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We present a thought-provoking study of two monetary models: the cash-in-advance and the Lagos and Wright (2005) models. We report that the different approach to modeling money — reduced-form vs. explicit role — neither induces theoretical nor quantitative differences in results. Given conformity of preferences, technologies and shocks, both models reduce to one difference equation. The equations do not coincide only if price distortions are differentially imposed across models. To illustrate, when cash prices are equally distorted in both models equally large welfare costs of inflation are obtained in each model. Our insight is that if results differ, then this is due to differential assumptions about the pricing mechanism that governs cash transactions, not the explicit microfoundation of money.
This paper summarizes the key proposals of the report by the Liikanen Commission. It starts with an explanation of a crisis narrative underlying the Report and its proposals. The proposals aim for a revitalization of market discipline in financial markets. The two main structural proposals of the Liikanen Report are: first, for large banks, the separation of the trading business from other parts of the banking business (the "Separation Proposal"), and the mandatory issuing of subordinated bank debt thought to be liable (the strict "Bail-in Proposal"). The credibility of this commitment to private liability is achieved by strict holding restrictions. The anticipated consequences of the introduction of these structural regulations for the financial industry and markets are addressed in a concluding part.
The financial crisis which started in 2007 has caused a tremendous challenge for monetary policy. The simple concept of inflation targeting has lost its position as state of the art. There is a debate on whether the mandate of a central bank should not be widened. And, indeed, monetary policy has been very accommodative in the last couple of years and central banks have modified their communication strategies by introducing forward guidance as a new policy tool. This paper addresses the consequences of these developments for the credibility, the reputation and the independence of central banks. It also comments on the recent debate among economists concerning the question whether the ECB's OMT program is compatible with its mandate.
These proceedings, also online available as No. 46 in the ZAS Papers in Linguistics series under http://www.zas.gwz-berlin.de/index.html?publications_zaspil have resulted from the International Conference "Focus in African languages" held October 6-8, 2005 at the Zentrum für Allgemeine Sprachwissenschaft (ZAS) in Berlin. The conference was cooperatively organized by the latter, together with the Collaborative Research Center (Sonderforschungsforschungsbereich) 632, generously funded by the German Research Foundation (DFG). It was the first conference bringing together colleagues working on this topic from all over the world in such scale.
Even though this volume contains only ten contributions out of the 35 papers presented at the conference, it displays the wide range of approaches, subjects and languages studied in the field of information structure in African languages. The collection thus reflects the synergetic atmosphere of the conference.
In the name of all organizers (Laura Downing, Ines Fiedler, Katharina Hartmann, Brigitte Reineke, Anne Schwarz, Sabine Zerbian, Malte Zimmermann) we would like to take this opportunity to thank the participant reviewers and student assistants for their contributions by which the conference became such a fruitful forum for inspiring and seminal studies in this field. Also special thanks for their effort in copy editing to our research assistants Lars Marstaller and Paul Starzmann.
The purpose of this dissertation is to defend the idea that the empirical responsibilities of binding theory can be handled in a more psychologically and historically realistic way when assigned to the field of pragmatics. In particular, I wish to show that Optimality Theory (OT) (Prince & Smolensky, 1993), the stochastic OT and Gradual Learning Algorithm of Boersma (1998), the Recoverability of OT of Wilson (2001) and Buchwald et al. (2002), and the bidirectional OT of Blutner (2000b) and Bidirectional Gradual Learning Algorithm of Jäger (2003a) can all participate in a formal framework in which one can formally spell out and justify the idea that the distributional behavior of bound pronouns and reflexivs is a pragmatic phenomenon.
Die Hauptthese dieser Dissertation ist, dass Nord-Sotho keinen obligatorischen Gebrauch von grammatischen Mitteln zur Markierung von Fokus macht, weder in der Syntax noch in der Prosodie oder Morphologie. Trotzdem strukturiert diese Sprache eine Äußerung nach informationsstrukturellen Aspekten. Konstituenten, die im Diskurs gegeben sind, werden entweder getilgt, pronominalisiert oder an den rechten oder linken Satzrand versetzt. Diese (morpho-)syntaktischen Prozesse wirken so zusammen, dass die fokussierte Konstituente oft final in ihrem Teilsatz erscheint. Obwohl die finale Position keine designierte Fokusposition ist, ist das Wissen um diese Tendenz doch entscheidend für das Verständnis einer morphologischen Alternation, die in Nord-Sotho am Verb erscheint und die in der Literatur im Zusammenhang mit Fokus diskutiert wurde.
Obwohl also ein direkter grammatischer Ausdruck von formaler F(okus)-Markierung im Nord-Sotho fehlt, ist F-Markierung trotzdem entscheidend für die Grammatik dieser Sprache: Fokussierte logische Subjekte können nicht in kanonischer präverbaler Position erscheinen. Sie erscheinen stattdessen entweder postverbal oder in einem Spaltsatz, abhängig von der Valenz des Verbs. Obwohl Nord-Sotho bei Objekten im Gebrauch von Spaltsätzen eine Korrespondenz von komplexer Form mit komplexer Bedeutung zeigt, gilt diese Korrespondenz nicht für logische Subjekte.
Die vorliegende Dissertation modelliert die oben genannten Ergebnisse im theoretischen Rahmen der Optimalitätstheorie (OT). Syntaktischer in situ Fokus und die Abwesenheit von prosodischer Fokusmarkierung können mit unkontroversen Beschränkungen erfasst werden. Für die Ungrammatikaliät fokussierter logischer Subjekte in präverbaler Position schlägt die vorliegende Arbeit die Modifizierung einer in der Literatur vorhandenen Beschränkung vor, die in Nord-Sotho von entscheidener Bedeutung ist. Die Form-Bedeutungs-Korrespondenz wird, wie andere Phänomene pragmatischer Arbeitsteilung auch, innerhalb der schwach bidirektionalen Optimalitätstheorie behandelt.
All of the papers in the volume except one (Kaji) take up some aspect of relative clause construction in some Bantu language. Kaji’s paper aims to account for how Tooro (J12; western Uganda) lost phonological tone through a comparative study of the tone systems of other western Uganda Bantu languages. The other papers examine a range of ways of forming relative clauses, often including non-restrictive relatives and clefts, in a wide range of languages representing a variety of prosodic systems.
This paper deals with spelling normalization of historical texts with regard to further processing with modern part-of-speech taggers. Different methods for this task are presented and evaluated on a set of historical German texts from the 15th–18th century, and specific problems inherent to the processing of historical data are discussed. A chain combination using word-based and character-based techniques is shown to be best for normalization, while POS tagging of normalized data is shown to benefit from ignoring punctuation marks. Using these techniques, when 500 manually normalized tokens are used as training data for the normalization, the tagging accuracy of a manuscript from the 15th century can be raised from 28.65% to 76.27%.
The papers in this volume were originally presented at the Workshop on Bantu Wh-questions, held at the Institut des Sciences de l’Homme, Université Lyon 2, on 25-26 March 2011, which was organized by the French-German cooperative project on the Phonology/Syntax Interface in Bantu Languages (BANTU PSYN). This project, which is funded by the ANR and the DFG, comprises three research teams, based in Berlin, Paris and Lyon. The Berlin team, at the ZAS, is: Laura Downing (project leader) and Kristina Riedel (post-doc). The Paris team, at the Laboratoire de phonétique et phonologie (LPP; UMR 7018), is: Annie Rialland (project leader), Cédric Patin (Maître de Conférences, STL, Université Lille 3), Jean-Marc Beltzung (post-doc), Martial Embanga Aborobongui (doctoral student), Fatima Hamlaoui (post-doc). The Lyon team, at the Dynamique du Langage (UMR 5596) is: Gérard Philippson (project leader) and Sophie Manus (Maître de Conférences, Université Lyon 2). These three research teams bring together the range of theoretical expertise necessary to investigate the phonology-syntax interface: intonation (Patin, Rialland), tonal phonology (Aborobongui, Downing, Manus, Patin, Philippson, Rialland), phonology-syntax interface (Downing, Patin) and formal syntax (Riedel, Hamlaoui). They also bring together a range of Bantu language expertise: Western Bantu (Aboronbongui, Rialland), Eastern Bantu (Manus, Patin, Philippson, Riedel), and Southern Bantu (Downing).
The comprehension and production of single words involve a variety of processing stages. Which stages need to be accessed differs depending on whether objects (pictures in an experimental environment) or words are supposed to be named. Naming tasks are often employed in psycholinguistic studies in order to provide an insight into the function of mental processes during word production. Differences in naming latencies and naming accuracy between words suggest that the retrieval of some lexical items is easier or more difficult in contrast to others. The relative ease of word retrieval has been found to be strongly influenced by properties of these words, such as familiarity and written or spoken frequency.
Exploring which variables affect naming speed and accuracy will allow gaining more information about the storage and processing of words in general. If a variable has a discernable effect on a specific experimental task, the localization of this effect is of interest for psycholinguistic research. This is because finding the locus of the effect can help specify models of speech production with respect to what processes occur at which stage of lexical retrieval. Additionally, identifying which variables influence language processing is inevitable in order to control for these variables when necessary. Otherwise variance in naming latencies could not be explained by the variable that was to be tested because other, uncontrolled variables could have altered the results.
This study investigates supralaryngeal mechanisms of the two way voicing contrast among German velar stops and the three way contrast among Korean velar stops, both in intervocalic position. Articulatory data won via electromagnetic articulography of three Korean speakers and acoustic recordings of three Korean and three German speakers are analysed. It was found that in both languages the voicing contrast is created by more than one mechanism. However, one can say that for Korean velar stops in intervocalic position stop closure duration is the most important parameter. For German it is closure voicing. The results support the phonological description proposed by Kohler (1984).
This volume comprises papers that were given at the workshop Information Structure and the Referential Status of Linguistic Expressions, which we organized during the Deutsche Gesellschaft für Sprachwissenschaft (DGfS) Conference in Leipzig in February 2001. At this workshop we discussed the connection between information structure and the referential interpretation of linguistic expressions, a topic mostly neglected in current linguistics research. One common aim of the papers is to find out to what extent the focus-background as well as the topic-comment structuring determine the referential interpretation of simple arguments like definite and indefinite NPs on the one hand and sentences on the other.
The paper focuses on the problems of a juridical classification and evaluation of Ancient Near Eastern treaties with regard to the question if there existed an Ancient Near Eastern International Law or not. Alternatively treaties and their content are looked at uncommitted as mechanisms of conflict and dispute resolution. Main aspects are preliminary and prophylactic conflict resolution in treaties and the procedural context and efficiency of treaties.
Stability maintenance at the grassroots: China’s weiwen apparatus as a form of conflict resolution
(2013)
This working paper explores the history and potential of “stability maintenance” (weiwen) as a form of conflict resolution in China. Its emphasis on conflict resolution is novel. Previous examinations of the weiwen apparatus have concentrated on its political function, namely to manage resistance within society and maintain the authority of the party-state. This avenue of investigation has proved fruitful as a means of characterising the political motivation and the higher-level strategies involved in stability maintenance. Nonetheless, there remain significant conceptual and empirical gaps relating to how stability maintenance offices and processes actually function, particularly out of larger cities and at local levels. The research described in this paper aims to consider the effectiveness of stability maintenance as a part of the “market” for conflict resolution in local China, and to test the hypothesis that conflict resolution as facilitated by weiwen is the most pragmatic and effective means of actually resolving conflicts in the current Chinese political context, notwithstanding the closeness of the stability maintenance discourse to state authority and its relative distance from rule of law-based methods of dispute resolution...
Der vorliegende Band setzt im Anschluß an den Band ZAS Papers in Linguistics 14 (1999) die Vorpublikation von Arbeiten fort, die innerhalb oder im Umkreis des von der DFG geförderten Projekts "Schnittstellen der Semantik: Kopula-Prädikativ-Konstruktionen" am ZAS entstanden sind. Das Rahmenthema, wie es in ZASPiL 14 einleitend knapp umrissen wurde, wird derzeit im Projekt in drei Untersuchungssträngen bearbeitet. Sie beinhalten
(1) die Klärung der in der Literatur auch weiterhin häufig bemühten, aber keineswegs eindeutig verankerten, sondern auf mehrere Domänen zu verteilenden Distinktion von Stage Level Predicates vs. Individual Level Predicates (kurz: SLP/ILP-Problematik);
(2) die Klärung des Situationsbezugs von Kopula-Prädikativ-Konstruktionen (KPK) im Hinblick auf die ontologische Natur, die lexikalische Fundierung und die syntaktische Verwaltung des referentiellen Arguments von KPK (kurz: Argumentstruktur von KPK);
(3) die vertiefte Analyse der notorisch idiosynkratischen Kopulaverben in Prädikationsstrukturen, nicht zuletzt im Hinblick auf diejenigen Vorkommen solcher Verben, in denen sie gemeinhin als "Hilfsverben" gelten, was wiederum eine umfassende Analyse der infiniten Verbformen einschließt (kurz: lexical vs. functional category features).
Monetary theorists have advanced an intriguing notion: we exchange money to make up for a lack of enforcement, when it is difficult to monitor and sanction opportunistic behaviors. We demonstrate that, in fact, monetary equilibrium cannot generally be sustained when monitoring and punishment limitations preclude enforcement — external or not. Simply put, monetary systems cannot operate independently of institutions — formal or informal — designed to monitor behaviors and sanction undesirable ones. This fundamental result is derived by integrating monetary theory with the theory of repeated games, studying monetary equilibrium as the outcome of a matching game with private monitoring.
In the aftermath of the financial crisis, the ECB has experienced an unprecedented deterioration in the level of trust. This raises the question as to what factors determine trust in central banking. We use a unique cross-country dataset which includes a rich set of socio-economic characteristics and supplement it with variables meant to reflect a country’s macroeconomic condition. We find that besides individual socio-economic characteristics, macroeconomic conditions play a crucial role in the trust-building process. Our results suggest that agents are boundedly rational in the trust-building process and that current ECB market operations may even be beneficial for trust in the ECB in the long-run.
We examine whether the robustifying nature of Taylor rule cross-checking under model uncertainty carries over to the case of parameter uncertainty. Adjusting monetary policy based on this kind of cross-checking can improve the outcome for the monetary authority. This, however, crucially depends on the relative welfare weight that is attached to the output gap and also the degree of monetary policy commitment. We find that Taylor rule cross-checking is on average able to improve losses when the monetary authority only moderately cares about output stabilization and when policy is set in a discretionary way.