A clarifying note on converting to log-deviations from the steady state

The paper discusses the mathematical background and several alternative strategies of converting equations as typically found in dynamic stochastic general equilibrium models into log-deviations from the steady state form. Guidance is provided on when to use which computational strategy. More examples with detailed derivations and a simple Maple program to automate the conversion are made available online.

Some econometric evidence on the impact of the multifiber agreement on the German clothing industry

Since 1974, the year of the first Multi-fiber Agreement (MFA), a considerable number of studies has analyzed the economic impact of quotas such as those of the MFA on industrialized countries. Examples are the studies by Hamilton (1980), Morkre and Tarr (1980), Wolf et al. (1984), and GATT (1984), to name a few. Most of the work so far has relied either on models of the comparative static type, with reasonable parameters substituted, or on more ad hoc comparisons of pre- and post-MFA market shares or other similar indicators. However, there seems to be a dearth of econometric evidence, in particular for Germany. The present paper is intended to start filling this gap. Its purpose is to investigate the effect of the MFA quotas and MFA-induced voluntary export restraints (VERs) on the German clothing industry.

Managing trade but mangling the consumer: Reflections on the EEC's and West Germany's experience with the MFA

The paper begins with a brief overview of the developments leading up to the MFA and the role played by the European Economic Community (EEC), the largest market in the world for textiles and clothing. Next, the EEC is used as a reference point for an overview of protectionistic measures taken within the framework of or sanctioned by the MFA. Finally, it is examined how these measures affected an important individual MFA product at a low level of aggregation. This analysis is performed for shirts imported to West Germany.

A Note on Buyer's Agent Commision and Sales Price

The article examines whether and to what extent the level of a buyer’s agent commission will affect the sale price of a house. The estimation results suggest that a higher commission rate leads to a higher sale price, although only for lower-priced houses. It is suggested that, at least for this market segment, there may be a principal-agent problem: buyer’s agents do not act in the best interest of their clients because of the institutional structure of sales commissions.

A dynamic singular equation system of asset demand

The paper presents estimates of a dynamic demand system of the AIDS type for financial assets. The results suggest that dynamic behavior plays a major role in determining asset demand. Estimates on the basis of the equivalent static equilibrium models prove to be clearly inferior statistically. Also, the theoretical restrictions of homogeneity and symmetry are thoroughly rejected by the static model versions, however, not by the dynamic demand system. The cross rate elasticities between bonds and savings deposits and also between money and time deposits are found to be negligible for Germany. Time deposits turn out to be very sensitive to own and cross rates of return.

Agency Representation and the Sale Price of Houses

Multiple Listing Service data are employed to examine how the type of agency representation influences the sale price of a residential property. The results differ by property size. The type of agency representation is relevant only for some segments of the market, mainly smaller- to medium-sized properties. For a certain range of property sizes, buyers who engage a buyer’s agent pay on average 2% less. However, an above average buyer’s agent commission can more than cancel this price effect. Buyers that engage a buyer’s agent that comes from the same firm as the listing agent never pay more for a house.

Presence of Legionellaceae in warm water supplies and typing of strains by polymerase chain reaction

Outbreaks of Legionnaire's disease present a public health challenge especially because fatal outcomes still remain frequent. The aim of this study was to describe the abundance and epidemiology of Legionellaceae in the human-made environment. Water was sampled from hot-water taps in private and public buildings across the area of Göttingen, Germany, including distant suburbs. Following isolation, we used polymerase chain reaction in order to generate strain specific banding profiles of legionella isolates. In total, 70 buildings were examined. Of these 18 (26%) had the bacterium in at least one water sample. Legionella pneumophila serogroups 1, 4, 5 and 6 could be identified in the water samples. Most of the buildings were colonized solely by one distinct strain, as proven by PCR. In three cases equal patterns were found in separate buildings. There were two buildings in this study where isolates with different serogroups were found at the same time

Anticipating Change in Development Activity Levels

This study demonstrates how cointegration analysis of privately-owned housing within disparate areas of the United States can aid developers in anticipating changes in the level of market activity. The study analyzes change in the number of housing units within four geographic regions: the Northeast, the Midwest, the South and the West. Whereas most studies of regional variation in real estate activity have focused on short-run analysis, this research extends the examination to consider the impact of exogenous variables over a longer time frame. The study uses Citibase data from 1959 through 1995. Results indicate that the four regions move together in the long run and are driven by one common factor, but that change in the South and the West lead those in the other two regions. Results have widespread policy implications for residential and commercial developers nationwide, because change within the dominant areas may serve as indicators of developing change elsewhere.