The macroeconomic events in the latter half of 2008 have sparked renewed interest in the role of financial shocks in the business cycle and the appropriate response of monetary policy to these shocks.
This paper adds to this discussion by formally integrating a model of agency costs into an otherwise standard Dynamic New Keynesian (DNK) model. We do so in such a way that the agency-cost mechanism is quite transparent so that interactions between sticky prices and agency cost distortions are clearly identified. In addition our framework enables us to derive analytical expressions for the model-consistent welfare function.
Computer system design will change dramatically as nanoscale science and technology develop to the point where practical assembly mechanisms exist for building systems with 10 components. These changes will be motivated by an interest in developing computing devices that exploit the new technology's features and avoid its pitfalls.
The advent of massively parallel near molecular-scale electronic systems will enable solutions to problem spaces yet untouched by modern computing. This dissertation evaluates two such computer architectures and their feasible fabrication by DNA-guided self-assembly.
Foreign direct investment (FDI) originating from emerging economies raises new questions for international business research agendas (Luo and Tung, 2007; Gammeltoft, 2008; Athreye and Kapur 2009). In particular, these businesses appear to develop patterns of FDI that are different from multinationals from mature market economies (Matthew, 2006; Yiu, Lau and Bruton, 2007; Enright, 2007; Ramamurti and Singh, 2009; Yang et al., 2009.). This suggests reassessing the question of what determines the international scope of firms. In particular, how do resources available to businesses in emerging economies shape their path of internationalization?
Outward FDI is undertaken by firms aiming to exploit their resources and capabilities overseas (Dunning, 1993), or to acquire complementary resources (Lall 1983, Tolentino, 1993). The resources they can potentially exploit abroad depend on their own history of resource accumulation. Firms develop resources and capabilities in an evolutionary pattern conditioned by their context of operation (Nelson and Winter, 1992; Aldrich, 1999). Hence, the resources that firms can potentially exploit when investing abroad are an outcome of past interactions with their home context, especially in the case of firms originating from emerging economies (Yiu, Lau and Bruton, 2007; Elango and Pattnaik, 2007; Barnard, 2008). Hence, in this article, we argue that outward FDI from emerging economies ought to be explained by the resources of firms shaped by this environment.
