What makes organizations so similar? We contend that the engine of rationalization and bureaucratization has moved from the competitive marketplace to the state and the professions. Once a set of organizations emerges as a field, a paradox arises: rational actors make their organizations increasingly similar as they try to change them. We describe three isomorphic processes-coercive, mimetic, and normative—leading to this outcome. We then specify hypotheses about the impact of resource centralization and dependency, goal ambiguity and technical uncertainty, and professionalization and structuration on isomorphic change. Finally, we suggest implications for theories of organizations and social change.

The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields (Chinese Translation)

Part 1 Empirical evidence on money and output: introduction some basic correlations estimating the effect of money on output summary. Part 2 Money in a general equilibrium framework: introduction the Tobin effect money in the utility function summary appendix - the MIU approximation problems. Part 3 Money and transactions: introduction shopping-time models cash-in-advance models other approaches summary appendix - the CIA approximation problems. Part 4 Money and public finance: introduction bugdet accounting equilibrium seigniorage optimal taxation and seigniorage Friedman's rule revisited nonindexed tax systems problems. Part 5 Money and output in the short run: introduction flexible prices sticky prices and wages a framework for monetary analysis inflation persistence summary appendix problems. Part 6 Money and the open economy: introduction the Obstfeld-Rogoff two-country model policy coordination the small open economy summary appendix problems. Part 7 The credit channel of monetary policy: introduction imperfect information in credit markets macroeconomic implications does credit matter? summary. Part 8 Discretionary policy and time inconsistency: introduction inflation under discretionary policy solutions to the inflation bias is the inflation bias important? do central banking institutions matter? lessons and conclusions problems. Part 9 Monetary-policy operating procedures: introduction from instruments to goals the instrument-choice problem operating procedures and policy measures problems. Part 10 Interest rates and monetary policy: introduction interest-rate rule and the price level interest rate policies in general equilibrium models the term structure of interest rates a model for policy analysis summary problems.

Monetary Theory and Policy

http://www.long-memory.com/volatility/Baillie1996.pdf

Long memory processes and fractional integration in econometrics

https://econ.duke.edu/~boller/Published_Papers/joe_96b.pdf

Modeling and pricing long- memory in stock market volatility

Product quality and the direction of trade

This paper considers the application of long-memory processes to describing inflation for 10 countries. We implement a new procedure to obtain approximate maximum likelihood estimates of an ARFIMA-GARCH process; which is fractionally integrated I(d) with a superimposed stationary ARMA component in its conditional mean. Additionally, this long-memory process is allowed to have GARCH type conditional heteroscedasticity. On analysing monthly post-World War II CPI inflation for 10 different countries, we find strong evidence of long memory with mean reverting behaviour for all countries except Japan, which appears stationary. For three high inflation economies there is evidence that the mean and volatility of inflation interact in a way that is consistent with the Friedman hypothesis. Copyright 1996 by John Wiley & Sons, Ltd.

Analysing inflation by the fractionally integrated ARFIMA–GARCH model

This paper proposes a new panel unit‐root test based on the Lagrangian multiplier (LM) principle. We show that the asymptotic distribution of the new panel LM test is not affected by the presence of structural shifts. This result holds under a mild condition that N/T→k, where k is any finite constant. Our simulation study shows that the panel LM unit‐root test is not only robust to the presence of structural shifts, but is more powerful than the popular Im, Pesaran and Shin (IPS) test. We apply our new test to the purchasing power parity (PPP) hypothesis and find strong evidence for PPP.

Panel LM Unit-root Tests with Level Shifts*

The stability of long-run money demand in five industrial countries

https://libres.uncg.edu/ir/asu/f/Strazicich_Mark_2003_Stationarity.pdf

Stationarity of health expenditures and GDP: evidence from panel unit root tests with heterogeneous structural breaks

This paper extends the Lagrange Multiplier (LM) unit toot tests of Schmidt and Phillips (Oxford Bull. Econ. Stat. 54:257–285, 1992) to utilize information contained in non-normal errors. The new tests adopt the Residual Augmented Least Squares (RALS) estimation procedure of Im and Schmidt (J. Econ. 144:219–233, 2008). This paper complements the work of Im et al. (More powerful unit root tests with nonnormal errors, manuscript, 2012) who adopt the RALS procedure for DF-based tests. We provide the relevant asymptotic distribution and the corresponding critical values of our new tests. The RALS-LM tests show improved power over the RALS-DF tests. The main advantage of the RALS-LM tests lies in the invariance feature that the distribution does not depend on the nuisance parameter in the presence of level-breaks.

Margie Tieslau

Papers

Analysing inflation by the fractionally integrated ARFIMA–GARCH model

Panel LM Unit-root Tests with Level Shifts*

The stability of long-run money demand in five industrial countries

Stationarity of health expenditures and GDP: evidence from panel unit root tests with heterogeneous structural breaks

More Powerful Unit Root Tests with Non-normal Errors