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Contents of issue 9/2011

Andrzej Wojtyna - Standard and Nonstandard Anti-Crisis Measures in Emerging Markets, summary, article

Paweł Dziewulski - On Time-to-Build Economies with Multiple-Stage Investments, summary, article

Aleksandra Hałka, Agnieszka Leszczyńska - The Strengths and Weaknesses of the Consumer Price Index: Estimates of the Measurement Bias for Poland, summary, article

Krzysztof Kalisiak, Małgorzata Szreder, Kaja Białowąs - Financial and Non-Financial Returns on Education, summary, article


85 YEARS OF THE POZNAŃ UNIVERSITY OF ECONOMICS

Ryszard Domański, Marian Gorynia, Bohdan Gruchman, Witold Jurek, Emil Panek - Poznań University of Economics (1926-2011), summary, article


REVIEWS

Book Review: Józef Misala (ed.), Teoria i polityka wzrostu gospodarczego – osiągnięcia i doświadczenia (The Theory and Policy of Economic Growth: Achievements and Experience), CeDeWu.pl, Warsaw 2010, 232 pp. - reviewed by Marek Lubiński

Book Review: Katarzyna Bachnik, Skandynawskie uwarunkowania kulturowe w procesach zarządzania (Scandinavian Cultural Determinants in Management Processes), CeDeWu.pl, Warsaw 2010, 199 pp. - reviewed by Barbara Bojewska


CONFERENCES

Economics, Politics, Ethics - Tadeusz Smuga

The Ethical Aspect of the Public Debt Policy - Paweł Piątkowski





Andrzej Wojtyna - Standard and Nonstandard Anti-Crisis Measures in Emerging Markets

The article discusses and evaluates the latest trends in research on stabilization policies in medium-developed countries at a time of crisis. The author sets out to determine whether and to what extent these policies have been based on standard (conventional, orthodox) measures and to what extent they have relied on nonstandard (unconventional, unorthodox) methods. To make sure these concepts are useful in his analysis, in the second part of the article the author clarifies their meaning and highlights their relationship with other methods for classifying anti-crisis measures.
The third part discusses some recent findings in research on the determinants of emerging markets’ resilience/susceptibility to crises. This section of the article focuses on the impact of an economic policy on the resilience of economies to crisis. The author takes into account the specific features of emerging markets, which determine the need for, possibilities and effectiveness of both standard and nonstandard anti-crisis measures. The focus is on the use of these measures in medium-developed countries. The analysis covers developed countries only insofar they have an impact on the application of similar measures in medium-developed countries, the author says.

Keywords: stabilization policy, standard and nonstandard measures, emerging markets
Article: PDF



Paweł Dziewulski - On Time-to-Build Economies with Multiple-Stage Investments

The paper presents a constructive method for studying dynamic general equilibrium models with time-to-build technology. In the work, the author modifies a seminal work by Kydland and Prescott [1982] by allowing agents to make multi-stage investments. In this framework, consumers decide on how much to consume each period, and how much to invest in future capital, which will yield them income in future periods. Unlike in Kydland and Prescott, agents are allowed to postpone, stop or accelerate the investment by devoting a certain amount of their product to investments, which allows consumers to smooth investment expenses throughout the investment process rather than incur the whole cost at the beginning of the investment, as in Kydland and Prescott.
The analysis of the model poses several technical issues, which are tackled in the article. First, the premises of the model exhibit unbounded returns, which makes several dynamic programming arguments invalid. Second, since the imposed assumptions do not exclude boundary solutions, the consumer value function of the underlying problem might not be differentiable, as the standard Benveniste and Scheinkman [1979] argument does not hold. Finally, as the feasible action set is not a lattice, standard monotone comparative statics cannot be introduced in order to bring about the monotonicity results concerning the policy functions in the model.
Using dynamic programming methods and monotone operators theory (by Matkowski and Nowak [2009], Quah and Strulovici [2009], and Rincón-Zapatero and Santos [2009]), the author presents a convergent algorithm for the computation of optimal allocations of the model, as well as proposes an economy that decentralizes the allocations in the Arrow-Debreu general equilibrium. Eventually, the author presents some comparative statics results useful for a more general analysis of the problem, and discusses the efficiency of the presented economy.

Keywords: time to build, dynamic general equilibrium, monotone comparative statics
Article: PDF



Aleksandra Hałka, Agnieszka Leszczyńska - The Strengths and Weaknesses of the Consumer Price Index: Estimates of the Measurement Bias for Poland

The article deals with the problem of a measurement bias related to the consumer price index (CPI) for Poland. According to the authors, the bias is due to two basic factors: a substitution effect and the use of plutocratic weights for calculating the price index.
The research was conducted comparing the CPI index published in Poland with superlative indices and a democratic index. The calculations were made on the basis of data from the 2005-2009 period. The research did not confirm the occurrence of an upward bias for the CPI index, the authors say, and the results point to a slight underestimation of the CPI as a result of the substitution effect and the use of plutocratic weights: by 0.1 and 0.3 percentage points respectively. The negative bias resulting from the substitution effect is an atypical result in the context of research for other countries. A deeper analysis revealed that this situation may be explained in two ways, the authors say. On the one hand, the lack of overestimation may be due to frequent changes in the structure of weights used to calculate the CPI, which leads to better adaptation of the indicator to changes taking place in the structure of consumption. On the other hand, the prices of consumer goods and services—which are subject to relatively stable demand—grew at a faster rate than the CPI index in the analyzed period, and a positive rate of growth has been observed in real household incomes over the past decade. In turn, the examination of the “plutocratic gap” revealed that the CPI (plutocratic) index for Poland is lower than the democratic index, the authors say. They conclude that the result of the examination of the “plutocratic gap” is compatible with research for other countries.

Keywords: inflation, CPI bias, Fisher index, Laspeyres index, democratic index
Article: PDF



Krzysztof Kalisiak, Małgorzata Szreder, Kaja Białowąs - Financial and Non-Financial Returns on Education

The article offers an overview of research reports concerned with financial and non-financial returns on education at the university level depending on the course of study. In the main body of the article, special emphasis is placed on a shift of focus from vertical income disparities—which are at the center of most research reports—to horizontal returns on higher education. This enabled the authors to come up with new research hypotheses. In addition to discussing ideas related to the contemporary determinants of monetary return on education, using an expanded Mincer equation, the authors tackle problems related to different education paths at the university level. Taking into account exclusively financial factors when trying to explain educational decisions is insufficient, according to the authors, which explains why, in their article, they focus extensively on non-financial returns on education. The study shows that the choice of education path cannot be explained properly without considering non-monetary effects, which, according to the estimates made by the authors, are as important as financial ones. Moreover, based on existing research reports and their own analysis of the problem, the authors compiled a list of the most important factors determining non-financial returns on education along with research problems related to them. The presented review of the literature is a basis for building a model explaining educational decisions in choosing a path of study at the university level. Estimates of the structural parameters of such a model are important from the perspective of both a specific agent and state policy, the authors say, for example with regard to the way in which the education system is subsidized and how additional incentives are used to ensure the desired student mix at each course. The authors take into account differences in earnings among graduates from different fields of study and also consider non-monetary returns on education in their analysis. This makes it possible to explain, in a comprehensive manner, the determinants of the decision-making process in education, the authors conclude.

Keywords: higher education, return on education, Mincer equation
Article: PDF



Ryszard Domański, Marian Gorynia, Bohdan Gruchman, Witold Jurek, Emil Panek - Poznań University of Economics (1926-2011)

The article focuses on selected aspects of the activities ofthe Poznań University of Economics, which is marking its 85th year in existence. The article was written by five senior academics tied to the university: Ryszard Domański, Marian Gorynia, Bohdan Gruchman, Witold Jurek, and Emil Panek.
The first part of the article discusses the legal basis of the university’s existence. The second part focuses on faculty issues, including a presentation of the university’s authorities throughout its history. The next section analyzes the teaching agenda of the Poznań University of Economics, highlighting the evolution of the forms and fields of study as well as trends in student numbers. In the part devoted to academic research, the article describes the activities of the main research schools that have operated during the university’s 85-year history, listing their chief representatives. The fifth part of the text presents holders of honorary doctorates conferred by the university. The last section describes the work of the Partner Club of the Poznań University of Economics.

Keywords: Poznań University of Economics, teaching faculty, academic research, honorary doctorate holders, Partner Club of the Poznań University of Economics
Article: PDF

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