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Author(s): John Hulland [sup.1] , Mark B. Houston [sup.2] Author Affiliations: (1) grid.213876.9, 0000 0004 1936 738X, Department of Marketing, Terry College of Business, University of Georgia, , Athens, GA, [...]

Byline: Michael S. Cole (1), Hubert S. Feild (2), William F. Giles (2), Stanley G. Harris (2) Keywords: Personnel selection; Resumes; Recruitment; Personality Abstract: Research shows recruiters infer dispositional characteristics from job applicants' resumes and use these inferences in evaluating applicants' employability. However, the reliability and validity of these inferences have not been empirically tested. Using data collected from 244 recruiters, we found low levels of estimated interrater reliability when they reviewed entry-level applicants' resumes and made inferences regarding applicants' personality traits. Moreover, when recruiters' inferences of applicant personality were correlated with applicants' actual Big Five personality scores, results indicated that recruiters' inferences lacked validity, with the possible exceptions of extraversion and openness to experience. Finally, despite being largely unreliable and invalid, recruiters' inferences of applicants' extraversion, openness to experience, and conscientiousness predicted the recruiters' subsequent employability assessments of the applicants. Author Affiliation: (1) Department of Management, M.J. Neeley School of Business, Texas Christian University, Fort Worth, TX, 76109, USA (2) Auburn University, Auburn, AL, USA Article History: Registration Date: 23/10/2008 Online Date: 28/11/2008

Byline: Stephen Weatherill (1) Abstract: In July 2001 the European Commission published a Communication to the Council and the European Parliament, its so-called 'Green Paper' on European Contract Law (COM (2001) 398). This document seeks feedback on the options sketched by the Commission for future European Community action in the contract law field. The present note, which incorporates as an Appendix the text of the Green Paper itself, is designed to explain the background to the Commission's intervention (the first section, pp. 339--350 below), to provide a brief commentary on the content of the Green Paper (the second section, pp. 350--356) and then to assess the constitutional implications of a proposed advance towards a European Contract Law (the third section, pp. 356--371). It is argued that the debate about the creation of a European contract law is properly seen not merely as a matter of cultural feasibility and of commercial desirability, but that in addition assessment of the EC's potential contribution is heavily conditioned by increasing constitutional anxieties about the EC's legitimate role in the field of market regulation. The Green Paper avoids explicit treatment of the constitutional dimension of European contract law, yet, it is argued in this note, this is in fact unavoidable in the wake of the European Court's seminal judgment of October 2000 in the so-called 'Tobacco Advertising' case in which it for the first time invalidated a measure of harmonisation of laws on the basis that an insufficient connection with the process of market-building had been shown by the European Community's legislature. This demands that the constitutional validity of legislative proposals in the field of contract law be examined with care, for the EC, an entity created by an international Treaty, has been endowed with no general competence as lawmaker in this or any other field, even though past legislative practice may have tended to obscure this constitutionally fundamental principle. Author Affiliation: (1) European Community Law, University of Oxford, and Somerville College, Oxford, OX2 6HD Article History: Registration Date: 10/10/2004

In July 2001 the European Commission published a Communication to the Council and the European Parliament, its so-called 'Green Paper' on European Contract Law (COM (2001) 398). This document seeks feedback on the options sketched by the Commission for future European Community action in the contract law field. The present note, which incorporates as an Appendix the text of the Green Paper itself, is designed to explain the background to the Commission's intervention (the first section, pp. 339-350 below), to provide a brief commentary on the content of the Green Paper (the second section, pp. 350-356) and then to assess the constitutional implications of a proposed advance towards a European Contract Law (the third section, pp. 356-371). It is argued that the debate about the creation of a European contract law is properly seen not merely as a matter of cultural feasibility and of commercial desirability, but that in addition assessment of the EC's potential contribution is heavily conditioned by increasing constitutional anxieties about the EC's legitimate role in the field of market regulation. The Green Paper avoids explicit treatment of the constitutional dimension of European contract law, yet, it is argued in this note, this is in fact unavoidable in the wake of the European Court's seminal judgment of October 2000 in the so-called 'Tobacco Advertising' case in which it for the first time invalidated a measure of harmonisation of laws on the basis that an insufficient connection with the process of market-building had been shown by the European Community's legislature. This demands that the constitutional validity of legislative proposals in the field of contract law be examined with care, for the EC, an entity created by an international Treaty, has been endowed with no general competence as lawmaker in this or any other field, even though past legislative practice may have tended to obscure this constitutionally fundamental principle.

Byline: Lucia A. Reisch (1) Author Affiliation: (1) Department of Consumption Theory and Consumer Policy (Inst. 530a), Faculty of Economic and Social Sciences, University of Hohenheim, D-70593, Stuttgart, Germany Article History: Registration Date: 01/10/2004

The Commission of the European Communities issues its green paper on commercial communications in the internal market in the European Union. The main argument of the document is that different national regulations affect freedom of commercial communications and the free flow of information technology. Unfortunately, the paper contains some flaws and fails to address certain relevant questions.

The green paper of the Commission of the European Communities reports on commercial communications in the integrated European market. The first section of the document discusses the role of the European Community in commercial communications. The other three parts contain discussion about the need for action, an initial review of particular areas where action is needed and conclusions. An attached Working Document of the Services describes the analyses made to arrive at the recommendations made in the paper.

Byline: Marius Schwartz (1) Author Affiliation: (1) Antitrust Division, U.S. Department of Justice, Washington, DC, 20530, U.S.A. Article History: Registration Date: 16/10/2004

The European Commission's Green Paper 'Financial Services: Meeting Consumers' Expectations' does not provide answers to problems concerning consumers' purchase of financial services in Member States. Financial services are often offered as products, though they cannot be sold like ordinary goods. The region's financial services markets are characterized by complexity, lack of consumer skills and experience and long-term contractual relationships.

The consumer interest in the EC's commercial communications market are vulnerable to economic loss due to market imperfection. Financial loss usually result from high retail prices for both services and goods. The Commission Green Paper is advised to enhance focus on consumer protection and to consider consumers equal to suppliers, carriers and users. The commission is also advised to establish a consultative group representing of consumers and other parties.

The European Council concurred on a proposal for a consumer protection directive regarding distance contracts. On Dec. 15, 1995, the amendment relating to financial services embodied in the proposal did not pass the second reading in the European Parliament because of failure to get a majority vote. The Green Paper involved the protection of private consumers in financial services marketing especially with regards to distance selling. The proposal is an indication that steps are being taken to protect consumers but more effort should be exerted to address the problem.

The Verbraucher-Zentrale Nordhein-Westfalen or The Consumers' Central Office of North Rhine-Westphalia concurs with the European Commission's introduction of a Green Paper which involves the protection of consumers in the financial services market. It agrees that consumer complaints, which have grown during the last few years, need to be addressed. The Verbraucher-Zentrale Nordhein Westfalen notes, however, that regulations should pertain to consumer problems specifically to improve the present lot of consumers.

The European Consumer Law Group (ECLG), which is comprised by lawyers and scholars from the EU and European Free Trade Area, welcomes the EU's publication of rules on guarantees for consumer goods and after-sales services. The ECLG believes that the rules are in agreement with its goal of eliminating the obstacles to free trade caused by differences in national laws on guarantees among the EU's members. The other goals of the ECLG are enumerated.

MINNA-MAARI H. KARVONEN [*] Traditional neoclassical production theory analyzes the relationship in a production process between inputs and outputs which have a positive market value for the producer. The externalities [...]

Author(s): Darren W. Dahl[sup.1] Author Affiliations: (1) Sauder School of Business, The University of British Columbia, V6T 1Z2, Vancouver, BC, Canada Rebecca Hamilton's editorial provides a strong definition and compelling [...]

Byline: Mohammed Quaddus (1), Des Klass (1) Author Affiliation: (1) Graduate School of Business, Curtin University of Technology, Perth, Western Australia, Australia. Article History: Registration Date: 07/11/2004

The function I manage at Weyerhaeuser is called the Marketing and Economic Research group or M&ER. The group has been operational at the company for nearly thirty years. The composition, [...]

Marketing inter-firm control considers how one party to an exchange manages the behaviors and/or performance outcomes of another. Despite the existence of mature, robust theories in the marketing literature such as transaction cost economics, agency theory, organizational control theory, and the theory of relational exchange, many questions of control remain. Three areas important to modern day inter-firm management and not addressed by extant channels are third-party control (control by a non-dyadic constituent), self-control (control by and of the actor), and control as a function of daily routine. To consider these and other aspects of control, this paper applies a general framework to examine issues of control and governance. This framework considers control systems (dyadic control, third-party control, and self-control), control modes (formal and informal control) the rules of control (setting standards, monitoring, and sanctioning), and the costs and welfare maximization of such rules. It also addresses control behaviors and outcomes. Introducing a single organizing control framework and demonstrating its use, this paper explains the multi-system control framework, offers research propositions, and provides a research agenda., Author(s): David I. Gilliland [sup.1] Author Affiliations: (1) grid.47894.36, 0000 0004 1936 8083, Colorado State University, , 1278 Campus Delivery, 80523-1278, Fort Collins, CO, USA Control has emerged as a [...]

This paper clarifies why context-specific studies have scientific merit and provides recommendations to authors and journal stewards on how to develop them well. A context-specific study is a study in a unique setting yielding conclusions that can be considered to have limited generalizability to other settings. A firm's industry-think of pharmaceuticals, video games, movies, platform markets, sharing economy-may represent an unambiguous example of a specific context. Unfortunately, the generalizability-specificity dilemma is often misunderstood. Generalizability is excessively heralded as the ideal, and studies in specific contexts are too often denigrated, while both intrinsically can be valuable to the advancement of knowledge. The present paper aims to (1) provide a more nuanced system of beliefs for marketing scholarship to adopt in favor of specificity; (2) offer a helping hand to authors and editors when developing and publishing context-specific studies; (3) review successful examples from the prior literature; and (4) offer clear implications for scholars., Author(s): Stefan Stremersch [sup.1] [sup.2] , Jorge Gonzalez [sup.2] , Albert Valenti [sup.2] , Julian Villanueva [sup.2] Author Affiliations: (1) grid.6906.9, 0000000092621349, Erasmus School of Economics, Erasmus University Rotterdam - [...]

Augmented reality-delivered product information (ARPI) can overcome the limited space at the point of sale to inform shoppers on demand and will therefore become more widespread in brick-and-mortar stores. To fill the void of academic research, this paper develops a model of how consumers process ARPI and how ARPI can shape brand image and purchase intentions. Making use of the cues-filtered-out theory, this paper suggests that the effect of ARPI controllability depends on information detailedness. An unintended backfire effect of controllability occurs when the accessible information is detailed, which is explained by the mediating process via perceived comprehensiveness. This backfire effect is a risk primarily in busy shopping times. The main experiment conducted in a hypermarket and four follow-up studies (using field, lab, and video settings) empirically confirm the proposed model on the basis of different data sources, including usage tracking, questionnaires, and scanner data. The paper derives managerial implications and outlines directions for future research., Author(s): Stefan Hoffmann [sup.1] , Tom Joerß [sup.1] , Robert Mai [sup.2] , Payam Akbar [sup.1] Author Affiliations: (1) grid.9764.c, 0000 0001 2153 9986, Institute of Business Administration, Department of [...]

This article discusses the ten research papers compiled for the Journal of Academy of Marketing Science (JAMS) Special Issue, which has the express purpose of laying new groundwork for the understanding of business model innovations in emerging markets. Altogether, the papers delineate a new organizational framework for doing business in emerging markets and for optimizing gains from emerging market innovations. This Special Issue defines and clearly differentiates emerging market innovations (EMIs) from developed market innovations (DMIs) and provides a generalizable framework. The proposed framework corresponds to the process whereby developed market firms do business in emerging markets, capitalize on the innovative potential therein, reap the benefits and drawbacks of reverse innovations back to developed markets, and, finally, continually refine and optimize their innovation strategies. This study offers crucial managerial guidance through discussion on marketing to the Bottom-of-Pyramid (BoP), the importance of Grassroots Innovation (GRI), the necessity of Corporate Social Responsibility (CSR) strategies, and the role of employees in open innovation. Lastly, this Special Issue posits conceptual and methodological limitations and future research direction to capture the emerging market phenomena entirely., Author(s): V. Kumar [sup.1] , Rajendra Srivastava [sup.2] Author Affiliations: (1) grid.256304.6, 0000 0004 1936 7400, J. Mack Robinson College of Business, Georgia State University, , Atlanta, GA, USA (2) [...]

This paper introduces a conceptual framework for understanding new and futuristic in-store technology infusions. First, we develop a 2 x 2 typology of different innovative and futuristic technologies focusing on their level of convenience and social presence for the consumer. Next, we offer a series of propositions based on the idea that convenience and social presence can trigger vividness by enhancing consumer involvement, imagery, and elaboration, which ultimately leads to enhanced sales. Finally, the paper then focuses on four moderating areas-consumer traits, product/service dimensions, mental models and social networks-to understand how they might impact the vividness experienced via the technology., Author(s): Dhruv Grewal [sup.1] , Stephanie M. Noble [sup.2] , Anne L. Roggeveen [sup.3] , Jens Nordfalt [sup.4] Author Affiliations: (1) grid.423152.3, 0000 0001 0686 270X, Babson College, , 213 [...]

Widespread, and growing, use of artificial intelligence (AI)-enabled voice assistants (VAs) creates a pressing need to understand what drives VA evaluations. This article proposes a new framework wherein perceptions of VA artificiality and VA intelligence are positioned as key drivers of VA evaluations. Building from work on signaling theory, AI, technology adoption, and voice technology, the authors conceptualize VA features as signals related to either artificiality or intelligence, which in turn affect VA evaluations. This study represents the first application of signaling theory when examining VA evaluations; also, it is the first work to position VA artificiality and intelligence (cf. other factors) as key drivers of VA evaluations. Further, the paper examines the role of several theory-driven and/ or practice-relevant moderators, relating to the effects of artificiality and intelligence on VA evaluations. The results of these investigations can help firms suitably design their VAs and suitably design segmentation strategies., Author(s): Abhijit Guha [sup.1] , Timna Bressgott [sup.2] , Dhruv Grewal [sup.3] [sup.4] , Dominik Mahr [sup.2] , Martin Wetzels [sup.5] , Elisa Schweiger [sup.6] Author Affiliations: (1) grid.254567.7, 0000 [...]

Abstract This paper presents an overview of the internet sector. The paper begins by introducing key concepts and definitions, particularly around technology, the internet, and the digital economy. It then [...]

The healthcare sector is one of the largest industries in most countries. It is also an outstanding case for a multi-tier system of the participating parties' incentives and their conflicting interests. This paper focuses on a few of the multifactorial interrelationships between the different actors in healthcare services. The novel approach of this paper is the assumption of double-information asymmetry between the transacting parties that describes the actors' relationships more realistically than the traditional principal-agent models. It will be shown that any system of incentivization may only apply perverse incentives in this case. Notably, efficient, high-quality healthcare units will be punished while less efficient and lower quality ones will be rewarded for their accomplishment. The theoretical analysis is supported by facts regarding Central and Eastern-European countries. Some symptoms and causes of the current decline can also be found in advanced West European countries and even in the United States. They are closely related to the ill-designed regulatory systems of publicly funded healthcare in these countries. Keywords Asymmetric information in healthcare * Incentive theory * Two-sided information asymmetry JEL C73-D82-I11, Introduction The health care sector has become one of the largest industries in most of the advanced and medium-developed countries. It is also an outstanding case for a complex multi-tier [...]

This paper investigates the relationship between carbon dioxide emissions and gross domestic product in the Middle East and North Africa region using World Bank data covering the period 1980 to 2010 on the eve of the Arab Spring. Unlike extant studies using parametric models, the results provide evidence against the postulated inverted-U shaped relationship between pollution and the level of economic development. Using a non-parametric model, new evidence is found against the existence of a carbon Environmental Kuznets Curve in contrast to previous studies on the region. The paper provides a cautionary note against the use of parametric models to draw policy implications about the trade-off (or lack thereof) between environmental quality and the level of economic development. Keywords Carbon emissions * Environmental Kuznets curve * Non-parametric regression JEL Classification C14 * C23 * Q54, Introduction The relationship between pollution levels and economic development has been a contentious issue within the economics literature. The discussion was typically examined using the so-called Environmental Kuznets Curve (EKC) [...]

The Journal of the Academy of Marketing Science (JAMS) is completing 50 years of publication in 2022. This paper attempts to pay homage to this milestone, demonstrating that JAMS has remained true to its mission, while simultaneously staying current by adapting to the rapidly changing times. Using a multi-method approach (Latent Dirichlet Allocation, Semantic Analysis, and Bibliometric Analysis), we analyze topics and thematic areas, research communities, and their evolution. We identify fifteen main research topics over time (including Firm Performance, Survey Research, Models and Analytical Approaches, Marketing Theory, Sales Management, Marketing Mix, Customer Service, Firm Strategy, Branding, Social Issues and Ethics, Customer Relationship Management, Shopping and Distribution, Channels, Consumer Behavior, and Marketing Communications), along with three central research communities (Advertising, Marketing Strategy, and Customer Satisfaction), which characterize the intellectual structure of the journal. Our analysis also looks at both declining and emerging research interests, suggesting where JAMS could be heading in the future., Author(s): Abhishek Borah [sup.1] , Francesca Bonetti [sup.2] , Angelito Calma [sup.3] , José Martí-Parreño [sup.4] Author Affiliations: (1) grid.424837.e, 0000 0004 1791 3287, INSEAD, , Fontainebleau, France (2) grid.20364.33, [...]

Many core marketing concepts (e.g., markets, relationships, customer experience, brand meaning, value) concern phenomena that are difficult to understand using linear and dyadic approaches, because they are emergent. That is, they arise, often unpredictably, from interactions within complex and dynamic contexts. This paper contributes to the marketing discipline through an explication of the concept of emergence as it applies to marketing theory. We accomplish this by first drawing on the existing literature on emergence in philosophy, sociology, and the theory of complex adaptive systems, and then link and extend this understanding to marketing using the theoretical framework of service-dominant (S-D) logic, particularly as enhanced by its service-ecosystems and institutionalization perspectives. Our work recognizes both emergence and institutionalization as integral or interrelated processes in the creation, maintenance, and disruption of markets and marketing phenomena. We conclude by discussing implications for marketing research and practice., Author(s): Stephen L. Vargo [sup.1] , Linda Peters [sup.2] , Hans Kjellberg [sup.3] , Kaisa Koskela-Huotari [sup.3] , Suvi Nenonen [sup.3] , Francesco Polese [sup.4] , Debora Sarno [sup.5] , [...]

Abstract The Coronavirus Aid, Relief, and Economic Security (CARES) Act was the largest stimulus package in US history. In this paper, I look into whether public sentiment improved in response [...]

Incentivized referrals are frequently used by firms to recruit new customers. Currently, most companies use two-sided incentive plans that reward both the referrer and the target. This is sensible and likely popular since both parties (the existing customer and target of the referral) are rewarded, potentially increasing the likelihood of successful referral conversion. That said, a small number of firms use one-sided incentives that reward only the referrer or only the target, which tend to be of lower cost. In the current paper, we examine how to effectively use one-sided incentives from a cross-cultural perspective. Specifically, we posit that reward-target incentives are more effective than reward-referrer plans among consumers who are high (instead of low) in interdependence because reward-target plans can appease social concerns, which are more important to those high (vs. low) in interdependence. Across a series of studies, we confirm these predictions and show that managerially relevant variables that influence social concerns (e.g., opaqueness of the referral information, product-liking risk) moderate our effect., Author(s): Lili Wang [sup.1] , Zoey Chen [sup.2] Author Affiliations: (1) grid.13402.34, 0000 0004 1759 700X, School of Management, Zhejiang University, , 310058, Hangzhou, China (2) grid.26790.3a, 0000 0004 1936 [...]

Customer journey models consider information search behavior only at the pre-purchase stage, yet consumers search for information after purchasing. This paper updates customer journey models by integrating two different streams of research-customer journey and post-decision information search (PDIS)-and examining information search as a valuable consumer response and managerial element of the journey. Findings from a multimethod approach, in-depth interviews and a longitudinal survey, reveal that consumers can engage in PDIS in the pre- and post-consumption phases for different reasons such as to maximize the utility of a purchase, reduce choice uncertainty or regret, and/or satisfy curiosity about a purchase and pre-purchase information search behavior. The findings also indicate that consumers prefer customer-initiated touchpoints for PDIS behavior. The importance of PDIS is reinforced by its positive relationships with customer engagement, word-of-mouth and repurchase intentions. This article provides important managerial insights for dealing with PDIS in the customer journey., Author(s): Cristiane Pizzutti [sup.1] , Renata Gonçalves [sup.1] , Maura Ferreira [sup.2] Author Affiliations: (1) grid.8532.c, 0000 0001 2200 7498, Universidade Federal do Rio Grande do Sul, , 855 Washington [...]

While Joseph A. Schumpeter is classified as a pioneer of evolutionary economics in a wide sense and of entrepreneurship and innovation management in a narrower sense, Schumpeter is less known for his contributions in the area of scientific methodology and history of science. The paper deals with methodological premises in Schumpeter's scientific positioning. In 1908, in his Das Wesen und der Hauptinhalt der theoretischen Nationalokonomie, Schumpeter developed and pioneered his methodological individualism which is very much acknowledged. However, comparing these early positions with methodological writings in his History of Economic Analysis (1954) shows that he has not really shifted from methodological individualism to an institutional perspective that addresses the academic interplay and sees economic action rooted in historical predispositions, paths and social constraints. Keywords Methodological individualism * Institutional economics * Joseph A. Schumpeter * Economic methodology JEL B25 * B30 * B41 * F14 * F01 * F20 * O10, Introduction The paper deals with Joseph A. Schumpeter and his efforts to treat economics methodologically. Some authors argue that Schumpeter maintained his principal scientific positions over the course of his [...]

The paper focuses on tax expenditures of individuals, which are one of the fiscal tools of the state. In the Czech Republic they are primarily aimed at housing policy, pension policy, and philanthropy, and the question is the extent to which tax expenditures can influence the preferences of tax payers. The aim of this paper is to evaluate the effect of tax expenditures of individuals in the form of tax deductions for social policy, housing support and retirement savings. We also evaluate whether these tax deductions fulfill the fiscal functions for which they were introduced and the extent to which taxpayers use them. Methodically, the research is based on the analysis of secondary statistical data of the Financial Administration of the Czech Republic and results from aggregated tax returns filed for the period 2005-2015. The effect of tax deductions was decreased by abolition of the progressive rate of personal income taxes and by introduction of a uniform tax rate of 15%. Tax deductions for retirement savings do not have a sufficiently strong motivational impact and do not affect taxpayers in the context of public policy. Deductions for mortgage interest can be regarded as a form of major housing support, but are related to taxpayer income and favor those with higher incomes. Keywords Tax policy * Tax deductions * Individuals * Mortgage interest * Life insurance * Retirement contributions JEL Classification H2 * D14 * E62, Introduction Tax expenditures are one of the state's primary fiscal tools for allocating private funds to preferred areas. The principle of tax incentives concerns the extent to which expenditures are [...]

In this paper, we investigate the extent of monetary independence in a group of ten Asian countries: China, Malaysia, Japan, India, Indonesia, Philippines, Thailand, Korea, Singapore, and Hong Kong. While the traditional investigation has considered only the bivariate relationship between the home interest rate and the base rate, we employ both single-equation and vector autoregressive representations of the bivariate and the trivariate relationship including the desired (or optimal) interest rate. We find in most countries, that the ranking of monetary independence is relatively consistent across the models and methodologies although model specifications produce important differences for some countries such as Japan, Indonesia, and India. Trilemma suggests that a country cannot accomplish all three policy objectives: monetary independence, exchange rate stability, and free capital mobility. To increase monetary independence a country must choose between greater exchange rate flexibility or a lower degree of capital mobility. The fact that China and Malaysia, the two countries that are known to have imposed the strictest capital controls, consistently rank high in various scenarios while Hong Kong, which has maintained nearly the freest regime in capital markets, is lowest in monetary independence, indicates that perhaps capital controls may play a more important role than does exchange rate flexibility in securing independence in monetary policy making. On the other hand, countries that maintain greater exchange rate stability do not necessarily rank low, unless it is combined with greater capital mobility as in the case of Hong Kong. Keywords Trilemma * Monetary independence * Capital controls * Exchange rate flexibility This paper has been written with a generous support from The A P J Kalam India Studies Research Program. We have benefitted from very useful and constructive comments from two referees. JEL Classification F3 F4, Introduction In an open economy, a monetary authority is subject to the trilemma, which states that it is impossible to have all three policy objectives of (a) unrestricted capital movement, [...]

This paper contributes to the sparse literature on inequality convergence by empirically testing convergence across states in the U.S. This sample period encompasses a series of different periods that the existing literature discusses--the Great Depression (1929-1944), the Great Compression (1945-1979), the Great Divergence (1980-present), the Great Moderation (1982-2007), and the Great Recession (2007-2009). This paper implements the relatively new method of panel convergence testing, recommended by Phillips and Sul (2007). This method examines the club convergence hypothesis, which argues that certain countries, states, sectors, or regions belong to a club that moves from disequilibrium positions to their club-specific steady-state positions. We find strong support for convergence through the late 1970s and early 1980s, and then evidence of divergence. The divergence, however, moves the dispersion of inequality measures across states only a fraction of the way back to their levels in the early part of the twentieth century. Keywords Club convergence * Inequality measures * Panel data * U.S. JEL Classification C22 * D63, Introduction Dew-Becker and Gordon (2005) show that from 1966 to 2001, only the top 10% of the income distribution in the U.S. gained real income equal to the growth in [...]

Several studies identified a positive relationship between a firm's knowledge assets and its productivity. Knowledge assets are usually considered as the level of human and technological capital of the firm. Knowledge assets of the firm may also increase by the so-called spillover effect, especially in less developed host economies of foreign direct investment, which means diffusion of the technology, knowledge and managerial skills from foreign companies to local ones. Beyond the impact of the human and technological capital of firms, this paper also examines the effect of spillover of knowledge on the firms' performance in Hungary within a linear regression model. The model is based on individual data of Hungarian enterprises, examining the change in performance as the difference of the variables between 1996 and 2014. The paper shows that knowledge assets (concerning human capital) basically determine the firms' production in Hungary from 2000. The effect of research and development activity was not significant in the investigated period. Foreign shares in the industries' total equity (proxy for spillover effect) have a weak and, after 2005, a negative influence on performance. The spillover effect in the Hungarian economy was not demonstrated by the regression model. Keywords Human capital * Spillover effect * Hungary * FDI * Productivity * Knowledge asset JEL classification F20 * G30, Introduction Productivity can be regarded as a measure of outputs that are obtained by a combination of inputs. In total factor productivity all inputs are considered, which generally include physical [...]

In this paper, we develop a theoretical framework to investigate the impact of adopting a strategy of know-how trading on the degree of research and development (R&D) cooperation. We show that the consequences of cooperation in know-how sharing under the conditions of the model are similar to a policy of cooperation in R&D investments in areas with large spillovers. An industry-wide policy of cooperation among competitors with respect to R&D investment and sharing would simply result in maximal joint profits. This cooperative R&D outcome could be generalized to any degree of spillover other than 100%. In this paper, the commitment to a policy of know-how trading by the participants in an industry is explained by the firm's attempt to induce the equilibrium of a single industry-wide cooperative research joint venture. In a repeated game framework, we show that pre-commitments by non-cooperative firms to disclose their own know-how to the industry can be effective in inducing cooperative R&D investments by the participants. Keywords Cooperative R&D * Repeated games * Know-how trading * Policy JEL Classifications L13 * 031 * 033, Introduction Innovation originates from a network of firms interacting in a variety of ways, and adopting various external technology sourcing strategies that move beyond traditional research and development (R&D) contracting. [...]

The paper considers a monetary union composed of two representative countries characterized by different inflation aversions. The model derives Nash equilibria after a country-specific shock in which the countries have a costly option to abandon the common currency. The main results are that the higher the inflation aversion of the country affected by the shock, the lower its exit probability. The higher the inflation aversion in both countries, the lower the probability that the country not directly hit also abandons the monetary union (contagion). Keywords Monetary unions * Contagion * Nash equilibria * Inflation aversion JEL Classification F30 * F31 * F41 * G01, Introduction This is a very short stylized paper focused on assessing the stability of a monetary union. The paper aims to analyze the role played by heterogeneous inflation aversions of [...]