Stagflationary bias and the interaction of monetary policy and wages in a unionized economy

Economics Research Centre, School of Economic and Social Studies, University of East Anglia, Norwich NR4 7TJ, U.K. The paper investigates the claim of Gylfason and Lindbeck (Public Choice, 1994) that a stagflationary bias arises from the interaction between monetary policymaking and wagesetting if, among other things, the government and unions share a concern for inflation. It uses a game theoretic model of this interaction, in which the government plays an economy-wide union. Though simple, this nests several other models as special cases. In that corresponding to Gylfason and Lindbeck's model, the factors which they identify are shown to be sufficient for stagflationary bias, in a specified sense. However, for the union to care about inflation is not a necessary condition. The main result of the paper concerns the more general model. It establishes a set of necessary and sufficient conditions for stagflationary bias, as previously defined. These conditions do not include a shared concern for inflation. The paper comments briefly on the significance of this result for stagflation and economic modelling.     

Isolation of the DNA minisatellite probe MZ 1.3 and its application to DNA 'fingerprinting' analysis

A minisatellite probe, MZ 1.3, detecting hypervariable fragment patterns was isolated from a human genomic library. A repetitive sequence of 27 bp length was identified which is contained in the probe approx. 40 times. The MZ 1.3 repeat shows variable homology of 53-73% to the repetitive sequence of the protein III gene of the bacteriophage M13 genome. Polymorphic restriction fragment patterns were found with MZ 1.3 using the enzymes Hinf I, BstN I, Hae III, Mbo I, PstI/Pvu II, and Rsa I. An average of 18 polymorphic fragments was observed using Hinf I as enzyme. The band sharing frequency after Hinf I digestion among unrelated individuals was determined to be 23.8 +/- 7.2%. An example for the application of MZ 1.3 to paternity testing in an incest case is given. The probe can be used with radioactive or non-radioactive detection systems. An approach is presented to compare polymorphic fragment patterns from individuals obtained by independent gel runs on the basis of relative band positions (RBP) and calculated in a computerized analysis.     

Entry barriers and evolution of banking systems: Lessons from the 1980s Canadian western bank failures

Abstract: As federal policy‐makers revise and update the Bank Act, any change should be seen in the context of public policy towards financial institutions in Canada. Rather than being condemned to repeat history, both policy‐makers and potential bank entrepreneurs would be well advised to re‐examine the Report of the Inquiry into the Collapse of the ccb and Northland Bank (August 1986), chaired by the Honourable Willard Z. Estey. Public policy for financial institutions faces the challenge of reconciling competing interests. Since 1867, Canada has experienced a nationally controlled banking system that is highly stable (i.e., few bankruptcies) and that has enabled in‐flows of capital needed for national economic development. The Canadian Commercial Bank failure raised a fundamental challenge to the government's policy agenda. When asked what the government's position should be, the three officials recommended the rescue package. All three participants from the political side advised against it. Future policy must learn the lessons from this important and atypical moment in Canadian financial history. Sommaire: Alors que les decisionnaires federaux revoient et mettent à jour la Loi sur les banques, toute modification devrait être envisagée dans le contexte de la politique gouvernementale visant les institutions financières au Canada. Plutôt que d'être condamnés à répéter les mêmes erreurs, les décisionnaires et les banquiers potentiels feraient bien mieux de réexaminer le Rapport de la commission d'enquête sur la faillite de la Banque commerciale du Canada et la Norbanque (août 1986), présidée par l'honorable Willard Z. Estey. La politique gouvernementale concernant les institutions financières a la tâche difficile de réconcilier des intérêts opposés. Depuis 1867, le Canada connaît un système bancaire contrôléà l'échelle nationale qui est très stable, ayant enregistré peu de faillites, et qui a permis des rentrées de fonds nécessaires au développement économique national. La faillite de la BCC a lancé un défi fonda mental au programme de politique gouvernementale. Lorsqu'on leur a demandé quelle devrait être la position du gouvernement, les trois responsables ont recommandé le programme de renflouement. Les trois participants du secteur politique ont conseillé le contraire. Les futurs décisionnaires doivent tirer des leçons de cet évènement important et exceptionnel dans l'histoire financière canadienne.     

Distrust of Government, the Vigilante Tradition, and Support for Capital Punishment

This study probes the interconnections among distrust of government, the historical context, and public support for the death penalty in the United States with survey data for area-identified samples of white and black respondents. Multilevel statistical analyses indicate contrary effects of government distrust on support for the death penalty for blacks and whites, fostering death penalty support among whites and diminishing it among blacks. In addition, we find that the presence of a "vigilante tradition," as indicated by a history of lynching, promotes death penalty support among whites but not blacks. Finally, contrary to Zimring's argument in The Contradictions of Capital Punishment , we find no evidence that vigilantism moderates the influence of government distrust on support for the death penalty, for either whites or blacks. Our analyses highlight the continuing influence of historical context as well as contemporary conditions in the formation of public attitudes toward criminal punishment, and they underscore the importance of attending to racial differences in the analysis of punitive attitudes.     

Rapid death from thrombotic thrombocytopaenic purpura following caesarean section.

We report a case of rapid death from thrombotic thrombocytopaenic purpura (TTP) in a young pregnant lady who developed full blown symptoms soon after caesarean section. Extensive intramyocardial confluent haemorrhages and widespread microthrombi in heart, brain, adrenals and kidney were found at autopsy. Thrombotic thrombocytopaenic purpura is an uncommon condition, which carries a high fatality rate if untreated. Awareness of this syndrome together with its high risk of sudden death underlines the importance of rapid diagnosis and treatment.