277 research outputs found
The Harrod-Balassa-Samuelson Effect: A Survey of Empirical Evidence
Get PDFThe paper surveys empirical evidence on the Harrod-Balassa-Samuelson effect. The survey encompasses the published empirical work on the phenomenon since its (re)discovery in 1964. In total, 58 empirical papers are examined within a specialized analytical framework. The body of empirical evidence is synthesized through four major elements. The analysis starts with the ongoing controversy related to the name of the theory. This is followed by a presentation of the evolution of the theoretical and econometric model. It ends with an analysis of the results of the surveyed empirical studies. Results of the survey indicate that growing body of evidence definitely points towards professional rethinking about the significance of the Harrod-Balassa-Samuelson effect.Harrod Balassa Samuelson effect, real exchange rate, purchasing power parity, productivity
The Political Economy of Textbook Writing: Paul Samuelson and the making of the first ten Editions of Economics (1945-1976)
Get PDFOver the past two decades, numerous contributions to the history of economics have tried to assess Paul Samuelson’s political positioning by tracing it in the subsequent editions of his famous textbook Economics. This literature, however, has provided no consensus about the location of Samuelson’s political ideas. While some authors believe that Samuelson has always had inclinations toward interventionism, others conclude that he more often acted as a pro-business advocate. The purpose of this paper is not to argue for one of these two interpretations but to depict the making of Economics itself as a political process. By ‘political’ it is not meant the conduct of party politics but the many political elements that a textbook author has to take into account if he wants to be published and favorably received. I argue that the “middle of the road” stance that Samuelson adopted in the book was consciously constructed by the MIT economist, with the help of his home institution and his publishing company, McGraw-Hill, to ensure both academic freedom and the success of the book. The reason for which the stance developed is related to pre-McCarthyist right-wing criticisms of the textbook and how Samuelson and the MIT department had to endure the pressures from members of the Corporation (MIT’s Board of Trustees), who tried to prevent the publication of the textbook and threatened Samuelson’s tenure at MIT as soon as 1947 – when early manuscripts were circulated. As a result, it was decided in accordance with both the Corporation and McGraw-Hill that the Readings volume would be published to balance conflicting ideas about state intervention. Following these early criticisms, the making of the subsequent editions relied on a network of instructors and referees all over the US in order to make it as successful and consensual as possible. This seemed to work quite well in the 1950s and for a good portion of the 1960s, until Economics became victim of its own success and was seen, in an ironical twist of fate, as a right wing text by younger, radical economists. From now on, Samuelson will try to have his book sent as often as possible to the radicals for referring process, with mixed results. Eventually, the book became criticized from both its left and its right.Paul Samuelson, Economics, Textbook, Politics, Economic Education
The Balassa-Samuelson Effect in 'East & West'. Differences and Similarities
Get PDFBased on two detailed Balassa-Samuelson (BS) studies, Wagner and Hlouskova (2004) for eight Central Eastern European countries (CEECs) and Wagner and Doytchinov (2004) for ten Western European countries (WECs), this study assesses the differences and similarities of the BS effect between these two country groups. The econometric results show that the BS effect may have been overestimated in previous studies due to application of inappropriate first generation panel cointegration methods. When appropriately quantified, the BS effect itself explains RER movements respectively inflation differentials only to a small extent. However, extended BS relationships that include additional variables allow for an adequate modelling of inflation. Based on the comparative analysis we draw some conclusions for monetary policy in the future enlarged Euro Area.Balassa-Samuelson effect, Central and Eastern Europe, Western Europe, Non-stationary panels, Inflation simulations
Olfactory Enrichment in California Sea Lions (\u3ci\u3eZalophus californianus\u3c/i\u3e)
Get PDFIn the wild, California sea lions (Zalophus californianus) are exposed to a wide array of sensory information at all times. However, it is impossible for captive environments to provide this level of complexity. Therefore unique procedures and practices are necessary for the maintenance of physiological and psychological health in captive animals (Wells, 2009). This project aims to explore the behavioral effect of scent added to the environment, with the goal of improving the welfare of captive sea lions by introducing two scent types: 1.) Natural scents, found in their native environment, and 2.) Non-natural scents, not found in their native environment. The use of scent to add complexity to the captive environment has been utilized with big cats (Szokalski, Litchfield & Foster, 2012; Wells, 2009), canids (Steele & Steele, 2005), and other zoo-housed species (Wells, 2009) yet this method has not been explored in marine mammals. Nor has this approach been documented in the scientific literature for use with captive sea lions, despite caretaker reports that scents may be a fruitful approach for captive sea lion enrichment. Scent enrichment was found to significantly impact sea lion behavior, as demonstrated by a reduction in pattern swimming, increased habitat utilization, and reduction in stereotypical behavior, however, there appears to be no relationship between these variables and a preference between natural and non-natural scents
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