Inflation, Exchange Rates and PPP in a Multivariate Panel Cointegration Model

New multivariate panel cointegration methods are used to analyze nominal exchange rates and prices in the four major economic powers in Europe, France, Germany, Italy and Great Britain for the post- Bretton Woods period. We test for PPP and find that the theoretical PPP relationship does not hold but there is a similar (1,-1.5,0.9 instead of 1,-1,1) relationship which is common for the investigated countries. Parametric bootstrap inference is used to deal with badly small sample sized tests.Long-run purchasing power parity, multivariate cointegration analysis, bootstrap inference.

Firm default and aggregate fluctuations

This paper studies the relation between macroeconomic fluctuations and corporate defaults while conditioning on industry affiliation and an extensive set of firm-specific factors. Using a logit approach on a panel data set for all incorporated Swedish businesses over 1990-2002, we find strong evidence for a substantial and stable impact of aggregate fluctuations. Macroeffects differ across industries in an economically intuitive way. Out-of-sample evaluations show our approach is superior to both models that exclude macro information and best fitting naive forecasting models. While firm-specific factors are useful in ranking firms’ relative riskiness, macroeconomic factors capture fluctuations in the absolute risk level.Business failures

Long-run relations between private and public sector wages in Sweden

Using a maximum likelihood cointegration approach we find two long-run relationships between central government, local government, and private sector wages in Sweden. This means that there is one common trend for the three sectoral wages. Private sector wages are weakly exogenous for the estimation of the long-run relationships. This suggests that the private sector is the wage leader. Testing linear restrictions on the estimated cointegrating space, we reject stationarity for the three relative wages using likelihood ratio-tests. The hypotheses of homogeneity for the two cointegrating vectors, i.e., that wages do not diverge in the long run, is also rejected.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/45832/1/181_2005_Article_BF01205942.pd

The Information Literacy User’s Guide: An Open, Online Textbook

Good researchers have a host of tools at their disposal that make navigating today’s complex information ecosystem much more manageable. Gaining the knowledge, abilities, and self-reflection necessary to be a good researcher helps not only in academic settings, but is invaluable in any career, and throughout one’s life. The Information Literacy User’s Guide will start you on this route to success. The Information Literacy User’s Guide is based on two current models in information literacy: The 2011 version of The Seven Pillars Model, developed by the Society of College, National and University Libraries in the United Kingdom and the conception of information literacy as a metaliteracy, a model developed by one of this book’s authors in conjunction with Thomas Mackey, Dean of the Center for Distance Learning at SUNY Empire State College. These core foundations ensure that the material will be relevant to today’s students. The Information Literacy User’s Guide introduces students to critical concepts of information literacy as defined for the information-infused and technology-rich environment in which they find themselves. This book helps students examine their roles as information creators and sharers and enables them to more effectively deploy related skills. This textbook includes relatable case studies and scenarios, many hands-on exercises, and interactive quizzes.https://knightscholar.geneseo.edu/oer-ost/1018/thumbnail.jp

The Information Literacy User’s Guide: An Open, Online Textbook

Good researchers have a host of tools at their disposal that make navigating today’s complex information ecosystem much more manageable. Gaining the knowledge, abilities, and self-reflection necessary to be a good researcher helps not only in academic settings, but is invaluable in any career, and throughout one’s life. The Information Literacy User’s Guide will start you on this route to success. The Information Literacy User’s Guide is based on two current models in information literacy: The 2011 version of The Seven Pillars Model, developed by the Society of College, National and University Libraries in the United Kingdom and the conception of information literacy as a metaliteracy, a model developed by one of this book’s authors in conjunction with Thomas Mackey, Dean of the Center for Distance Learning at SUNY Empire State College. These core foundations ensure that the material will be relevant to today’s students. The Information Literacy User’s Guide introduces students to critical concepts of information literacy as defined for the information-infused and technology-rich environment in which they find themselves. This book helps students examine their roles as information creators and sharers and enables them to more effectively deploy related skills. This textbook includes relatable case studies and scenarios, many hands-on exercises, and interactive quizzes

The Effect of Bank Competition on the Bank's Incentive to Collateralize

It has been argued that competing banks make inefficiently frequent use of collateralization in situations where they are better able to evaluate a project's risk than entrepreneurs. We study the bank's choice between screening and collateralization in a model where banks do not have this superior screening skill. In particular, we study the effect of bank competition on this choice. We find that competing banks use collateral less often than a monopolistic bank because competition will intensify if both banks collateralize. Moreover, bank competition is welfare improving if collateralization is rather costly