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The Howard Shuttering Contractors case throws considerable light on the importance which the tribunals attach to warnings before dismissing an employee. In this case the tribunal took great pains to interpret the intention of the parties to the different site agreements, and it came to the conclusion that the agreed procedure was not followed. One other matter, which must be particularly noted by employers, is that where a final warning is required, this final warning must be “a warning”, and not the actual dismissal. So that where, for example, three warnings are to be given, the third must be a “warning”. It is after the employee has misconducted himself thereafter that the employer may dismiss.

The purpose of this paper is to provide an extensive review of the monetary model of exchange rate determination which is the main theoretical framework on analyzing exchange rate behavior over the last 40 years. Furthermore, we test the flexible price monetarist variant and the sticky price Keynesian variant of the monetary model. We conduct our analysis employing a sample of 14 advanced economies using annual data spanning the period 1880–2012.

The theoretical background of the paper relies on the monetary model to the exchange rate determination. We provide a thorough econometric analysis using a battery of unit root and cointegration testing techniques. We test the price-flexible monetarist version and the sticky-price version of the model using annual data from 1880 to 2012 for a group of industrialized countries.

We provide strong evidence of the existence of a nonlinear relationship between exchange rates and fundamentals. Therefore, we model the time-varying nature of this relationship by allowing for Markov regime switches for the exchange rate regimes. Modeling exchange rates within this context can be motivated by the fact that the change in regime should be considered as a random event and not predictable. These results show that linearity is rejected in favor of an MS-VECM specification which forms statistically an adequate representation of the data. Two regimes are implied by the model; the one of the estimated regimes describes the monetary model whereas the other matches in most cases the constant coefficient model with wrong signs. Furthermore it is shown that depending on the nominal exchange rate regime in operation, the adjustment to the long run implied by the monetary model of the exchange rate determination came either from the exchange rate or from the monetary fundamentals. Moreover, based on a Regime Classification Measure, we showed that our chosen Markov-switching specification performed well in distinguishing between the two regimes for all cases. Finally, it is shown that fundamentals are not only significant within each regime but are also significant for the switches between the two regimes.

The results are of interest to practitioners and policy makers since understanding the evolution and determination of exchange rates is of crucial importance. Furthermore, our results are linked to forecasting performance of exchange rate models.

The present analysis extends previous analyses on exchange rate determination and it provides further support in favor of the monetary model as a long-run framework to understand the evolution of exchange rates.

Outlines a new method of discovering original documents related to management history. Uses seemingly insignificant statements in books, articles or original documents to locate documents not listed on any computer database or public archive records, but which are undiscovered in attics or basements. The method involves the use of sources not commonly used by management scholars: obituaries, wills, cemetery records, deeds, land‐ownership maps, city directories and court records. Provides two examples to illustrate the discovery of actual documents: (1) the discovery of ten years of correspondence between F.W. Taylor and S. Thompson on the time required to do work, and (2) new evidence on F.W. Taylor’s interest in high‐heat treatment of tool steel leading to high‐speed steel and in shovels and shovelling. Finally presents new evidence on Taylor’s secret agreement with Bethlehem Steel to give favourable testimony in a patent case in exchange for a free licence for the high‐speed steel process Taylor had sold to Bethlehem for more than $50,000 in 1901.

Did the expansion of democratic institutions play a role in determining central government spending behavior in the 19th and 20th centuries? The link between democracy and increased central government spending is well established for the post-Second World War period, but has never been explored during the first “wave of democracy” and its subsequent reversal, that is 1870–1938. The main contribution of this paper is the compilation of a dataset covering 24 countries over this period to begin to address this question. Utilizing various descriptive techniques, including panel data regressions, we explore correlations between central government spending and the institutional characteristics of regimes. We find that the data are consistent with the hypothesis that democracies have a broader need for legitimization than autocracies as various measures of democracy are associated with higher central government spending. Our results indicate that the extension of franchise had a slight positive impact on central government spending levels, as did a few of the other democracy variables. We also find that early liberal democracies spent less and monarchies more than other regimes; debt increases spending; and participation in the Gold Standard reduced government spending substantially.

The importance of the adverse impacts of network degradation has stimulated substantial international research interest in transport network reliability, that is, the ability of degraded transport networks to cope with travel demand. Most of the recent research effort has focused on the reliability of urban passenger transport networks, in terms of the probability that the network will deliver a required standard of performance. This situation is characterised by high levels of congestion, a dense road network, and quantifiable probability of degradation of the network. Outside major urban centres, the situation is very different. The main dominant consideration in transport network infrastructure provision is accessibility - linking urban centres, providing regional coverage, and basic levels of accessibility for the non-urban community and economy. The network is sparse, congestion is not a significant issue, and access to essential community services and to markets is the major driving force underlying network development. In this context, the vulnerability of the network is perhaps more important than ‘reliability’. This paper develops the concept of network vulnerability. It begins by reviewing the current state of research into network reliability, then proposes extensions and adaptations to the reliability concepts that are more appropriate for strategic-level multi-modal transport systems. Several alternative definitions for vulnerability are proposed. The paper also discusses the development of algorithmic and visualisation tools that may be used to identify specific ‘weak spots’ in a network, where failure of some part of the transport infrastructure would have the most serious effects on access to specific locations and on overall system performance. Finally, the paper describes potential applications of network vulnerability concepts, and proposes directions for further research.

In this paper we investigate the relationship between loose monetary policy, low inflation, and easy bank credit and house price booms.

Using a panel of 11 OECD countries from 1920 to 2011 we estimate a panel VAR in order to identify loose monetary policy shocks, low inflation shocks, bank credit shocks, and house price shocks.

We show that during boom periods there is a heightened impact of all three “policy” shocks with the bank credit shock playing an important role. However, when we look at individual house price boom episodes the cause of the price boom is not so clear. The evidence suggests that the house price boom that occurred in the United States during the 1990s and 2000s was not due to easy bank credit.

Shocks from the shadow banking system are not separately identified. These are incorporated into the fourth “catch-all” shock.

Our evidence on housing price booms that expansionary monetary policy is a significant trigger buttresses the case for central banks following stable monetary policies based on well understood and credible rules.

This paper uses historical evidence to evaluate the relative importance of three main causes of house price booms. Our results bring into question the commonly held view that loose bank credit was to blame for the U.S. house price bubble of the later 1990s.