Admissible monetary aggregates for the euro area

We use the Fleissig and Whitney [Fleissig, A.R., Whitney, G.A., 2003. A new PC-based test for Varian's weak separability conditions. Journal of Business and Economics Statistics 21 (1), 133–144] weak separability test to determine admissible levels of monetary aggregation for the Euro area. We find that the Euro area monetary assets in M2 and M3 are weakly separable and construct admissible Divisia monetary aggregates for these assets. We show that real growth of the admissible Divisia aggregates enters the Euro area IS curve positively and significantly for the period from 1980 to 2005. Out of sample, we show that Divisia M2 and M3 appear to contain useful information for forecasting Euro area inflation.

Monetary models of exchange rates and sweep programs

Numerous studies find that monetary models of exchange rates cannot beat a random walk model. Such a finding, however, is not surprising given that such models are built upon money demand functions and traditional money demand functions appear to have broken down in many developed countries. In this paper we investigate whether using a more stable underlying money demand function results in improvements in forecasts of monetary models of exchange rates. More specifically, we use a sweepadjusted measure of US monetary aggregate M1 which has been shown to have a more stable money demand function than the official M1 measure. The results suggest that the monetary models of exchange rates contain information about future movements of exchange rates but the success of such models depends on the stability of money demand functions and the specifications of the models.

Mining web data for competency management

We present CORDER (COmmunity Relation Discovery by named Entity Recognition) an un-supervised machine learning algorithm that exploits named entity recognition and co-occurrence data to associate individuals in an organization with their expertise and associates. We discuss the problems associated with evaluating unsupervised learners and report our initial evaluation experiments.

Breaks in the UK household sector money demand function

We use non-parametric procedures to identify breaks in the underlying series of UK household sector money demand functions. Money demand functions are estimated using cointegration techniques and by employing both the Simple Sum and Divisia measures of money. P-star models are also estimated for out-of-sample inflation forecasting. Our findings suggest that the presence of breaks affects both the estimation of cointegrated money demand functions and the inflation forecasts. P-star forecast models based on Divisia measures appear more accurate at longer horizons and the majority of models with fundamentals perform better than a random walk model.

Global HR roles and factors influencing their development:evidence from emerging Indian IT services multinationals

The rapid growth of emerging markets’ multinational companies (MNCs) is a recent phenomenon and, as such, their nature and structure of key management processes, functions, and roles need further examination. While an abundance of low-cost labor is often the starting point of competitive advantage for many of the emerging markets’ MNCs, it is the optimum configuration of people, processes, and technology that defines how they leverage their intangible resources. Based on case studies of four Indian IT services MNCs, involving 51 in-depth interviews of business and human resource (HR) leaders at the corporate and subsidiary levels, we identify five key HR roles—namely, strategic business partner, guardian of culture, builder of global workforce and capabilities, champion of processes, and facilitator of employee development. The analysis also highlights that the HR function in Indian IT service MNCs faces several challenges in consolidating the early gains of internationalization, such as lack of decentralized decision making, developing a global mind-set, localization of the workforce, and developing a global leadership pipeline. Based on our exploratory findings, we propose a framework outlining the global HR roles pursued by emerging IT services MNCs, the factors influencing them, and the challenges facing their HR function for future research.

Internationalization of emerging Indian multinationals:linkage, leverage and learning (LLL) perspective

The multi-polar world in which we now live and work demands re-examination and refinement of the traditional understanding of the internationalization strategies and competitive advantages of multinational firms by incorporating the characteristics of firms from emerging economies. Based on interviews in four Indian multinationals in different industry segments, we present the "voices" of Indian corporate leaders to provide preliminary evidence on the primary motives behind the internationalization process of emerging multinationals from the perspective of linkage, leverage and learning (LLL). We show how the case study organizations have evolved themselves to become credible global players by leveraging on their learning through targeted acquisitions in developed markets to acquire intangible assets and/or following global clients in search of new markets and competitive advantages.