Post-Bretton Woods evidence on PPP under different exchange rate regimes

This article investigates the behaviour of exchange rates across different regimes for a post-Bretton Woods period. The exchange rate regime classification is based on the classification of Frankel et al. (2004) who condensed the 10 categories of exchange rate regimes reported by the International Monetary Fund (IMF) into three categories. Panel unitroot tests and panel cointegration are used to examine the Purchasing Power Parity (PPP) hypothesis. The latter test is used to check for both the weak and strong forms of PPP. The panel unit-root tests show no evidence of PPP and suggest there is no difference in the behaviour of exchange rates across different regimes. However, failure to detect PPP across any of the regimes could be due to structural breaks. This assumption is reinforced by the results of cointegration tests, which suggest that there exists at least a weak form of PPP for the different regimes. The evidence for strong PPP decreases as the exchange rate regime moves away from a flexible exchange rate regime.

Early marketing matters:a time-varying parameter approach to persistence modeling

Are persistent marketing effects most likely to appear right after the introduction of a product? The authors give an affirmative answer to this question by developing a model that explicitly reports how persistent and transient marketing effects evolve over time. The proposed model provides managers with a valuable tool to evaluate their allocation of marketing expenditures over time. An application of the model to many pharmaceutical products, estimated through (exact initial) Kalman filtering, indicates that both persistent and transient effects occur predominantly immediately after a brand's introduction. Subsequently, the size of the effects declines. The authors theoretically and empirically compare their methodology with methodology based on unit root testing and demonstrate that the need for unit root tests creates difficulties in applying conventional persistence modeling. The authors recommend that marketing models should either accommodate persistent effects that change over time or be applied to mature brands or limited time windows only.

Sequential pyrolysis and catalytic low temperature reforming of wheat straw

Aim of the work is the implementation of a low temperature reforming (LT reforming) unit downstream the Haloclean pyrolyser in order to enhance the heating value of the pyrolysis gas. Outside the focus of this work was to gain a synthesis gas quality for further use. Temperatures between 400 °C and 500 °C were applied. A commercial pre-reforming catalyst on a nickel basis from Südchemie was chosen for LT reforming. As biogenic feedstock wheat straw has been used. Pyrolysis of wheat straw at 450 °C by means of Haloclean pyrolysis leads to 28% of char, 50% of condensate and 22% of gas. The condensate separates in a water phase and an organic phase. The organic phase is liquid, but contains viscous compounds. These compounds could underlay aging and could lead to solid tars which can cause post processing problems. Therefore, the implementation of a catalytic reformer is not only of interest from an energetic point of view, it is generally interesting for tar conversion purposes after pyrolysis applications. By using a fixed bed reforming unit at 450–490 °C and space velocities about 3000 l/h the pyrolysis gas volume flow could be increased to about 58%. This corresponds to a decrease of the yields of condensates by means of catalysis up to 17%, the yield of char remains unchanged, since pyrolysis conditions are the same. The heating value in the pyrolysis gas could be increased by the factor of 1.64. Hydrogen concentrations up to 14% could be realised.

Uncovering the root cause of ethnic difference in ability testing:differential test functioning, test familiarity and trait optimism as explanations of ethnic group differences

The present research represents a coherent approach to understanding the root causes of ethnic group differences in ability test performance. Two studies were conducted, each of which was designed to address a key knowledge gap in the ethnic bias literature. In Study 1, both the LR Method of Differential Item Functioning (DIF) detection and Mixture Latent Variable Modelling were used to investigate the degree to which Differential Test Functioning (DTF) could explain ethnic group test performance differences in a large, previously unpublished dataset. Though mean test score differences were observed between a number of ethnic groups, neither technique was able to identify ethnic DTF. This calls into question the practical application of DTF to understanding these group differences. Study 2 investigated whether a number of non-cognitive factors might explain ethnic group test performance differences on a variety of ability tests. Two factors – test familiarity and trait optimism – were able to explain a large proportion of ethnic group test score differences. Furthermore, test familiarity was found to mediate the relationship between socio-economic factors – particularly participant educational level and familial social status – and test performance, suggesting that test familiarity develops over time through the mechanism of exposure to ability testing in other contexts. These findings represent a substantial contribution to the field’s understanding of two key issues surrounding ethnic test performance differences. The author calls for a new line of research into these performance facilitating and debilitating factors, before recommendations are offered for practitioners to ensure fairer deployment of ability testing in high-stakes selection processes.