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.

Dynamic cost indexing

This paper describes the development of a generic tool for dynamic cost indexing (DCI), which encompasses the ability to manage flight delay costs on a dynamic basis, trading accelerated fuel burn against ‘cost of time’. Many airlines have significant barriers to identifying which costs should be included in ‘cost of time’ calculations and how to quantify them. The need is highlighted to integrate historical passenger delay and policy data with real-time passenger connections data. The absence of industry standards for defining and interfacing necessary tools is recognised. Delay recovery decision windows and ATC cooperation are key constraints. DCI tools could also be used in the pre-departure phase, and may offer environmental decision support functionality: which could be used as a differentiating technology required for access to designated, future ‘green’ airspace. Short-term opportunities for saving fuel and/or reducing emissions are also identified.

Dynamic cost indexing: cost estimations and building the prototype

The design of a decision-support prototype tool for managing flight delay costs in the pre-departure and airborne phases of a flight is described. The tool trades accelerated fuel burn and emissions charges against 'cost of time'. Costs for all major 'cost of time' components, by three cost scenarios, twelve aircraft types and by magnitude of delay are derived. Short-term opportunities for saving fuel and/or reducing environmental impacts are identified. A shift in ATM from managing delay minutes to delay cost is also supported.

You Can't Always Get What You Want: A Gewirthian Model of Rational Autonomy in Abortion

The law regulating the availability of abortion is problematic both legally and morally. It is dogmatic in its requirements of women and doctors and ignorant of would-be fathers. Practically, its usage is liberal - with s1(1)(a) Abortion Act 1967 treated as a ‘catch all’ ground - it allows abortion on demand. Yet this is not reflected in the ‘law’. Against this outdated legislation I propose a model of autonomy which seeks to tether our moral concerns with a new legal approach to abortion. I do so by maintaining that a legal conception of autonomy is derivable from the categorical imperative resulting from Gewirth’s argument to the Principle of Generic Consistency: Act in accordance with the generic rights of your recipients as well as of yourself. This model of Gewirthian Rational Autonomy, I suggest, provides a guide for both public and private notions of autonomy and how our autonomous interests can be balanced across social structures in order to legitimately empower choice. I claim, ultimately, that relevant rights in the context of abortion are derivable from this model.

Task Competency in the Rights Analytic: Mental Health and the Justification for Rights and Duties

The paper concerns the moral status of persons for the purposes of rights-holding and duty-bearing. Developing from Gewirth’s argument to the Principle of Generic Consistency (PGC) and Beyleveld et al.’s Principle of Precautionary Reasoning, I argue in favour of a capacity-based assessment of the task competencies required for choice-rights and certain duties (within the Hohfeldian analytic). Unlike other, traditional, theories of rights, I claim that precautionary reasoning as to agentic status holds the base justification for rights-holding. If this is the basis for generic legal rights, then the contingent argument must be used to explain communities of rights. Much in the same way as two ‘normal’ adult agents may not have equal rights to be an aeroplane pilot, not all adults hold the same task competencies in relation to the exercise of the generic rights to freedom derived from the PGC. In this paper, I set out to consider the rights held by children, persons suffering from mental illness and generic ‘full’ agents. In mapping the developing ‘portfolio’ of rights and duties that a person carries during their life we might better understand the legal relations of those who do not ostensibly fulfil the criteria of ‘full’ agent.