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We test the menu cost model of Ball and Mankiw (1994, 1995), which implies that the impact of price dispersion on inflation should differ between inflation and deflation episodes, using data for Japan and Hong Kong. We use a random cross-section sample split when calculating the moments of the distribution of price changes to mitigate the small-cross-sectionsample bias noted by Cecchetti and Bryan (1999). The parameter on the third moment is positive and significant in both countries during both the inflation and deflation periods, and the parameter on the second moment changes sign in the deflation period, as the theory predicts. Keywords: inflation, deflation, menu costs, Hong Kong, Japan JEL Numbers: E31
The genus Rhaphium Meigen, 1803 is recorded for the first time from mangroves in Hong Kong. Three species are described as new to science: Rhaphium hongkongense sp. nov. and Rhaphium spinulatum sp. nov., both tentatively belonging to the Rhaphium crassipes group sensu Negrobov & Grichanov (2010), and Rhaphium canniccii sp. nov. assigned to a new species group, the Rhaphium micans group. The status of Rhaphium mediocre (Becker, 1922) described from Taiwan and Rhaphium eburnea (Parent, 1926) from Shanghai is discussed. NGS barcodes for the new species are provided.
The species of Kokeshia Miyamoto, 1960 from China are reviewed, K. hsiaoi Ren & Zheng, 1992 is redescribed, and ten new species from China are described. Among these new species, K. baii sp. nov., was collected from Hong Kong, and the other nine, K. acutiformis sp. nov., K. bui sp. nov., K. caii sp. nov., K. drepanoides sp. nov., K. hilli sp. nov., K. pengae sp. nov., K. redeii sp. nov., K. renae sp. nov. and K. weirauchae sp. nov., from Yunnan. Thus, the number of known species of this genus is increased from eight to eighteen. Photographs of the habitus, forewing, abdomen and genitalic structures; drawings and scanning electron micrographs of male abdomen and genitalic structures are provided. A key to all the species currently recognized in the genus Kokeshia is presented, a distribution map and checklist for all known species is provided.
In many European countries poverty migration and its impact on the European continent are currently widely discussed topics. Many seem to forget about grave migration problems taking place in Asia, where in Hong Kong, for example, the working and living conditions for approximately 320,000 foreign domestic workers (mostly women) are often intolerable.