Strategic debt management within the stability and growth pact

Opportunistic politicians use the composition of public debt as a signal for competence. A competent government will not issue long-term nominal debt, as optimal to balance the budget, but long-term inflation-indexed debt. We consider politicians that pursue the objective of a balanced budget subject to the Stability and Growth Pact and reelection. A government's competence is reflected by its ability to produce a public service at a lower cost (taxes). Competence is private information of politicians. --Political Budget Cycle,Debt Management,Inflation-indexed Bonds,Stability and Growth Pact

Interoperability Maturity Model: Orchestrator Tool for Platform Ecosystems

The orchestration of platform ecosystems is becoming increasingly complex due to the growing number of players, complementary services and technological innovations. Interoperability is an important prerequisite for convincing customer journeys as well as functional and quality-assured data exchange and offers increasing potential for automation, especially with the help of machine learning or artificial intelligence. The interoperability maturity model developed in this study can be used as a conceptual framework to measure the interoperability of current and future platform ecosystem components and complements. The model, developed as an artifact of design science research, was evaluated using an iterative approach with orchestrators of health data platforms and their ecosystem. The results suggest that it can contribute to achieving and sustaining integrated value chains with multiple actors and diverse technologies, and can be used to assess the interoperability of care chains (e.g., care scenarios such as diabetes or cardiac insufficiency) and guide future interoperability considerations

Hayek's Triangle, General Equilibrium, and Keynesian Folly: a first step in bridging the gap between the Spanish-Austrian school and mathematical formalism

Although this model builds on the work of Roger W. Garrison, it is quantifiably more rigorous and perhaps more useful as a result. Like Garrison’s general equilibrium model it shows the overwhelming weakness of the Keynesian macroeconomic approach, as well as the need for the re-introduction of sound money as a practical policy solution to today’s relentlessly reoccurring global financial and economic crises. If this paper makes a useful intellectual contribution to the field of economics, then it is its derivation of Hayek’s triangle from a perhaps estimable, value-added, cost function and its strengthening of Roger Garrison’s effort to bridge the theoretical gap between mainstream mathematical formalism and the Austrian business cycle developed by Ludwig von Mises, Friedrich August Hayek, and others. Specifically, the model is divided into three components including a profit-maximization problem with a constraining value-added cost function, a utility maximization problem with a national budget constraint, and a private sector investment market whose demand and supply functions are derived from the solutions to the aforementioned optimization problems. In particular the model focuses on the term structure of capital as the key to sustained, long-term, economic growth in the absence of environmental concerns, as well as the trade-off between current and future real consumption and the effect of uninvested savings on each. After a thorough discussion of each component all three components are combined to form the general equilibrium model whose presentation is the ultimate goal of this paper. This is part one of a two-part paper. The second part models the effects of the introduction of bank money and lays the foundation for the introduction of central banking

Unique Brand Extension Challenges For Luxury Brands

This article addresses the impact of brand extensions on the brand equity of luxury brands.  A review of the developments in the luxury market has shown significant changes in demand and supply sides.  The luxury market has been growing rapidly over the last 20 years, and luxury brands, formerly reserved for a small group of privileged individuals, are now available to more consumers.  Meanwhile, luxury goods manufacturers have been applying new marketing strategies, and extending their brands without any insights as to the consequences for their brands.  Despite these changes, little research has investigated the luxury market.  Therefore, a systematic review has been undertaken regarding the nature of luxury brands and research measuring individual luxury brand equity elements such as attitudes and perceptions.  Deviating results in the application of concepts for non-luxury brands to luxury brands have been found due to the abstract and emotional nature of luxury brands.  These results support the development of distinct brand equity constructs for luxury brands.  The main focus of this article is the impact of luxury brand extensions on the parent brand’s equity and the proposal of a framework to allow the impact to be measured

Proprioceptive Neuromuscular Facilitation And Overground Gait Training For A Patient Following A Left Central Medullary Stroke: A Case Report

Background and Purpose: Central medullary stroke is a rare type of stroke that is characterized by contralateral hemiplegia sparing the face, contralateral loss of deep sensation, and ipsilateral hypoglossal paralysis. It makes up a small percentage of the types of strokes that affect nearly 795,000 Americans every year. While there has been extensive research on rehabilitation principles for the general treatment of stroke, there has been little research on rehabilitation for patients following a central medullary stroke. The purpose of this case report was to describe a multifaceted intervention program with the emphasis on proprioceptive neuromuscular facilitation (PNF) and overground gait training (OGT) for a patient following a left central medullary stroke. Case Description: The patient was a 71-year-old female who received daily physical therapy (PT) for six weeks at an inpatient rehabilitation facility. The interventions included coordination, balance, gait, and functional mobility, with focus on PNF and OGT. Her progress was tracked using the Function in Sitting Test (FIST), Barthel Index (BI), and the Encompass Health Rehabilitation Functional Skills Assessment (EHRFSA). Outcomes: The patient experienced significant improvement in all three outcome measures. Her score for the FIST improved from 29/56 to 56/56, while her score on the BI improved from 45/100 to 70/100. On her initial examination the patient was dependent for all aspects of mobility, but at discharge required only minimum/no assistance. Discussion: Interventions such as PNF, OGT, and functional mobility exercises may have been beneficial for this patient in regard to the improvement in gait and decreased need for assistance. More research on PNF and OGT, along with other beneficial interventions for patients with central medullary stroke is warranted

Calvin as a biblical exegete

This section of the book "Calvin Global. How Faith influences Societies" analyzes the big trends of Calvin's exegesis of the Bible. This presentation is a ground for the rest of the book, since "the centre of Calvin’s faith and ethics is based on his profound and innovative method of very broad biblical exegesis" (Christoph Stueckelberger and Reinhold Bernhardt, Introduction, p.13)

O nascimento do cristianismo: discussão crítica das propostas de Burton Mack e Gerd Theissen

The authors offer a critical discussion of the proposal of Burton L. Mack and Gerd Theissen concerning when and under what conditions Christianity arose. They argue that the unique identity of the believers in Christ in relation to the Jewish faith was the result of a new social practice that had its beginning in Antioch where something new happened: The inclusion of the non-jews in the Jewish fellowship of the followers of the kyrios Jesus.Los autores presentan una discusión crítica de las propuestas de Burton L. Mack y Gerd Theissen sobre cuando y en que condiciones surgió el cristianismo. Sustentan que la identidad propia de los creyentes en Cristo en relación de la fe judaica fue resultado de una nueva praxis social, que tuvo inicio en Antioquia, donde sucedió algo nuevo: La incorporación de los no judíos para la comunión judaica de los adeptos del Kyrios Jesús.Os autores apresentam uma discussão crítica das propostas de Burton L. Mack e Gerd Theissen sobre quando e em que condições surgiu o cristianismo. Sustentam que a identidade própria dos crentes em Cristo em relação à fé judaica foi resultado de uma nova práxis social, que teve início em Antioquia, onde aconteceu algo novo: a agregação de não-judeus à comunhão judaica dos adeptos do kyrios Jesus

A full participation agreement on global emission reduction through strategic investments in R&D

If an emission reduction agreement with participation of all players is not enforceable because politicians are too myopic or not able to commit themselves to sustainable policies or costs of reducing emissions are too high, strategic investments in research and development (R&D) of green technology, for example sustainable drive-trains, can pave the way for a future treaty. Although no player will rationally reduce emissions on its own, investments in R&D by at least one player can change the strategic situation of negotiations to control emissions: Emission abatement costs will decrease so that a treaty with full participation can be achieved in future periods through time consistent sustainable policies. --emissions,discount factor,commitment,endogenous technical change,repeated prisoner's dilemma