176 research outputs found

    Credit in the monetary transmission mechanism: An overview of some recent research using Swiss data

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    Studies on the role of the credit channel have flourished in recent years. This paper focuses on the work that has been carried out using Swiss data. It begins with some general features characterizing the credit channel and demonstrating its empirical implications. It then provides an overview of the empirical papers. For the most part, these papers test cross-sectional implications of the credit view. The overall evidence suggests that a credit channel exists but a precise assessment of the effects of monetary policy operating through this channel is still a long way off. Much work has yet to be done, not least on the data side, in order to obtain a clear view of the quantitative importance of the credit channel for Switzerland.monetary transmission, credit channel

    The vulnerability of pegged exchange rates: the British pound in the ERM

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    European Monetary System (Organization) ; Great Britain

    Productivity and economic growth in Switzerland 1991-2005

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    In this paper, we analyse the sources of economic growth in Switzerland during the period 1991-2005. The results suggest that labour input and capital input contribute 0.57 pp and 0.45 pp, respectively, to the average annual GDP growth of 1.28%. The remaining 0.25 pp represent growth in multi-factor productivity, which is calculated as a residual. The estimate of growth in multi-factor productivity is lower than in previous studies because our measure of labour input takes changes in labour quality into account. Changes in labour quality explain 0.39 pp of the 0.45 pp contribution from labour input.growth accounting, multi-factor productivity, capital services, constant-quality labour

    Measuring growth of labour quality and the quality-adjusted unemployment rate in Switzerland

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    This paper presents results on human capital accumulation for the Swiss economy. We find that the index of labour quality has grown at a rate of 0.5% per year from 1991 to 2006. The main sources are the growth in average levels of education and the passing of the baby boom cohort through the age structure of the workforce. Projections over the period 2006-2050 suggest that labour quality growth will slow down with time. We also calculate a quality-adjusted unemployment rate and find that the unemployment rate is reduced by about 0.3 pp when human capital accumulation is taken into account.human capital, labour quality, unemployment rate

    Measuring capital stocks and capital services in Switzerland

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    This paper presents estimates of the aggregate net (wealth) capital stock and aggregate capital services for Switzerland. We derive these estimates in a consistent manner using the perpetual inventory method. Due to changes in data availability, the time series cover the period 1970-2005 for a 2-asset breakdown (equipment and structures) and 1990-2005 for a 12-asset breakdown (nine categories of equipment and three of structures). The sensitivity of the results is examined by varying assumptions on the initial capital stocks, the length of asset lives, the method for calculating service prices, and the choice of ICT deflators. Differences to the estimates published recently by the Federal Statistical Office are summarised in the appendix.capital stock, capital services, ICT goods

    On Understanding Sources of Growth and Output Gaps for Switzerland

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    In this paper, we measure the main factors explaining nominal output growth and deviations from trend output in Switzerland over the period 1980 to 2001. The decompositions are based on the GDP function and its dual, the national income function. The results indicate that whereas nominal output growth frequently reflects movements in domestic prices, it is capital formation that makes the largest contribution to real output growth, followed by gains in total factor productivity and improvements in the terms of trade. Deviations of real output from trend appear to have been driven by deviations of labour utilization, of productivity and, during the first decade, of the terms of trade from their respective long-run trends. The important role attributed to productivity and the terms of trade support the view that the customary measures of the output gap should be used with caution when formulating monetary policy.GDP growth, output gap, index numbers, welfare

    Measurement of labor quality growth: Caused by unobservable characteristics

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    The standard economy-wide indices of labor quality (or human capital) largely ignore the role of unobservable worker characteristics. In this paper, we develop a methodology for identifying the contributions of both observable and unobservable worker characteristics in the presence of the incidental parameter problem. Based on data for Switzerland over the period 1991-2006, we find that a large part of growth in labor quality is caused by shifts in the distribution of unobservable characteristics. The contributions to growth attributed to education and age are corrected downwards, if unobservable worker characteristics are taken into account. Yet the standard indices of labor quality appear to be robust to this extension

    Computational modeling of the pharmacokinetics and pharmacodynamics of selected xenobiotics

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    2016 Fall.Includes bibliographical references.The determination of important endpoints in toxicology and pharmacology continues to involve the acquisition of large amounts of data through resource-intensive experimental studies involving a large number of resources. Because of this, only a small fraction of chemicals in the environment and marketplace can reasonably be evaluated for safety, and many promising drug candidates must be eliminated from consideration based on inadequate evaluation. Promisingly, advances in biologically-based computational models are beginning to allow researchers to estimate these endpoints and make useful extrapolations using a limited set of experimental data. The work described in this dissertation examined how computational models can provide meaningful insight and quantitation of important pharmacological and toxicological endpoints related to toxicity and pharmacological efficacy. To this end, physiologically-based pharmacokinetic and pharmacodynamic models were developed and applied for several pharmaceutical agents and environmental toxicants to predict significant, and diverse, biological endpoints. First, physiologically-based modeling allowed for the evaluation of various dosing regimens of rifapentine, a drug that is showing great promise for the treatment of tuberculosis, by comparing lung-specific concentration predictions to experimentally-derived thresholds for antibacterial activity. Second, physiologically-based pharmacokinetic modeling, coupled with Bayesian inference, was used as part of a methodology to characterize genetic differences in acetaminophen pharmacokinetics and also to help clinicians predict an ingested dose of this drug under overdose conditions. Third, a methodology for using physiologically-based pharmacokinetic modeling to predict health-based cognitive endpoints was demonstrated for chronic exposure to chlorpyrifos, an organophosphorus insecticide. The environmental public health indicators derived from this work allowed for biomarkers of exposure to be used to predict neurobehavioral changes following long-term exposure to this chemical. Finally, computational modeling was used to develop a mechanistically-plausible pharmacodynamic model for hepatoprotective and pro-inflammatory events to relate trichloroethylene dosing conditions to observed pathologies associated with auto-immune hepatitis

    The Lasting Effects of Growing up in a Military-Connected Home: A Qualitative Study of College-Aged American Military Kids

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    Being reared as a military kid is a unique experience shared by millions of children all over the world. This study seeks to understand the experiences shared by military kids and how those experiences change their perspectives, behaviours, and relationships. In the present phenomenological study, we conducted 21 in-depth, semi-structured qualitative interviews of college students who were reared as United States military kids (MKs). Using criterion sampling, the participants all met specific criteria, including experiencing deployment of their military parent as well as a minimum of 10 years of parental service during the MK’s lifetime. Interviews were tape-recorded, transcribed, and coded for analysis. Researchers reviewed the transcriptions to find common themes and meta-themes present in a majority of the interviews. Common themes centred around relationships with family, changes during childhood, and military presence in everyday life. Particular findings reported in the present article include demonstrated respect, military pride, military community commonality, anticipation of change, childhood instability, family dynamics, military terminology, adaptability, and an overall positive experience. These common themes are relevant for all involved in the care of military kids and their families, as they underline the unique perspective that MKs have about their childhood and their future
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