Inflation targeting and the consistency of monetary policy decisions in Mexico: an empirical analysis with discrete choice models

This paper examines the nature of monetary policy decisions in Mexico using discrete choice models applied to the Central Bank's explicit monetary policy instrument. We find that monetary policy adjustments in Mexico have been strongly consistent with the CB's inflation targeting strategy. We also find evidence that monetary policy responds in a forward-looking manner to deviations of inflation from the target and that observed policy adjustments exhibit asymmetric features, with stronger responses to positive than to negative deviations of inflation from the target and a greater likelihood of policy persistence during periods when monetary policy is tightened, compared with periods when policy is loosened.

Monetary policy, exchange rates and stock prices in the Middle East region

A structural vector autoregressive model is employed to investigate the impact of monetary policy and real exchange rate shocks on the stock market performance of Kuwait, Oman, Saudi Arabia, Egypt and Jordan. In order to identify the structural shocks both short run and long run restrictions are applied. Unlike previous literature the contemporaneous interdependence between the financial variables are left unrestricted to give a more accurate depiction of the relationships. The heterogeneity of the results reflect the different monetary policy frameworks and stock market characteristics of these countries. Mainly, monetary policy and the real exchange rate shocks have a significant short run impact on the stock prices of the countries that apply a relatively more independent monetary policy and flexible exchange rates.

Reflections of professional practice: using electronic discourse analysis networks (EDANs) to examine embedded business emails

Emails have become a central genre in business communication, reflecting both how people communicate and how they go about their professional practices. This chapter examines embedded business emails as reflections of the professional practices of the regulatory and policy department of a multinational based in London, UK. It argues that the nature of online communication in international organisations, with its high levels of intertextuality and interdiscursivity, requires multidimensional analytical approaches that are capable of capturing its complexity and dynamics. To this end, the chapter introduces electronic discourse analysis networks (EDANs) as one example of such approaches. It begins with a brief review of the literature that has informed the study reported on here before it discusses EDANs as its analytical framework. Using a group of embedded emails and a number of networked data sets, the chapter shows how EDANs can be used to further our understanding of professional online communication.

Lobbying by Trade Associations on EU Climate Policy

Climate change has been recognised as one of the greatest challenges of the 21st Century. Its impacts, and they way that we choose to deal with them will profoundly affect how business and society operates. This report focuses on European Union (EU) climate policy – the governance structures, rules and regulations that have been put in place at the EU level to attempt to mitigate and adapt to the impacts of climate change. Specifically, it focuses on how trade associations representing industrial sectors or broader business interest have lobbied on EU climate policy, and the impact that they have had on the policymaking process. The report then goes on to discuss whether the impacts of this lobbying align with the stated policies of the companies that are members of these trade associations.

Language standardization in sociolinguistics and international business: Theory and practice across the table

This chapter addresses the issue of language standardization from two perspectives, bringing together a theoretical perspective offered by the discipline of sociolinguistics with a practical example from international business. We introduce the broad concept of standardization and embed the study of language standardization in the wider discussion of standards as a means of control across society. We analyse the language policy and practice of the Danish multinational, Grundfos, and use it as a “sociolinguistic laboratory” to “test” the theory of language standardization initially elaborated by Einar Haugen to explain the history of modern Norwegian. The table is then turned and a model from International Business by Piekkari, Welch and Welch is used to illuminate recent Norwegian language planning. It is found that the Grundfos case works well with the Haugen model, and the International Business model provides a valuable practical lesson for national language planners, both showing that a “comparative standardology” is a valuable undertaking. More voices “at the table” will allow both theory and practice to be further refined and for the role of standards across society to be better understood.

Policy mixes for resource efficiency – conceptual issues, design and assessment challenges

Since the 1950s the global consumption of natural resources has skyrocketed, both in magnitude and in the range of resources used. Closely coupled with emissions of greenhouse gases, land consumption, pollution of environmental media, and degradation of ecosystems, as well as with economic development, increasing resource use is a key issue to be addressed in order to keep the planet Earth in a safe and just operating space. This requires thinking about absolute reductions in resource use and associated environmental impacts, and, when put in the context of current re-focusing on economic growth at the European level, absolute decoupling, i.e., maintaining economic development while absolutely reducing resource use and associated environmental impacts. Changing behavioural, institutional and organisational structures that lock-in unsustainable resource use is, thus, a formidable challenge as existing world views, social practices, infrastructures, as well as power structures, make initiating change difficult. Hence, policy mixes are needed that will target different drivers in a systematic way. When designing policy mixes for decoupling, the effect of individual instruments on other drivers and on other instruments in a mix should be considered and potential negative effects be mitigated. This requires smart and time-dynamic policy packaging. This Special Issue investigates the following research questions: What is decoupling and how does it relate to resource efficiency and environmental policy? How can we develop and realize policy mixes for decoupling economic development from resource use and associated environmental impacts? And how can we do this in a systemic way, so that all relevant dimensions and linkages—including across economic and social issues, such as production, consumption, transport, growth and wellbeing­—are taken into account? In addressing these questions, the overarching goals of this Special Issue are to: address the challenges related to more sustainable resource-use; contribute to the development of successful policy tools and practices for sustainable development and resource efficiency (particularly through the exploration of socio-economic, scientific, and integrated aspects of sustainable development); and inform policy debates and policy-making. The Special Issue draws on findings from the EU and other countries to offer lessons of international relevance for policy mixes for more sustainable resource-use, with findings of interest to policy makers in central and local government and NGOs, decision makers in business, academics, researchers, and scientists.

Third-mission policy goals and incentives from performance-based funding: Are they aligned?

In competitive knowledge-based economies, policymakers recognize the importance of universities’ engagement in third mission activities. This article investigates how a specific policy approach to encourage third mission engagement—the use of performance-based funding to reward universities’ success in this domain—aligns with the broader goals of third mission policy. Considering the case of the UK, the first country to have implemented a system of this kind, we analyse how the system has come into being and how it has evolved, and we discuss whether its implementation is likely to encourage universities to behave in ways that are aligned with the goals of third mission policy, as outlined in government documents. We argue that the system encourages universities to focus on a narrow range of income-producing third mission activities, and this is not well aligned with the policy goal to support a complex innovation ecosystem comprising universities with different third mission objectives and strategies. The article concludes by proposing possible avenues for achieving greater alignment between incentives and policy goals.

Have Anglo-Saxon concepts really influenced the development of European qualifications policy?

This paper considers how far Anglo-Saxon conceptions of have influenced European Union vocational education and training policy, especially given the disparate approaches to VET across Europe. Two dominant approaches can be identified: the dual system (exemplified by Germany); and output based models (exemplified by the NVQ ‘English style’). Within the EU itself, the design philosophy of the English output-based model proved in the first instance influential in attempts to develop tools to establish equivalence between vocational qualifications across Europe, resulting in the learning outcomes approach of the European Qualifications Framework, the credit-based model of European VET Credit System and the task-based construction of occupation profiles exemplified by European Skills, Competences and Occupations. The governance model for the English system is, however, predicated on employer demand for ‘skills’ and this does not fit well with the social partnership model encompassing knowledge, skills and competences that is dominant in northern Europe. These contrasting approaches have led to continual modifications to the tools, as these sought to harmonise and reconcile national VET requirements with the original design. A tension is evident in particular between national and regional approaches to vocational education and training, on the one hand, and the policy tools adopted to align European vocational education and training better with the demands of the labour market, including at sectoral level, on the other. This paper explores these tensions and considers the prospects for the successful operation of these tools, paying particular attention to the European Qualifications Framework, European VET Credit System and European Skills, Competences and Occupations tool and the relationships between them and drawing on studies of the construction and furniture industries.