Two Flaws In Business Cycle Accounting

Using 'business cycle accounting' (BCA), Chari, Kehoe and McGrattan (2006) (CKM) conclude that models of financial frictions which create a wedge in the intertemporal Euler equation are not promising avenues for modeling business cycle dynamics. There are two reasons that this conclusion is not warranted. First, small changes in the implementation of BCA overturn CKM's conclusions. Second, one way that shocks to the intertemporal wedge impact on the economy is by their spillover effects onto other wedges. This potentially important mechanism for the transmission of intertemporal wedge shocks is not identified under BCA. CKM potentially understate the importance of these shocks by adopting the extreme position that spillover effects are zero.

Two flaws in business cycle dating

Using “business cycle accounting,” Chari, Kehoe, and McGrattan (2006) conclude that models of financial frictions which create a wedge in the intertemporal Euler equation are not promising avenues for modeling business cycle dynamics. There are two reasons that this conclusion is not warranted. First, small changes in the implementation of business cycle accounting overturn Chari, Kehoe, and McGrattan’s conclusions. Second, one way that shocks to the intertemporal wedge affect the economy is by their spillover effects onto other wedges. This potentially important mechanism for the transmission of intertemporal-wedge shocks is not identified under business cycle accounting. Chari, Kehoe, and McGrattan potentially understate the importance of these shocks by adopting the extreme position that spillover effects are zero.Business cycles

New Tests to Measure Individual Differences in Matching and Labelling Facial Expressions of Emotion, and Their Association with Ability to Recognise Vocal Emotions and Facial Identity

Although good tests are available for diagnosing clinical impairments in face expression processing, there is a lack of strong tests for assessing "individual differences"--that is, differences in ability between individuals within the typical, nonclinical, range. Here, we develop two new tests, one for expression perception (an odd-man-out matching task in which participants select which one of three faces displays a different expression) and one additionally requiring explicit identification of the emotion (a labelling task in which participants select one of six verbal labels). We demonstrate validity (careful check of individual items, large inversion effects, independence from nonverbal IQ, convergent validity with a previous labelling task), reliability (Cronbach's alphas of.77 and.76 respectively), and wide individual differences across the typical population. We then demonstrate the usefulness of the tests by addressing theoretical questions regarding the structure of face processing, specifically the extent to which the following processes are common or distinct: (a) perceptual matching and explicit labelling of expression (modest correlation between matching and labelling supported partial independence); (b) judgement of expressions from faces and voices (results argued labelling tasks tap into a multi-modal system, while matching tasks tap distinct perceptual processes); and (c) expression and identity processing (results argued for a common first step of perceptual processing for expression and identity).This research was supported by the Australian Research Council (http://www.arc.gov.au/) grant DP110100850 to RP and EM and the Australian Research Council Centre of Excellence for Cognition and its Disorders (CE110001021) http://www.ccd.edu.au. The funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript

Striking the Right Balance When Users are Good at IT Too!: Partnering for Enterprise System Success

Enterprise-level information system (IS) implementations are risky endeavors that require the active engagement of diverse parties from within the organization to meet the technical and functional requirements of the implementation, and mitigate possible resistance to the implemented system. Past research on IS implementation has traditionally pointed to the IT department as the sole source of technical competence, and confined the potential contribution of the user base to functional expertise. Furthermore, this line of research consistently identifies the IT department as the leaders of such projects, further confining the user base to sideline consulting roles during these initiatives. However, today’s business professionals increasingly possess IT competence and capability of contributing to the technical side of IS implementations. This study focuses on the balance of IT competence within the multi-functional enterprise-level IS implementation team, brought on by a more technically competent user base, and examines its impact on project success

Influencing the Relationship between Job Clarity and Turnover Intention through User Training During Enterprise System Implementation

Enterprise system (ES) implementations introduce pervasive and disruptive change to organizations. End-users struggling to cope with such change often develop an internal self-preservation narrative that, if not managed, can lead to employee turnover. Turnover is a visibly-assertive response to ES implementations that has lasting negative effects on organizations. The job role literature suggests that an individual’s intention to leave an organization is greater when they lack clarity concerning their own work tasks and their role in achieving broader organizational goals. These clarity perceptions evolve during ES implementations as individuals become aware that their existing job context is no longer relevant to the post-implementation organization. It seems likely that the strength of relationship between job clarity and turnover intention will also evolve during this time. Accordingly, this study uses PLS-SEM multi-group analysis to examine changes in this relationship during an ES implementation at a Fortune 100 manufacturer and finds a significant increase in the influence of job clarity deficiencies on turnover intention following end-user training. These results suggest that ES implementation teams should focus their efforts on building job clarity of the post-implementation work context

Examining the Influence of Time-Use Preferences on Technology Acceptance: The Role of Computer Polychronicity

Past research recognizes the important influence of individual beliefs on technology acceptance and use. This line of research has also identified a variety of factors that drive the formation of these beliefs. One category of variables that has not received much attention in this research stream consists of individual preferences, in particular time-use preferences. In the current study we add to the literature on technology acceptance, and belief formation in particular, by introducing and empirically testing a new construct labeled computer polychronicity, which captures individuals’ time-use preferences regarding IT. Computer polychronicity is positioned in this study as a key driver of perceived usefulness, mediating the effects of computer anxiety and computer playfulness. Overall, the results support the notion that preferences play important roles in the formation of technology-related beliefs

A meta-analysis of pharmacotherapy for social anxiety disorder: an examination of efficacy, moderators, and mediators

INTRODUCTION: Social anxiety disorder (SAD) is among the most prevalent mental disorders, associated with impaired functioning and poor quality of life. Pharmacotherapy is the most widely utilized treatment option. The current study provides an updated meta-analytic review of the efficacy of pharmacotherapy and examines moderators and mediators of treatment efficacy. Areas Covered: A comprehensive search of the current literature yielded 52 randomized, pill placebo-controlled trials of pharmacotherapy for adults diagnosed with SAD. Data on potential mediators of treatment outcome were collected, as well as data necessary to calculate pooled correlation matrices to compute indirect effects. Expert Opinion: The overall effect size of pharmacotherapy for SAD is small to medium (Hedges' g = 0.41). Effect sizes were not moderated by age, sex, length of treatment, initial severity, risk of study bias, or publication year. Furthermore, reductions in symptoms mediated pharmacotherapy's effect on quality of life. Support was found for reverse mediation. Future directions may include sustained efforts to examine treatment mechanisms of pharmacotherapy using rigorous longitudinal methodology to better establish temporal precedence

The Cerebellar Fastigial Nucleus Contributes to CO\u3csub\u3e2\u3c/sub\u3e-H\u3csup\u3e+\u3c/sup\u3e Ventilatory Sensitivity in Awake Goats

The purpose of this study was to test the hypothesis that an intact cerebellar fastigial nucleus (CFN) is an important determinant of CO2-H+ sensitivity during wakefulness. Bilateral, stainless steel microtubules were implanted into the CFN (N = 9) for injection (0.5–10 μl) of the neurotoxin ibotenic acid. Two or more weeks after implantation of the microtubules, eupneic breathing and CO2-H+ sensitivity did not differ significantly (P \u3e 0.10) from pre-implantation conditions. Injection of ibotenic acid (50 mM) did not significantly alter eupneic PaCO2 (P \u3e 0.10). The coefficient of variation of eupneic PaCO2 was 4.0 ± 0.6 and 3.7 ± 0.4% over the 2 weeks before and after the lesion, respectively. CO2-H+ sensitivity expressed as inspired ventilation/PaCO2 decreased from 2.15 ± 0.17 pre-lesion to 1.58 ± 0.26 l/(min mmHg) 3–6 days post-lesion (P \u3c 0.02, −27%). There was no significant (P \u3e 0.10) recovery of sensitivity between 7 and 10 days post-lesion. The lesion also increased (P \u3c 0.05) the day-to-day variability of this index by nearly 100%. When CO2 sensitivity was expressed as elevated inspired CO2/room air VI, values at 7%, but not 3 and 5% inspired CO2, were reduced and more variable (P \u3c 0.05) after the ibotenic acid injections. We conclude that during wakefulness, the CFN contributes relatively more to overall ventilatory drive at high relative to low levels of hypercapnia

Long term outcomes following hospital admission for sepsis using relative survival analysis: a prospective Cohort study of 1,092 patients with 5 year follow up

Background: Sepsis is a leading cause of death in intensive care units and is increasing in incidence. Current trials of novel therapeutic approaches for sepsis focus on 28-day mortality as the primary outcome measure, but excess mortality may extend well beyond this time period.Methods: We used relative survival analysis to examine excess mortality in a cohort of 1,028 patients admitted to a tertiary referral hospital with sepsis during 2007–2008, over the first 5 years of follow up. Expected survival was estimated using the Ederer II method, using Australian life tables as the reference population. Cumulative and interval specific relative survival were estimated by age group, sex, sepsis severity and Indigenous status.Results: Patients were followed for a median of 4.5 years (range 0–5.2). Of the 1028 patients, the mean age was 46.9 years, 52% were male, 228 (22.2%) had severe sepsis and 218 (21%) died during the follow up period. Mortality based on cumulative relative survival exceeded that of the reference population for the first 2 years post admission in the whole cohort and for the first 3 years in the subgroup with severe sepsis. Independent predictors of mortality over the whole follow up period were male sex, Indigenous Australian ethnicity, older age, higher Charlson Comorbidity Index, and sepsis-related organ dysfunction at presentation.Conclusions: The mortality rate of patients hospitalised with sepsis exceeds that of the general population until 2 years post admission. Efforts to improve outcomes from sepsis should examine longer term outcomes than the traditional primary endpoints of 28-day and 90-day mortality