Money, prices, interest rates and the business cycle

Business cycles ; Interest rates ; Macroeconomics

Customer satisfaction, training and TQM: a comparative study of Western and Thai hotels

Managers within the hospitality industry make frequent reference to TQM principles. The extent to which these principles are applied effectively within the human resource management area of hospitality however remains under-researched. By applying TQM principles, this paper focusses on the relationship between customer service and training drawing upon comparative data from Western and Thai hotels. The paper also examines the perceptions of staff towards of hotels' guest-orientation and the provision of quality guest services. The researchers found that guest assessments of the performance of hotel frontline staff depend on their services function (e.g., front-office, housekeeping). The service quality skills needed by frontline staff were also found to differ in the case of Western and Thai hotels. Such differences merit proper consideration on the part of managers within the major hotel chains. The various findings may assist hospitality managers to determine appropriate strategies for the enhancement of guest services particularly in cross-cultural settings

Managerial Compensation in Midwestern Cooperatives: Results from a Follow-up Study

Results are presented from a follow-up survey of managerial compensation practices in local farm supply and marketing cooperatives in Minnesota, North Dakota, and Wisconsin. In contrast to findings from the original survey, total compensation levels, bonuses, and changes in compensation are all found to be positively and significantly associated with local net margin and not closely related to sales and sales growth.Agribusiness,

Global and regional kinematics with GPS

The inherent precision of the doubly differenced phase measurement and the low cost of instrumentation made GPS the space geodetic technique of choice for regional surveys as soon as the constellation reached acceptable geometry in the area of interest: 1985 in western North America, the early 1990's in most of the world. Instrument and site-related errors for horizontal positioning are usually less than 3 mm, so that the dominant source of error is uncertainty in the reference frame defined by the satellites orbits and the tracking stations used to determine them. Prior to about 1992, when the tracking network for most experiments was globally sparse, the number of fiducial sites or the level at which they could be tied to an SLR or VLBI reference frame usually, set the accuracy limit. Recently, with a global network of over 30 stations, the limit is set more often by deficiencies in models for non-gravitational forces acting on the satellites. For regional networks in the northern hemisphere, reference frame errors are currently about 3 parts per billion (ppb) in horizontal position, allowing centimeter-level accuracies over intercontinental distances and less than 1 mm for a 100 km baseline. The accuracy of GPS measurements for monitoring height variations is generally 2-3 times worse than for horizontal motions. As for VLBI, the primary source of error is unmodeled fluctuations in atmospheric water vapor, but both reference frame uncertainties and some instrument errors are more serious for vertical than horizontal measurements. Under good conditions, daily repeatabilities at the level of 10 mm rms were achieved. This paper will summarize the current accuracy of GPS measurements and their implication for the use of SLR to study regional kinematics

Stochastic Trends and Economic Fluctuations

Recent developments in macroeconomic theory emphasize that transient economic fluctuations can arise as responses to changes in long run factors -- in particular, technological improvements -- rather than short run factors. This contrasts with the view that short run fluctuations and shifts in long run trends are largely unrelated. We examine empirically the effect of shifts in stochastic trends that are common to several macroeconomic series. Using a linear time series model related to a VAR, we consider first a system with GNP, consumption and investment with a single common stochastic trend; we then examine this system augmented by money and prices and an additional stochastic trend. Our results suggest that movements in the "real" stochastic trend account for one-half to two-thirds of the variation in postwar U.S. GNP.

Testing Long Run Neutrality

Propositions about long run neutrality are at the heart of most macroeconomic models. Yet, since the 1970's when Lucas and Sargent presented powerful critiques of traditional neutrality tests, empirical researchers have made little progress on testing these propositions. In this paper we show that. in spite of the Lucas-Sargent critique. long run neutrality can be tested without specifying a complete model of economic activity. This is possible when the variables are integrated. In this case, permanent shifts in the historical data can be uncovered using VAR methods, and neutrality can be tested when there is a priori knowledge of one of the structural impact multipliers or one of the structural long run multipliers. In most circumstances such a priori knowledge is available. We use this framework to test four long run neutrality propositions: (i) the neutrality of money, (ii) the superneutrality of money. (iii) a vertical long run Phillips curve, and (iv) the Fisher effect. In each application, our a priori knowledge consists of a range of plausible values for the relevant impact and long run multipliers. We find that the U.S. postwar data are consistent with the neutrality of money and a vertical long run Phillips curve. but find evidence against the superneutrality of money and the long run Fisher relation. The sign of the estimated effect of money growth on output depends on the particular identifying assumption used. For a wide range of plausible identifying restrictions, nominal interest rates are found to move less than one-for-one with inflation in the long run.

USER'S GUIDE - GENERAL WEED MANAGEMENT MODEL VERSION 1.0 - DECEMBER 1994

Crop Production/Industries,