Efficiency Wages in Heterogenous Labour Markets

In this paper we tackle two shortcomings of present efficiency wage models. Firstly, they do not fully account for labour heterogeneity, thus implying that high-effort and low-effort units of labour are interchangeable. Secondly, building on this assumed homogeneity of labour, the models derive involuntary unemployment from effort decisions of workers, which are patently voluntary. We offer a consistent reformulation of the theory: Each of the effort or quality levels is regarded as a separate market which has its own clearing quantity and price. As such unemployment is a result of workers' reluctance to adjust to the prevailing market conditions on the respective labour sub-market. To further clarify heterogeneity in labour markets, we propose to employ the demand for workers' characteristics instead of the demand for workers. This microeconomic approach shows that in standard equilibrium employers will not choose among all workers but only select specific characteristic-types. Therefore to become attractive, an unemployed worker has to significantly alter either his wage or the bundle of offered characteristics. Both these modifications reinforce our central claim that free market interaction cannot lead to unemployment other than voluntary.labour market; efficiency wages; involuntary unemployment; demand for heterogeneous goods.

Preoperative neoadjuvant chemoradiation for locally advanced gastric adenocarcinoma

Aims and BackgroundTo evaluate toxicity and the radical resection rate in gastric adenocarcinoma treated with preoperative neoadjuvant chemoradiation.Materials & Methods32 patients, 22 males and 10 females with gastric adenocarcinoma, were treated with chemoradiation and hyperthermia.ResultsThe neoadjuvant regimen was completed as planned in 19/32 (59 %) patients; in the remaining patients the intensity of chemotherapy had to be reduced because of haematological and gastrointestinal toxicity. Surgical stage was as follows: 2 patients pathologically complete response, 3 patients AJCC stage I.A, 5 patients stage I.B, 7 patients stage II, 7 patients stage III.A, 1 patient stage III.B, 7 patients stage IV. R0 resection was achieved in 19/32 (59%) patients, R1 in 2/32 (6%) patients and R2 in 11 (34%) patients. Downstaging after neoadjuvant chemoradiotherapy was achieved in 17/32 (53%) patients. At the date of evaluation (31 March 2009), 4 patients were still alive 58, 81, 86 and 98 months from the date of diagnosis. Median survival was 18 months (95% confidence interval: 13–38 months). One-year survival was 69% (95% confidence interval: 53%–85%). Four-year survival was 19% (95% C.I.: 5%–34%).ConclusionsPreoperative neoadjuvant chemoradiotherapy has acceptable toxicity, and can lead to a high rate of R0 resections

Studium casnych pooperacnich nalezu u osob s nadory mozku pomoci CT a MR.

The aim of the study is to compile the most suitable MR examination protocol for early post-operative controls of patients after operations of high grade glioma (HGG). This protocol should aim in differentiating surgically induced (benign) postcontrast tissue enhancement from pathologic enhanc. representing residual tumorous tissue. 34 patients with HGG were examined. According to histologic classification, there were 19 cases of glioblastoma multiforme and 15 cases of anaplastic astrocytoma. Unenhanced and contrast enhanced MR scans were performed within 72 hours after operation in all patients. Unenhanced early post-operative MR exam. proved the existence of T1 hyperintensity in the operation field in all patients. By means of in vitro MR experiments we proved that exposure of fresh blood to atmospheric oxygen accelerates conversion of oxy- and deoxyhemoglobin to T1 hyperintense methemoglobin. The presence of hemostatic material (Surgicel) within the resection cavity probably facilitates the degradation of hemoglobin. We observed linear and chorioidal type of enhanc. in all patients, meningeal type in 86% and nodular in 86%. The nodular type of enhanc. was observed in all the patients with proved residual tumour, except for one case where benign surgically induced nodular enhanc. was present. Statistical analysis of our data proved that radical operation significantly prolongs the survival period. The age of patients and histologic tumour grading were also significant factors for the length of survival period. The volume of residual tumour was on boundary of statistical significance. Exposure to brain tissue to atmospheric oxygen during the operation and the presence of hemostatic material participate on early occurrence of T1 hyperintensity in the operation area. The presence of nodular post-operative enhan. always rises suspicion of residual tumour. The comparison of pre-operative and post-operative MR findings is the most important way to differentiate residual tumour from benign, surgically induced nodular enhanc. Histologic type of the tumour, radicalism of operation and the age of a patient are important factors for the length of survival period in patients with HGG. The volume of residual tumour was on boundary of statistical significance.Available from STL Prague, CZ / NTK - National Technical LibrarySIGLECZCzech Republi

Aplikace vybranych termickych analyz v diagnostice vysokonapetovych izolaci

The possibilities how to use the methods of thermal analysis for determination of state of high-voltage systems. The changes of materials behaviour are detected through its binding agent. As very important approach is applied structural view on material by means of the set of thermal analysis methods. Main attention is paid to differential thermal analysis, thermomechanical analysis and thermogravimetry. There are used the knowledge about kinetics of chemical reaction in the course of heating of material and several representative models are discussed with respect to the determination of kinetic parameters and activation energy as a very useful quantity, which gives valuable information. In conclusion, there is emphasized the importance of these methods for practice, for the are capable to bring very interesting information about material as regards, the extent of degradation. Moreover, some further possibilities for improvement of this fields are suggestedAvailable from STL Prague, CZ / NTK - National Technical LibrarySIGLECZCzech Republi

Empirie deflace a hospodářského růstu

Autor: Pavel Ryska Disertační práce: Empirie deflace a hospodářského růstu Abstrakt Tato disertační práce se zabývá vztahem mezi deflací a hospodářským růstem. Současný empirický výzkum se zaměřoval na jednoduchý vztah mezi růstem cen a růstem HDP, nebo přidával užší měřítka cen jako kontrolní proměnné. Cílem této práce je vzít v potaz pohyby jak v poptávce, tak v nabídce, aby mohl být vztah cenové inflace a růstu jako takový oddělen od změn v některých součástech nominální poptávky a nabídky. Práce zaujímá dva přístupy. Nejprve používám rozsáhlý panel makroekonomických dat z 20 zemí a více než 140 let, abych prozkoumal dlouhodobé a krátkodobé dopady inflace na růst výstupu poté, co je zahrnut růst měnové zásoby coby faktor poptávky a růst cen ropy jako proxy proměnná pro posuny v nabídce. Přitom používám několik metod jako model VECM, ARDL či fixní efekty pro panelová data. Za druhé navrhuji nový přístup, který používá desagregovaná sektorová data z národních účtů o výstupu, cenách a dalších proměnných, aby bylo možné zkoumat vztah mezi vyrobenými objemy a sektorovou inflací. Výhodou těchto dat je skutečnost, že jsou bohatá na pozorování sektorové deflace i v moderní době, což agregátní data nenabízejí. Přirozenou nevýhodou sektorového přístupu je fakt, že má implikace spíše pro ekonomickou teorii než...Author: Pavel Ryska Doctoral thesis: The Empirics of Deflation and Economic Growth Abstract This doctoral thesis deals with the relationship between deflation and economic growth. Existing empirical research has focused on the simple link between price growth and GDP growth or introduced narrower price measures as control variables. The goal of the present work is to account for shifts in both demand and supply, so that the effect of price inflation on growth as such could be separated from effects of changes in certain elements of nominal demand and supply. The work takes two general approaches. First, I use a large macroeconomic panel data set of 20 countries over approximately 140 years to explore long-run and short-run effects of inflation on output growth, after controlling for money supply growth as a demand shifter and oil price growth as a proxy for shifts in supply. In doing so, I use a range of methods such as the vector error-correction model, autoregressive distributed lag model and the fixed effects panel model. Second, I propose a new approach that uses disaggregated sector data from national accounts on output, prices and other variables to explore the link between quantity produced and sector inflation rates. The advantage of the data set is that it is rich in modern-day observations of...Institut ekonomických studiíInstitute of Economic StudiesFaculty of Social SciencesFakulta sociálních vě

The Empirics of Deflation and Economic Growth

Author: Pavel Ryska Doctoral thesis: The Empirics of Deflation and Economic Growth Abstract This doctoral thesis deals with the relationship between deflation and economic growth. Existing empirical research has focused on the simple link between price growth and GDP growth or introduced narrower price measures as control variables. The goal of the present work is to account for shifts in both demand and supply, so that the effect of price inflation on growth as such could be separated from effects of changes in certain elements of nominal demand and supply. The work takes two general approaches. First, I use a large macroeconomic panel data set of 20 countries over approximately 140 years to explore long-run and short-run effects of inflation on output growth, after controlling for money supply growth as a demand shifter and oil price growth as a proxy for shifts in supply. In doing so, I use a range of methods such as the vector error-correction model, autoregressive distributed lag model and the fixed effects panel model. Second, I propose a new approach that uses disaggregated sector data from national accounts on output, prices and other variables to explore the link between quantity produced and sector inflation rates. The advantage of the data set is that it is rich in modern-day observations of..

Měnové transmisní mechanismy v České republice

Institut ekonomických studiíInstitute of Economic StudiesFakulta sociálních vědFaculty of Social Science

Deflation and output across sectors: results for the Czech Republic

The present paper looks into the relationship between deflation and economic output. Previous studies relied uniquely on annual macroeconomic data on GDP and prices, which caused lack of observations on deflation. This paper uses panel data on 86 sectors of the Czech economy in 1993-2015, which offer more variation in price changes and display frequent observations of deflation. Our goal is to test the hypothesis whether deflation negatively affects output growth – as is commonly thought – and whether central banks should counter all deflation that appears. The most common argument against deflation is that decreasing prices lead consumers and firms to postpone purchases, which in turn depresses output. We find that (1) sectors with output price deflation and below-average inflation have higher growth rate of output, and that (2) these sectors also tend to show quicker growth in gross value added. This evidence contradicts the often held notion that deflation is linked with recession or subpar growth. It also shows that firms with deflating output prices do not have trouble preserving their profits. Deflation observed in the Czech economy in 1993-2015 is likely to be the result of falling unit costs enabled by firms’ investment rather than the result of falling demand. This might have policy implications. Our results highlight that monetary policy should differentiate among sources of deflation and that deflation observed in the Czech Republic has been rather of the ‘good’ type. We believe that our approach using sector data is novel because it uncovers more variation in prices and output than the more common approach that uses macroeconomic aggregates