The price-dividend relationship in inflationary and deflationary regimes

This paper suggests that dividends do not reflect permanent earnings of corporations in periods of high inflation and deflation, and therefore the price-dividend relationship, as predicted by Gordon’s dividend-price model, breaks down. Using data for the US and the UK over the period from 1871 to 2002, nonlinear estimates support the prediction of the model

Identification and Estimation of a Labour Market Model for the Tradeables Sector: the Greek Case.

This paper derives a theoretical labour market model for the tradeables sector of a small open economy. Using Greek manufacturing data and applying multivariate cointegrating techniques, two cointegrating vectors are estimated based on the a priori restrictions provided by the theoretical model; a labour demand and a real exchange rate equation, respectively. The short-run estimates of the model suggest that labour decisions not only depend upon past disequilibria in the labour market, but also on the discrepancy between the real exchange rate and its implied long-run equilibrium relationship, that is, the magnitude of the real exchange rate misalignment.EMPLOYMENT ; REGRESSION ANALYSIS ; ECONOMIC MODELS ; EUROPE

On the dynamics of lending and deposit interest rates in emerging markets: A non-linear approach

This paper studies the dynamics of lending and deposit rates in two emerging markets in Latin America: Colombia and Mexico. The dynamics of lending (deposit) interest rates are driven by the exogenous interbank interest rate and deviations from the long-run lending-interbank (deposit-interbank) interest rate relationship. Allowing for different interest rate behavior during periods characterized by large and small values of the spread, the non-linear specification proves superior to the linear one

Vertex-algebraic structure of the principal subspaces of certain A_1^(1)-modules, II: higher level case

We give an a priori proof of the known presentations of (that is, completeness of families of relations for) the principal subspaces of all the standard A_1^(1)-modules. These presentations had been used by Capparelli, Lepowsky and Milas for the purpose of obtaining the classical Rogers-Selberg recursions for the graded dimensions of the principal subspaces. This paper generalizes our previous paper.Comment: 26 pages; v2: minor revisions, to appear in Journal of Pure and Applied Algebr

The economic value of supplier working relations with automotive original equipment manufacturers

Do the different approaches automotive Original Equipment Manufacturers (OEMs) take to working relations with their suppliers affect economic variables that impact bottom line results? This study is focused on exploring this question through four hypotheses: 1. Cooperative-trusting relationships lead to reduced costs of sourced materials and overhead. 2. Cooperative-trusting relationships lead to increased levels of innovation with a lower investment in research and development. 3. Cooperative-trusting relationships lead to improved product quality. 4. Cooperative-trusting relationships lead to better resource management of inventory. Statistical Analysis Software (SAS) was used to perform regression analyses on panel series data. All four hypotheses were proven to a statistical significance of at least 0.10. These results provide the empirical data necessary to substantiate the anecdotal evidence that cooperative-trusting supplier relationships provide economic value. The working relationships automotive OEMs have with their suppliers affect economic variables that impact bottom line results and competitive advantage

Logarithmic intertwining operators and W(2,2p-1)-algebras

For every $p \geq 2$, we obtained an explicit construction of a family of $\mathcal{W}(2,2p-1)$-modules, which decompose as direct sum of simple Virasoro algebra modules. Furthermore, we classified all irreducible self-dual $\mathcal{W}(2,2p-1)$-modules, we described their internal structure, and computed their graded dimensions. In addition, we constructed certain hidden logarithmic intertwining operators among two ordinary and one logarithmic $\mathcal{W}(2,2p-1)$-modules. This work, in particular, gives a mathematically precise formulation and interpretation of what physicists have been referring to as "logarithmic conformal field theory" of central charge $c_{p,1}=1-\frac{6(p-1)^2}{p}, p \geq 2$. Our explicit construction can be easily applied for computations of correlation functions. Techniques from this paper can be used to study the triplet vertex operator algebra $\mathcal{W}(2,(2p-1)^3)$ and other logarithmic models.Comment: 22 pages; v2: misprints corrected, other minor changes. Final version to appear in Journal of Math. Phy

An explicit realization of logarithmic modules for the vertex operator algebra W_{p,p'}

By extending the methods used in our earlier work, in this paper, we present an explicit realization of logarithmic \mathcal{W}_{p,p'}-modules that have L(0) nilpotent rank three. This was achieved by combining the techniques developed in \cite{AdM-2009} with the theory of local systems of vertex operators \cite{LL}. In addition, we also construct a new type of extension of $\mathcal{W}_{p,p'}$, denoted by $\mathcal{V}$. Our results confirm several claims in the physics literature regarding the structure of projective covers of certain irreducible representations in the principal block. This approach can be applied to other models defined via a pair screenings.Comment: 18 pages, v2: one reference added, other minor change

Vertex-algebraic structure of the principal subspaces of certain A_1^(1)-modules, I: level one case

This is the first in a series of papers in which we study vertex-algebraic structure of Feigin-Stoyanovsky's principal subspaces associated to standard modules for both untwisted and twisted affine Lie algebras. A key idea is to prove suitable presentations of principal subspaces, without using bases or even ``small'' spanning sets of these spaces. In this paper we prove presentations of the principal subspaces of the basic A_1^(1)-modules. These convenient presentations were previously used in work of Capparelli-Lepowsky-Milas for the purpose of obtaining the classical Rogers-Ramanujan recursion for the graded dimensions of the principal subspaces.Comment: 20 pages. To appear in International J. of Mat

Higher depth false modular forms

False theta functions are functions that are closely related to classical theta functions and mock theta functions. In this paper, we study their modular properties at all ranks by forming modular completions analogous to modular completions of indefinite theta functions of any signature and thereby develop a structure parallel to the recently developed theory of higher depth mock modular forms. We then demonstrate this theoretical base on a number of examples up to depth three coming from characters of modules for the vertex algebra $W^0(p)_{A_n}$, $1 \leq n \leq 3$, and from $\hat{Z}$-invariants of $3$-manifolds associated with gauge group $\mathrm{SU}(3)$

Logarithmic intertwining operators and vertex operators

This is the first in a series of papers where we study logarithmic intertwining operators for various vertex subalgebras of Heisenberg vertex operator algebras. In this paper we examine logarithmic intertwining operators associated with rank one Heisenberg vertex operator algebra $M(1)_a$, of central charge $1-12a^2$. We classify these operators in terms of {\em depth} and provide explicit constructions in all cases. Furthermore, for $a=0$ we focus on the vertex operator subalgebra L(1,0) of $M(1)_0$ and obtain logarithmic intertwining operators among indecomposable Virasoro algebra modules. In particular, we construct explicitly a family of {\em hidden} logarithmic intertwining operators, i.e., those that operate among two ordinary and one genuine logarithmic L(1,0)-module.Comment: 32 pages. To appear in CM