The small open-economy New Keynesian Phillips Curve: empirical evidence and implied inflation dynamics

In this paper we apply GMM estimation to assess the relevance of domestic versus external determinants of CPI inflation dynamics in a sample of OECD countries typically classified as open economies. The analysis is based on a variant of the small open-economy New Keynesian Phillips Curve derived in Galí and Monacelli (Rev Econ Stud 72:707–734, 2005), where the novel feature is that expectations about fluctuations in the terms of trade enter explicitly. For most countries in our sample the expected relative change in the terms of trade emerges as the more relevant inflation driver than the contemporaneous domestic output gap.

Knowledge transfer processes in PFI/PPP: critical success factors

Successful knowledge transfer is an important process which requires continuous improvement in today’s knowledge-intensive economy. However, improving knowledge transfer processes represents a challenge for construction practitioners due to the complexity of knowledge acquisition, codification and sharing. Although knowledge transfer is context based, understanding the critical success factors can lead to improvements in the transfer process. This paper seeks to identify and evaluate the most significant critical factors for improving knowledge transfer processes in Public Private Partnerships/Private Finance Initiatives (PPP/PFI) projects. Drawing upon a questionnaire survey of 52 construction firms located in the UK, data is analysed using Severity Index (SI) and Coefficient of Variation (COV), to examine and identify these factors in PPP/PFI schemes. The findings suggest that a supportive leadership, participation/commitment from the relevant parties, and good communication between the relevant parties are crucial to improving knowledge transfer processes in PFI schemes. Practitioners, managers and researchers can use the findings to efficiently design performance measures for analysing and improving knowledge transfer processes.

Overview of the West African monsoon 2011

Although the 2011 West African monsoon (WAM) season was, overall, near normal, rainfall was patchy. The irregularity of the rainfall during the crucial July-August-September (JAS) season proved difficult to predict - highlighting the significant challenges we continue to face for this region. The vagaries of the rainfall in sub-Saharan Africa have profound and often dire effects on African society and economy. To reduce the vulnerability of African communities to variations in the strength of the WAM, the scientific community needs to improve the reliability of forecasts so as to enable forward planning, and national governments need to adopt coordinated policies in order to increase their capacity to cope with extended periods of water shortages due to drought. With the launch of the Africa Climate Exchange (Afclix), the UK and African climate communies are working with both the humanitarian sector and policy-makers to channel the latest climate science into policy. Such policies have the potential to build resilience and in-country capacity for climate compatible development in sub-Saharan Africa. The emphasis is on ‘feet on the (African) ground’ mechanisms of knowledge-sharing activities at the science-policy interface.

Is housing good for the economy?

Not surprisingly housing researchers and practitioners frequently call for more resources to be devoted to housing. But governments in recent years have devoted fewer resources to housing rather than more. One of the reasons is that housing expenditures have to be seen in terms of the overall resource constraints on the economy and in many instances this requires a macro‐economic perspective. This paper reviews the macro‐economic arguments for and against housing expenditures, particularly through the use of a quantitative policy simulation model.