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The paper constructs a global monetary aggregate, namely the sum of the key monetary aggregates of the G5 economies (US, Euro area, Japan, UK, and Canada), and analyses its indicator properties for global output and inflation. Using a structural VAR approach we find that after a monetary policy shock output declines temporarily, with the downward effect reaching a peak within the second year, and the global monetary aggregate drops significantly. In addition, the price level rises permanently in response to a positive shock to the global liquidity aggregate. The similarity of our results with those found in country studies might supports the use of a global monetary aggregate as a summary measure of worldwide monetary trends. JEL Classification: E52, F01
In der vorliegenden Studie werden die sozialpolitischen Reformen in den USA und Kanada während der 1990er Jahren in einer vergleichenden Perspektive analysiert. Dabei wird insbesondere die Rolle steuerpolitischer Instrumentarien in den Reformen thematisiert und der Frage nachgegangen, ob sich hier ein neuer Typ von Wohlfahrtsstaat herausbildet. Im ersten Teil des Papiers wird das in der vergleichenden Wohlfahrtsstaatsforschung etablierte Modell des liberalen Wohlfahrtsstaats skizziert, um vor diesem Hintergrund die Reformen in den USA und Kanada zu untersuchen und zu vergleichen. Anschließend wird in einer breiteren vergleichenden Perspektive die out-put-Leistung der beiden Wohlfahrtsstaaten analysiert. Al normative Kriterien hierbei gilt in erster Linie die Umverteilungsfunktion sozialpolitischer Instrumentarien, hier in erster Linie verstanden als Einkommensumverteilung.
Since 1990, a number of countries have adopted inflation targeting as their declared monetary strategy. Interpretations of the significance of this movement, however, have differed widely. To some, inflation targeting mandates the single-minded, rule-like pursuit of price stability without regard for other policy objectives; to others, inflation targeting represents nothing more than the latest version of cheap talk by central banks unable to sustain monetary commitments. Advocates of inflation targeting, including the adopting central banks themselves, have expressed the view that the efforts at transparency and communication in the inflation targeting framework grant the central bank greater short-run flexibility in pursuit of its long-run inflation goal. This paper assesses whether the talk that inflation targeting central banks engage in matters to central bank behavior, and which interpretation of the strategy is consistent with that assessment. We identify five distinct interpretations of inflation targeting, consistent with various strands of the current literature, and identify those interpretations as movements between various strategies in a conventional model of time-inconsistency in monetary policy. The empirical implications of these interpretations are then compared to the response of central banks to movements in inflation of three countries that adopted inflation targets in the early 1990s: The United Kingdom, Canada, and New Zealand. For all three, the evidence shows a break in the behavior of inflation consistent with a strengthened commitment to price stability. In no case, however, is there evidence that the strategy entails a single-minded pursuit of the inflation target. For the U.K., the results are consistent with the successful implementation the optimal state-contingent rule, thereby combining flexibility and credibility; similarly, New Zealand's improved inflation performance was achieved without a discernable increase in counter-inflationary conservatism. The results for Canada are less clear, perhaps reflecting the broader fiscal and international developments affecting the Canadian economy during this period.
This paper addresses and resolves the issue of microstructure noise when measuring the relative importance of home and U.S. market in the price discovery process of Canadian interlisted stocks. In order to avoid large bounds for information shares, previous studies applying the Cholesky decomposition within the Hasbrouck (1995) framework had to rely on high frequency data. However, due to the considerable amount of microstructure noise inherent in return data at very high frequencies, these estimators are distorted. We offer a modified approach that identifies unique information shares based on distributional assumptions and thereby enables us to control for microstructure noise. Our results indicate that the role of the U.S. market in the price discovery process of Canadian interlisted stocks has been underestimated so far. Moreover, we suggest that rather than stock specific factors, market characteristics determine information shares.
Sammelrezension zu Konrad Gross, Wolfgang Klooß u. Reingard M. Nischik (Hg.): Kanadische Literaturgeschichte. Unter Mitarbeit von Heinz Antor, Doris Eibl, Klaus-Dieter Ertler, Albert-Reiner Glaap, Paul Goetsch, Fritz Peter Kirsch, Martin Kuester, Rolf Lohse, Hartmut Lutz, Ursula Mathis-Moser, Markus M. Müller, Andrea Oberhuber, Caroline Rosenthal, Dorothee Scholl und Waldemar Zacharasiewicz. Stuttgart, Weimar (Metzler) 2005. 446 S.
Ingo Kolboom u. Roberto Mann: Akadien: ein französischer Traum in Amerika. Vier Jahrhunderte Geschichte und Literatur der Akadier. Mit Gastbeiträgen von Maurice Basque, Sandra Eulitz, Jacques Gauthier, Ingrid Neumann-Holzschuh und Thomas Scheufler sowie einer CD-ROM mit Materialien und Dokumenten und einer DVD mit dem Film 'Die Akadier - Odyssee eines Volkes' von Eva und Georg Bense. Heidelberg (Synchron) 2005. 1014 S.
In diesem Text werden zwei Film- bzw. Mediennetzwerke aus Kanada betrachtet, in denen prekäre Lebensbedingungen nicht nur thematisiert werden, sondern durch die Partizipation und Kollaboration von Filmschaffenden und Bürger*innen Handlungsmacht generiert werden soll. "Challenge for Change" setzte sich ab den 1960er Jahren u. a. gegen Armut ein, "Wapikoni Mobile" ist ein zeitgenössisches indigenes Vlog- und Filmnetzwerk. Beide Projekte werden als handlungsbasierte Dokumentarphilosophien verstanden. Sie werden mit Gilbert Simondon als mögliche Milieus für kollektive Individuationen konzeptualisiert. "Challenge for Change" und "Wapikoni Mobile" werden als technisch-sozial-ästhetische Milieus verstanden, in denen aktivistische und kulturelle Interventionen und Individuationen keinen Gegensatz bilden. "Wapikoni Mobile" wird zudem hinsichtlich seines Potentials für eine Filmkultur des Anthropozäns diskutiert, in der es um die Beziehung von Welt und Mensch geht, die in dokumentarischen Filmen verhandelt wird und die nicht nur abbildet, sondern ebenfalls - mit Gilles Deleuze - ein Band zur Welt knüpft.
Using a set of regional inflation rates we examine the dynamics of inflation dispersion within the U.S.A., Japan and across U.S. and Canadian regions. We find that inflation rate dispersion is significant throughout the sample period in all three samples. Based on methods applied in the empirical growth literature, we provide evidence in favor of significant mean reversion (ß-convergence) in inflation rates in all considered samples. The evidence on ó-convergence is mixed, however. Observed declines in dispersion are usually associated with decreasing overall inflation levels which indicates a positive relationship between mean inflation and overall inflation rate dispersion. Our findings for the within-distribution dynamics of regional inflation rates show that dynamics are largest for Japanese prefectures, followed by U.S. metropolitan areas. For the combined U.S.-Canadian sample, we find a pattern of within-distribution dynamics that is comparable to that found for regions within the European Monetary Union (EMU). In line with findings in the so-called 'border literature' these results suggest that frictions across European markets are at least as large as they are, e.g., across North American markets. Klassifikation: E31, E52, E58
This study examines the particularities of multilingual discourse, based on the example of recorded conversations in a trilingual family in Canada. It combines two different fields of linguistic research: multilingualism and conversation analysis. The study of multilingualism has developed into a popular field of linguistic research over the past two decades. In general, it focuses on bilingualism as a social and individual phenomenon, and in particular on the alternation between two languages in the speech of bilinguals. For this alternation, the term code-switching is widely used. Usually, the term refers to language alternation both between sentences and within sentence boundaries. From a sociolinguistic perspective code-switching is often interpreted as a means of signaling group membership in bilingual communities, whereas grammatical analyses examine how morphosyntactic units from different languages are combined (and can be combined) within one sentence. Auer (1998: 3) suggests the study of the conversational structure of code-switching as a third perspective on bilingual language usage, one that he claims has been widely neglected by linguistic research in the past. In particular, those cases of language alternation between utterances (sentences) but within the same conversation cannot be described adequately from either a macro-sociolinguistic or a morphosyntactic perspective.
Dieses Buch zeichnet eine wissenschaftliche Biografie nach und reflektiert so die Entwicklung der gendersensiblen Politikwissenschaft: Die Herkunft aus der Kritischen Theorie mit der sichtbaren Rückbindung an deren Paradigmen, die politikwissenschaftliche Beschäftigung mit Arbeit als zentralem "Knackpunkt" genderspezifischer Theorie und Politik, die Diskussion um politische Sozialisation als Hemmschuh und gleichzeitiger Ansatzpunkt frauenspezifischer Emanzipation und schließlich Globalisierung in ihrer Bedeutung als Chance und Gefahr für eine geschlechtergerechte Demokratie.