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.

Internalising the external costs of light goods vehicle transport in Britain

Report produced as part of the Green Logistics project (EPSRC and Department for Transport funded). To what extent do the taxes paid by the light goods vehicles (LGVs) users in Britain cover their allocated infrastructural, environmental and congestion costs? This report is a continuation of a study on the internalisation of the external costs of heavy goods vehicle activity. Research undertaken jointly by the Transport Studies Group at University of Westminster and Logistics Research Centre at Heriot-Watt University has attempted to answer this question using official government transport statistics and monetary valuations for the external costs.

Internalising the external costs of light goods vehicle transport in Britain

To what extent do the taxes paid by the light goods vehicles (LGVs) users in Britain cover their allocated infrastructural, environmental and congestion costs? This report is a continuation of a study on the internalisation of the external costs of heavy goods vehicle activity. Research undertaken jointly by the Transport Studies Group at University of Westminster and Logistics Research Centre at Heriot-Watt University has attempted to answer this question using official government transport statistics and monetary valuations for the external costs.

Consumers' willingness to pay for ethical attributes

Purpose: In recent years, there has been a big increase in the use of ethical attributes as marketing appeals. This paper examines consumers’ willingness to pay for three selected ethical attributes, namely ‘Organic’, ‘Recyclable Packaging’ and ‘Fairtrade’ in monetary terms. Design/Methodology/Approach: A modified choice-based experimental design with manipulation of the key constructs was used to estimate the mean value of how much consumers are willing to pay for the selected attributes attached to a box of premium chocolates. The results are based on the responses of a total of 208 consumers. Findings: Of the three attributes, ‘Recyclable Packaging’ has the strongest influence on the purchase decision, although this attribute generates the least additional value. The aggregated result shows that although consumers are willing to pay more for the product with ethical attributes than the one that is without, still around a half of them are not willing to pay more. In terms of demographics, the results show no significant differences between the two genders or different age groups in their willingness to pay for ethical attributes. As might be expected, willingness to pay was correlated with the level of consciousness of the ethical attributes. Originality/Value: The findings of this study help management to think practically about the value consumers willing to pay for the selected attributes. The results show a significant synergy in a combination of ethical attributes in products.

Marginal Activity Access Cost (MAAC): a new indicator for sustainable Land Use/Transport (LUT) planning

The paper presents the ‘Marginal Activity Access Cost’, an accessibility indicator providing estimation in monetary terms of the impacts on mobility and on the environment of locating a single new activity in a specific zone of the urban area. In the first part of this paper, the new indicator is presented and compared to other accessibility indicators proposed in literature. In the second part, the MAAC is validated through an application to the urban area of Rome. The paper concludes with brief remarks on using the proposed accessibility indicator as index of performance for sustainable spatial planning.

Accessibility Planning tools for sustainable and integrated Land Use/Transport (LUT) development: an application to Rome

The paper fits into the themes of sustainable accessibility planning in urban areas, that can be defined as the integration of transport and land use planning to achieve sustainable development. In particular the study proposes a tool to support the choices of activities location, which is based on a new aggregate (zone-specific) indicator: the ‘Marginal Activity Access Cost’, providing estimation in monetary terms of the impacts on mobility and on the environment of locating one new activity in a specific zone of the urban area. The proposed indicator is validated through an application to the urban area of Rome.