The Adjustment of Prices and the Adjustment of the Exchange Rate

The purchasing power parity puzzle relates to the adjustment of real exchange rates. Real exchange rates are extremely volatile, suggesting that temporary shocks emanate from the monetary sector. But the half-life of real exchange rate deviations is extremely large -- 2.5 to 5 years. This half-life seems too large to be explained by the slow adjustment of nominal prices. We offer a different interpretation. We maintain that nominal exchange rates and prices need not converge at the same rate, as is implicit in rational-expectations sticky-price models of the exchange rate. Evidence from an unobserved components model for nominal prices and nominal exchange rates that imposes relative purchasing power parity in the long run indicates that nominal exchange rates converge much more slowly than nominal prices. The real puzzle is why nominal exchange rates converge so slowly.

Likelihood-Based Confidence Sets for the Timing of Structural Breaks

In this paper, we propose a new approach to constructing confidence sets for the timing of structural breaks. This approach involves using Markov-chain Monte Carlo methods to simulate marginal “fiducial” distributions of break dates from the likelihood function. We compare our proposed approach to asymptotic and bootstrap confidence sets and find that it performs best in terms of producing short confidence sets with accurate coverage rates. Our approach also has the advantages of i) being broadly applicable to different patterns of structural breaks, ii) being computationally efficient, and iii) requiring only the ability to evaluate the likelihood function over parameter values, thus allowing for many possible distributional assumptions for the data. In our application, we investigate the nature and timing of structural breaks in postwar U.S. Real GDP. Based on marginal fiducial distributions, we find much tighter 95% confidence sets for the timing of the so-called “Great Moderation” than has been reported in previous studies.Fiducial Inference; Bootstrap Methods; Structural Breaks; Confidence Intervals and Sets; Coverage Accuracy and Expected Length; Markov-chain Monte Carlo;

Appendix I - Health Policy at the Crossroads - New Directions for Insured and Uninsured

Testimony to the U.S. Bipartisan Commission on Comprehensive Health Care, Cleveland, Ohio, July 6, 198

What Women Want: a Study of Communication, Sex and Personality

Sexual communication is important in overall sexual and relationship satisfaction.Women, in particular, report lower psychological well-being when sexual dysfunction occurs (Davison, Bell, LaChina, Holden & Davis, 2009). This study was designed to uncover precisely how important sexual communication is in relation to sexual satisfaction, whether there are any discrepancies between women’s desired sexual acts verses the acts they actively take part in, and to what degree personality has an effect on sexual communication and activity. Participants were 428 women from the psychology pool at University of Central Florida. The average age of the sample was 20.7 years (SD = 5.24). Approximately 56% of the sample identified as white, 14% as black, 7% as Asian and 10% as other. Communication was positively correlated to sexual satis-faction, there were no found discrepancies between sexual participation and desired sexual acts among the study participants, and personality significantly predicted levels of communication and participation in varying sexual acts, particularly regarding extraversion, agreeableness and conscientiousness. Communication about sex is strongly related to life and health satisfaction and a greater understanding of sexual desires should be continually sought to create harmony within relationships

Appendix I - Health Policy at the Crossroads - New Directions for Insured and Uninsured

Testimony to the U.S. Bipartisan Commission on Comprehensive Health Care, Cleveland, Ohio, July 6, 198

Hard limits on the postselectability of optical graph states

Coherent control of large entangled graph states enables a wide variety of quantum information processing tasks, including error-corrected quantum computation. The linear optical approach offers excellent control and coherence, but today most photon sources and entangling gates---required for the construction of large graph states---are probabilistic and rely on postselection. In this work, we provide proofs and heuristics to aid experimental design using postselection. We derive a fundamental limitation on the generation of photonic qubit states using postselected entangling gates: experiments which contain a cycle of postselected gates cannot be postselected. Further, we analyse experiments that use photons from postselected photon pair sources, and lower bound the number of classes of graph state entanglement that are accessible in the non-degenerate case---graph state entanglement classes that contain a tree are are always accessible. Numerical investigation up to 9-qubits shows that the proportion of graph states that are accessible using postselection diminishes rapidly. We provide tables showing which classes are accessible for a variety of up to nine qubit resource states and sources. We also use our methods to evaluate near-term multi-photon experiments, and provide our algorithms for doing so.Comment: Our manuscript comprises 4843 words, 6 figures, 1 table, 47 references, and a supplementary material of 1741 words, 2 figures, 1 table, and a Mathematica code listin

Call centre management: responsibilities and performance

PURPOSE - To investigate call centre management from the perspective of the managers, particularly what the key management responsibilities are in managing call centres and the key performance indicators (KPIs) used in managing call centres. DESIGN/METHODOLOGY/APPROACH - A survey of call centre managers, followed by in-depth interviews. FINDINGS - There is confusion over the strategic intent of call centres. Centres are primarily used by organisations as a means of reducing costs, with customer service delivery a secondary consideration. Call centre managers, however, declared customer service as their main management responsibility. PRACTICAL IMPLICATION - The metrics employed in the call centres resulted in managers concentrating on the call itself rather than the outcome of the call from the perspective of the customer or the organisation. Some quantitative measures were used as proxies for customer service, but the achievement of the relevant KPI became a goal in its own right. There appears to be an insatiable appetite for quantitative performance measures, despite their limitations, almost to the exclusion of all other performance measures. ORIGINALITY/VALUE - The implication of the results for call centre managers, and their managers, is that call centres could be better managed if a wider range of means and measures were used