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The market-based monetary policy framework has been favoured by Economic Community of West African States (ECOWAS) economies. Hence, this study aims to investigate the effect of monetary policy channels on the sectoral value added and sustainable economic growth in ECOWAS. Data from the World Bank and International Monetary Fund over 2013–2019 were sourced for thirteen member countries. ECOWAS is found to have very high inflation level, interest and exchange rates.

The study adopted the Driscoll–Kraay fixed-effects ordinary least squares regression (OLS) estimator.

The findings revealed that while the effect of monetary policy channels on the agricultural sector value added is largely heterogenous and significantly in-elastic, the one on the industrial and services sectors are overwhelmingly homogeneous and negative, but insignificant for the services sector. Moreover, the effect of monetary policy channels on sustainable economic growth is also homogeneously asymmetric, with imminent stagflation, while the interactive effects of monetary policy channels are heterogeneous on sustainable economic growth and economic sectors. Therefore, an inflation targeting monetary policy stance is generally recommended with prioritised exchange rate stabilisation amid sufficient fiscal space.

This is amongst the first studies to investigate monetary policy channels, sectoral outputs and sustainable growth in the ECOWAS region with a rigorous analysis and found implications for policy.

The purpose of this paper is to examine monetary policies and bank lending in the emerging economies of Sub-Sahara Africa.

The dynamic system-generalized method of moments (GMM) that overcomes issues of unobserved period and country-specific effects, as well as potential endogeneity of explanatory variables, is applied in the estimation exercise. The study uses the data for 80 banks across 20 Sub-Saharan African countries from 2010 to 2019.

The findings show that expansionary monetary policy such as an increase in money supply stimulates bank lending, while contractionary monetary policies like increase in the monetary policy rates by the central banks lead to credit contraction, albeit a weak effect due to possible underdevelopment of financial markets, institutional constraints, bank concentration and other rigidities in the system characteristic of developing countries that undermine the effectiveness of monetary policy transmission. Capital adequacy ratio and size of economic activities are other variables that significantly influence bank lending channels.

Sub-Sahara Africa countries can enhance the effectiveness of monetary policy transmission on bank lending through the effective use of the transmission mechanism of changes in money supply and monetary policy rate.

While greater empirical attention has been devoted to the nexus between monetary policies and macroeconomic variables in country-specific studies, the connection between monetary policies and bank lending at an extensive regional or cross-country level is still scanty. For Sub-Saharan Africa, there is a palpable lack of empirical evidence on this. This study, therefore, seeks to fill this gap in a region where the impact of monetary policies on credit intermediation is crucial to the economic diversification efforts of the governments of Sub-Sahara Africa.

The study aims to estimate the short- and long-run effects of monetary policy on residential property prices in South Africa. Over the past decades, there has been a monetary policy shift, from targeting money supply and exchange rate to inflation. The shifts have affected residential property market dynamics.

The Johansen cointegration approach was used to estimate the effects of changes in monetary policy proxies on residential property prices using quarterly data from 1980 to 2022.

Mortgage finance and economic growth have a significant positive long-run effect on residential property prices. The consumer price index, the inflation targeting framework, interest rates and exchange rates have a significant negative long-run effect on residential property prices. The Granger causality test has depicted that exchange rate significantly influences residential property prices in the short run, and interest rates, inflation targeting framework, gross domestic product, money supply consumer price index and exchange rate can quickly return to equilibrium when they are in disequilibrium.

There are limited arguments whether the inflation targeting monetary policy framework in South Africa has prevented residential property market boom and bust scenarios. The study has found that the implementation of inflation targeting framework has successfully reduced booms in residential property prices in South Africa.

This paper investigates the structural model of vector autoregression (SVAR) of the interdependent relationship of inflation, monetary policy and Islamic banking variables (RDEP, RFIN, DEP, FIN) in Indonesia. By using monthly data for the period 2001M01-2019M12, the impulse response function (IRF), forecasting error decomposition variation (FEDV) is used to track the impact of Sharīʿah variables on inflation (prices).

This research uses quantitative approach with SVAR model to reveal the problem.

The empirical results of SVAR, the IRF show that policy shocks have a negative impact on all variables in Islamic banking except the equivalent deposit interest rate (RDEP). The impact of both conventional (7DRR) and Sharīʿah (SBIS) policies has a similar pattern. While the transmission of Sharīʿah monetary variables as a policy operational target in influencing inflation is positive. In addition, the FEDV clearly revealed that the variation in the Sharīʿah financial sector was relatively large in monetary policy shocks and their role in influencing prices.

The empirical results of SVAR, the IRF show that policy shocks have a negative impact on all variables in Islamic banking except the equivalent deposit interest rate ‘RDEP’. The impact of both conventional “7DRR” and Sharīʿah “SBIS” policies has a similar pattern. While the transmission of Sharīʿah monetary variables as a policy operational target in influencing inflation is positive. In addition, the FEDV clearly revealed that the variation in the Sharīʿah financial sector was relatively large in monetary policy shocks and their role in influencing prices.

The purpose of this study is to analyze commercial bank-level data to examine a credit channel of the monetary policy transmission mechanism in emerging economies, such as South Africa from BRICS countries. Among the important questions that central banks, economists and policymakers have raised in this area are: Do bank characteristics and macroeconomic variables influence credit supply in South Africa? Do bank characteristics and macroeconomic variables interact to influence credit supply in South Africa?

Static panel data with pooled OLS, a random effect model and the fixed-effect model are used for data analysis. Using a sample of 50 commercial banks from South Africa over 10 years from 2009 to 2018. The statistical software Stata is utilized for data analysis.

The conclusion of this study shows that in South Africa, the loan amount has a strong and positive macroeconomic variable inflation effect. The outcomes of the study also revealed that in South Africa, there is a strong but negative association between interaction macroeconomic variables inflation and bank characteristic liquidity ratio on the loan amount.

The authors contribute to the existing literature by identifying the key determinants of monetary policy transmission channels through credit in South Africa and, furthermore, through a country-level data analysis and disaggregation at the commercial bank level, as well as economic conditions.

Among the many factors fueling the inflationary tendencies in an economy such as monetary shocks, structural shocks, demand shocks, external shocks and demographic changes, the issue of inflation (INF) has also been found to be related to fiscal policy decisions of the government. The purpose of this study is to investigate the inflationary tendencies in India particularly from the fiscal point of view. The study also examines the influence of other potential determinants such as output growth rate, interest rate, trade-openness (TO) and oil price inflation (OPI).

To examine the dynamic nature of association between fiscal deficit and inflation, the study applies the Toda-Yamamoto (1995) test and Breitung and Candelon (2006) test to investigate the nature of causality in time and frequency domain frameworks. In addition, to scrutinize the possibility of a long-run association, that too from an asymmetric point of view, the study applies a Non-linear Autoregressive Distributed lag model (NARDL) given by Shin et al. (2014). Finally, non-linear cumulative dynamic multipliers are used to trace the traverse between disequilibrium position of short-run and subsequent long-run equilibrium of the system.

The authors found a unidirectional causality from fiscal deficit to inflation in case of time domain analysis and no feedback causality is reported. However, in case of frequency domain design, causality from fiscal deficit to inflation is found at low frequencies only, i.e. no short-run causality is established and hence dynamic nature of the relationship between the two variables is vindicated. Using NARDL model, the results document the existence of an asymmetric long-run direct association between fiscal deficit and inflation. However, an increase in deficit is found to be more inflationary and a decrease affects the inflation with a lower magnitude. The asymmetric impact of fiscal deficit on inflation can be explained through the existence of liquidity constraints, consumption-investment downward inflexibility and the downward price stickiness. Contractionary monetary policy action is found to be more effective than an expansionary one, signifying the asymmetric influence of monetary policy actions on the inflation of India. Similarly, in a supply-constrained economy with downward price rigidity, the authors found an asymmetric impact of output growth and output decline on inflation. As regard to the trade-openness, although an asymmetry is reported, the signs refute the validation of Romer (1993) hypothesis. Finally, the impact of oil price inflation on the inflationary pressures is according to theory but the coefficients are devoid of statistical significance.

These results indicate some important policy recommendations. Fiscal consolidation strategy should be executed in an appreciable manner to achieve the sound fiscal health and lower INF. The disciplined fiscal strategy would also be imperative for an effective monetary policy. Monetary authorities should possess noticeable credibility to manage the macroeconomic system and policy stances should be implemented according to requirements of the economy. Growth in output should be encouraged to have two-fold benefits to the economy – reducing INF on the one hand and fiscal deficits on the other.

The study contributes to the existing literature in the following ways. First, taking note of dynamic nature of the relationship between these two variables, the study examined the deficit INF nexus in a dynamic and asymmetric framework. The novelty of the study is ensured by the very nature of it is the first study in case of India to identify the fiscal INF in an asymmetric configuration. The authors applied a NARDL model, given by Shin et al. (2014) to examine the existence of any cointegrating relationship in an asymmetric paradigm. Second, the nature of causality between fiscal deficit and INF has been examined in a time domain and FD framework to portray precisely the casual interactions between these two variables in the short-run and long run. The study will, therefore, enrich the existing literature along the asymmetric lines.

In recent years, with the gradual differentiation of economic and financial cycles, it has been increasingly difficult for monetary policies to remain balanced in stabilizing both economy and finance. Taking the period of 1999–2017 as a sample, the purpose of this paper is to find whether the synergy between the growth cycle and the price cycle is constantly improving in the economic cycle is more appropriate.

The key to stabilizing the economic cycle lies in the monetary policy and it should abandon the goal of boosting growth in a timely manner and turn into the goal of maintaining steady growth. At present, quantitative monetary policy is still more effective than price-oriented monetary policy in smoothing the economic cycle.

The impact of quantitative regulation on the financial cycle is more neutral, whereas price regulation will increase the volatility of price and financial cycles in the course of smoothing the growth cycle. In view of the continuous differentiation between the economic and financial cycles, it is realistic and reasonable to accelerate the establishment of a sound dual-pillar regulatory framework of “monetary policy and macro-prudential policy.”

The macro-prudential policy is specially used to smooth the financial cycle, so as to reduce the burden and increase the efficiency of the monetary policy on regulating economic cycle. Moreover, the transformation of monetary policy to price-oriented regulation must keep pace with the construction of the dual-pillar regulation framework and complement each other to prevent undesirable consequences in the financial sector. On the other hand, monetary policy still needs to rely on quantitative regulation in the future. The research in this paper also provides a new perspective for understanding the internal and external reform of China’s monetary policy in recent years.

Internet of Things’ (IoT’s) first wave started with tracking services for better inventory management mainly using radio frequency identification (RFID) technology. Later on, monitoring services became one of the major interests, including sensing technologies, and then more actuation for remote control-type of IoT applications such as smart homes, smart cities and Industry 4.0. In this paper, the authors focus on the RFID technology impairment. They propose to take advantage of the mature IoT technologies that offer native service discovery such as blutooth or LTE D2D ProSe or Wifi Direct. Using the automatic service discovery in the new framework will make heterogeneous readers aware of the presence of other readers and this will be used by the proposed distributed algorithm to better control the multiple RFID reader interference problem. The author clearly considers emerging Industry 4.0 use case, where RFID technology is of major interest for both identification and tracking. To enhance the RFID tag reading performance, collisions in the RFID frequency should be minimized with reader-to-reader coordination protocols. In this paper, the author proposes a simple distributed reader anti-collision protocol named DiSim that makes use of proximity services of IoT network and is compliant with the current RFID standards. The author evaluates the efficiency of the proposal via simulation.

In this paper, the author proposes a simple distributed reader anti-collision protocol named DiSim that makes use of proximity services of IoT network and is compliant with the current RFID standards. The author evaluates the efficiency of the proposal via simulation to study its behavior in very dense and heterogeneous RFID environments. Specifically, the author explores the coexistence of powerful static readers and small mobile readers, comparing the proposal with a standard ETSI CSMA method. The proposal reduces significantly the number of access attempts, which are resource-expensive for the readers. The results show that the objectives of DiSim are met, producing low reader collision probability and, however, having lower average readings per reader per time.

DiSim is evaluated with the ETSI standard LBT protocol for multi-reader environments in several environments with varied levels of reader and tag densities, having both static powerful RFID readers and heterogeneous randomly moving mobile RFID readers. It effectively reduces the number of backoffs or contentions for the RFID channel. This has high reading success rate due to the avoided collisions; however, the readers are put to wait, and DiSim has less average readings per reader per time. As an additional side evaluation, the ETSI standard LBT mechanism was found to present a good performance for low-density mid-coverage scenarios, however, with high variability on the evaluation results.

To show more results, the author needs to do real experimentation in a warehouse, such as Amazon warehouse, where he expects to have more and more robots, start shelves, automatic item finding on the shelve, etc.

Future work considers experimentation in a real warehouse equipped with heterogeneous RFID readers and real-time analysis of RFID reading efficiency also combined with indoor localization and navigation for warehouse mobile robots.

More automatization is expected in the future; this work makes the use of RFID technology more efficient and opens more possibilities for services deployment in different domains such as the industry which was considered not only in this paper but also in smart cites and smart homes.

Compared to the literature, the proposal offers the advantage to not be dependent on a centralized server controlling the RFID readers. It also offers the possibility for an existing RFID architecture to add new readers from a different manufacturer, as the readers using the approach will have the possibility to discover the capabilities of the new interaction other RFID readers. This solution takes advantage of the available proximity service that will be more and more offered by the IoT technologies.

Although supporting and assessing the non-academic “impact” of research are not entirely new developments in higher education, academics and research institutions are under increasing pressure to produce work that has a measurable influence outside the academy. With a view to supporting the solution of complex societal issues with evidence and expertise, and against the background of increased emphasis on impact in the United Kingdom's 2021 Research Excellence Framework (REF2021) and a proliferation of impact guides and tools, this article offers a simple, easy to remember framework for designing impactful research. We call this framework “The 7Cs of Impact” – Context, Communities, Constituencies, Challenge, Channels, Communication and Capture.

Drawing on core elements of the Policy Institute at King's College London's Impact by Design training course and the authors' practical experience in supporting and delivering impact, this paper outlines how this framework can help address key aspects across the lifecycle of a research project and plan, from identifying the intended impact of research and writing it into grants and proposals, to engaging project stakeholders and assessing whether the project has had the desired impact.

While preparations for current and future REF submissions may benefit from using this framework, this paper sets out the “7Cs” with a more holistic view of impact in mind, seeking to aid researchers in identifying, capturing, and communicating how research projects can and do contribute to the improvement in society.

This paper examines the process optimization method of the online sales model of information product demand concerning the spillover effect. It illustrates the spillover effect (SE) of online product demand compared with traditional market demand. Also, optimized the SE for the ethical and ordinary consumer.

This article primarily focused on two types of models for online marketing: one is wholesales, and another is the agency. Firstly, the wholesale and agency models without SE and the wholesale and agency models with SE are constructed, respectively, to realize the SE in different sales models. Secondly, online channel participants' optimal price, demand and profit under variant conditions are compared and analyzed. Finally, efficient supply chain theory is optimized for the decision-making of online marketing consumers using an equation-based comparative analysis method.

The study found that when SEs are not considered, stronger piracy regulation makes online channel participants more beneficial. When the positive SE is strong, it is detrimental to manufacturers. When SEs are not considered, online channel participants only reach Pareto in agency mode. Pareto optimality can be achieved in wholesale and agency modes when SEs are considered.

The research has practical implications for an effective supply chain model for online marketing. This is the first algorithm-based comparative study concerning theoretical spillover effect analysis in supply chain management.