Factor Price Equalization? The Cointegration Approach Revisited

Factor price equality across countries is an important implication of the Heckscher-Ohlin-Samuelson model of international trade. Although an influential theoretical result, the model has received surprisingly little empirical support. Burgman and Geppert (1993) argue that this might be due to the neglect of the non- stationarity property of the time series under consideration. Using a cointegration approach, they find strong evidence pointing towards a long-run relationship between factor prices in six major industrialized countries. The present paper shows, however, that there is only limited evidence of cointegration once the finite sample bias is taken into account. Moreover, there is only weak evidence of a significant cointegrating relationship when real (rather than nominal) labor cost data are used. There is some indication of long-run co-movements of real factor prices when using the statistically more powerful bivariate tests rather than a multivariate framework.

The disappearing January blip and other state employment mysteries

Employment (Economic theory) ; Statistics

Future of electromechanical switchgear

The current development of the electrical networks towards a DC system imposes certain changes in the design and functionality of several network components. This paper aims to offer an overview of the challenges and the opportunities that are raised by the DC system over the electromechanical switchgear in order to identify its future path in the electrical network. The paper starts with a review process of the previous statements regarding the future of the low-voltage (LV) electromechanical switchgear. In the second part, the existing developments in the LV technology towards a mixed (centralized and decentralized) DC grid are presented. The third part presents the main influencing factors and the developments in the classic electromechanical switchgear as well as in the relatively new switchgear technologies represented by the hybrid and power electronic switches. Following, several questions concerning the standardization and the DC ageing behaviour of the insulating materials will be presented and discussed. The last part will present the conclusions of the current overview

Effect of Self-Interaction on Charged Black Hole Radiance

We extend our previous analysis of the modification of the spectrum of black hole radiance due to the simplest and probably most quantitatively important back-reaction effect, that is self-gravitational interaction, to the case of charged holes. As anticipated, the corrections are small for low-energy radiation when the hole is well away from extremality, butbecome qualitatively important near extremality. A notable result is that radiation which could leave the hole with mass and charge characteristic of a naked singularity, predicted in the usual approximation of fixed space-time geometry, is here suppressed. We discuss the nature of our approximations, and show how they work in a simpler electromagnetic analogue problem.Comment: 13 pages in Latex, no figure

The Texas Manufacturing Outlook Survey: a tool for understanding the economy

Manufactures - Texas

Schweizer Wohlstand zwischen Vergangenheit und Zukunft

StudieWoher der Wohlstand der Schweiz kommt und wie er erhalten werden kann, wird viel diskutiert. Um auf einer breiten Basis den aktuellen Wissensstand und Meinungen über die Ursprünge und die zukünftige Entwicklung des Schweizer Wohlstands zu erfassen, hat das Zentrum für Marketing Management in Kooperation mit dem Institut für Banking & Finance sowie Experten die Studie Schweizer Wohlstand zwischen Vergangenheit und Zukunft konzipiert. Befragt wurden zukünftige Leistungsträger (Studierende) und aktuelle Leistungsträger (Experten und Manager aus unterschiedlichen Branchen). Dabei werden die Meinungen der heutigen und zukünftigen Leistungsträger gegenübergestellt

Planbasierte graphische Hilfe in objektorientierten Benutzungsoberflächen

Wir stellen das System PLUS vor, ein planbasiertes graphisches Hilfesystem für Applikationen mit einer objektorientierten Benutzerschnittstelle. Es werden die Hilfekomponente InCome+, die Animationskomponente und der graphik-orientierte Planeditor PlanEdit+ beschrieben. PlanEdit+ ermöglicht den interaktiven Aufbau der hierarchischen Planbasis, die die Grundlage für den Planerkennungsprozeß bildet.Eine zentrale Komponente der graphischen Hilfe in unserem System stellt das Modul InCome+ dar, das den Interaktionskontext des Benutzers visualisiert und darüberhinaus weitere Features wie semantische Undo- und Redo-Möglichkeiten und einen kontext-sensitiven Tutor zur Verfügung stellt. Als wesentliche Erweiterung der graphischen Benutzerunterstützung wird innerhalb von PLUS die Präsentation animierter Hilfe integriert. Es werden Benutzeraktionen simuliert, indem eine Animation über die aktuelle Benutzerschnittstelle gelagert wird. Die Animationssequenz wird im Kontext der aktuell vom Benutzer verfolgten Aufgabe generiert

Self-Interaction Correction to Black Hole Radiance

We consider the modification of the formulas for black hole radiation, due to the self-gravitation of the radiation. This is done by truncating the coupled particle-hole system to a small set of modes, that are plausibly the most significant ones, and quantizing the reduced system. In this way we find that the particles no longer move along geodesics, nor is the action along the rays zero for a massless particle. The radiation is no longer thermal, but is corrected in a definite way that we calculate. Our methods can be extended in a straightforward manner to discuss correlations in the radiation, or between incoming particles and the radiation.Comment: 20 pages, no figures, uses Phyzzx, IASSNS-HEP 94/6