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This chapter attempts to analyze mainly the interactions between the implementation of inflation targeting (IT) policy and performance in the conduct of economic policies (fiscal and exchange rate) in emerging countries. More precisely, empirical studies conducted in this chapter aim to apprehend the feedback effect of this strategy of monetary policy on the budget deficit and volatility of exchange rate performance. This said, we consider the institutional framework as endogenous to IT and analyze the response of authorities to the adoption of this monetary regime. To do this, the retained methodological path in this chapter is an empirical way, based on the econometrics of panel data. First, our contribution to the existing literature is to evaluate the time-varying treatment effect of IT’s adoption on the budget deficit of emerging inflation targeters, using the propensity score matching approach. Our empirical analysis, conducted on a sample of 34 economies (13 IT and 21 non-IT economies) for the period from 1990 to 2010, show a significant impact of IT on the reduction of budget deficit in emerging countries having adopted this monetary policy framework. Therefore, we can say that the emerging government can benefit ex post and gradually from a decline in their public deficits. Retaining the same econometric approach and sample, we tried secondly to empirically examine whether the adoption of IT in emerging inflation targeters has been effectively translated by an increase in the nominal effective exchange rate volatility compared to non-IT countries. Our results show that this effect is decreasing and that this volatility is becoming less important after the shift to this monetary regime. We might suggest that this indirect and occasional intervention in the foreign exchange market can be made by fear of inflation rather than by fear of floating hence in most emerging countries that have adopted the IT strategy. Finally, we can say that our conclusions corroborate the literature of disciplining effects of IT regime on fiscal policy performance as well as the two controversial effects of IT on the nominal effective exchange rate volatility.

Norway is a small nation state on the northernmost coastline of Western Europe, integrated in the Western world economy. For centuries Norway's integration in the world economy had been based on exports of raw materials such as fish and timber, as well as shipping services. In the early 20th century, furnace-based metals (made possible by cheap hydropower) were added to this export basket. Just as the world economy entered an increasingly unstable phase in 1970s, another natural resource was discovered in Norway: petroleum – that is, oil and natural gas from the North Sea. This chapter analyses the challenges and possibilities inherent in the Norwegian strategy of developing an oil economy in a world economic situation influenced by new and stronger forms of international integration through the four decades between 1970 and 2010.

This chapter investigates the nature of the transformation of macroeconomics by focusing on the impact of the Great Depression on economic doctrines. There is no doubt that the Great Depression exerted an enormous influence on economic thought, but the exact nature of its impact should be examined more carefully. In this chapter, I examine the transformation from a perspective which emphasizes the interaction between economic ideas and economic events, and the interaction between theory and policy rather than the development of economic theory. More specifically, I examine the evolution of what became known as macroeconomics after the Depression in terms of an ongoing debate among the “stabilizers” and their critics. I further suggest using four perspectives, or schools of thought, as measures to locate the evolution and transformation; the gold standard mentality, liquidationism, the Treasury view, and the real-bills doctrine. By highlighting these four economic ideas, I argue that what happened during the Great Depression was the retreat of the gold standard mentality, the complete demise of liquidationism and the Treasury view, and the strange survival of the real-bills doctrine. Each of those transformations happened not in response to internal debates in the discipline, but in response to government policies and real-world events.

The purpose of the paper is to examine the interdependencies between trade and environment policies, as they get jointly determined in a political‐economy model of a small open economy. In theoretical literature, government is usually modeled as benevolent. In real economies, however, it is not a pure social welfare maximizer. Lobbies have stakes in the specific policies, and they negotiate with/bribe the government over the latter's policy stance. The influence of industry lobbying on both trade and the environment policies at the political equilibrium is the focus of the paper.

Concepts from non‐cooperative game theory are used to incorporate a Nash‐bargaining game between the industry lobby and government. Government is not benevolent. Campaign contributions help win elections and provide incentive to distort policies to attract lobby contributions. Several situations are modeled. Given a politically set environment policy, tariffs may be zero in view of the free trade agreements. Or, a sequential game is modeled where environment policy is set to maximize social welfare, given a politically determined trade policy. Alternatively, in the full political equilibrium, government and lobby bargain simultaneously over tariff and the environmental tax.

Lobbying implies that government may trade‐off one policy for another. When only environment policy is politically manipulable by the lobby, pollution tax is lower than the Pigouvian tax. If, instead, the lobby can influence trade policy only, government provides protection to domestic import‐competing sector. In a sequential game, the trade policy outcome does not change, but pollution tax is always higher than the Pigouvian level, even with the environmental lobby absent. With both the policies political, the government “concedes” and offers positive tariff protection, but, not on environment policy; that is, imposes a pollution tax higher than the Pigouvian level.

The paper provides useful insights into how, under the influence of special‐interest politics, and bargaining between the government and lobbies, the trade and environment policies interact with each other. In comparison with the existing literature on this issue, it derives several stronger and (apparently) counter‐intuitive conclusions.

The Nature of Business Policy Business policy — or general management — is concerned with the following six major functions:

This paper aims to develop and evaluate, in “real-life” pilot applications, a framework for advanced social media exploitation by government agencies in their policy-making processes to promote public participation and conduct crowdsourcing.

This framework has been developed through cooperation with public sector employees experienced in public policy-making, using both qualitative and quantitative techniques: semi-structured focus group discussions, scenarios development and questionnaire surveys. The evaluation of the framework has been conducted through semi-structured focus group discussions with public sector employees involved in the pilot applications.

A framework has been developed for advanced social media exploitation by government agencies, which is based on the automated posting of policy-related content to multiple social media, and then retrieval and processing of citizens’ interactions with it (e.g. views, likes, comments and retweets), using the application programming interfaces (API) of these social media. Furthermore, a supporting information and communication technologies (ICT) infrastructure and an application process model for it were developed. Its evaluation, based on “real-life” pilot applications, leads to useful insights concerning its capabilities, strengths and weaknesses.

The proposed framework has been evaluated in a small number of pilot applications, so further evaluation of it is required, in various types of government agencies and for different kinds of policy consultations.

The above framework enables government agencies to communicate with wider and more heterogeneous audiences in a short time and at a low cost, increase public participation in their policy-making processes, collect useful knowledge, ideas and opinions from citizens and, finally, design better, more socially rooted, balanced and realistic policies.

This research contributes to the development of knowledge concerning advanced practices for effective social media exploitation in government (which is currently limited, despite the considerable relevant knowledge developed in this area for the private sector), by developing and evaluating a framework for advanced and highly automated exploitation of multiple social media by government agencies. Furthermore, an evaluation methodology for such practices has been developed, which is based on sound theoretical foundations.

It was not until the late 1960s that housing attracted much attention from academic social scientists. Since that time the literature has expanded widely and diversified, establishing housing with a specialised status in economics, sociology, politics, and in related subjects. As we would expect, the new literature covers a technical, statistical, theoretical, ideological, and historical range. Housing studies have not been conceived and interpreted in a monolithic way, with generally accepted concepts and principles, or with uniformly fixed and precise methodological approaches. Instead, some studies have been derived selectively from diverse bases in conventional theories in economics or sociology, or politics. Others have their origins in less conventional social theory, including neo‐Marxist theory which has had a wider intellectual following in the modern democracies since the mid‐1970s. With all this diversity, and in a context where ideological positions compete, housing studies have consequently left in their wake some significant controversies and some gaps in evaluative perspective. In short, the new housing intellectuals have written from personal commitments to particular cognitive, theoretical, ideological, and national positions and experiences. This present piece of writing takes up the two main themes which have emerged in the recent literature. These themes are first, questions relating to building and developing housing theory, and, second, the issue of how we are to conceptualise housing and relate it to policy studies. We shall be arguing that the two themes are closely related: in order to create a useful housing theory we must have awareness and understanding of housing practice and the nature of housing.

This article argues that educational policy in England has passed through four main stages in the last three decades. The first three phases, Social democratic, Resource constrained and Market, all contain elements which now inform the Excellence phase which is being pursued by New Labour. This phase combines a determination to improve the quality of pupil learning with a much more interventionist set of strategies than has been witnessed in recent years. This set of policies has inherent weaknesses. Some of these are derived from the partial incorporation into current policy of the concept of the educational marketplace; others are associated with the concept based for New Labour educational policy, the school effectiveness movement; and yet others derive from an inadequate understanding of the nature of leadership and management in schools which leads to an over‐emphasis on the role of the school principal. The article concludes by suggesting alternative forms of leadership which might be more appropriate for schools in a rapidly changing society.

The purpose of this paper is to assess the suitability of adopting inflation targeting in an emerging market, based on the pre‐conditions of inflation targeting identified in the literature.

The study uses Granger causality and VAR approaches to assess the importance of the relationship between monetary policy variables and inflation.

The findings indicate a dominant role of fiscal policy on both prices and output. The results therefore support the fiscal theory of price level, implying a need for incorporation of a fiscal variable in the design of monetary policy. The study also observes that the employment contract of the office of the governor is relatively short‐term and less than the Kenyan election cycle. The exchange rate is found to have no role on both prices and output. More importantly, the results show that the Kenyan economy does not meet all the conditions necessary for adopting inflation targeting.

The study described in the paper is novel, as it is the first attempt the authors are aware of that empirically assesses the feasibility of inflation targeting in Kenya. The paper provides policy makers in emerging markets with useful information on the choice of appropriate policy frameworks for maintaining price stability. It also demonstrates the need for evaluation of any policy framework before adoption.

Even though leaders often are seen as responsible guides, they sometimes behave in a self-serving way, for example, by spending the company's budget on their own, frivolous needs. In this study, the authors explore an aspect of such behavior: the authors examine how an organizational budget policy makes such spending more legitimate in the eyes of followers. Specifically, the authors examine when followers will react to a leader's self-serving behavior as a function of: the role of organizational budget policies, and whether followers are directly affected by the leader's behavior. The authors test two particular budget policies, i.e. carry-forward vs non-carry-forward (a.k.a., “use-it-or-lose-it” budget policies), which differ on whether a department/team's allocations not spent by the end of the fiscal year flow back to the central administration. The paper aims to discuss these issues.

Study 1 is a multi-source field study that should enhance the external validity of the results. Study 1 was analyzed with regression analyses and bootstrapping techniques. To be able to draw causal inferences, the authors also conducted an experimental study (Study 2).

Followers react more negatively – by showing increased turnover intentions and decreased commitment and cooperation – to a leader's self-serving behavior in a carry-forward policy than in a use-it-or-lose-it budget policy. Thus, organizational policies, such as the budget policy, affect how followers react to self-serving leaders.

The authors focus on self-serving leader behavior. The authors show that followers’ reactions to self-serving leaders are not necessarily negative and are influenced by the specific organizational context in which the self-serving behavior occurs. More specifically, the authors add to the literature by introducing budget policies as influencing followers’ reactions to leaders’ behavior.