Stock returns over the two years surrounding 24 currency devaluations are examined. Using bootstrapped distributions, returns preceding the devaluation are shown to be significantly below normal, in both dollar and local currency terms. Most of the downturn, however, occurs well before the month of the devaluation. Returns following a devaluation are more normal. While industry and company spec...

This work tested the hypothesis that persons who are more committed to their relationships devalue potential alternative partners, especially attractive and threatening alternatives. In Study 1, a longitudinal study, perceived quality of alternatives decreased over time among stayers but increased for leavers. In Study 2, a computer dating service paradigm, more committed persons exhibited grea...

In outcome-selective Pavlovian-to-instrumental transfer (PIT), stimuli that are predictive of specific outcomes prime instrumental responses that are associated with these outcomes. Previous human studies yielded mixed evidence in respect to whether the PIT effect is affected by a posttraining devaluation of an outcome, with the PIT effect being preserved after a devaluation of a primary reinfo...

AIMS To investigate the mediating role of attentional bias for alcohol cues on alcohol-seeking following devaluation of alcohol. DESIGN Between subject. SETTING Eye-tracking laboratory at the University of Liverpool. PARTICIPANTS Student social drinkers (n = 64). MEASUREMENTS An operant choice task in which participants chose between simultaneously presented alcohol and non-alcohol drin...

The orbitofrontal cortex (OFC) and its interactions with the basolateral amygdala (BLA) are critical for goal-directed behavior, especially for adapting to changes in reward value. Here we used a reinforcer devaluation paradigm to investigate the contribution of OFC to this behavior in four macaques. Subjects that had formed associations between objects and two different primary reinforcers (fo...

The posterior dorsomedial striatum (pDMS) is essential for the acquisition and expression of the specific response-outcome (R-O) associations that underlie goal-directed action. Here we examined the role of a pathway linking the basolateral amygdala (BLA) and pDMS in such goal-directed learning. In Experiment 1, rats received unilateral lesions of the BLA and were implanted with cannula targeti...

The role of the amygdala central nucleus (CeN) in habit learning was assessed in two experiments. First, we examined the effects of bilateral lesions of the anterior CeN on an overtraining-induced lever press habit evaluated using an outcome devaluation protocol. Overtraining generated habitual performance and rendered sham lesioned rats insensitive to outcome devaluation, an effect that was al...

Using a small macroeconometric model that examines the determinants of India’s trade and inflation, this paper addresses the effects of a reform policy package similar to those implemented in 1991. Policy simulations using dynamic simulation method compare the responses to devaluation with the responses to tight credit policy. It is shown that the trade balance effects of tight credit policy ar...

A 40-percent devaluation and its multiplier effects could cost approximately 1 percent of the state's total employment, or about 75,000 jobs, over the next three years. Because the state has been gaining employment at an annual rate of 240,000 jobs per year, such a loss represents about four month's worth of growth. Texas' economy should continue to expand in 1995, but the peso devaluation will...