Evaluating the Survey of Professional Forecasters probability distributions of expected inflation based on derived event probability forecasts

Techniques are proposed for evaluating forecast probabilities of events. The tools are especially useful when, as in the case of the Survey of Professional Forecasters (SPF) expected probability distributions of inflation, recourse cannot be made to the method of construction in the evaluation of the forecasts. The tests of efficiency and conditional efficiency are applied to the forecast probabilities of events of interest derived from the SPF distributions, and supplement a whole-density evaluation of the SPF distributions based on the probability integral transform approach.

Do professional forecasters pay attention to data releases?

We present a novel approach to assessing the attentiveness of professional forecasters to news about the macroeconomy. We find evidence that professional forecasters, taken as a group, do not always update their estimates of the current state of the economy to reflect the latest releases of revised estimates of key data.

Nexus between contracting and construction professional service businesses: empirical evidence from international market

he construction market around the world has witnessed the growing eminence of construction professional services (CPSs), such as urban planning, architecture, engineering, and consultancy, while the traditional contracting sector remains strong. Nowadays, it is not uncommon to see a design firm taking over the work of a traditional main contractor, or vice versa, of overseeing the delivery of a project. Although the two sectors of contracting and CPS share the same purpose of materializing the built environment, they are as different as they are interrelated. Much has been mentioned about the nexus between the two but little has been done to articulate it using empirical evidence. This study examined the nexus between contracting and CPS businesses by offering and testing lead-lag effects between the two sectors in the international market. A longitudinal panel data composed of 23 top international contractors and CPS firms was adopted. Surprisingly, results of the panel data analyses show that CPS business does not have a significant positive causal effect on contracting as a downstream business, and vice versa. CPS and contracting subsidiaries, although within the same company, do not necessarily form a consortium to undertake the same project; rather, they often collaborate with other CPS or contracting counterparts to undertake projects. This paper provides valuable insights into the sophisticated nexus between contracting and CPS in the international construction market. It will support business executives’ rational decision making for selecting proper contracting or CPS allies, or a proper mergers and acquisitions strategy in the international market. The paper also provides a fresh perspective through which researchers can better investigate the diversification strategies adopted by international contracting and CPS firms.

The dilemma of scope and scale for construction professional service firms

Construction professional service (CPS) firms sell expertise and provide innovative solutions for projects founded on their knowledge, experience, and technical competences. Large CPS firms seeking to grow will often seek new opportunities in their domestic market and overseas by organic or inorganic growth through mergers, alliances, and acquisitions. Growth can also come from increasing market penetration through vertical, horizontal, and lateral diversification. Such growth, hopefully, leads to economies of scope and scale in the long term, but it can also lead to diseconomies, when the added cost of integration and the increased complexity of diversification no longer create tangible and intangible benefits. The aim of this research is to investigate the key influences impacting on the growth in scope and scale for large CPS firms. Qualitative data from the interviews were underpinned by secondary data from CPS firms’ annual reports and analysts’ findings. The findings showed five key influences on the scope and scale of a CPS firm: the importance of growth as a driver; the influence of the ownership of the firm on the decision for growth in scope and scale; the optimization of resources and capabilities; the need to serve changing clients’ needs; and the importance of localization. The research provides valuable insights into the growth strategies of international CPS firms. A major finding of the research is the influence of ownership on CPS firms’ growth strategies which has not been highlighted in previous research.

A multidimensional comparison of discourse organization in English and Chinese university students' argumentative writing

Three methodological limitations in English-Chinese contrastive rhetoric research have been identified in previous research, namely: the failure to control for the quality of L1 data; an inference approach to interpreting the relationship between L1 and L2 writing; and a focus on national cultural factors in interpreting rhetorical differences. Addressing these limitations, the current study examined the presence or absence and placement of thesis statement and topic sentences in four sets of argumentative texts produced by three groups of university students. We found that Chinese students tended to favour a direct/deductive approach in their English and Chinese writing, while native English writers typically adopted an indirect/inductive approach. This study argues for a dynamic and ecological interpretation of rhetorical practices in different languages and cultures.

Anti-Slavic imagery in German radical nationalist discourse at the turn of the twentieth century: a prelude to Nazi ideology?

By applying methods of cognitive metaphor theory, Jaworska examines metaphorical scenarios employed in the discourse of anti-Slavism, which featured prominently in radical nationalist propaganda in Germany at the turn of the twentieth century. She does so by analysing metaphorical expressions used to refer to the Polish population living in the eastern provinces of Prussia, in the so-called Ostmark. Her article is based on an analysis of a range of pamphlets and newspaper articles written by some of the leading figures of two nationalist organizations: the Pan-German League (Alldeutscher Verband) and the Eastern Marches Society(Ostmarkenverein). The main research questions it addresses are: What kind of metaphoric scenarios were used to depict the Polish minority, and to what extent were the metaphorical patterns of anti-Slavic imagery similar to those employed in the antisemitic propaganda of the Nazi era? Is there a discursive continuity between the radical nationalism of imperial Germany and the National Socialism of the Third Reich at the level of metaphorical scenarios? Ultimately, Jaworska attempts to contribute to a better understanding of the cognitive mechanisms underlying radical and essentially racist attitudes.

Are professional macroeconomic forecasters able to do better than forecasting trends?

This paper investigates whether survey forecasters are able to make more accurate forecasts than simply supposing that the future values of the variable will move monotonically to the long-run expectation. We consider the forecasts individually, and the consensus forecasts. Consensus survey forecasts are able to do so to varying degrees depending on the variable, but this ability is largely limited to forecasts of the current quarter.

National interest to global reform: patterns of reasoning in British foreign policy discourse

Discussion of the national interest often focuses on how Britain's influence can be maximized, rather than on the goals that influence serves. Yet what gives content to claims about the national interest is the means-ends reasoning which links interests to deeper goals. In ideal-typical terms, this can take two forms. The first, and more common, approach is conservative: it infers national interests and the goals they advance from existing policies and commitments. The second is reformist: it starts by specifying national goals and then asks how they are best advanced under particular conditions. New Labour's foreign policy discourse is notable for its explicit use of a reformist approach. Indeed, Gordon Brown's vision of a 'new global society' not only identifies global reform as a key means of fulfilling national goals, but also thereby extends the concept of the national interest well beyond a narrow concern with national security.

Challenging climate change and migration discourse: different understandings of time-scale and temporality in the Maldives

This article draws on ongoing research in the Maldives to explore differences between elite and non-elite perceptions of climate change and migration. It argues that, in addition to variations in perceptions based on diverse knowledge, priorities and agendas, there exists a more fundamental divergence based upon different understandings of the time-scale of climate change and related ideas of urgency and crisis. Specifically, elites tend to focus on a distant future which is generally abstracted from people’s everyday lived realities, as well as utilise the language of a climate change-induced migration ‘crisis’ in their discussions about impacts in a manner not envisaged by non-elites. The article concludes that, rather than unproblematically mapping global, external facing narratives wholesale onto ordinary people’s lives and experiences, there needs to be more dialogue between elites and non-elites on climate change and migration issues. These perspectives should be integrated more effectively in the development of policy interventions designed to help people adapt to the impacts of global environmental change.

Half-remembered quotations from mostly forgotten speeches: the limits of Labour’s European policy discourse

This article uses discourse analysis to study the continuities in British foreign policy thinking within the Labour party from the 1960s to the present day. Using representative extracts from speeches by Hugh Gaitskell, Harold Wilson, Tony Blair and Gordon Brown, it identifies the ideational consis- tencies in the leaders’ attitudes to: Empire; federalism in the EEC/EU; and laying down conditions that have to be met before any constructive engagement with ‘Europe’ can be countenanced. We argue that these consistencies, spanning a 50-year period, exemplify a certain stagnation both within Labour’s European discourses and within British foreign policy thinking more widely. We develop the idea that Labour party thinking has been crucially framed by both small ‘c’ conser- vative and upper-case Conservative ideology, popularised by Winston Churchill in his ‘three circles’ model of British foreign policy.

Teaching and learning Chinese: heritage language classroom discourse in Montreal

This paper explores issues of teaching and learning Chinese as a heritage language in a Chinese heritage language school, the Zhonguo Saturday School, in Montreal, Quebec. With a student population of more than 1000, this school is the largest of the eight Chinese Heritage Language schools in Montreal. Students participating in this study were from seven different classes (grade K, two, three, four, five, six, and special class), their ages ranging from 4 to 13 years. The study took place over a period of two years between 2000 and 2002. Focusing on primary level classroom discourse and drawing on the works of Vygotsky and Bakhtin, I examine how teachers and students use language to communicate, and how their communication mediates teaching, learning and heritage language acquisition. Data sources include classroom observations, interviews with students and their teachers, students’ writings, and video and audio taping of classroom activities. Implications for heritage language development and maintenance are discussed with reference to the findings of this study.

A comparative corpus-assisted discourse study of the representations of hosts in promotional tourism discourse

Most studies concerned with the representations of local people in tourism discourse point to the prevalence of stereotypic images asserting that contemporary tourism perpetuates colonial legacy and gendered discursive practices. This claim has been, to some extent, contested in research that explores representations of hosts in local tourism materials claiming that tourism can also discursively resist the dominant Western imagery. While the evidence for the existence of hegemonic and diverging discourses about the local ‘Other’ seems compelling, the empirical basis of this research is rather small and often limited to one geographic context. The present study addresses these shortcomings by examining representations of hosts in a larger corpus of promotional tourism materials including texts produced by Western and local tourism industries. The data is investigated using the methodology of Corpus-Assisted Discourse Studies (CADS). By comparing external with internal (self) representations, this study verifies and refines some of the claims on the subject and offers a much more nuanced picture of representations that defies the black and white scenarios proposed in previous research