Importing Credible Monetary Policy: A Way for Transition Economies to Fight Inflation?

In the 1990s, transition economies were rearranging their monetary regimes. This paper compares the chosen regimes based on the level of discretionary power and the ability to control inflation. Results show that non-discretionary regimes produce lower and more stable inflation.

Non-discretionary monetary policy: The answer for transition economies?

It is a well-established fact that monetary institutions help shape the macroeconomic environment of countries by stabilizing prices. In the early 1990s, transition economies had the opportunity to rearrange their monetary institutions to better achieve low levels of inflation. Those economies had several prominent monetary arrangements to choose from, such as sovereign central banks or currency boards. This paper surveys the monetary institutions currently in place in several transition economies and compares them based on their ability to control inflation. More specifically, we intend to test whether the transition economies have better inflation performance when they import the monetary policy of a credible central bank. --Transition economies,currency board,European monetary union

Entrepreneurship and State Public Policy

Many state and local governments have focused on enacting policies to promote entrepreneurship in an effort to enhance economic growth. This paper will test the relationship between entrepreneurial activity and state economic freedom in a Granger causality framework. We build a panel data set of freedom scores and entrepreneurial activity measures within the fifty US states from 1981 to 2003, and our results show that, as a whole, economic freedom causes entrepreneurship. However, we find evidence that once entrepreneurs are in place, they increase the size of government spending, which is contradictory to economic freedom.entrepreneurship, public Policy, economic freedom

Human potential: How knowledge can be measured

A measurement value for knowledge is introduced on the basis of mathematics. This measurement value expands the potential for economic analysis, reveals new interconnections, and defines familiar economic characteristics in mathematical terms. As an example, a mathematical formula for the competence of a company is derived here in an illustrative fashion and the relation-ships between growth in turnover, stability and effectivity are shown. In conclusion a number of interpretative comments are made on the significance of the approach for future economic theory.Measure of knowledge, bit of knowledge, competence, human potential, stability, unemployment and knowledge

Knowledge Agents Represented by Knowledge Functions

Knowledge as the basis of science has up to now only verbally defined features which are not accepted between all sciences. On the other hand knowledge must have some interoperable, physical related features since otherwise we wouldn’t be able to exchange knowledge between humans. With the discovery of operable features knowledge becomes, like information, a tool for interdisciplinary use. It is analysed how this discovery can also contribute to the concept of economic agents. The fundamental frame for agent concepts is set by physical condi-tions, which are explained. It is shown how within this frame operable knowledge can act in a way that new economic features appear. Operable knowledge features present a structure of knowledge which is independent of the specific meaning or use of knowledge. This discovery presents a completely new mathematically based concept of knowledge for different disciplines like economy, sociology, communication science, physics or biology. It is explained how this arises by extending the well known Shannon concept of information. It is shown how competence and innovation appear as specific features of knowledge. Also it is explained how knowledge adds value to money. Some initial practical results of a pilot project in a company are discussed. Hints for application in different disciplines are given.bit of knowledge, measure of knowledge, knowledge functions of agents, quantization of knowledge

An Efficiency Comparison of City Managers and Elected Mayors

Previous research has concluded that there are no efficiency differences between elected mayor-council (EMC) and council-manager (CM) city governments. However, the CM form has recently surpassed the EMC form to become the most popular U.S. city government. This paper provides an alternative method of testing the relative efficiency of the two forms of government. Relying on capitalization theory of local public goods, I develop a hedonic price model for Ohio metropolitan home sales. Results show that houses within a CM city have a pricing premium that can be attributed to the relative efficiency of the CM government.city manager, government efficiency, local public goods, hedonic, capitalization

Notas sobre la historia natural de las oropéndolas Psarocolius yuracares y P. Angustifrons Alfredi en la provincia Chapare, Cochabamba, Bolivia

Se aportan datos de historia natural para dos oropéndolas o tojos (Psarocolius yuracares y P. angustifrons alfredi) poco estudiadas de la provincia Chapare, Departamento Cochabamba, Bolivia. P. yuracares resultó ser la más escasa, y se la encontró, generalmente desplazándose en bandadas monoespecíficas, hasta los 900 m s.n.m. Se encontraron tres colonias de nidificación, dos pequeñas de 5-6 nidos en palmas Socratea en la selva (Agosto y Noviembre), y una colonia mayor (Octubre), cerca de plantaciones, con más de 30 nidos activos en un gran árbol leguminoso de unos 35 m. Esta fue un colonia mixta con nidos de otra oropéndola (P. decumanus). Los nidos de P. yuracares, más cilíndricos y de tejido más tosco que los de P. decumanus, estaban agrupados en dos núcleos (clusters), cada uno con un macho que cantaba y efectuaba despliegues, los cuales no colaboraban ni con la construcción ni con la alimentación de pichones, pero sí en alejar al Tordo Gigante (Molothrus oryzivorus). P. angustifrons alfredi resultó la oropéndola más abundante del Chapare, y se encontró en abundancia en plantaciones, pueblos y aldeas, donde nidifica a partir de Julio. No encontramos sus nidos arriba de los 700 m s.n.m. De 15 colonias, nueve fueron construidas en la palma tembe (Bactris gasipaes), nativa y cultivada en el Chapare. Las colonias nunca excedieron los 14 nidos, dando un promedio de 6,7 nidos simultáneamente activos por colonia. Los nidos, de tejido tosco, estaban bien espaciados y nunca encimados. Esta oropéndola expulsó agresivamente de sus colonias a Psarocolius yuracares y al Tojito (Cacicus cela). Se observaron desde uno a cuatro machos en las colonias, en un caso dos de éstos alternando en despliegues y cantos. Sólo las hembras efectuaron todas las actividades de nidificación. Pichones dependientes se observaron junto con hembras hasta el comienzo de la temporada de cría siguiente. No se detectó parasitismo por el Tordo Gigante.-We present natural history data for the little-known Olive (Psarocolius yuracares) and Yellowbilled (P. angustifrons alfredi) oropendolas from Chapare Province, Cochabamba department, Bolivia. The Olive was the scarcest oropendola, usually traveling in monospecific flocks up to 900 m a.s.l. We found only three nesting colonies, two with 5–6 nests in Socratea palms in dense forest (August and November), and one with about 30 active nests (October), close to plantations, in an emergent, 35-m high legume tree. This last colony was mixed, having active nests of Crested Oropendolas (P. decumanus). Nests of Olive Oropendolas were located in two separate, dense clusters, and were more cylindrical and coarsely woven than those of Crested Oropendolas. One singing and displaying male was present at each cluster, which did not participate in nesting activities, but helped to expel Giant Cowbirds (Molothrus oryzivorus) from the colony. The Yellow-billed was the most abundant oropendola in the Chapare, visiting and nesting in plantations, villages and towns, from July onwards. No nests were observed above 700 m a.s.l. Nine of 15 colonies were built in peach palms (Bactris gasipaes), a native species cultivated in Chapare. Colonies did not exceed 14 nests, and had a mean of 6.7 simultaneously active nests. Nests were coarsely woven, well spaced and never clustered. This oropendola agressively expelled Olive Oropendolas and Yellow-rumped Caciques (Cacicus cela) from their nesting trees. One to four males visited the colonies and, in one case, two males alternated in songs and displays. All nesting activities were carried out by females. Dependent chicks may remain with females up to the start of the following breeding season. We did not detect parasitism by Giant Cowbirds on this speciesFil: Fraga, Rosendo Manuel. Provincia de Entre Ríos. Centro de Investigaciones Científicas y Transferencia de Tecnología a la Producción. Universidad Autónoma de Entre Ríos. Centro de Investigaciones Científicas y Transferencia de Tecnología a la Producción. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Santa Fe. Centro de Investigaciones Científicas y Transferencia de Tecnología a la Producción; ArgentinaFil: Kreft, Stefan. University of Applied Sciences Eberswalde; Alemani

Generalized Voronoi Tessellation as a Model of Two-dimensional Cell Tissue Dynamics

Voronoi tessellations have been used to model the geometric arrangement of cells in morphogenetic or cancerous tissues, however so far only with flat hypersurfaces as cell-cell contact borders. In order to reproduce the experimentally observed piecewise spherical boundary shapes, we develop a consistent theoretical framework of multiplicatively weighted distance functions, defining generalized finite Voronoi neighborhoods around cell bodies of varying radius, which serve as heterogeneous generators of the resulting model tissue. The interactions between cells are represented by adhesive and repelling force densities on the cell contact borders. In addition, protrusive locomotion forces are implemented along the cell boundaries at the tissue margin, and stochastic perturbations allow for non-deterministic motility effects. Simulations of the emerging system of stochastic differential equations for position and velocity of cell centers show the feasibility of this Voronoi method generating realistic cell shapes. In the limiting case of a single cell pair in brief contact, the dynamical nonlinear Ornstein-Uhlenbeck process is analytically investigated. In general, topologically distinct tissue conformations are observed, exhibiting stability on different time scales, and tissue coherence is quantified by suitable characteristics. Finally, an argument is derived pointing to a tradeoff in natural tissues between cell size heterogeneity and the extension of cellular lamellae.Comment: v1: 34 pages, 19 figures v2: reformatted 43 pages, 21 figures, 1 table; minor clarifications, extended supplementary materia

Geometric mean extension for data sets with zeros

There are numerous examples in different research fields where the use of the geometric mean is more appropriate than the arithmetic mean. However, the geometric mean has a serious limitation in comparison with the arithmetic mean. Means are used to summarize the information in a large set of values in a single number; yet, the geometric mean of a data set with at least one zero is always zero. As a result, the geometric mean does not capture any information about the non-zero values. The purpose of this short contribution is to review solutions proposed in the literature that enable the computation of the geometric mean of data sets containing zeros and to show that they do not fulfil the `recovery' or `monotonicity' conditions that we define. The standard geometric mean should be recovered from the modified geometric mean if the data set does not contain any zeros (recovery condition). Also, if the values of an ordered data set are greater one by one than the values of another data set then the modified geometric mean of the first data set must be greater than the modified geometric mean of the second data set (monotonicity condition). We then formulate a modified version of the geometric mean that can handle zeros while satisfying both desired conditions