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The purpose of this paper is to infer the welfare of heterogeneous agents using a representative agent model.

It does so by partitioning the household into subunits and allocating consumption to each subunit proportionally to the income the subunit generates through wages and capital returns.

The author shows that for a simple dynamic general equilibrium model with immigration, the steady state utilities of these subunits correspond very closely to the utilities for an equivalent heterogeneous agent model. This is particularly true when labor–leisure decisions are made using slightly modified Euler equations.

More complicated models can be solved and simulated using fewer computational resources using this technique.

The purpose of this paper is to explain the following stylized facts. First, the share of household production in total output has fallen over time as the economy has grown. Second, services as a percent of GDP have risen at the same time.

This paper constructs an original model of growth based on Adam Smith's notions of specialization and extent of the market. Growth depends on the specialization of labor in market production and learning‐by‐doing in transactions services. It is a model of sustained, but not infinite, growth.

It is found that the model can replicate the above stylized facts for reasonable parameterizations.

This paper shows that it is possible to build growth models that match the historic experience without relying in unbounded growth. Models like this may be very useful in understanding the processes that drive growth.

Studies of the cyclical behavior of real wages have identified monetary shocks and examined the response of real wages and output or employment. A finding that real wages are procyclical in response to a positive monetary policy shock is taken as evidence that prices are stickier than wages. The purpose of this paper is to show that factors other than wage and price stickiness affect the response of real wages to a monetary policy shock.

The authors simulate two prominent dynamic stochastic general equilibrium models under a variety of parameter values and examine the cyclicality of the real wage.

The authors offer robust evidence that the real wage response to monetary policy is affected in important ways by properties of the economy other than stickiness of wages and prices, such as the importance of intermediate goods in the production process and the size of key elasticities. Consequently, the authors cannot appropriately infer the relative stickiness of wages and prices from examining only the response of real wages to a monetary policy shock.

The authors show in this study that examining the response of real wages is not enough to sort out the relative stickiness of prices and wages.

THE recently concluded Annual Meeting of the Library Association at Birmingham, brought into prominence the fact that a great change has come over the spirit in which all that concerns librarianship is approached. Matters of policy which were formerly tabooed, and methods of work which excited only coldness and distrust, are now discussed openly and without rancour, and everything points to a great advance in progressive ideas in the near future. For example, such a paper as that of Mr. Ballinger on the rate limitation would have received but scant attention a few years ago; but it is accepted now with unanimous approval, and the Association deliberately pledges itself to take immediate steps to approach Parliament on the question. The Association without hesitation abandoned its old attitude of unconcern towards this vital matter, and whether or not it succeeds at first in securing the necessary legislation, it has committed itself to a course which, if persevered in, will ultimately lead to the triumph of the municipalities over the antiquated restrictions of the Legislature. All the old arguments about the unwisdom of approaching Parliament, of meddling with local taxation, of interfering with local feeling, of creating a barrier to the future progress of libraries by frightening communities which have not yet adopted the Libraries Acts; all these, and other arguments of a similar sort, have been quietly dropped, and a thoroughly business‐like attitude adopted instead. This would have been impossible even five years ago, and the result obtained is certain evidence of a complete change of opinion in this direction. So in other equally important matters. It was only necessary to go about a little among the librarians at Birmingham to ascertain that the old‐time conservatism which once held the field is rapidly disappearing. While some of the older men cling in a half‐hearted way to their old gods, there is not lacking, even on their part, a disposition to discuss sanely and sympathetically some of the more recent methods which have been proposed for the development and improvement of libraries. With the younger men the ideal is even higher, and their aspirations after perfection stronger and more genuine. There is a general agreement among them that collections of books which are not made available to the public in the most thorough way, by means of analytical and descriptive cataloguing, classification, open access, and liberality of regulations, may as well as not be dispersed. They are agreed that improvement in the status and condition of Public Libraries can only be secured by convincing the people that they are managed on the most scientific and useful lines, and that they are being made a vital part of the national machinery for the general, technical, artistic, and scientific education of the whole of the people. Something of this spirit could be observed in the discussions on cataloguing, but it showed with even greater strength in the conversation of the great majority of the librarians who think, read, observe, and abstain from public talking. But even among some of the older men, who have in their time condemned both catalogue annotations and exact classification, there was noticeable a distinct change of feeling towards these outcomes of the progressive library spirit. The Morning Leader of September 23rd, in an article on “The Free Library,” signed by “Zenodotus,” seems to have completely overlooked this important change and all that it means for the future. It refers to a period in the history of the Library Association somewhat remote from Birmingham in 1902; and however much we agree with the writer as regards the feebleness of the Association in one or two respects in which it compares unfavourably with certain privately subsidised enterprises of the American Library Association, the fact remains that the average member is alert and anxious enough for all‐round improvement. The whole tone of the Birmingham meeting of 1902 was progressive, and there is no doubt that so much activity and interest will ripen into important developments before long. We have seldom seen meetings so fully attended or discussions followed so closely, and these are hopeful signs of an approaching period of advancement along modern progressive lines. There is no reason why the Library Association, once freed from certain reactionary elements which led to stagnation, should not keep abreast with modern developments in library practice in all departments, and be the means of leading its members to an appreciation of higher and more advanced work than has hitherto been possible.

The purpose of this paper is to explore the biodiversity and threatened species reporting of the top 150 Fortune Global companies. The paper has two main objectives: to explore the extent to which the top 150 Fortune Global companies disclose information about their biodiversity and species conservation practices, and to explore the effects of biodiversity partners and industry on companies’ biodiversity and threatened species reporting.

The study’s sample is the top 150 Fortune Global companies. Each company’s fiscal year ending 2014 annual report, its 2014 sustainability report, and its company website were content analyzed for evidence of biodiversity and threatened species reporting. This content analysis is supplemented by a detailed analysis that focusses on the sample’s top five reporters, including a phone interview with a senior sustainability manager working at one of these companies. Finally, a regression analysis was conducted to examine the associations between companies’ biodiversity and threatened species reporting and the presence/absence of biodiversity partners and a company’s industry F&C Asset Management industry category.

The reporting on biodiversity and threatened species by the top 150 Fortune Global companies is quite limited. Few companies (less than 15) are providing any substantial reporting. It was further observed that even among the high scoring companies there is a lack of consistent reporting across all index items. A subsequent empirical examination of these companies’ disclosures on biodiversity and threatened species showed a statistically positive association between the amount of reporting and companies’ holding of biodiversity partnerships. It was also observed that firms categorized as red- and green-zone companies made more disclosures on biodiversity and threatened species than amber-zone companies.

This is the first study to systematically analyze corporate disclosures related to threatened species and habitats. While some prior studies have included the concept of biodiversity when analyzing organizations’ environmental disclosures, they have done so by examining it as one general category out of many further categories for investigating organizations’ environmental reporting. In the present study, the focus is on the specific contents of biodiversity disclosures. As such, this study has the twin research objectives of seeking to illuminate the current state of biodiversity and threatened species reporting by the world’s largest multinationals and provide an appreciation for how certain organizational and industry variables serve to influence these reporting practices. These multiple insights offer companies, and potentially regulators, understanding about how to include (or extend) disclosures on biodiversity loss and species under threat of extinction.