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Article
Publication date: 13 June 2016

James M. Wilson

The purpose of this paper is to describe and analyse a historic performance-based pay system used in 1803-1810 to reward Marc Isambard Brunel for his innovative…

Abstract

Purpose

The purpose of this paper is to describe and analyse a historic performance-based pay system used in 1803-1810 to reward Marc Isambard Brunel for his innovative engineering designs used in the Portsmouth Block Mills. This was used to ensure that Brunel would continue his work on the project once the design was complete to resolve any problems and make any desirable improvements to the machines and the system as a whole.

Design/methodology/approach

This research analyses archived correspondence between the project’s initiators: the Navy Board and Samuel Bentham along with the Admiralty as well as Marc Brunel. Basic financial analyses are applied to the historic cost and investment data.

Findings

The scheme was well designed and successfully kept Brunel involved in the implementation and operational phases of the project. However, there were numerous problems that delayed the project’s completion, thereby creating additional work for Brunel and also delaying and reducing his payments. Brunel was alienated by these developments.

Research limitations/implications

This research has exploited the archived data as fully as possible, and although there are no known deficiencies in the records, it would be desirable to have more complete and detailed information on the investment in, and operations of, the factory.

Practical implications

Reward systems should be designed and implemented so that events outside management’s and worker’s control should not disadvantage either group.

Originality/value

Detailed information about the operations and financial performance of an early factory are analysed in depth. These reveal how management and an innovative engineer interacted regularly over several years with numerous insights on their day-to-day relations.

Details

Journal of Management History, vol. 22 no. 3
Type: Research Article
ISSN: 1751-1348

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Article
Publication date: 17 August 2021

Elena Fedorova and Elena Meshkova

This paper aims to examine the relationship between monetary policy and market interest rates. This paper examines the efficiency of interest rate channel used in monetary…

Abstract

Purpose

This paper aims to examine the relationship between monetary policy and market interest rates. This paper examines the efficiency of interest rate channel used in monetary regulation as well as implementation of monetary policy under low interest rates. This paper examines and reviews the scientific literature published over the past 30 years to determine primary research areas, to summarize their results and to identify appropriate measures of monetary policy to be used in practice in changing economic environment.

Design/methodology/approach

This paper reviews 94 studies focused on the relationship between monetary policy and market interest rates in terms of meeting the goals of macroeconomic regulation. The articles are selected on the basis of Scopus citation and bibliometric analysis. A major feature of this paper is the use of text analysis (data preparation, frequency of terms and collocations use, examination of relationships between terms, use of principal component analysis to determine research thematic areas). Using the method of principal component analysis while studying abstracts this paper reveals thematic areas of the research. Thus, the conducted text analysis provides unbiased results.

Findings

First, this paper examines the whole complex of relationships between monetary policy of central banks and market interest rates. Second, this research reviews a wide range of literature including recent studies focused on specific features of monetary policy under low and negative rates. Third, this study identifies and summarizes the thematic areas of all the researches using text analysis (transmission mechanism of monetary policy, efficiency of zero interest rate policy, monetary policy and term structure of interest rates, monetary policy and interest rate risk of banks, monetary policy of central banks and financial stability). Finally, this paper presents the most important findings of the studied articles related to the current situation and trends on the financial market as well as further research opportunities. This paper finds the principal results of studies on significant issues of monetary policy in terms of its efficiency under low interest rates, influence of its instruments on term structure of interest rates and role of banking sector in implementation of transmission mechanism of monetary policy.

Research limitations/implications

The limitation of the review is examining articles for the study period of 30 years.

Practical implications

Central banks of emerging economies should apply the instruments and results of the countries' monetary policies reviewed in this paper. Using text analysis this paper reveals the main thematic areas and summarizes findings of the articles under study. The analysis allows presenting the main ideas related to current economic situation.

Social implications

The findings are of great value for adjusting the monetary policy of central banks. Also, these are important for people because these show the significant role of monetary policy for the economic growth.

Originality/value

Using text analysis this paper reveals the main thematic areas (transmission mechanism of monetary policy, efficiency of zero interest rate policy, monetary policy and term structure of interest rates, monetary policy and interest rate risk of banks, monetary policy of central banks and financial stability) and summarizes findings of the articles under study. The analysis allows defining the current ideas relevant to the monetary policy of developing countries. It is important for central banks because it examines the monetary policy problems and proposes optimal solutions.

Details

International Journal of Development Issues, vol. 20 no. 3
Type: Research Article
ISSN: 1446-8956

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Book part
Publication date: 1 July 2015

Nikolay Markov

This chapter estimates a regime switching Taylor Rule for the European Central Bank (ECB) in order to investigate some potential nonlinearities in the forward-looking…

Abstract

This chapter estimates a regime switching Taylor Rule for the European Central Bank (ECB) in order to investigate some potential nonlinearities in the forward-looking policy reaction function within a real-time framework. In order to compare observed and predicted policy behavior, the chapter estimates Actual and Perceived regime switching Taylor Rules for the ECB. The former is based on the refi rate set by the Governing Council while the latter relies on the professional point forecasts of the refi rate performed by a large investment bank before the upcoming policy rate decision. The empirical evidence shows that the Central Bank’s main policy rate has switched between two regimes: in the first one the Taylor Principle is satisfied and the ECB stabilizes the economic outlook, while in the second regime the Central Bank cuts rates more aggressively and puts a higher emphasis on stabilizing real output growth expectations. Second, the results point out that the professional forecasters have broadly well predicted the actual policy regimes. The estimation results are also robust to using consensus forecasts of inflation and real output growth. The empirical evidence from the augmented Taylor Rules shows that the Central Bank has most likely not responded to the growth rates of M3 and the nominal effective exchange rate and the estimated regimes are robust to including these additional variables in the regressions. Finally, after the bankruptcy of Lehman Brothers the policy rate has switched to a crisis regime as the ECB has focused on preventing a further decline in economic activity and on securing the stability of the financial system.

Details

Monetary Policy in the Context of the Financial Crisis: New Challenges and Lessons
Type: Book
ISBN: 978-1-78441-779-6

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Article
Publication date: 1 June 1995

William M. Taylor

It is found that one unit root, common trend is shared by the quarterly auction price series of five frequently auctioned types of stamps. The common trends analysis…

Abstract

It is found that one unit root, common trend is shared by the quarterly auction price series of five frequently auctioned types of stamps. The common trends analysis provides specific, stationary linear combinations, or cointegrating portfolios, of the auction price levels. The quarterly returns for the system of cointegrated auction prices can be represented by an error correction model using past returns and cointegrating vectors. There is evidence of a positive relationship between changes in the common trend and leading changes in industrial production

Details

Managerial Finance, vol. 21 no. 6
Type: Research Article
ISSN: 0307-4358

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Book part
Publication date: 1 July 2015

Tiziana Assenza, Michele Berardi and Domenico Delli Gatti

Should the central bank target asset price inflation? In their 1999 paper Bernanke and Gertler claimed that price stability and financial stability are “mutually…

Abstract

Should the central bank target asset price inflation? In their 1999 paper Bernanke and Gertler claimed that price stability and financial stability are “mutually consistent objectives” in a flexible inflation targeting regime which “dictates that central banks … should not respond to changes in asset prices.” This conclusion is straightforward within their framework in which asset price inflation shows up as a factor “augmenting” the IS curve. In this chapter, we pursue a different modeling strategy so that, in the end, asset price dynamics will be incorporated into the NK Phillips curve. We put ourselves, therefore, in the best position to obtain a significant stabilizing role for asset price targeting. It turns out, however, that inflation volatility is higher in the asset price targeting case. After all, therefore, targeting asset prices may not be a good idea.

Details

Monetary Policy in the Context of the Financial Crisis: New Challenges and Lessons
Type: Book
ISBN: 978-1-78441-779-6

Keywords

Abstract

Details

Histories of Economic Thought
Type: Book
ISBN: 978-0-76230-997-9

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Article
Publication date: 6 May 2020

Moumita Basu and Ranjanendra Narayan Nag

This is a theoretical paper in the field of structuralist macroeconomics. The paper focuses on commodity price fluctuation which has emerged as one of the major…

Abstract

Purpose

This is a theoretical paper in the field of structuralist macroeconomics. The paper focuses on commodity price fluctuation which has emerged as one of the major macroeconomic factors with significant bearing on the relationship between the agricultural and nonagricultural sectors.

Design/methodology/approach

The paper develops a dual economy model consisting of an agricultural sector and an industrial sector. The commodity price is subject to the fluctuations due to the fact that stock of primary goods is an asset which is sensitive to speculations. The paper considers a standard methodology of dynamic adjustment process involving change in stock of agricultural goods and price of agricultural goods under perfect foresight. The saddle path properties of the equilibrium are also examined.

Findings

The paper shows that the balanced budget fiscal expansion, capital account liberalization and the agricultural expansion lead to expansion of the industrial sector as well as level of employment. The increase in world interest rate may lead to contraction of the industrial sector and depress employment.

Originality/value

We will consider the openness of the economy in explaining how different macroeconomic policies and capital account liberalization generate multiple cross effects on the inter-connectedness between agricultural and the non-agricultural sector. The paper will discuss the issue of employment generation in conjunction with commodity price fluctuation. We depart from the literature by using Taylor rule under which interest rate is fixed by the Central Bank such that money supply becomes endogenous.

Details

Journal of Economic Studies, vol. 47 no. 6
Type: Research Article
ISSN: 0144-3585

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Book part
Publication date: 9 March 2016

Abstract

Details

Organization Theory
Type: Book
ISBN: 978-1-78560-946-6

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Article
Publication date: 1 December 2000

Richard K. Fleischman

Taylorism and scientific management, as significant components of productive relations in the USA during the early twentieth century, have been examined by accounting…

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Abstract

Taylorism and scientific management, as significant components of productive relations in the USA during the early twentieth century, have been examined by accounting historians representing the major paradigms that hold sway in contemporary historiography – the Foucauldian, the Marxist (labour process), and the economic rationalist (Neoclassical). The great bulk of this work has assumed that the major tenets of scientific management, such as time study, incentive wage schemes, standard costing, and variance analysis, were in common usage during the first two decades of the current century. This paper intends to set the record straight by demonstrating that theory was running far ahead of practice in that the number of actual adoptions of the new methods were not concomitant with the prevalence of scientific management literature. Subsequently, the paper will endeavour to show how the three major paradigms combine to enhance our understanding of Taylorism. Much of what Taylor wrote can be interpreted within a Foucauldian framework; the negative reaction of organised labour was much in the Marxist tradition; and, finally, the lack of applications in practice reflected economically rational action on the part of entrepreneurs (thereby completing the triangle).

Details

Accounting, Auditing & Accountability Journal, vol. 13 no. 5
Type: Research Article
ISSN: 0951-3574

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Article
Publication date: 5 November 2020

Nishani Champika Wickramaarachchi, Seetha Kusum Chandani and Malka Thilini

Developing residential units is crucial in the socio-economic development of a country. The investor faces not only uncertain transaction price (price risk), but also…

Abstract

Purpose

Developing residential units is crucial in the socio-economic development of a country. The investor faces not only uncertain transaction price (price risk), but also uncertainties about the marketing period risk. Predicting when the incurred money is being realized is difficult because of the imperfect nature of the real estate market. Thus, the purpose of this study is to analyze the variables that explain the time on the market (TOM) of housing units, identifying the relationships in-between and the effects on TOM of residential properties.

Design/methodology/approach

Following a multi-stage sampling process, a random sample of 120 housing units was selected. Data were collected using a self-administered questionnaire. The questionnaire contained 57 variables that can affect TOM. Semi-structured interviews were conducted to confirm some of the data and information on residential units from the developers. Direct observations were conducted to verify certain physical attributes and, finally, they were comprehensively analyzed using quantitative analysis techniques in SPSS 16.0 Statistical package.

Findings

Results confirmed that lesser advertising prices, attractive environment, proximity to the city center and proper shape of lands reduce the TOM. Similarly, higher prices, longer distance to the city center and irregular shape of land increase the TOM. The results strengthen the necessity of a comfortable environment appropriate to live, probably with greenery or water bodies, which is a key influential factor that reduces the TOM in Sri Lanka.

Originality/value

wIn the Sri Lankan context, there are few contributions to the real estate literature in this regard. Many scholars have concentrated on physical and economic characteristics, whereas this research adds the environmental factors. Therefore, this research makes a significant contribution to the body of knowledge in this area, as it puts more attention on including several variables, as well as newly introduced variables as determinants. Consumers can apply the research findings to assess the relative importance of housing attributes and services which they perceive most valuable, and then to make their purchase decisions. The findings also contribute to the investigations of the behavior of housing attributes and enable knowing as to what factors are to be promoted and what to be omitted to gain a shorter TOM.

Details

International Journal of Housing Markets and Analysis, vol. 14 no. 5
Type: Research Article
ISSN: 1753-8270

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