THE VANISHING LIQUIDITY EFFECT OF MONEY ON INTEREST: ANALYSIS AND IMPLICATIONS FOR POLICY

This paper seeks to re-examine the effects of money on interest rates. The earlier literature on this topic determined, fairly well, the pattern of response of interest rates to changes in money growth. The notable studies of Cagan (1972), Cagan and Gandolfi (1969), and Gibson (1970) served to establish the professions "stylized pattern" as presented in section I. Section II presents new evidence on the subject and finds that the old empirical generalizations no longer hold. Specifically, the results suggest that the initial liquidity effect of faster money growth is likely to be offset within the month following the monetary policy change. Sections III and IV investigate the reasons for the changing pattern of monetary effects on interest rates and discuss the policy implications of the new pattern.     

ELECTORAL POLITICS AND THE EXECUTIVE VETO: A PREDICTIVE THEORY

We argue that winner-take-all voting in states and the unequal distribution of electoral votes across states in presidential elections makes incumbent presidents rationally place more weight on the preferences of voters in closely contested, larger states when making policy decisions. This hypothesis is tested by examining whether presidential veto decisions are influenced by the floor votes of senators from these electorally crucial states. In a pooled sample of 325 individual bills from 1970 through 1988, we find significant evidence of this behavior by incumbent presidents.     

On the Nature of Practice

Summary In this paper an attempt is made to draw a distinction betweenthe notion of the practical and the technical. Reference ismade to Aristotle's concept of Phronesis and the related thoughtof the German philosopher, Hans-Georg Gadamer. The purpose ofthis is to retrieve a sense of social work practice which recognizesit as a form of practical, moral engagement, and not primarilyas a matter of technique.     

SELF-INTEREST REDISTRIBUTION AND THE NATIONAL FOOTBALL LEAGUE PLAYERS ASSOCIATION

The NFL Players Associations decision to seek increased collective determination of player compensation through a salary schedule in 1982 is explained in this study as being motivated by self-interest redistribution. Probit and multiple regression analysis are used to test whether the redistribution is consistent with median voter self-interest redistribution. The results indicate substantial redistribution in favor of the median voter with respect to experience. The Players Association's actions, which have been criticized as being against the players' interests, appear consistent with the interests of a majority of the players.     

Tricks of the Trade: Questionable Theory and Practice in Family Therapy

Summary This paper looks at certain over-systematizing trends in familytherapy, and at a group of practices, connected with such systems-thinking,which espouse manipulation and deception. It is argued thatthese theories and methods, couched in a language of scientism,represent a questionable and cynical direction in therapeuticwork. This technocratic approach not only disfigures personaland social being, but erodes social work principles foundedmorally upon a respect for persons. An alternative view is advocatedin which the value of the person is considered as central toan adequate human science. This regards the nature of understandingas based upon the finitude of experience, and therefore offersan appreciation of the person not as an ‘object’fit for technocratic manipulation, but in terms of his subjectiveand historical being.     

PRACTICE‐FOCUSED RESEARCH ISSUES FOR SCHEDULING SYSTEMS*

Scheduling research has had relatively little impact on manufacturing practice, yet within the last several years, there has been an explosive growth in the development and implementation of computer‐based scheduling systems in industry. Changes in the environment have increased the stakes and the opportunities for the results of scheduling research to influence manufacturing competitiveness. This paper draws on field‐related experiences with the development and implementation of scheduling systems to propose high‐impact research topics.     

CAPACITATED REMANUFACTURING WITH SERVICE LEVEL CONSTRAINTS*

This research examines production planning and control for a remanufacturer that can sell returned items on a graded as‐is basis or remanufacture the returned items. Using a GI/G/1 queuing network, we model the firms decision to remanufacture an optimal product mix over the long run that maximizes profits while maintaining a desired service level. We further use simulation to explore dispatching heuristics that can be used at the shop‐floor level to achieve the desired optimal product mix, while meeting the service level constraint. Our research is grounded in actual practice and the results provide key insights into the decision‐making process required to maximize profits and minimize average flow times for remanufactured products.