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This chapter analyzes the exchange rate pass-through (ERPT) into different prices for 12 euro area (EA) countries. We provide new up-to-date estimates of ERPT by paying attention to either the time-series properties of data and variables endogeneity. Using VECM framework, we examine the pass-through at different stages along the distribution chain, that is, import prices, producer prices, and consumer prices. When carrying out impulse response functions analysis, we find a higher pass-through to import prices with a complete pass-through (after one year) detected for roughly half of EA countries. These estimates are relatively large compared to single-equation literature. We denote that the magnitude of the pass-through of exchange rate shocks declines along the distribution chain of pricing, with the modest effect recorded for consumer prices. When assessing for the determinant of cross-country differences in the ERPT, we find that inflation level, inflation volatility, and exchange rate persistence are the main macroeconomic factors influencing the pass-through almost along the pricing chain. Thereafter, we have tested for the decline of the response of consumer prices across EA countries. According to multivariate time-series Chow test, the stability of ERPT coefficients was rejected, and the impulse responses of consumer prices over 1990–2010 provide an evidence of general decline in rates of pass-through in most of the EA countries. Finally, using the historical decompositions, our results reveal that external factors, that is, exchange rate and import prices shocks, have had important inflationary impacts on inflation since 1999 compared to the pre-EMU period.

Over the last three quarters of a century, the discourse on economic and social policy has oscillated between two polar opposites: an interventionist approach and a free market-oriented one. The former led to the establishment of the Keynesian welfare state and was dominant in the post-war years, but the latter gained much ground beginning in the 1980s, forcing defenders of the welfare state to retreat into a more defensive position. In the wake of the ‘Great Recession’, however, these two visions are once again sustaining vigorous debates in the global public arena. Economists in their role as policy advisers and public intellectuals, in other words as ‘experts’, have participated actively in such debates; the gains made by (what its critics call) ‘neo-liberalism’ were due, in no small measure, to the growing prestige and influence of Austrian economics. The experts’ discourse tends to be a historical and arguments are often phrased in terms of supposedly ‘cutting edge’ theoretical and empirical advances.¹ Yesterday's theories are judged obsolete and irrelevant. I argue that a more historically informed perspective can actually be more rewarding.

This chapter aims to present and analyze how the methodology/approach of service blueprinting may contribute to managing and offering high quality experiences to sport tourists.

In this study we use a combination of theoretical tools to develop a finalized services blueprint map for sport events. The method consists of a literature review and a presentation of empirical findings. First, using a case study, we present the process through which a small-scale sport event blueprint map was constructed. Secondly, based on a meeting with the management staff and the use of diaries, we analyze the comments of tourists in the sport event area. Thirdly, we compare and describe the main contact points between the front-line staff and sport event tourists in a service blueprint. Finally we apply the six dimensional construct domain analysis of service experiences and combine this information in a table format for the Failure, Effect, and Action analysis.

This study shows that observation, diaries, service blueprints, comment management, and FMEA (Failure Mode and Effects Analysis) are a range of corporate research approaches and management tools that can offer new insights into the theory and praxis of service management applications and can improve the experiences of sports tourists.

This study is related to sport rural events. Researchers have to check with the same method to study the results also in other sport events.

The analysis of Small-Scale Sport Event Services Blueprinting can be combined with other useful managerial tools, like the Failure Mode and Effects Analysis to better manage the contact points, the “moments of truth” of tourist experiences in the sport event service system. In addition, the SMF case study shows that it is useful to point out the problematic areas in the service system using combined methods and managerial tools with the aim of enhancing and contributing to better manage sport tourism event experiences.

It presents the new idea of combining theoretical constructs and measurement tools in order to blueprint, analyze, and create service customer experiences.

The role of money and monetary policy of the central bank in pursuing macroeconomic stability has significantly changed over the period since the end of World War II. Globalization, liberalization, integration, and transition processes generally shaped the crucial milestones of the macroeconomic development and substantial features of economic policy and its framework in Europe. Policy-driven changes together with variety of exogenous shocks significantly affected the key features of macroeconomic environment on the European continent that fashioned the framework and design of monetary policies.

This chapter examines the key basis of the central bank’s monetary policy on its way to pursue and preserve the internal and external stability of the purchasing power of money. Substantial elements of the monetary policy like objectives and strategies are not only generally introduced but also critically discussed according to their accuracy, suitability, and reliability in the changing macroeconomic conditions. Brief overview of the Eurozone common monetary policy milestones and the past Eastern bloc countries’ experience with a variety of exchange rate regimes provides interesting empirical evidence on origins and implications of vital changes in the monetary policy conduction in Europe and the Eurozone.

This paper seeks to reconcile two very different views existing in the literature concerning how exchange and demand affect the magnitude of commodity values. Traditionally, value is considered to be created in production and subsequently realized in exchange. An alternative monetary approach posits that exchange itself contributes to the determination of commodity values. Proponents of each view claim that significant parts of Marx’s theory of value are compromised if their interpretation of the role of exchange is not adopted. Drawing on the work of Rosdolsky and Roberts, I argue that it is necessary to distinguish between the effects of exchange and demand. Exchange acts to reduce concrete, private labor to abstract social labor, while demand affects the magnitude of labor considered “socially necessary” in the sense of being expended in accordance with existing social need. I identify a new category of exchange value – the market-price of production – and use it to explain how changes in demand act to redistribute value across industries by affecting the magnitude of abstract labor considered to be socially necessary. In this way the major claim of the two approaches to exchange are reconciled. The magnitude of value is fully determined in production. At the same time monetary exchange effects, or brings about, a social division of labor by reducing concrete, private labor to abstract social labor and by distributing value according to social need as expressed by effective demand.

This paper modifies the “standard” methodology for calculating the economic opportunity cost of foreign exchange (EOCFX), so as to incorporate into its calculation the distortions involved in the act of “sourcing” in the capital market the funds that will be spent by the project. Once we take these “sourcing” distortions into account, we are logically forced to pursue two parallel calculations. The first, EOCFX traces the results of sourcing money in the capital market and spending it on tradables. The second, the shadow price of nontradables outlays (SPNTO) traces the results of sourcing money in the capital market and spending it on nontradables. Supporting arguments and illustrative calculations are presented in the paper.