scholarly journals THE ROLE OF SECTORAL SHIFTS IN THE DECLINE OF REAL GDP VOLATILITY

2012 ◽  
Vol 17 (3) ◽  
pp. 477-500 ◽  
Author(s):  
Daniel Burren ◽  
Klaus Neusser
Keyword(s):  
Service Sector ◽  
Autoregressive Process ◽  
Covariance Matrices ◽  
Output Volatility ◽  
Sectoral Shifts ◽  
Real Gdp ◽  
State Space System ◽  
Sectoral Composition ◽  
Multivariate Autoregression

U.S. production has shifted from goods-producing to service-producing industries. We assess whether this shift contributed to the decline in U.S. output volatility over the period 1949–2005 and provide an estimate of its relative importance. Growth rates of GDP by industry are analyzed in a seemingly unrelated multivariate autoregression framework with time-varying innovation covariance matrices. These changing unobserved covariance matrices are modeled as a Wishart autoregressive process of order one, which results in a nonlinear state-space system. The particle filter is used to obtain estimates of the innovation covariance matrix at each point in time. Several counterfactual experiments make it possible to apportion the decline in output volatility between the shift in the sectoral composition and changes in innovations. Our main finding is that the shift into the service sector can explain about 30% of the decline in GDP's volatility, despite the fact that some sectors became even more volatile. This result is robust across a wide variety of alternative specifications.

The Service Sector in the Economy in Poland and European Union Countries

2015 ◽  
Vol 10 (3) ◽  
pp. 191-207
Author(s):  
Walentyna Kwiatkowska
Keyword(s):  
Service Sector ◽  
Value Added ◽  
Total Employment ◽  
Eu Countries ◽  
Gross Value Added ◽  
European Union Countries ◽  
Service Sectors ◽  
Sector Theory ◽  
The Eu

The role of the service sector in the economy is increasing in the process of socio-economic development. This tendency has been confirmed and explained by the three-sector theory formulated by A.G.B. Fisher, C. Clark, and J. Fourastie. The main goal of the paper is to show development tendencies in service sectors in Poland and the EU countries and assess them in view of the three-sector theory. The share of the service sector in the total employment and in the total gross value added in the years 2005-2013/2014 will be analysed together with two sub-sectors including market and non-market services. The research shows that the share of the service sector in total employment and total gross value added has been recently increasing in Poland as well as in other EU countries, but there is a gap in this process between Poland and the most developed EU countries. Moreover, in Poland, the role of market services has been recently increasing much faster than the role of non-market services. 

scholarly journals On the Limits of Macroprudential Policy

2020 ◽  
Vol 0 (0) ◽  
Author(s):  
Marcin Kolasa
Keyword(s):  
Monetary Policy ◽  
Policy Instruments ◽  
New Keynesian ◽  
Output Volatility ◽  
Macroprudential Policy ◽  
Collateral Constraints ◽  
Keynesian Model ◽  
Additional Stabilization ◽  
The Interest Rate

AbstractThis paper studies how macroprudential policy tools applied to the housing market can complement the interest rate-based monetary policy in achieving one additional stabilization objective, defined as keeping either economic activity or credit at some exogenous (and possibly time-varying) levels. We show analytically in a canonical New Keynesian model with housing and collateral constraints that using the loan-to-value (LTV) ratio, tax on credit or tax on property as additional policy instruments does not resolve the inflation-output volatility tradeoff. Perfect targeting of inflation and credit with monetary and macroprudential policy is possible only if the role of housing debt in the economy is sufficiently small. The identified limits to the considered policies are related to their predominantly intertemporal impact on decisions made by financially constrained agents, making them poor complements to monetary policy, which also operates at an intertemporal margin. These limits can be overcome if macroprudential policy is instead designed such that it sufficiently redistributes income between savers and borrowers.

scholarly journals Effects of Employee Sickness Presence on Customer Repurchase and Recommendation Intentions: The Role of Customer Affective Reactions

2021 ◽  
Author(s):  
Carolin Dietz ◽  
Hannes Zacher
Keyword(s):  
Service Sector ◽  
Productivity Loss ◽  
Phone Call ◽  
Negative Effects ◽  
Disease Avoidance ◽  
Positive Effects ◽  
Sickness Presence ◽  
Organizational Consequences ◽  
Health Deterioration

AbstractSickness presence can have important individual and organizational consequences, such as health deterioration or productivity loss. Additional risks, such as negative customer reactions, may be particularly relevant in the service sector. Based on affective events theory and appraisal theories, we hypothesize that employee sickness presence negatively impacts customer repurchase and recommendation intentions. Furthermore, we explore potential affective mechanisms of these effects, including disease avoidance, personal anger, moral outrage, post-consumption guilt, and customer compassion for the employee. We conducted four studies, including three experimental vignette methodology studies (Ns = 227, 72, and 763) and a qualitative study (N = 54). In Study 1, employee sickness presence had negative effects on repurchase and recommendation intentions. Results of Study 2 show that customers experienced disgust, fear, anger, guilt, compassion, and indifference in response to sickness presence. In Study 3, anger explained the negative effects of employee sickness presence on repurchase and recommendation intentions, while appraisals of moral fairness were negatively related to both customer intentions. Finally, in Study 4, disgust and anger explained negative effects, while fear, guilt, and compassion explained positive effects of employee sickness presence on customer intentions. Appraisals of goal incongruence, reduced agency of the customer, and uncertainty were negatively related to customer intentions. The physical absence of the customer in the service encounter (phone call) mitigated the experience of disgust, fear, and anger, whereas it exacerbated feelings of compassion for the ill employee.

scholarly journals Urban Regeneration: From the Arts `Feel Good' Factor to the Cultural Economy: A Case Study of Hoxton, London

Urban Studies ◽  
2009 ◽  
Vol 46 (5-6) ◽  
pp. 1041-1061 ◽  
Author(s):  
Andy C. Pratt
Keyword(s):  
Service Sector ◽  
Urban Regeneration ◽  
Cultural Economy ◽  
Cultural Industries ◽  
Industrial City ◽  
Policy Debates ◽  
The Arts ◽  
Post Industrial

This paper seeks to examine critically the role of culture in the continued development, or regeneration, of `post-industrial' cities. First, it is critical of instrumental conceptions of culture with regard to urban regeneration. Secondly, it is critical of the adequacy of the conceptual framework of the `post-industrial city' (and the `service sector') as a basis for the understanding and explanation of the rise of cultural industries in cities. The paper is based upon a case study of the transformation of a classic, and in policy debates a seminal, `cultural quarter': Hoxton Square, North London. Hoxton, and many areas like it, are commonly presented as derelict parts of cities which many claim have, through a magical injection of culture, been transformed into dynamic destinations. The paper suggests a more complex and multifaceted causality based upon a robust concept of the cultural industries as industry rather than as consumption.

scholarly journals THE ROLE OF PROPOSAL MANAGEMENT SYSTEMS IN THE PRODUCTION AND SERVICE

2021 ◽  
Vol 24 (1) ◽  
pp. 65-68
Author(s):  
Peter Tamas ◽  
◽  
Attila K. Varga ◽  
Keyword(s):  
Management System ◽  
Service Sector ◽  
Theoretical Background ◽  
Management Systems ◽  
Tools And Methods

One of the most effective ways to increase the efficiency of logistics processes is to use different tools and methods of lean. Lean initially developed in the field of production, but today it has also become dominant in the service sector. The paper presents one of the basic tools of lean, i.e. the proposal management system, with the help of which the 8th type of loss, namely the non-utilization of the knowledge and creativity of the employees can be reduced. Theoretical background of the application of the tool, its application possibilities, and its application through a practical example are described.

scholarly journals Monetary security: some definitions and assessments

2021 ◽  
Vol 2021 (1) ◽  
pp. 7-45
Author(s):  
Serhii KORABLIN ◽  
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Decisive Role ◽  
The United States ◽  
The Great Depression ◽  
Real Gdp ◽  
Floating Exchange Rate ◽  
Definition Of ◽  
Gradual Transformation

For almost 30 years of independence, Ukraine has experienced a number of deep economic, financial, banking, debt, currency and inflation crises. In some cases, they were extraordinary. As a result, the current real GDP of the country remains a third less than in 1990. One of the reasons for this was the unstable nature of economic recovery and currency price stabilization at the beginning of the zero years and in 2010-2013. After all, during the crises of 2008-2009 and 2014-2015, Ukraine set world anti-records due to falling its GDP up to 14.8 % and 15.8%, respectively. This was accompanied by the deep devaluation crises and the recurrence of uncontrolled inflation. In principle, the systemic relationship between the fragility of production, exchange rate and price dynamics appeared in Ukraine in the 1990s when its real GDP fell by 59%. The scale of that crisis was twice the scale of the Great Depression in the United States, accompanied by devastating devaluation and inflationary shocks. The article is devoted to the study of methodological and practical approaches to the definition of monetary security. The experience of their implementation in Ukraine is considered. The criteria of successful monetary policy applied within the neoliberal discourse are analyzed. The logic and reasons for their gradual transformation over the last 30 years are shown. The decisive role of the global crisis of 2008-2009 in the theoretical and practical changes observed in the world’s leading economies in terms of defining the goals, objectives and instruments of their monetary policy is reflected. An analysis of some outcomes of the implementation of domestic monetary strategy is given. The problematic nature of determining its priority goal is shown. The ambiguity of methods and consequences of targeted reduction of inflation in Ukraine is noted. The impossibility of maintaining its low and stable level under the conditions of free floating exchange rate of hryvnia is substantiated.

scholarly journals The Good, the Bad and the Blend: The Strategic Role of the “Middle Leadership” in Work-Family/Life Dynamics during Remote Working

2021 ◽  
Vol 11 (8) ◽  
pp. 112
Author(s):  
Paola Spagnoli ◽  
Amelia Manuti ◽  
Carmela Buono ◽  
Chiara Ghislieri
Keyword(s):  
Service Sector ◽  
Middle Managers ◽  
Radical Change ◽  
Work Life ◽  
Psychosocial Risks ◽  
Management Leadership ◽  
Strategic Role ◽  
Current Scenario ◽  
Work Family

The ongoing epidemiological crisis has suddenly steered us towards a new futuristic work scenario in which most service sector employees work remotely, which could be a permanent reality for most service sector employees. This paper focuses on the strategic role that leadership could play in the radical change process that is taking place in work environments. Particular attention was paid to the role of ‘middle managers’ who perform an important function as a link between the strategic vision of top management and the workforce. In addition, special attention was paid to gender differences in work-life dynamics, which are particularly relevant in countries with traditional cultural identities. As this is a conceptual contribution, the most recent studies on this specific role of middle managers have been taken into account and embedded in the current scenario. Therefore, the main contribution in terms of originality was that the current review aimed to leverage such a legacy of knowledge and create a system of evidence-based practical implications for effectively supporting change in organizational culture through the identification of the most appropriate middle management leadership models for remote working that could prevent and/or limit any psychosocial risks (e.g., workaholism and technostress) and longer-term outcomes such as sustainable work-life interface.

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