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The authors introduce a new approach to estimate high-dimensional factor-augmented vector autoregressive models (FAVAR) where the loadings are subject to idiosyncratic regime-switching dynamics. Our Bayesian estimation method alleviates computational challenges and makes the estimation of high-dimensional FAVAR with heterogeneous regime-switching straightforward to implement. The authors perform extensive simulation experiments to study the finite sample performance of our estimation method, demonstrating its relevance in high-dimensional settings. Next, the authors illustrate the performance of the proposed framework for studying the impact of credit market disruptions on a large set of macroeconomic variables. The results of this study underline the importance of accounting for non-linearities in factor loadings when evaluating the propagation of aggregate shocks.

[Chapter Thirteen of Menger's Reminiscences deals with Menger's visit to the United States in the academic year1930/31, but it is restricted to Menger's stay at Harvard, where he spent the fall semester and lectured on dimension theory and metric geometry. At Cambridge, Menger met, among others, ‘the outstanding mathematician’ G.D. Birkhoff; the philosopher H. M. Sheffer, who ‘had discovered in 1913 that all particles of the calculus of propositions can be expressed in terms of a single one’, ‘extensive[ly] used’ in Wittgenstein's Tractatus ‘without mentioning its author’; P. Weiss, N. Wiener and J. Schumpeter, the latter being a visiting scholar as well. But the person who most impressed Menger was P. Bridgman, who ‘appeared to him as a modern reincarnation of Mach’(Menger, 1994, pp. 158–173). The ‘Harvard sections’ of Menger's Reminiscences are comprised between paragraphs 14 and 15 of the present publication and are not reprinted].

This chapter uses the historian’s method of micro-history to rethink the significance of the Supreme Court decision Muller v. Oregon (1908). Muller is typically considered a labor law decision permitting the regulation of women’s work hours. However, this chapter argues that through particular attention to the specific context in which the labor dispute took place – the laundry industry in Portland, Oregon – the Muller decision and underlying conflict should be understood as not only about sex-based labor rights but also about how the labor of laundry specifically involved race-based discrimination. This chapter investigates the most important conflicts behind the Muller decision, namely the entangled histories of white laundresses’ labor and labor activism in Portland, as well as the labor of their competitors – Chinese laundrymen. In so doing, this chapter offers an intersectional reading of Muller that incorporates regulations on Chinese laundries and places the decision in conversation with a long line of anti-Chinese laundry legislation on the West Coast, including that at issue in Yick Wo v. Hopkins (1886).

Purpose – This chapter introduces the basic strategy and practice for developing a sustainable transportation system in China, and puts forward problems and directions of improvement.

Methodology – To begin with, the chapter elaborates on the development background of the Chinese urban transportation system and on the challenges in terms of urbanization, mechanization, and resource constraints. The chapter then systematically summarizes the implementation strategy for developing a green transportation system in China, including the government's leading role, public transportation system resource integration, the combination of nonmotor traffic and public traffic, and traffic demand management policy. It illustrates these with specific examples of practical activities conducted.

Findings – Finally, in response to typical problems challenging China, this chapter puts forward directions of improvement for aspects of land utilization, planning, intelligent transportation, traffic demand management, and public participation.

Implications for China – During the critical period featuring rapid growth of private motor vehicle population and transformation of urban traffic development policy, this chapter contributes to building a consensus among the Chinese government and the civil society and to promoting the implementation and sound development of sustainable transportation system by adopting comprehensive measures.

This chapter examines the dynamic linkages between the returns of Bitcoin, gold, and oil by using daily closing price data between July 17, 2010 and January 8, 2021. This study applies the diagonal BEKK–GARCH model for the purpose of analyzing a volatility spillover of variables in positive or negative ways. The empirical results show that the lagged returns inversely affect their current returns in oil. Based on the return spillovers between Bitcoin and gold, the empirical results indicate a unidirectional return spillover from Bitcoin to gold. Moreover, the authors found a unidirectional return transmission is observed from oil to Bitcoin, implying that oil returns are useful in forecasting Bitcoin returns. These findings are not only valuable for understanding of the interrelationships between the returns of Bitcoin, gold, and oil, but they are also of great interest to portfolio managers, investors, and investment funds that are actively dealing in Bitcoin, gold, and oil.

The global COVID-19 pandemic highlighted the interconnectivity and interdependence of the modern world economy and international society’s epidemiological vulnerability to the global transmission of human infectious diseases by air travel. The rapid formulation of new pandemic policy responses for the air transport industry at both a national and international level revealed complex tensions between mandatory ‘stay-at-home’ public health interventions and international travel restrictions, which were designed to limit the virus’s spread but which dramatically disrupted everyday social activities, and political and economic imperatives to reopen global air travel as quickly as possible. The aim of this chapter is to examine the development of global policies for the air transport industry from the perspective of aviation public health policy, airline passengers, air freight and financial support for airline and airport operators.

Diagrams are ubiquitous in economics and are uncontestably among the most used, if not the most important workhorses of economists, though they come in many forms. This essay examines the different uses of graphs and diagrams in the pioneering work of two Victorian economists, Stanley Jevons and Alfred Marshall. We stress the difference between their use as representations and as visual reasoning tools, a difference that became obscured in the twentieth century with the rise of econometrics.

Constraints on human-machine systems’ performance are generally treated as due to anatomy, physiology, and cognitive or behavioral limits. It is assumed that research findings can be universally applied to the design of such systems. It is now clear that social and cultural constraints are equally important, even in simple work systems. Context and culture are at least as important as limits of cognitive ability, and in many situations social and cultural factors are the dominant constraints on performance. This is particularly true in the cross-cultural transfer of advanced technological systems. A particularly clear example is given by population stereotypes of stimulus-response relations.