On the sources of business cycles in the G-7

This paper examines sources of cyclical movements in output, inflation and the term structure of interest rates. It employs a novel identification approach which uses the sign of the cross correlation function in response to shocks to catalog orthogonal disturbances. We find that demand shocks are the dominant source output, inflation and term structure fluctuations in six of the G-7 countries. Within the class of demand disturbances, nominal shocks are dominant, but their importance declined after 1982. Furthermore, there are no significant differences in the proportion of term structure variability explained by different structural sources at different horizons.

Skill-biased technological change and the business cycle

Over the past two decades, technological progress in the United States hasbeen biased towards skilled labor. What does this imply for business cycles?We construct a quarterly skill premium from the CPS and use it to identifyskill-biased technology shocks in a VAR with long-run restrictions. Hours fallin response to skill-biased technology shocks, indicating that at least part of thetechnology-induced fall in total hours is due to a compositional shift in labordemand. Skill-biased technology shocks have no effect on the relative price ofinvestment, suggesting that capital and skill are not complementary in aggregateproduction.

Business cycles, unemployment insurance and the calibration of matching models

This paper theoretically and empirically documents a puzzle that arises when an RBC economy with a job matching function is used to model unemployment. The standard model can generate sufficiently large cyclical fluctuations in unemployment, or a sufficiently small response of unemployment to labor market policies, but it cannot do both. Variable search and separation, finite UI benefit duration, efficiency wages, and capital all fail to resolve this puzzle. However, either sticky wages or match-specific productivity shocks can improve the model's performance by making the firm's flow of surplus more procyclical, which makes hiring more procyclical too.

Does it cost to be virtuous? The macroeconomic effects of fiscal constraints

We study whether and how fiscal restrictions alter the business cycle features of macrovariables for a sample of 48 US states. We also examine the typical transmission properties of fiscal disturbances and the implied fiscal rules of states with different fiscal restrictions. Fiscal constraints are characterized with a number of indicators. There are similarities in second moments of macrovariables and in the transmission properties of fiscal shocks across states with different fiscal constraints. The cyclical response of expenditure differs in size and sometimes in sign, but heterogeneity within groups makes point estimates statistically insignificant. Creative budget accounting is responsible for the pattern. Implications for the design of fiscal rules and the reform of the Stability and Growth Pact are discussed.

Endogenous business cycles and stabilization policies

The paper reports results on the effects of stylized stabilization policies on endogenously created fluctuations. A simple monetary model with intertemporally optimizing agents is considered. Fluctuations in output may occur due to fluctuations in labor supply which are again caused by volatile expectations which are ``self fulfilling'', i.e. correct given the model. It turns out that stabilization policies that are sufficiently countercyclical in the sense that government spending (on transfers or demand) depends sufficiently strongly negatively on GNP-increases can stabilize the economy at a monetary steadystate for an arbitrarily low degree of distortion of that steady state. Such stabilization has unambiguously good welfare effects and can be achieved without features such as positive lump sum taxation or negative income taxation as part of the stabilization policy.

Institutional support of the firm: A theory of business registries

Registering originative business contracts allows entrepreneurs and creditors to choose, andcourts to enforce market-friendly contract rules that protect innocent third parties whenadjudicating disputes on subsequent contracts. This reduces information asymmetry for thirdparties, which enhances impersonal trade. It does so without seriously weakening property rights,because it is rightholders who choose or activate the legal rules and can, therefore, minimize thecost of any possible weakening. Registries are essential not only to make the chosen rules publicbut to ensure rightholders commitment and avoid rule-gaming, because independent registriesmake rightholders choices verifiable by courts. The theory is supported by comparative andhistorical analyses.

Do institutional changes affect business cycles? Evidence from Europe

We study the effects that the Maastricht treaty, the creation of the ECB, andthe Euro changeover had on the dynamics of European business cycles using a panelVAR and data from ten European countries - seven from the Euro area and threeoutside of it. There are changes in the features of European business cycles and in thetransmission of shocks. They precede the three events of interest and are more linkedto a general process of European convergence and synchronization.

Lean IT Application of 5S/6S Technique in a SME

O Lean não é apenas uma prática. É uma revolução nas Tecnologias de Informação (TI) proporcionando uma maior e melhor utilização dos recursos e procurando alcançar custos mais baixos dos que existem atualmente. É muito mais do que uma lista de ferramentas e metodologias e para que seja estabelecido é necessário mudar comportamentos culturais e incentivar todas as organizações a pensarem de forma diferente sobre o poder da informação versus o valor do negócio. Normalmente associa-se o Lean à criação de valor para a organização. Mas o valor é significativo quando é trazido com eficiência e resultando na eliminação de processos que consomem tempo, recursos e espaço desnecessário. Os princípios Lean podem ajudar as organizações na melhoria da qualidade, redução de custos e no alcance da eficiência através de uma melhor produtividade. Existem vários conceitos Lean que podem ser associados a diferentes objetivos de resolução de problemas. Em particular, este trabalho é uma dissertação programada para analisar um novo paradigma sobre o Lean que surgiu recentemente - Lean para Tecnologias de Informação (Lean IT). Esta dissertação apresenta uma abordagem para o Lean IT (enquadramento, objetivos e metodologia) para realizar o trabalho e utiliza um único estudo de caso, com abordagem à técnica 5S/6S (até o terceiro nível de avaliação), numa Pequena, Média Empresa (PME), de forma a demonstrar a agregação de valor e as vantagens na eliminação de resíduos/desperdícios nos seus processos. A técnica também mostra a evolução da avaliação antes e depois da sua aplicação. Este estudo de caso individual avalia um Departamento de TI (com uma equipe de cinco colaboradores e um chefe de Departamento) através da observação direta, documentação e arquivos de registos e os equipamentos analisados são computadores, postos de trabalho e projetos (código desenvolvido, portais e outros serviços de TI). x Como guia, a metodologia inclui a preparação da avaliação em conjunto com o responsável/chefe do Departamento de TI, o desenrolar das operações, a identificação do fluxo de valor para cada atividade, o desenvolvimento de um plano de comunicação e a análise de cada passo da avaliação do fluxo de processamento. Os principais resultados estão refletidos nas novas ferramentas de trabalho (Microsoft SharePoint e Microsoft Project em detrimento do Microsoft Excel) que fornecem comunicação remota e controlo de projetos para todos os stakeholders, tais como, a gestão de topo, parceiros e clientes (algumas organizações incluem o Outsourcing no desenvolvimento de funcionalidades específicas). Os resultados também refletem-se na qualidade do trabalho, no cumprimento de prazos, na segurança física e lógica, na motivação dos colaboradores e na satisfação dos clientes. A técnica 5S/6S ajuda a esclarecer os conceitos e princípios Lean, exequibilidade e aumenta a curiosidade sobre a implementação da técnica noutros departamentos tais como o Financeiro e ou o de Recursos Humanos. Como forma de consolidação do trabalho tornou-se possível organizar a avaliação para que a organização possa candidatar-se a uma certificação na norma ISO/IEC 25010:2011, no modelo de qualidade de software (software é o core business desta PME). Mas tal só será possível se toda a organização atingir a padronização dos seus processos. Este estudo de caso mostra que os conceitos Lean e a aplicação de uma ou mais das suas técnicas (neste caso particular a técnica 5S/6S) ajuda a obter melhores resultados através da gestão e melhoria dos seus principais serviços.

Business Sphere, Vol. 17, no.3

Through networking, Iowa’s manufacturers share expertise in lean manufacturing, supply chain efficiency and rapid prototyping, strengthening the powerful environment for success. The Iowa Department of Economic Development builds on these strengths with a focus on advanced manufacturing, extending financial and tax benefits to companies making substantial investments and creating higher skill, higher paying jobs. Many companies these days are finding that it pays to explore options in Iowa as they plan manufacturing expansions. You can get in touch with us at www.iowalifechanging.com.

Business Sphere, Vol. 20, no.3

When selecting sites for the industry’s leading data centers, experts and IT leaders such as Google and Microsoft, are increasingly choosing Iowa They’re doing so because they understand that Iowa is a safe zone for data and information storage — tucked away from the major threats and terrorist targets in the U.S. What’s more, there are many infrastructural and financial benefits that only Iowa offers. With all this activity, available research and Iowa’s inherent advantages, it seems the question isn't so much why Iowa, but why not?

Business Sphere, Vol. 19, no.2

The first commercial quantities of a soybean oil with about three percent linolenic acid oil were produced in Iowa in 1994 through a collaboration with Pioneer Hi-Bred International, Inc. Continued to breed new soybean varieties with a focus on a even lower linolenic acid content of one percent. I was interested in understanding whether the oil would be stable enough to eliminate the need for chemical hydrogenation. During the process of increasing one percent linolenic acid seed varieties to obtain oil for testing, the Food and Drug Administration announced it would require labeling for trans fat beginning in 2006. Instead of using the seed of the new varieties to obtain oil for testing, it was used for further seed production so that commercial quantities of the one percent linolenic acid oil could be available as quickly as possible.

Business Sphere, Vol. 18, no.1

Information technology is a strong and important sector of the Iowa economy employing 30,000 Iowans at more than 2,000 companies, according to a new analysis from Battelle Institute consultants. The strength of Iowa’s IT industry is based in the service-segment. Internet and data services, communications network services, and software and computer services constitute 81 percent of all IT employment. Slightly ahead of U.S. trends, these service sectors compose the backbone of Iowa’s IT industry,

Consumer Advisory Bulletin, Holiday Shopping? Tips to Make it Merrier, December 2010

The Attorney General’s Consumer Protection Division receives hundreds of calls and consumer complaints every year. Follow these tips to avoid unexpected expense and disappointments. This record is about: Holiday Shopping? Tips to Make it Merrier

Grabbing your ear: rapid auditory-somatosensory multisensory interactions in low-level sensory cortices are not constrained by stimulus alignment.

Multisensory interactions are observed in species from single-cell organisms to humans. Important early work was primarily carried out in the cat superior colliculus and a set of critical parameters for their occurrence were defined. Primary among these were temporal synchrony and spatial alignment of bisensory inputs. Here, we assessed whether spatial alignment was also a critical parameter for the temporally earliest multisensory interactions that are observed in lower-level sensory cortices of the human. While multisensory interactions in humans have been shown behaviorally for spatially disparate stimuli (e.g. the ventriloquist effect), it is not clear if such effects are due to early sensory level integration or later perceptual level processing. In the present study, we used psychophysical and electrophysiological indices to show that auditory-somatosensory interactions in humans occur via the same early sensory mechanism both when stimuli are in and out of spatial register. Subjects more rapidly detected multisensory than unisensory events. At just 50 ms post-stimulus, neural responses to the multisensory 'whole' were greater than the summed responses from the constituent unisensory 'parts'. For all spatial configurations, this effect followed from a modulation of the strength of brain responses, rather than the activation of regions specifically responsive to multisensory pairs. Using the local auto-regressive average source estimation, we localized the initial auditory-somatosensory interactions to auditory association areas contralateral to the side of somatosensory stimulation. Thus, multisensory interactions can occur across wide peripersonal spatial separations remarkably early in sensory processing and in cortical regions traditionally considered unisensory.

The Indians called it beautiful land : your quick-fact book : Iowa, a place to grow,1975.

A pocket sized brochure containing brief information on Iowa's history, industry, agriculture, tourism, quality of life, transportation, exports for the world market, people, education and basic facts.