Search results

John Taylor devised a simple monetary policy rule that links the Federal Reserve's policy interest rate with inflation and output targets. This paper compares actual policy rates with the rates that would have been recommended by the basic Taylor Rule for three long periods in U.S. economic history: 1875–1913 (“Pre Fed”), 1914–1951 (“Early Fed”), and 1952–1998 (“Modern Fed”). In addition, the authors develop a more complex version of the Rule to facilitate a comparison of the way in which each monetary authority would have reacted to the economic challenges presented outside its own time period. The empirical evidence suggests that Modern Fed would have reacted more promptly and appropriately to inflation and output problems outside its time period than either Early Fed or Pre Fed, and that the movement of interest rates in the Pre Fed period came closer to the corrective policies of Modern Fed than did those of Early Fed.

We would like to thank C. Y. Chen, Wenchih Lee, two anonymous referees and the seminar participants at the 2000 FMA annual meeting for their helpful comments and encouragement. All of the remaining errors are our responsibility.

This issue is a selected bibliography covering the subject of leadership.

This paper examines whether patterns in communication behavior over time can predict the outcome of crisis negotiations. A sample of 189 interaction episodes was transcribed from 9 resolved negotiations and coded according to differences in the degree and type of behavior. Partial order scalogram analysis (POSAC) was used to produce a graphical representation of the similarities and differences among episodes while simultaneously uncovering the role of each behavior in shaping the negotiation process. Results showed that episodes could be represented along a partially ordered scale of competitiveness, which was structured by the occurrence of two types of behavior: Distributive‐Expressive and Integrative‐Instrumental. The likelihood of negotiation success reduced with movement up the competitive scale, and negotiations involving episodes that passed a threshold of extreme competition on the scale inevitably ended unsuccessfully regardless of future developments. As negotiations developed over time, behavior alternated between periods of increasing cooperation and periods of increasing competition, with unsuccessful negotiations associated with a concluding trend of increasing competitive behavior.

The author argues that we must stop and take a look at what our insistence on human labour as the basis of our society is doing to us, and begin to search for possible alternatives. We need the vision and the courage to aim for the highest level of technology attainable for the widest possible use in both industry and services. We need financial arrangements that will encourage people to invent themselves out of work. Our goal, the article argues, must be the reduction of human labour to the greatest extent possible, to free people for more enjoyable, creative, human activities.

This paper aims to offer a new history of management by tracing a religious dimension of scientific management. The thesis is that the good was foundational for bringing scientific management to success in Taylor’s native Quaker Philadelphia in the 1880s. The paper’s main contribution is to contrast the philosophical origins of Taylor’s ideas in scientific management to his native Quaker roots, and how Taylor, over time, into the 1910s, wrestled with this issue.

The paper is situated in historical interpretivism and subjectivism, leaning on contextual and narrative research on religious morality.

Quaker morality prevented managerial opportunism at Taylor’s Midvale Steel in the 1880s. Conversely, by the 1900s and 1910s, interest conflicts between workers and managers escalated when scientific management moved out of its traditional cultural contexts of Quaker Philadelphia and spread across the USA. The historical implication is, already for Taylor’s time, that scientific management never was the “one-best way” of management.

Future research needs to deepen and broaden research on scientific management when tracing the significance of religion and culture in management thought.

The paper has implications for modern studies of business morality by uncovering the practical relevance of religious business ethics at the outset of management studies.

The historic emergence of scientific management points to a theory of institutional evolution and economic growth, when religiously grounded governance of the firm deinstitutionalized, and institutional economic governance, with different but superior economic advantages, progressed by the 1900s.

The paper suggests an alternative version of the intellectual heritage of management studies by tracing the legacy of Taylor’s Quakerism and how religious and cultural ideas contributed to the formation of science in management.

This paper outlines 4 assumptions behind attempts to explain the sequential organization of communication behavior during conflict. These assumptions were supported by an analysis of behavioral sequences coded from 9 hostage negotiations and 20 divorce mediations. Analyses showed that negotiators use only a small proportion of available responses to other party's behavior, and that this proportion rapidly decreases as sequence length increases. Critical to this channeling in behavior was the triple‐interact (i.e., cue‐response‐cue‐response), which represents the maximum sequence length required to enable accurate prediction of negotiators' future behavior. More detailed analysis showed that the triple‐interact reduced uncertainty in behavior by over 70%, which compares to less than 1% from knowledge of negotiation context and approximately 10% from knowledge of individual differences.

Recent developments in the economics of higher education are surveyed and a number of avenues which future research could usefully follow are identified. Particular attention is given to the demand for and supply of higher education, the role of higher education institutions as multi‐product firms, the optimal pattern of provision, and the academic labour market.

This paper aims to test purchasing power parity (PPP) hypothesis for Greece, Italy, Ireland, Portugal and Spain, which are known as the GIIPS countries.

The authors conduct a comprehensive analysis by using unit root approaches without and with structural breaks and non-linearity.

The PPP is valid for the GIIPS countries. Considering structural breaks in non-linear framework plays a crucial role.

There is no empirical study testing PPP hypothesis by focusing on the GIIPS countries. This study further takes into account for structural breaks and non-linearity in the real exchange rates of these countries.

It has often been said that a great part of the strength of Aslib lies in the fact that it brings together those whose experience has been gained in many widely differing fields but who have a common interest in the means by which information may be collected and disseminated to the greatest advantage. Lists of its members have, therefore, a more than ordinary value since they present, in miniature, a cross‐section of institutions and individuals who share this special interest.

Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).