ravallion decomposition”, he computed that economic growth accounted for over 85 percent of the poverty reduction in Chile.

The authors examine, from a social policy perspective, the UK government's 1998 transport White Paper, which aims to reduce the environmental and social costs of growing traffic congestion and pollution. Data from the British Social Attitudes Survey are used to analyse the implications of the government's new transport policy for the relative welfare of different social and demographic groups. The results suggest that car dependency, which the government is hoping to tackle, is widespread and is particularly strong among men, people with higher incomes, those aged between 25 and 59 years, people with children, the nonmanual social classes, and those living in rural areas. These classes and groups share most of the responsibility for the negative impacts of motor transport, and are often the least concerned about them. They are also the people most opposed to the idea of government intervention to ameliorate the problems.

In this work we present three papers that consider the economic implications of international trade in goods when exhaustible natural resources are used as inputs in the production process. In the first paper we investigate the possibility of violation of the static trade theorems when natural resource intensities in two goods are different. In this and the second paper we build on the generalized H-O framework of Kemp and Long (1984). The second paper analyzes the dynamic implications of incorporating natural resources into trade models. Issues relating to production and trade patterns and natural resource extraction rates are investigated under alternative assumptions of factor intensities and natural resource extraction technologies;The third paper of this work considers natural resource extraction and trade issues as they apply directly to developing countries. In this paper developing country debt burden, default risk, creditor response and capital investment are some of the issues considered. The role of the world interest rate and the discount factor is also analyzed. Various useful propositions are derived some of which relate the conservation of the natural resource to the rate of interest, whether or not the debtor nation defaults and the uncertainty in income.

A feature of U.S. postwar business cycle experience that is by now widely documented is the tendency of the spread between the respective interest rates on commercial paper and Treasury bills to widen shortly before the onset of recessions. By contrast, the paper-bill spread did not anticipate the 1990-1991 recession. Empirical work presented in this paper supports two (not mutually exclusive) explanations for this departure from past experience. First, at least part of the paper-bill spread's predictive content with respect to business cycle fluctuations stems from its role as an indicator of monetary policy, but the 1990-1991 recession was unusual in postwar U.S. experience in not being immediately precipitated by tight monetary policy. Second, movements of the spread during the few years just prior to the 1990-1991 recession were strongly influenced by changes in the relative quantities of commercial paper, bank CDs, and Treasury bills that occurred for reasons unrelated to the business cycle. This latter finding in particular sheds light on the important role of imperfect substitutability of different short-term debt instruments in investors' portfolios, and highlights the burdens associated with using relative interest rate relationships as business cycle indicators. © 1998 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology

The study analyzes the processes of autonomous regulation of the risk concerning the production of paper in a first line company in Uruguay. The dominant culture of security in this business is based on the knowledge of the trade, composed by a set of implicit rules governing the formation and transmission of knowledge. This culture of trade implies that the standards of protection of the workers from occupational hazards are neither imposed by management nor by the headquarters, but constructed in the daily interaction among the workers. In the context of the difficulties met in order to build a joint regulation of security between the management of the company and the Union, the knowledge and experience of the workers appear as the source of more effective safety regulation. However, this autonomous management is crossed by inter-generational and sectors tensions and contradictions, preventing the construction of a labor reflectivity on this theme. In this enclave, the Union loses capacity for action in terms of demands aimed at preventive and reactive security since it is focused on negotiating the impacts of new policies of labor and employment on the company management. There is also a low level of reflectivity from the workers in relation to the components of their culture of trade. Although it actually operates, it is not stated by the collective, and even less recognized as such in the framework of tension and competition between sectors and work teams.

This paper addresses the repositioning of Kmart Australia in 2011. It shows how by calibrating emotional as well as cognitive reactions and estimating their impact on purchase intentions, Kmart was able to focus its communications, improving market share. We measure nine key emotions, ranging from surprise to anger. Including these emotions significantly improves our model for likelihood to choose a store. Measuring emotions enabled Kmart’s advertising agency to create a television commercial that tapped into the specific emotions that most strongly predict the likelihood to choose a store; that is, the model drove the development of the advertising creative. The resulting television commercial tested well and was effective when launched. At the individual level, cognitions and emotions changed dramatically. At the aggregate level, an econometric model showed that store visits were significantly enhanced. Kmart’s EBIT (earnings before interest and tax) increased by 30%, whereas Kmart’s main rival had almost no EBIT growth, despite vigorous attempts to counter Kmart’s campaign. One of our key contributions is to incorporate emotions into marketing science models of evaluation and purchase intentions. We also provide a new methodology to measure emotions. The approach enables marketing science to participate in the design of marketing stimuli, rather than just testing preexisting ones. Data, as supplemental material, are available at http://dx.doi.org/10.1287/mksc.2015.0954 .

This article reflects the main findings of the ‘White Paper on opportunities and challenges in view of enhancing the EU cooperation with Eastern Europe, Central Asia and South Caucasus in Science, Research and Innovation’, which was released in April 2012, from a science and technology (S&T) internationalisation policy perspective. In the ‘Internationalisation of R&D from an S&T policy perspective’ section of this article, the ongoing discourse on internationalisation of research and development (R&D) is discussed from an S&T policy perspective. In the ‘S&T cooperation between the EU and Eastern Europe as well as Central Asia since the early 1990s’ section, the development of S&T cooperation between the EU and EECA is described as a historical snapshot since the early 1990s. In the ‘Recent S&T internationalisation efforts of Eastern European and Central Asian countries’ section, special emphasis is given to the current EECA countries' dispositions towards R&D internationalisation. For a structured overview, the EECA region is disaggregated in three subregions, namely, (a) Russian Federation, (b) Eastern European countries (without Russia) and (c) Central Asian countries. To better position the R&D internationalisation policies of the region under scrutiny within the overall state-of-the-art of S&T, the ‘Current state of S&T in the Eastern European and Central Asian countries’ section compares main S&T indicators of the EECA countries. The ‘The White Paper recommendations in the light of international S&T cooperation policy objectives’ section finally condenses the major recommendations elaborated during the White Paper consultation process and puts them into the context of international S&T cooperation policy. The question is raised on what international cooperation can contribute to improving S&T in the EECA region and which approaches are deemed most adequate to support this. The analysis shows that most recommendations suggested in the White Paper directly target the S&T policy (delivery) system, which is put into an explicit actor's role. Science diplomacy is the identified predominant driver for deepening international R&D cooperation with the EECA region. The main instruments used are international dialogue, exchange and learning platforms, which are supported by the European Commission according to the EU's subsidiarity principle. Other S&T internationalisation policy objectives play a role too, especially if a more regionally differentiated perspective is taken into account.

The four papers in this issue of Eastern European Economics relate to the third international conference “Economic Turmoil in Contemporary Europe” organized by the Department of Econometrics at Laz...

Diamond (1991) argues that a firm's reputation determines whether it borrows directly or through an intermediary. We test the Diamond model by examining the quantity response of commercial paper issued by bank holding companies to a rating downgrade. From 1986 to 1991, cumulative abnormal declines averaged 6.69 percent in the first two weeks after the downgrade and 11.05 percent in the subsequent 12 weeks. In contrast to commercial paper issued by bank holding companies, large CDs issued by affiliated banks did not change significantly in the period around a downgrade, suggesting that deposit insurance may have removed market discipline from the CD market. THE OBJECTIVE OF THIS study is to test Diamond's (1991) theory of corporate capital structure in which a firm's reputation determines whether it borrows directly or through an intermediary. In Diamond's model, a firm without an established reputation will borrow through, and be monitored by, an intermediary. By building a good reputation, a firm may gain access to the nonintermediated markets, such as the commercial paper market, and, consequently, avoid the cost of monitoring. In the process of maintaining its reputation, a firm may eliminate the conflict of interest between borrowers and lenders about the choice of risk in investment decisions. Such firms have an incentive to maintain their reputation because the reputation itself has become a valuable asset that reduces borrowing costs. In the model, a firm that loses its reputation will find the cost of placing debt directly prohibitively expensive. Using event study methodology, we test the Diamond model by examining the quantity response of commercial paper (CP) to a rating downgrade of the issuing company. We focus on ratings because firms that borrow in the CP market usually have high ratings. In part, these ratings reflect the firms' reputation for selecting safe investments. In the Diamond framework, if credit ratings proxy for reputation, then a rating downgrade may be associated with a decline in the amount of outstanding CP. This change in capital structure may occur relatively rapidly because outstanding CP typically has a

1. Introduction The Green Paper, Restoring Full Employment (1) begins with an unequivocal statement on the importance of its subject matter. It declares that "the nation's number one priority is to find jobs for unemployed Australians,...[that] the loss of production through unemployment is the single greatest source of inefficiency in our economy [and that] unemployment is also the most important cause of inequality and alienation for individuals families and communities." (p.l) All three things need to be said, and to be remembered by all who discuss economic policy in Australia. The Green Paper starts at the right point. It then goes on in the first chapter to describe not only the labour market as it is at present, but also how it has changed over the last fifteen to twenty years. It brings out many well known facts such as the increasing participation of women in the labour market, the fact that unemployment is neither gender, nor age, nor race neutral, bearing more heavily on men, on young people, on migrants from non-English speaking countries and on Aboriginal and Torres Strait Islander peoples. It also points to less well known facts, for example that older men as well as teenagers are being squeezed out of the labour market, that there has been a switch from part-time to fulltime jobs by women in the 25-34 age group and that the Community Development Employment Scheme has been successful in reducing unemployment rates among Aboriginal and Torres Strait Islander people. Drawing on this descriptive material the Green Paper identifies correctly the two steps necessary to restore full employment, namely substantially increasing the rate of growth (to between 4.5 and 5 percent a year according to Green Paper estimates) and also implementing specific government policies to reduce the number of long term unemployed. The first chapter also draws on the survey of labour market trends to point out the importance of entry level education and training in reducing teenage unemployment and the need to reform the social security system to bring it into line with the labour market of the 1990s where the increased participation of women and the growth of part-time and casual employment have undermined the assumptions on which the social security system is based. After such a good start it is disappointing that the Green Paper sidesteps the next logical point: the size and nature of the cost to the rest of us of taking the steps necessary to provide jobs for the unemployed and restore full employment. The Green Paper challenges all Australians with the questions: "Do we want to change or are we prepared to live with high unemployment? In other words how important to you is sharing the burden-a "fair go for all"? (p.15) But, because it does not indicate the cost to the rest of us of giving the unemployed a "fair go", it removes the bite from the question. The last chapter of the Green Paper does have a section of a bit over half a page entitled "Costs of Proposals". This, however, deals with the budgetary costs of proposals to expand labour market programs so that the ranks of the long term unemployed are reduced, of the proposals to reform the social security system and of other minor proposals. The total cost is estimated to be from 1.6 to 2 billion a year in 1993-94 dollars. The Green Paper discusses ways of meeting these costs, including a job levy. It does not point out that if the economy grew at the faster rate advocated by the Green Paper the extra revenue generated would soon amount to more than 2 billion dollars a year. Thus, a reader with enough economic knowledge to realize this will be led to the conclusion that restoring full employment is costless, because the more rapid economic growth, which is part of doing this, in the words of the Green Paper itself "increases the scope for fiscal flexibility while still maintaining the Government's medium term budget targets and can provide a substantial fillup to living standards benefiting both the unemployed and the wider community. …

A new environmental performance model is developed, explained and subsequently applied to a study of the Canadian recycled paper industry. The strategic position of the industry is explored as it takes the progressive steps needed to improve its environmental performance and competitive advantage in response to this rising regulatory agenda. Three policy options facing the Canadian pulp and paper industry are examined: the status quo, process technology innovation and product development. The strategic position of the industry is also examined using measurement of stance, attitude, government response, values, planning horizon and environmental integration. The supplier-consumer relationship, capital-technology and locational factors are also used to further discuss the links between competitive advantage and environmental performance. From this discussion, conclusions are drawn on competitive environmentalism: ethics and profit are compatible; newsprint mills must improve their locational, technology and market actions; the industry must proactively seek out environmental market and stakeholder opportunities and; further management research is needed to demonstrate the links between environmental performance, innovation and competitiveness.

Paper-based cheques have been in use for about 350 years. And it has been played a very important role in people’s lives (Barrow, 2009). While the use of paper based cheques is continue to decline in the world. In many countries, such as Netherlands and Sweden, people there have already stopped using paper based cheques, or there are only small amount of people using cheques. This trend also exists in UK. The UK Payments Council has decided to modernise the payment system and also set a date for the abolition of paper based cheques. The UK Payments Council claimed that the phasing-out of paper based cheques in the UK would benefit financial institutions, individuals and businesses. This essay will firstly look at the current situation of the use of paper based cheques in UK. Following this, it will discuss the alternative payments methods. Then the timelines for paper based cheques to phase out would be illustrated. Finally, it will discuss the benefits for benefit financial institutions, individuals and businesses separately.

The government set the target for redistribution of land to 30% by 2014. They have adopted the “willing-buyer-willing-seller” model that relies on a voluntary transaction between farmers and government to acquire such land. Frustrated at the slow pace of land reform, the ruling party is starting to indicate that the state will in the future rely on its expropriation powers to acquire such land. Section 25 of the Constitution makes it clear that when the state expropriates property, that compensation must be paid. The current act, the 1975 Expropriation Act, determines that such compensation must be market value, while the Constitution lists market value is listed as only one of at least five factors that must be taken into account when determining compensation. There have been various attempts at drafting legislation that will bring compensation practices in line with the Constitution, with the latest Bill published in March 2013. This article focusses on the Green Paper that preceded the Bill, and argues that not much direction is given on how compensation for expropriation should be calculated.

Inflation is often thought to be the result of excessive money creation—too many dollars chasing too few goods. While in principle this is true, in practice there can be a lot of leeway, so long as trust in the monetary authority's ability to keep things under control remains high. The American colonists' experience with paper money illustrates how and why this is so and offers lessons for the modern day.

Looking for ways to establish solid links between Complexity Sciences and Economics, new evidence comes in form of studies that can serve to validate models as the Sandpile and the phenomenon of punctuated equilibrium, when considering the portability of the theories and models from the Complexity Sciences to Economics. This is a review of a former paper on the Taylor Rule and the Sandpile in the light of new findings regarding the recent US Housing Bubble.

It is not immediately clear how costly behavior that benefits others evolves by natural selection. By saving on inherent costs, individuals that do not contribute socially have a selective advantage over altruists if both types receive equal benefits. Restrained consumption of a common resource is a form of altruism. The cost of this kind of prudent behavior is that restrained individuals give up resources to less-restrained individuals. The benefit of restraint is that better resource management may prolong the persistence of the group. One way to dodge the problem of defection is for altruists to interact disproportionately with other altruists. With limited dispersal, restrained individuals persist because of interaction with like types, whereas it is the unrestrained individuals that must face the negative long-term consequences of their rapacity. Here, we study the evolution of restraint in a community of three competitors exhibiting a nontransitive (rock–paper–scissors) relationship. The nontransitivity ensures a form of negative feedback, whereby improvement in growth of one competitor has the counterintuitive consequence of lowering the density of that improved player. This negative feedback generates detrimental long-term consequences for unrestrained growth. Using both computer simulations and evolution experiments with a nontransitive community of Escherichia coli , we find that restrained growth can evolve under conditions of limited dispersal in which negative feedback is present. This research, thus, highlights a set of ecological conditions sufficient for the evolution of one form of altruism.

This paper examines the question of seasonality in corporate bond and commercial paper returns by testing specifically for a January effect. Complete data covering a 131-year period for both series, as well as term premiums, are analyzed using a procedure that provides consistent estimates of the variance-covariance matrix. The results suggest that a January effect does exist for both assets for the entire period; however, closer examination reveals a strong January effect for the pre-1915 period but a dampening thereafter. We conclude that precise results depend primarily upon the time period chosen and the debt instrument examined. Tests involving the inflation rate strengthen the case for a January seasonal.

Reading primary research literature is an essential skill for all scientists and students on science degree programmes, however little is known about how researchers at different career stages interact with and interpret scientific papers. To explore this, we conducted a survey of 260 undergraduate students and researchers in Biological Sciences at a research intensive UK university. Responses to Likert scale questions demonstrated increases in confidence and skill with reading the literature between individuals at each career stage, including between postdoctoral researchers and faculty academics. The survey indicated that individuals at different career stages valued different sections of scientific papers, and skill in reading the results section develops slowly over the course of an academic career. Inexperienced readers found the methods and results sections of research papers the most difficult to read, and undervalued the importance of the results section and critical interpretation of data. These data highlight a need for structured support with reading scientific literature at multiple career stages, and for senior academics to be aware that junior colleagues may prioritise their reading differently. We propose a model for the development of literature processing skills, and consider the need for training strategies to help inexperienced readers engage with primary literature, and therefore develop important skills that underpin scientific careers. We also encourage researchers to be mindful of language used when writing papers, and to be more inclusive of diverse audiences when disseminating their work.

During the mid-1780s many American states actively managed their economies in the face of widespread financial and social instability following the Revolutionary War. Seven states authorized paper money emissions, and there were unsuccessful efforts to obtain them in others. Several states adopted extensive debtor-relief measures. Some historians of these state anti-recession measures conclude that such efforts to fight deflation, increase money circulation, and protect debtors were beneficial for various reasons. But despite that, the Constitution, as contemporaries understood it, abrogated state powers to issue paper money or provide debtor relief such as property tender laws in Article I, Section 10. Terry Bouton writes that Section 10 "left a host of popular policies in ruins-all in less than fifty words. . . . [it] created a tidal shift in power that favored the interests of moneyed Americans (and European financiers) over ordinary Americans." Moreover, contemporary observers saw Section 10 as a major weakening of state sovereignty.1Nevertheless, Anti-Federalists in the eleven originally ratifying states were often silent on Section 10 despite Federalist claims that it was one of the Constitution's most important provisions. However, they did make various attacks tailored to local circumstances. For example, some AntiFederalists argued that it harmed states; others, that it was also bad policy that favored the wealthy and would hurt ordinary citizens. Ultimately, though, Anti-Federalists did not propose a single amendment to change its key provisions in any of the thirteen states. What light can this sharp disparity between widespread support for economic management and the remarkably constrained public opposition to Section 10 shed on Anti-Federalism and the ratification of the Constitution? Past answers to this question have usually depended heavily on a historian's perspective on what was at stake, who the Anti-Federalists were, and what they stood for.2Charles A. Beard, for example, famously asserted that economic forces played a central role in the Constitution's creation. On ratification, his primary conclusion was that "personalty" property owners and their allies engaged in rent-seeking were its main supporters, while those who lacked property or had other forms of it, including many paper money supporters, were its principal opponents. For Beard, Section 10 was central to ratification. He contended that popular forces lost largely because the process was illegitimate. He argued that ratification's franchise was unrepresentative; that the convention process and media were manipulated by Federalists to prevent a fair contest; and that some delegates and states accepted the Constitution due to extraneous considerations such as economic coercion. Later historians advanced other explanations for ratification, including social, generational, ideological, and state-building theories, and were thus far less interested in the controversy over Section 10.3Pauline Maier's ratification history avoids taking sides in that historiographical debate. Instead, she begins by canvassing various process arguments, many similar to Beard's, and endorses some, such as Federalist media dominance and pressure to rush to judgment. Maier's work shows that groups generally favoring the Constitution included city residents, commercial interests, and large federal creditors. Though she describes Anti-Federalism as a spectrum of opinions, Maier portrays ratification not as a series of conflicts between different social or economic groups but instead as a series of largely distinct contests between shifting interest groups, often influenced by local concerns. Particularly on the paper money issue, with the exceptions of Rhode Island and North Carolina, she repeatedly notes the lack of debate over it without offering any explanation, implying that it played little role nationally. As a result, her work adds relatively little to our understanding of ratification's economic dimensions. …

This paper describes the relation between Greek imports and exports of paper and paperboard and a number of major macroeconomic variables, such as population, gross domestic product, the industrial production index and domestic round wood production. The Pearson correlation coefficient and multiple regression analysis were employed in the analysis of the data. The study shows that there is no significant relation between paper and paperboard imports as a dependent variable and population, gross domestic product and domestic round wood production as independent variables. Despite this, an acceptable model is constructed using only gross domestic product as an independent variable. The study also shows that there is a significant relation between the export of paper and paperboard and gross domestic product, the industrial production index and round wood production. The results indicate that gross domestic product as an independent variable has the greatest effect on wood imports and exports in Greece during the period studied. Using these models is confirmed that the use of socioeconomic variables and the construction of future scenarios for the Greek forest sector is very efficient considering the special characteristics of the Greek economy. These models could help the establishment of economic growth, the reduction of the financial and ecological deficit, the implementation of economic reforms and to increase new investments.

The quantity of paper recycled in the U.S. has more than doubled since 1985. International trade theory predicts that this will lead to reduced imports of paper, and a shift in domestic production toward waste paper intensive outputs (e.g., newsprint) and away from higher grade products such as printing/writing paper. Import demand elasticities with respect to input prices were estimated for newsprint, printing/writing, and all paper utilizing 20 years of monthly data. The empirical results confirm the predictions of theory, and illustrate a channel through which recycling may be more beneficial for U.S. industry than the domestic environment.

In the aftermath of Dr. John Virgo’s unfortunate and untimely death, many of us who knew him have paused to reflect on the many contributions he has made to economics. Most people probably know of his work founding the International Atlantic Economic Society, the first and most significant organization to bring economists together from both sides of the Atlantic Ocean. In so doing, he was hugely successful, as the society has had significant participation every year since its founding in 1973. With two annual conferences, one on each side of the Atlantic, and with two refereed publications, he more than accomplished his goal of “increasing global communication among economists across continents.”What most people don’t know, however, is the impact that John had on a generation of much younger and, we hope, future economists. It all started in an IAES executive committee meeting during the fall of 2004 when we were discussing things we could do to make the economics profession attractive to undergraduate students. After some debate, there was agreement that a competition featuring undergraduate authored papers would be possible, but there were several major obstacles that had to be overcome. First, the competition had to feature a decent cash reward to make it attractive to students. So, it was decided that an annual $500 award, along with commemorative plaques to the winner and the runners-up, would be sufficient. While seemingly the most difficult problem, it was also the easiest to solve, as the owner of the www.EconSources.com website offered a modest endowment to the Society to cover the expenses for a period of approximately ten years. It was also decided that the competition would feature a presentation of the very best papers to a panel of judges who would make the overall best undergraduate paper selection. When we talked about the problem of what to do with the winning paper, John Virgo graciously offered to publish it in the Atlantic Economic Journal at no Atl Econ J (2013) 41:343–348 DOI 10.1007/s11293-013-9368-0

The aim of this study is to reveal the major determinants which have impact on financial performance of paper and paper products firms listed in Borsa Istanbul. We examined the impact of the firm specific, industry specific and macroeconomic factors on Return on Assets and Return on Equity in paper and paper products firms listed in Borsa Istanbul during the period from 2011/01 to 2014/09 by using panel regression. The results show that except for Sales to Asset Ratio, firm specific and industry specific factors have statistically significant and material impact on both financial performance indicators. As macroeconomic factor, the impact of foreign trade deficit on the performance indicators is relatively weak. Through macroeconomic variables, commercial loan interest rate has no statistical significance for both ROA and ROE. The empirical result suggests that the impact of the variables on ROE is stronger compared to ROA.