52 research outputs found

    The Costs of Implementing a Unilateral One-Sided Exchange Rate Target Zone

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    In the aftermath of the recent financial crisis, the central banks of small open economies such as the Czech National Bank and the Swiss National Bank (SNB) both implemented a unilateral one-sided exchange rate target zone vis-a-vis the euro currency to counteract deflationary pressures. Recently, the SNB abandoned its minimum exchange rate regime of CHF 1.20 per euro, arguing that after having analyzed the costs and benefits of this non-standard exchange rate policy measure, it was no longer sustainable. This paper proposes a model that allows central banks to estimate ex-ante the costs of implementing and maintaining a unilateral one-sided target zone and to monitor these costs during the period where it is enforced. The model also offers central banks a tool to identify the right timing for the discontinuation of a minimum exchange rate regime. An empirical application to the Swiss case shows the actual size of these costs and reveals that these costs would have been substantial without the abandonment of the minimum exchange rate regime, which accords with the official statements of the SNB

    The Joint Influence of Intra- and Inter-Team Learning Processes on Team Performance: A Constructive or Destructive Combination?

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    In order for teams to build a shared conception of their task, team learning is crucial. Benefits of intra-team learning have been demonstrated in numerous studies. However, teams do not operate in a vacuum, and interact with their environment to execute their tasks. Our knowledge of the added value of inter-team learning (team learning with external parties) is limited. Do both types of team learning compete over limited resources, or do they form a synergistic combination? We aim to shed light on the interplay between intra- and inter-team learning in relation to team performance, by including adaptive and transformative sub-processes of intra-team learning. A quantitative field study was conducted among 108 university teacher teams. The joint influence of intra- and inter-team learning as well as structural (task interdependence) and cultural (team efficacy) team characteristics on self-perceived and externally rated team performance were explored in a path model. The results showed that adaptive intra-team learning positively influenced self-perceived team performance, while transformative intra-team learning positively influenced externally rated team performance. Moreover, intra-team and inter-team learning were found to be both a constructive and a destructive combination. Adaptive intra-team learning combined with inter-team learning led to increased team performance, while transformative intra-team learning combined with inter-team learning hurt team performance. The findings demonstrate the importance of distinguishing between both the scope (intra- vs. inter-team) and the level (adaptive vs. transformative) of team learning in understanding team performance

    Some remarks, generalizations and misprints in the integrals in Gradshteyn and Ryzhik

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    This paper presents some remarks, generalizations and misprints to the classic table of integrals of Gradshteyn and Ryzhik. It is noted that the conditions for convergence in a number of integrals, that in the original source were obtained via Bessel transforms, are too restrictive. Also, a property of the parabolic cylinder function is used to simplify one of the integrals in Gradshteyn and Ryzhik into a result that enables the calculation of integrals for squares and higher powers of the error function. Subsequently, an indefinite integral for the normal distribution is specialized into several expressions that are reported in Gradshteyn and Ryzhik. The paper ends by listing integrals for which the aforementioned overly restrictive conditions emerge and/or for which generalizations or misprints are found
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