DEPRECIATION IN PRODUCTION ANALYSIS AND IN INCOME AND WEALTH ACCOUNTS: RESOLUTION OF AN OLD DEBATE

In this article, I propose a resolution for the long-standing controversy over depreciation. I develop, from capital theory, income and wealth accounting capital concepts and compare them with those from production analysis and productivity measurement. I conclude that depreciation in economic accounts is exactly the same measurement as in production analysis. As for empirical implications, market-based measures of depreciation are appropriate for economic accounts, provided they are appropriate empirical measures of economic depreciation.     

ESTIMATION OF THE DEPRECIATION RATE OF PHYSICAL AND R&D CAPITAL IN THE U.S. TOTAL MANUFACTURING SECTOR

Numerous studies on production and cost, the sources of productivity, and endogenous growth have recognized the pivotal role played by physical and R&D capital stocks. Analysis of the contributions of these capitals often requires measures of the stocks of physical and R&D capital, which in turn requires measuring their depreciation rates. In this paper we specify a model of factor demand that allows us to estimate the depreciation rates of both physical and R&D capital jointly with other model parameters. The model is estimated for the U.S. total manufacturing sector.     

REAL EXCHANGE RATE,MONETARY POLICY,AND THE U.S. ECONOMY: EVIDENCE FROM A FAVAR MODEL

This paper examines the effects of exchange rate depreciation to the U.S. economy in a factor‐augmented vector autoregression model using monthly data of 148 variables for the post–Bretton Woods period of 1973–2017. Exchange rate shock is identified to reflect exogenous disturbances to the foreign exchange market, and movements in exchange rate that are not accounted for by changes in the U.S. monetary policy. We find that depreciation is expansionary and inflationary to the broad U.S. economy, the current account improves over time conforming to the J‐curve theory, and monetary policy is leaning against the wind. (JEL E3, E5, F31, F32, F41)     

A RESPECIFIED TAX-ADJUSTED FISHER RELATION

How much will a 1% increase in expected inflation increase nominal interest rates? Irving Fisher's famous equation implies that nominal interest rates will rise in proportion to an increase in expected inflation. Darby and Feldstein, correcting the Fisher equation for taxation, predict a nominal interest rate increase of [1/(1 - T)]% where T is the marginal tax rate: i.e., if T =3, then a 1 % increase in expected inflation should cause a 1.4 % rise in interest rates. Empirical evidence, however, suggests that the rise in interest rates is much smaller than the Darby/Feldstein prediction. Estimates are around 9, varying mostly between 5 and 1.15, which is much closer to Fisher's original prediction. It is important to know the size of the interest rate response to inflation expectations in a world in which inflation and interest rates are volatile and in which tax laws are designed to influence savings and investment through interest rates. In this paper we attempt to close the gap between theorized and estimated effects of inflation by incorporating into the Fisher equation two important aspects of the U.S. tax code: historic cost depreciation and the lower tax rate on capital gains. Our model shows that the effect of expected inflation on interest rates is dampened by the lower benefits from depreciation deductions arid the capital gains tax. Our corrected Fisher equation predicts a 1.12 % nominal interest rate increase, rather than the 1.4 % increase implied by the Darby/Feldstein model. The, our model closes about 56 % of the gap between theory and empirical evidence. The remainder could be closed by additional refinements in the model or better empirical modeling.     

Beware of Allies!

In science and technology studies (STS), reflexivity is not the foremost political or ethical concern that it is for some postmodernists, feminists, anthropologists, or those earnest students of Bourdieu. For us, reflexivity is a practical methodological concern. When reflexivity is raised in our scholarly communications it is, without irony, about crafting scientific communications (i.e., scholarly accounts like articles or books) reflexively. This paper therefore is an actor-network account of making reflexive actor-network accounts, specifically, in the process of writing-up qualitative research findings. It is a paper about research. It is a paper about the research process. As our empirical contribution, we report on research we previously conducted and about the subsequent steps we took toward a (publishable) way of reporting it. We are trying to honestly disclose how the process of preparing a reflexive account is more than merely a matter of cleaning-up the messiness of data, but also, and perhaps foremost, a process of finding, aligning, and occasionally distancing our accounts from our allies?—?in our case, actor-network theory (ANT) and reflexivity.     

Teamarbeit und Gesundheit – Der Einfluss von Teammerkmalen auf Stressbewältigung und Gesundheit bei Un- und Angelernten

To date, research on teamwork and health is sparse. This accounts for teams with low-qualified workers in particular. In this paper a work psychological model for resource and stress management in teams and a study with teams of low-qualified workers are presented (N?=?265 in 33 teams). Results of multi-level analyses show, that team resources in the social work system and understaffing in teams as a team stressor have significant influence on collective coping and explain team differences. Further, team resources in the technical work system, i.e. the quality of teamwork design have significant influence on psychosomatic complaints. These influences go beyond the influences of socio-demographic variables and individual job stressors and job resources.     

Is Tunisian Real Effective Exchange Rate Mean Reverting? Evidence from Nonlinear Models

This paper investigates mean reversion in the deviation of Tunisian real effective exchange rate (REER) from its fundamental value. This paper uses the smooth transition auto-regression (STAR) methodology advocated by Granger and Teräsvirta (1993) in order to test whether the Tunisian REER is mean reverting over the period 1990:01 to 2010:01. The empirical results show that data support the hypothesis that deviations can be characterized by asymmetric responses towards appreciation and depreciation with the speed of transition between the expansion and contraction regimes being relatively high. The research results have both methodological and practical originality. On the practical side, the main policy implications the paper puts forward are that foreign exchange market participants should adopt the LSTAR model rather than ESTAR model in their attempt to effectively comprehend the behavior of the exchange rates. On the methodological side, this study makes use of robust test for STAR type nonlinearity. This procedure has been deemed immune against outliers and does not need a priori knowledge regarding their presence and/or timing.     

Voices from the Valleys: Researching lone mothers talk

This paper focuses upon an interdisciplinary research project the authors are currently engaged in, specifically designed to address the inattention paid so far to lone mothers voices in the Rhondda Valleys in Mid Glamorgan, South Wales. This is an area characterised by high unemployment, community restructuring and fragmenting kinship patterns and, according to analysis of the 1991 Census data, Mid Glamorgan ranks ninth highest in the UK in terms of the incidence of lone parents as a percentage of total households with dependent children. Given the political sensitivity of the issue of lone parenting, and the attempts of dominant discourses to pathologise lone mothers in particular, this paper explores some of the issues involved in responsibly accessing situated accounts of lone mothers subjectivities. The particular representations of self and status that these women offer in their own accounts, and how they articulate those representations in different contexts, is bound up with complex political, ethical and methodological concerns. In addressing these concerns, this paper seeks to interrogate some of the tensions at play in research on marginalise? groups living in communities which have been defined as spatially isolated and economically deprived. The paper thus centres for discussion the problems and possibilities that inevitably surface when undertaking research of this kind. We conclude that research which reveals talk which manages, disrupts and reworks contested representations of otherness needs to be carefully and self-reflexively accessed, collected and disseminated, even and perhaps especially when such research is supposedly informed by critical feminist awareness.     

Social security reform in Latin America: policy challenges

Over the last decade Latin American countries have served as the world's laboratory for pension systems based on individual retirement savings accounts. Some countries have adopted defined-contribution individual accounts as a replacement for state-run pension systems; other countries have embraced mixed systems of have made individual accounts optional and supplementary. This article outlines some of the most significant elements of recent Latin American pension reforms and examines some of the most serious policy challenges faced by governments implementing the new systems of individual accounts, including the need to reduce administrative costs, limit evasion, incorporate new categories of workers into the system, and improve competition in the pension fund industry. The authors conclude that there is no single Latin America model, and that reform itself has been and will continue to be an incremental process.     

'E-health': the internet and the transformation of patients into consumers and producers of health knowledge

This article analyses the use and production of health information on the Internet. The paper will show that users of health services have also become significant providers of health information and advice. This analysis is based on two studies. The first involved a qualitative study of households that used home computers to find health information on the Internet. The second piece of research involved the examination of home pages that contained accounts of ill health and an e-mailed questionnaire to home page authors. Drawing upon this research the consumption of health information is examined and related to how users make discussions about their health. This is followed by an analysis of the provision of health information on home pages. It is shown that these include web sites that provide simple accounts of an individual illness as well as sites that advocate a particular approach to health or offer services and products. The interweaving of personal experience with advice is considered and linked to debates about the quality of health information on the Internet and the reconfiguration of 'expertise'.     

Going back: ‘Stalking’, talking and researcher responsibilities in qualitative longitudinal research

This paper explores the process of going back in qualitative longitudinal research (QLR) to gather later accounts of unfolding personal experiences. The design of interview-based QLR is usually premised on collecting data, over-time, around an unfolding experience or event. This design facilitates the establishment of an on-going research relationship and ‘rapport’ and the accessing of fluid and time-sensitive accounts of individual experiences, leading to more nuanced understandings of temporal subjectivities. However in practice maintaining a sample in QL research, which may span a number of years, can be challenging and the process of going back, complicated. This paper reflects on issues and responsibilities which can arise when researchers try to access and go back to participants, especially where experiences once optimistically narrated and future-oriented have unfolded in unplanned and personally unwelcome ways. Using researcher experiences and the data from later phases of two UK based QLR studies on transition to first-time motherhood and first-time fatherhood, the practical steps of maintaining contact, reconnecting with participants and going back are documented. How does the passage of time and changes in participant’s lives alter research relationships, interpretations of data and researcher responsibilities?     

The independent effects of socio-demographic and programmatic factors on economic strain among parents in a Child Savings Accounts program

This study examines the independent effects of socio-demographic variables and program social services on the degree of economic strain among lower income parents who had an opportunity to open child savings in a subsidized savings accounts program known as Saving for Education, Entrepreneurship, and Downpayment (SEED). SEED is a policy, practice and research initiative designed to test the efficacy of and inform policy for a national system of asset-building accounts for children and youth. Findings suggest that overall, the degree of economic strain was not significantly different at baseline and at the second wave between parents who opened accounts and those who did not open accounts for their children. However, household income, having a household savings account, and receipt of means-tested welfare programs affected the degrees of economic strain. Implications are directed toward helping lower income families effectively participate in child savings programs.     

CONSTRUCTING A POLITICAL SPECTACLE:

Murray Edelman (1988) argued that media accounts evoke a spectacle that is a construction — an interpretation reflecting the social situations of the agents that produced it. Events take on meanings that perpetuate political roles, statuses and ideologies. Examining this perspective, this study compares the accounts of the “Crisis in the Gulf” constructed by a leading American newspaper, The New York Times, and a leading Indonesian newspaper, Kompas. The research bears on two related questions. First, is the account of this political event offered by each of these newspapers better understood as a symbolic representation of political reality or as a symbolic construct reflecting and serving political, economic and ideological interests? Second, do the accounts offered by the two newspapers differ in this regard?The New York Times operates within the context of a “free press” system while Kompas operates as a “developmental press.” Comparison suggests whether formal media system norms affect media news content.     

Reshaping Responses to Children When Parents are Separating: Hearing Children's Voices in the Transition

Abstract

The present paper reports on the findings of a research project involving a literature review and telephone interviews with children whose parents had separated or divorced. The aim of the research was to hear children's accounts of their experiences and needs during the transition in order to inform the development of a child-centred model of service delivery. The author recommends a number of strategies to assist service providers to enhance the wellbeing of children experiencing family separations.     

Sociological Factors Affecting Agricultural Price Risk Management in Australia*

Abstract The highly volatile auction system in Australia accounts for 85 percent of ex‐farm wool sales, with the remainder sold by forward contract, futures, and other hedging methods. In this article, against the background of an extensive literature on price risk strategies, we investigate title behavioral factors associated with producers' adoption of price risk‐management strategies (specifically futures and forward contracts) for selling wool. This research presents a behavioral model based on Diffusion of Innovations, the Theory of Reasoned Action, and the Theory of Planned Behavior. We found that the auction system is used as a price risk‐management tool because other selling methods are considered more risky. We also report on a curious relationship between risk and complexity in terms of wool producers' intentions to use forward contracts. We explored sociological factors in conjunction with focus‐group data in an attempt to understand this relationship. This exercise yielded some interesting findings on the impact that trust, habit, social cohesion, and networks have on decision making in the rural community. The significance of this article lies in its application of core sociological theory in a new research context: the Australian wool industry.     

Reconceptualizing cultural narratives of mature women's sexuality in the Viagra era

To date, women's accounts of sexuality and sexual changes in mid-later life have been neglected by both feminists and gerontologists. In addition, women's responses to male partners' use of sexuopharmaceuticals such as Viagra (as a “solution" for erectile changes affecting older men) have received little attention. This paper reports on a New Zealand-based research which involved in-depth interview with 27 women, in mid-later life, who were partners of men that used Viagra. We analyse the accounts of 15 women who discussed changes/‘improvements' in their sexuality over the life course and with their partners' use of Viagra. Central to the accounts we present is an articulation of an active and desirous female sexuality in mid-later life. These narratives, we suggest, not only challenge the culture stereotype of mid-later life sexual decline for women, but also open up new spaces for feminist theorizing of heterosexuality and changing experiences of heterosexuality across the course.     

Accounts of False Memory Syndrome: Parents, “Retractors,” and the Role of Institutions in Account Making

There have been two traditions of research under the concept of accounts. One tradition, the social interactionist, has focused on the interactional use of accounts by individuals to neutralize negative evaluations of questionable acts or their consequences and restore social equilibrium. The second tradition, the social psychological, has focused on the autobiographical and explanatory use of accounts to create and organize meaning for troubling or stressful life events. In both traditions, scholars have been almost exclusively concerned with the individual-level functions of accounts. Analyzing the institutional origins of false memory syndrome and the retractor account episodes in which it is used, I argue for the expansion of accounts research to include the role of institutions and collective actors in the production of new account frameworks. Further, I argue that the conceptualizations of accounts in the two traditions of research can be effectively combined in a way that is sociologically stronger than either alone.     

Money management in blended and nuclear families

In Finland, 9% of the families with children are blended families. Though both the absolute number and the proportion of blended families is increasing throughout Europe, there is still little research information available on how they manage their finances. Blended families are an interesting group to study because their money management is clearly more complex than that of traditional nuclear families. In this paper I examine the extent of the differences between blended and nuclear families in money management, with special reference to bank accounts and the conducting of payments. I also seek to identify factors explaining the differences discovered. The research data comes from an Internet survey conducted in November 2006, which yielded answers from 469 Finnish families with children.The results, confirming earlier findings, suggested that money management is more separated in blended families than in nuclear ones. In nuclear families, both the bank accounts and the paying of expenditures are consistently managed jointly, whereas the spouses in blended families prefer separate bank accounts and display several different practices in the paying of common expenditures. In nuclear families the adults pay the expenditures together, but in blended ones they are responsible for the expenditures of their own biological children.     

Snowball sampling: using social networks to research non‐heterosexual women

This paper explores snowball sampling, a recruitment method that employs research into participants' social networks to access specific populations. Beginning with the premise that research is ‘formed’, the paper offers one account of snowball sampling and using social networks to ‘make’ research. Snowball sampling is often used because the population under investigation is ‘hidden’ either due to low numbers of potential participants or the sensitivity of the topic, for example, research with women who do not fit within the hegemonic heterosexual norm. This paper considers how the recruitment technique of snowball sampling, which uses interpersonal relations and connections between people, both includes and excludes individuals. Following this, the paper contends that due to the use of social networks and interpersonal relations, snowball sampling (in)forms how individuals act and interact in focus groups, couple interviews and interviews. Consequently, snowball sampling not only results in the recruitment of particular samples, use of this technique produces participants' accounts of their lives. Doctoral research with (rather than on or for) 28 non‐heterosexual women is used to examine the inclusions and exclusions of snowball sampling and how interpersonal relations form research accounts.     

Practically wise leadership: toward an integral understanding

This paper presents a model of practical wisdom that integrates various dimensions of experience and multiple levels of analysis, providing a meta‐theoretical framework through which to understand wise leadership practice in contemporary organizations. Drawing on phenomenological accounts of embodiment and emotion, we seek to overcome limitations in organizational research due to methodological individualism, exclusively cognitivist assumptions about human knowledge, and a lack of sensitivity to the complexity and dynamism associated with wisdom as it unfolds in organizations. In an effort to enact the processual aspect of wisdom in relation to the community of leadership scholars and practitioners, we additionally discuss various stages and lines of development relevant to wise leadership practice in organizations.