The Morning After: Explaining the Slowdown in Japanese Growth in the 1990s

This paper uses a VAR to investigate four possible explanations of the extended slump in Japanese economic activity over the 1990s: the absence of bold and consistent fiscal stimulus; the limited room for expansionary monetary policy due to a liquidity trap; overinvestment and debt overhang; and disruption of financial intermediation. The results indicate that all of these factors played a role, but that the major explanation is disruption in financial intermediation, largely operating through the impact of changes in domestic asset prices on bank lending.

A Whole-Body Pose Taxonomy for Loco-Manipulation Tasks

Exploiting interaction with the environment is a promising and powerful way to enhance stability of humanoid robots and robustness while executing locomotion and manipulation tasks. Recently some works have started to show advances in this direction considering humanoid locomotion with multi-contacts, but to be able to fully develop such abilities in a more autonomous way, we need to first understand and classify the variety of possible poses a humanoid robot can achieve to balance. To this end, we propose the adaptation of a successful idea widely used in the field of robot grasping to the field of humanoid balance with multi-contacts: a whole-body pose taxonomy classifying the set of whole-body robot configurations that use the environment to enhance stability. We have revised criteria of classification used to develop grasping taxonomies, focusing on structuring and simplifying the large number of possible poses the human body can adopt. We propose a taxonomy with 46 poses, containing three main categories, considering number and type of supports as well as possible transitions between poses. The taxonomy induces a classification of motion primitives based on the pose used for support, and a set of rules to store and generate new motions. We present preliminary results that apply known segmentation techniques to motion data from the KIT whole-body motion database. Using motion capture data with multi-contacts, we can identify support poses providing a segmentation that can distinguish between locomotion and manipulation parts of an action.Comment: 8 pages, 7 figures, 1 table with full page figure that appears in landscape page, 2015 IEEE/RSJ International Conference on Intelligent Robots and System

Reconciling structure and agency in strategy -as-practice research: Towards a strong- structuration theory approach

An overwhelming focus of research on the micro agency of strategic actors has led to the literature being characterized as demonstrating a micro-myopia, resulting in a micro-isolationism. This means we know little about how the micro interrelates with the macro in strategy work. We address this problem in our conceptual article which adopts a structurationist stance to explicate how strategy-as-practice (SaP) research could be enhanced and extended by paying equal attention to both agency and structure. Specifically, we advance strong structuration theory (SST), a promising development from Giddens’ seminal work on structuration theory, to show how strategic activity can be understood as an ongoing process of structuration unfolding over time. We argue for the use of both types of methodological bracketing (context and conduct analysis), advocating systematic attention to the interplay between macro-societal and micro-local levels of analysis. Our discussion concludes with guidance for researchers inviting them to undertake empirical fieldwork that overcomes SaP’s current micro-myopia, creating a more balanced corpus of work

Is Regionalism Simply a Diversion? Evidence From the Evolution of the EC and EFTA

This paper considers the impact on trade of preferential arrangements in Europe since the 1950s. Using a first difference version of the gravity model, we find that the EC and EFTA altered the pattern of international trade. We also find evidence of trade diversion in several cases, notably that of the EC in the 1960s.

Monetary Magic? How the Fed Improved the Supply Side of the Economy

Extending recent theoretical contributions on sources of inflation inertia, we argue that monetary uncertainty accounts for sluggish expectations adjustment to nominal disturbances. Estimating a model in which rational individuals learn over time about shifts in U.S. monetary policy and the Phillips curve, we find strong evidence that this link exists. These results question the standard approach for evaluating monetary rules by assuming unchanged private sector responses, help clarify the role of monetary stability in reducing output variability in the U.S. and elsewhere, and tell a subtle and dynamic story of the interaction between monetary policy and the supply-side of the econoInflation dynamics; Monetary policy; Kalman filter

Monetary Magic? How the Fed Improved the Supply Side of the Economy

Extending recent theoretical contributions on sources of inflation inertia, we argue that monetary uncertainty accounts for sluggish expectations adjustment to nominal disturbances. Estimating a model in which rational individuals learn over time about shifts in U.S. monetary policy and the Phillips curve, we find strong evidence that this link exists. These results question the standard approach for evaluating monetary rules by assuming unchanged private sector responses, help clarify the role of monetary stability in reducing output variability in the U.S. and elsewhere, and tell a subtle and dynamic story of the interaction between monetary policy and the supply-side of the ecoInflation dynamics; Monetary Policy; Kalman filter