Micro Foundations of Price-Setting Behaviour: Evidence from Canadian Firms

How do firms adjust prices in the marketplace? Do they tend to adjust prices infrequently in response to changes in market conditions? If so, why? These remain key questions in macroeconomics, particularly for central banks that work to keep inflation low and stable. The authors use the Bank of Canada's 2002-03 price-setting survey data to investigate Canadian firms' price-setting behaviour; they also analyze the micro foundations for the firms' pricing behaviour using count data and probit models. The authors find that, all else being equal, firms tend to adjust prices more frequently if they are state-dependent price-setters, operate in the trade sector, or have large variable costs or more direct competitors. There are various sticky-price theories; in the Bank's price-setting survey, the senior management of firms were read a simple statement in non-technical language that paraphrased each sticky-price theory, and were then asked whether the statement applied to their firm. The most frequently recognized sticky-price theories are customer relations, cost-based pricing, and coordination failure. The authors' analysis indicates that if firms recognize coordination failure on price increases, sticky information, menu costs, factor stability, or customer relations as being important, they tend to adjust prices less frequently. The authors also find that the patterns discernible within firms' recognition of stickyprice theories are strongly associated with firms' micro foundations.Inflation and prices; Transmission of monetary policy

Computing the Accuracy of Complex Non-Random Sampling Methods: The Case of the Bank of Canada's Business Outlook Survey

A number of central banks publish their own business conditions survey based on non-random sampling methods. The results of these surveys influence monetary policy decisions and thus affect expectations in financial markets. To date, however, no one has computed the statistical accuracy of these surveys because their respective non-random sampling method renders this assessment non-trivial. This paper describes a methodology for modeling complex non-random sampling behaviour, and computing relevant measures of statistical confidence, based on a given survey's historical sample selection practice. We apply this framework to the Bank of Canada's Business Outlook Survey by describing the sampling method in terms of historical practices and Bayesian probabilities. This allows us to replicate the firm selection process using Monte Carlo simulations on a comprehensive micro-dataset of Canadian firms. We find, under certain assumptions, no evidence that the Bank's firm selection process results in biased estimates and/or wider confidence intervals.Econometric and statistical methods; Central bank research; Regional economic developments

The virtual university

Published ArticleThe article views the concept of a virtual university. Various conceptual definitions are presented to debate the question on what a virtual university is. The author explains the important contribution of technology driven education in the delivering of academic programmes. Throughout the article the advantages of virtual education are highlighted. Some of the advantages include effective transfer of learning to the work place and quick feedback on performance. The article concludes with a future scenario of virtual universities

Значение традиционных нравственно-эстетических ценностей в формировании духовного мира ребенка в произведениях Эмиля Амита

Предлагаемый вниманию материал посвящён значению традиционных нравственно-эстетических ценностей в формировании духовного мира подрастающего поколения. Обращение к испокон веков ценимым ценностям под пером автора обретает особое звучание.Пропонований увазі матеріал присвячений проблемі еволюції морального ідеалу в творчості Е.Аміт. Традиційні споконвічні ціності під пером автора набувають особливого звучання.The material which is proposed to you dedicated to a problem of the evolution of the moral ideal in the creation of A Rmit

Деградация человеческого потенциала как фактор латентной составляющей деятельности высшей школы Украины

Рассмотрены проблемы тенизации и коррупционности функционирования украин-ской высшей школы на фоне вектора развития показателей потенциала населения страны.Розглянуті проблеми тінізації і коррупційності функціонування української вищої школи на тлі вектору розвитку показників потенціалу населення країни

Palaeoecological study of Pyrenean lowland fir forests: Exploring midelate Holocene history of Abies alba in Montbrun (Ariiège, France)

International audienceFir (Abies alba Mill.) occupies an important place in the Pyrenean context, where the species finds its optimal conditions in this mountain zone (800e1800 m a.s.l.). In the Pyrenees, the fir woods of Volvestre (Ari ege, France) are of particular interest because of two peculiarities of its location: its northern latitude with respect to the usual location of fir in the Pyrenean axis, and its lower altitude (330e440 m a.s.l.). This has given rise to various theories, some considering the silver fir forests as a glacial relic and others pointing to anthropogenic interference and possible plantings during the Middle Ages. Pedoanthraco-logical and palynological studies have been performed to establish the origin and history of this ancient forest, and both approaches show an ancient anthropized landscape with a continuous presence of Abies alba throughout the mid-and late-Holocene. The fir woodlands of Volvestre are testimonies to the ancient and significant presence of fir on the northeast slope of the Pyrenees and the current suitability of this species for lowland areas. Pedoanthracological sampling inside the forest has shown differences in vegetation dynamics at different valley points (north slope, south slope, and valley bottom)

Enterprise Risk Management:een risicobeheersingssysteem voor organisaties

Het doel van het risicobeheersingssysteem is om met de gewenste mate van zekerheid te kunnen stellen dat de organisatiedoelstellingen worden bereikt. Het risicobeheersingssysteem richt zich op een viertal categorieën van doelstellingen te weten “strategisch”, “operationeel”, “wet- en regelgeving” en “betrouwbaarheid van informatie”. Het feit dat een organisatie beschikt over een risicobeheersingssysteem betekent niet dat de organisatiedoelstellingen daadwerkelijk worden gerealiseerd, maar dat transparant wordt gemaakt welke risico’s met de doelstellingen samenhangen en welke beheersingsmaatregelen getroffen worden. Er zijn meerdere methoden om risico’s te inventariseren waarbij een combinatie van de methoden (kwalitatief en kwantitatief) toegepast kan worden om een zo hoog mogelijke effectiviteit en efficiency te bereiken. Daarnaast is het van groot belang om als onderdeel van het risicobeheersingssysteem aandacht te besteden aan de verankering van het risicomanagementproces in een organisatie (cultuur, structuur, competenties en techniek)