Revisiting the US money demand function: an application of the Lagrange multiplier structural break unit root test and the bounds test for a long-run relationship

In this article, we examine the issue of a levels relationship and stability of the US money demand function over the period 1959:01 to 2004:02. We use the Lagrange multiplier structural break unit root test and the bounds testing approach to a long-run relationship in levels of the variables, namely real money demand, nominal interest rate and real income. We find greater evidence for a long-run relationship in levels and stability of the US money demand function when we use M2 as a proxy for money demand. However, we find little evidence for a long-run relationship between M1 and M2 with their determinants for the recent period, spanning the last decade or so.

Have US external imbalances been determined at home or abroad?

This paper examines the relationship between the United States saving–investment imbalance and long-term real interest rates using a new international borrowing and lending framework. It first establishes how domestic or international factors may primarily influence the US external imbalance and interest rates over any given time before showing that the current account and real long term interest rate share a positive and statistically significant co-integrating relationship based on data from the mid-1980's. The results suggest that while in the pre-Asian financial crisis period (1985:01–1996:04) US external deficits and long term interest rates were mainly determined by domestic factors, external factors beyond the control of domestic policymakers dominated from 1997:01–2004:04.

The behaviour of US stock prices : evidence from a threshold autoregressive model

This paper investigates the behaviour of US stock prices using an unrestricted two-regime threshold autoregressive (TAR) model with an autoregressive unit root. The TAR model is applied to monthly stock price (NYSE Common Stocks) data for the US for the period 1964:06 to 2003:04. Amongst our main results, we find that the US stock price is a nonlinear series that is characterized by a unit root process, consistent with the efficient market hypothesis.

"Tell us something new!" : the response of planning and transport professionals to public health guidance on the built environment and physical activity

A large proportion of non-communicable disease can be attributed to modifiable risk factors such as poor nutrition and physical inactivity. We present data on planning and transport practitioners' perceptions and responses to government public health guidance aimed at modifying environmental factors to promote physical activity. This study was informed by questions on the role of evidence-based guidance, the views of professionals towards the guidance, the links between guidance and existing legislation and policy and the practicality of guidelines. A key informant 'snowball' sampling technique was used to recruit participants from the main professional planning organisations across England. Seventy-six people were interviewed in eight focus groups. We found that evidence-based public health guidance is a new voice in urban and town planning, although much of the advice is already reflected by the 'accepted wisdom' of these professions. Evidence-based health guidance could be a powerful driver affecting planning practice, but other legislated planning guidance may take priority for planning and transport professionals.

Increased food energy supply is more than sufficient to explain the US epidemic of obesity

Background: The major drivers of the obesity epidemic are much debated and have considerable policy importance for the population-wide prevention of obesity.

Objective: The objective was to determine the relative contributions of increased energy intake and reduced physical activity to the US obesity epidemic.

Design: We predicted the changes in weight from the changes in estimated energy intakes in US children and adults between the 1970s and 2000s. The increased US food energy supply (adjusted for wastage and assumed to be proportional to energy intake) was apportioned to children and adults and inserted into equations that relate energy intake to body weight derived from doubly labeled water studies. The weight increases predicted from the equations were compared with weight increases measured in representative US surveys over the same period.

Results: For children, the measured weight gain was 4.0 kg, and the predicted weight gain for the increased energy intake was identical at 4.0 kg. For adults, the measured weight gain was 8.6 kg, whereas the predicted weight gain was somewhat higher (10.8 kg).

Conclusions: Increased energy intake appears to be more than sufficient to explain weight gain in the US population. A reversal of the increase in energy intake of 2000 kJ/d (500 kcal/d) for adults and of 1500 kJ/d (350 kcal/d) for children would be needed for a reversal to the mean body weights of the 1970s. Alternatively, large compensatory increases in physical activity (eg, 110–150 min of walking/d), or a combination of both, would achieve the same outcome. Population approaches to reducing obesity should emphasize a reduction in the drivers of increased energy intake.

Higher education services exports : sources of growth of Asian students in US and UK

The paper reviews the recent trends and current developments in the global higher education market with a particular focus on growth of Asian students studying in US and UK. Using pool cross section-time series data over the 1985–2003 period, it is found that different factors affect students from different countries differently. This suggests that the marketing strategies of offshore higher education providers need to be tailored to the specific needs of different markets in order to be successful. The emergence of a number of new players in the higher education export market is also rapidly becoming a major threat to the traditional higher education service exporters.

Educating generationE in Australasia : US lessons, New Zealand experience

Australasian countries have huge numbers of young entrepreneurs. Yet the state of entrepreneurship education in this region has yet to come to grips with their needs. Elsewhere in the world, the growth and development in the curricula and programs devoted to raising the level of enterprise and new venture creation has been remarkable. The researcher undertook field study in North America and Europe to examine interdisciplinary initiatives that take the study of entrepreneurship and personal enterprise out of the Business School, integrate it across the campus and make it available to the widest range of students. The paper first describes GenerationE in Australasian countries and in New Zealand. It then classifies and categorises best-practice models of enterprise education, focusing especially on non-business entrepreneurship and university-wide enterprise requirements. The paper summarises these data and formulates “models of enterprise education” outside the business school environment. It offers generalisations that may prove helpful to educationalists and government policy planners about how to accelerate the development of personal enterprise within individuals and thereby to increase the supply of young people who launch their own businesses and social enterprises. The goal of this paper is to help universities in our region and elsewhere move toward infusing entrepreneurship throughout the curriculum.

What can prevalence studies tell us about female sexual difficulty and dysfunction?

Introduction. Many recent studies have investigated the prevalence of female sexual difficulty/dysfunction.
Aim. Investigate female sexual difficulty/dysfunction using data from prevalence studies.
Methods. We reviewed published prevalence studies excluding those that had not included each category of sexual difficulty (desire, arousal, orgasm, and pain), were based on convenience sampling, or had a response rate <50% or a sample size <100.
Main Outcome Measures. For each study we used the prevalence of any sexual difficulty as the denominator and calculated the proportion of women reporting each type of difficulty. For each category of sexual difficulty we used the prevalence of that difficulty lasting 1 month or more as the denominator and calculated the proportion of difficulties lasting several months or more and 6 months or more.
Results. Only 11 of 1,248 studies identified met our inclusion criteria. These studies used different measures of sexual dysfunction, so generating a simple summary prevalence was not possible. However, we observed consistent patterns in the published data. Among women with any sexual difficulty, on average, 64% (range 16–75%) experienced desire difficulty, 35% (range 16– 48%) experienced orgasm difficulty, 31% (range 12–64%) experienced arousal difficulty, and 26% (range 7–58%) experienced sexual pain. Of the sexual difficulties that occurred for 1 month or more in the previous year, 62–89% persisted for at least several months and 25–28% persisted for 6 months or more. Two studies investigated distress. Only a proportion of women with sexual difficulty were distressed by it (21–67%).
Conclusions. Desire difficulty is the most common sexual difficulty experienced by women. While the majority of difficulties last for less than 6 months, up to a third persist for 6 months or more. Sexual difficulties do not always cause distress. Consequently, prevalence estimates will vary depending on the time frame specified by researchers and whether distress is included in these estimates.

Educating generationE in Australasia : US lessons, New Zealand experience

Australasian countries have huge numbers of young entrepreneurs. Yet the state of entrepreneurship education in this region has yet to come to grips with their needs. Elsewhere in the world, the growth and development in the curricula and programs devoted to raising the level of enterprise and new venture creation has been remarkable. The researcher undertook field study in North America and Europe to examine inter-disciplinary initiatives that take the study of entrepreneurship and personal enterprise out of the Business School, integrate it across the campus and make it available to the widest range of students. The paper first describes GenerationE in Australasian countries and in New Zealand. It then classifies and categorises best-practice models of enterprise education, focussing especially on non-business entrepreneurship and university-wide enterprise requirements. The paper summarises these data and formulates “models of enterprise education” outside the business school environment. It offers generalisations that may prove helpful to educationalists and government policy planners about how to accelerate the development of personal enterprise within individuals and thereby to increase the supply of young people who launch their own businesses and social enterprises. The goal of this paper is to help universities in our region and elsewhere move toward infusing entrepreneurship throughout the curriculum.

Bridging the gap between anecdotal and empirical evidence in the international education market : insights from the US and UK

Education is an industry which has seen rapid growth in its trade over a short period of time. From the import and export of textbooks to international examinations such as the British Advanced and Ordinary levels and the American GMAT, GRE, LSAT, TOEFL and others, international trade in education has truly become a multidimensional phenomenon (Liston and Reeves, 1985). While all these aspects have largely contributed to the development of the so called “academic trade” (McMahon, 1988), it is the cross-border migration of international students which however remains the most visible aspect of this trade (Bourke, 2000). Indeed, recent estimates by the Organisation for Economic Cooperation and Development (OECD) suggest that nearly 1.9 million students were abroad in 2002 (OECD, 2004). There are probably thousands more foreign students involved in lower level education, language training and the like, but at the time of writing, no comprehensive statistics is yet available on international students enrolled in non-tertiary level institutions (Knight, 2002). As a result, it is vital to stress at the outset that this paper focuses exclusively on cross-border tertiary education but parallels can be drawn for lower level education.

A new screen face for public service broadcasting

The contemporary broadcasting industry is characterised by technological and social change, it is increasingly competitive, and the media industry is fragmenting. New services need not necessarily compete with existing free-to-air broadcasting but could act as further incentive for audiences to invest in new equipment. New equipment will be necessary in the future as set out under the Television Broadcasting Services (Digital Conversion) Act 2000 (Cth), before the planned switch-off of analogue broadcasts planned for this year but now likely to be 2013. By then, however, audiences might already have migrated to the online environment for television and radio content as well as other services. Those that produce and deliver programs via free-to-air broadcasting need to consider what audiences do with new media in order to engage them. This will be an ongoing process as technology and audience expectations continue to change. Against such a background, this article examines how Australia’s public broadcasters are responding to the new media environment. It will consider their interactive online programs and services with specific analysis of ABC’s new ‘iView’ and ‘ABC Fora’ which offer content on-demand. It will also examine SBS online initiatives. I wish to argue that the new media offer public broadcasters new prospects to provide forums and spaces for education, entertainment, public discussion and interaction online.

Modelling Fiji-US exchange rate volatility

In this article, we examine the Fiji-US exchange rate volatility using daily data for the period 2000 to 2006. Our modelling framework is based on the EGARCH model. We find robust evidence of conditional shocks having a positive effect on exchange rate volatility, shocks having asymmetric effects on exchange rate volatility and shocks having a transitory effect on exchange rate volatility.