Unit Roots Tests with Smooth Breaks: An Application to the Nelson-Plosser Data Set

This paper reconsiders the nature of the trends (i.e. deterministic or stochastic) in macroeconomic time series. For this purpose, the paper employs two new tests that display robustness to structural breaks of unknown forms, irrespective of the date and/or location of the breaks. These tests approximate structural changes as smooth processes via Flexible Fourier transforms. The tests deliver strong evidence in favor of a nonlinear deterministic trend for real GNP, real per capita GNP, employment, the unemployment rate, and stock prices. Further, the two tests confirm the existence of stochastic trends in nominal GNP, consumer prices, real wages, monetary aggregates, velocity, and bond yields. In general, it appears that real variables are stationary while nominal ones have a unit root.Unit Roots, Stationarity Tests, Structural Change

Productivity Shocks, Unemployment Persistence, and the Adjustment of Real Wages in OECD Countries

This paper applies a set of unit root and cointegration tests with non-linear error-correction mechanisms to a subset of the OECD countries to investigate the empirical conclusions of some of the labor market models in the literature. I generally find that the unemployment rate, productivity, and real wages have a unit root even if one controls for threshold effects. This finding justifies the use of a cointegration approach to assess the existence of a long-run equilibrium among the variables of interest. For roughly half of the OECD countries in the sample, the unemployment rate, real wages, and productivity trend together over time. For four countries (i.e, Germany, Japan, Sweden, and the US) the adjustment to the long run relationship appears mostly asymmetric. Also, an impulse response function analysis suggests that real wages and productivity adjust faster to the long-run equilibrium, while shocks to unemployment take longer to extinguish. Also, according to the sign of the shocks, the unemployment rates respond differently. These findings suggest that a proper analysis of the behavior of productivity, real wages, and unemployment should consider non-linear adjustment mechanisms to long-run equilibrium since a liner approach would be biased.Unemployment, Wages; Collective bargaining; Hysteresis

El concepto de Dios y sus expansiones en el discurso filosófico y científico.

Our paper aims to offer a philosophical-linguistic investigation about the concept of God, the creative mechanisms of Bible conceptual expansions, and the way in which those processes can be related to philosophical or scientific discourse frames. The main idea is that a relationship between the intuitions preserved in the biblical discourse and the philosophical or scientific theories regarding the Universe and terrestrial life beginnings can be established in terms of conceptual expansion and creation of explicative worlds

Recruitment of Seemingly Overeducated Personnel: Insider-Outsider Effects on Fair Employee Selection Practices

We analyze a standard employee selection model given two institutional constraints: First, professional experience perfectly substitutes insufficient formal education for insiders while this substitution is imperfect for outsiders. Second, in the latter case the respective substitution rate increases with the advertised minimum educational requirement. Optimal selection implies that the expected level of formal education is higher for outsider than for insider recruits. Moreover, this difference in educational attainments increases with lower optimal minimum educational job requirements. Investigating data of a large US public employer confirms both of the above theoretical implications. Generally, the econometric model exhibits a �good fit�.employee selection, overeducation, adverse impact, insiders vs outsiders

Corporate Management of Highly Dynamic Risks: The Case of Terrorism Insurance in Germany

This article extends the theory of corporate risk management to encompass highly dynamic risks. Taking Viscusi'�s (1989) prospective reference from the context of individual decision making and applying it to a corporate context we propose a theory of how corporations process new information. Using unique data on all terrorism insurance policies sold in Germany we find support for this concept of risk-updating by showing that the demand for terrorism insurance is strongly determined by the recent occurrence of terrorist attacks.Corporate Insurance, Risk Management, Terrorism Insurance, Expected Utility, Prospect Theory

Evolution and Ethics of Digital Technology in Marketing

The purpose of this paper is to identify the implications of ethics in the evolution of technology. This article aims to define and analyze concepts such as: Big Data, Artificial Intelligence and Bioinformatics. Also, this article presents the applicability of Artificial Intelligence and discover the future trend of jobs in the coming years, the importance of adapting to changes and learning more skills that help to support future jobs

Application of B2C digital marketing

The purpose of this paper is to understand the application of digital B2C marketing. Companies market directly to end customers or decision-makers through B2C marketing. Most B2C customers base their decisions on how they feel about a product or service, not on facts or how useful it is. B2C marketers can take advantage of this by developing customized content that appeals to the emotions of their target audience

Entrepreneurial Marketing from the Perspective of Strategic Innovation

The purpose of this paper is to identify the implications of strategic innovation in entrepreneurial marketing. This article aims to define and analyze concepts such as: entrepreneurship, entrepreneurial marketing, innovation, innovation management. We will also present the priorities in the reconceptualization of marketing, we will discover the approach of strategic innovation, strategic thinking in marketing and the issue of strategic thinking

Recruitment of Overeducated Personnel: Insider-Outsider Effects on Fair Employee Selection Practices

employee selection, overeducation, adverse impact, insiders vs outsiders