Modern Monetary Theory: A Wrong Compass for Decision-Making

Intereconomics - In the last few years, the so-called Modern Monetary Theory (MMT) has been gaining prominence in the media and the public. This article presents the MMT approach to money and...     

Ethical Decision-Making: A Case for the Triple Font Theory

This paper discusses the philosophical argument and the application of the Triple Font Theory (TFT) for moral evaluation of human acts and attempts to integrate the conceptual components of major moral theories into a systematic internally consistent decision-making model that is theoretically driven. The paper incorporates concepts such as formal and material cooperation and the Principle of Double Effect (PDE) into the theoretical framework. It also advances the thesis that virtue theory ought to be included in any adequate justification of morality and the need to integrate or coordinate notions of virtue into various act-oriented or principles-based ethics. The TFT offers a comprehensive and practical approach to ethical decision-making and is a useful alternative embedded in traditional wisdom. This paper provides a more general framework of the TFT than traditionally presented. Practical judgment is shown to play a constitute role in providing a guide for right action and is the “glue” that integrates the various components of the TFT. Surendra Arjoon is an Associate Professor of Business Ethics at the University of the West Indies, Trinidad. He has served as Chair, Department of Management Studies and as Associate Dean, Faculty of Social Sciences. He is also Vice President of the Trinidad & Tobago Economics Association. His work has appeared in the Journal of Business Ethics, Journal of Markets and Morality, Global Development Studies, Applied Financial Economics, and Social and Economic Studies.     

The aim remains: Monetary union

No doubt the monetary measures taken by the Government of the Federal Republic on May 10 have caused quite a stir. The question is: Can the European economic and monetary union still be achieved, in spite of the German measures?     

Stakeholder Theory and Managerial Decision-Making: Constraints and Implications of Balancing Stakeholder Interests

Stakeholder theory is widely recognized as a management theory, yet very little research has considered its implications for individual managerial decision-making. In the two studies reported here, we used stakeholder theory to examine managerial decisions about balancing stakeholder interests. Results of Study 1 suggest that indivisible resources and unequal levels of stakeholder saliency constrain managers’ efforts to balance stakeholder interests. Resource divisibility also influenced whether managers used a within-decision or an across-decision approach to balance stakeholder interests. In Study 2 we examined instrumental and normative implications of these two approaches. We conclude by considering the contributions of this research.     

Monetary policy in a developing economy with external debt: Theory and empirics

Using annual data from four open economies (Thailand, Indonesia, Mexico, and Chile), and estimating correlations and generalized impulse responses within the traditional vector autoregressive (VAR) analysis, we find that inflation, both in the short and long run, is negatively correlated with consumption, investment, and the stock of foreign debt. We propose an optimizing model of an open economy with outstanding foreign debt and borrowing constraint that could explain these empirics. In this economy, risk premium depends on creditworthiness measured by debt–income ratio. Firms operate under costly investment, and all transactions involving consumption and investment are subject to cash-in-advance (CIA) constraints.     

超产权理论刍议——兼评“超产权论与企业绩效”

产权理论是以产权为基本分析工具来研究企业的治理结构与绩效的关系。而超产权理论试图改变这一基本分析范式,以“竞争性”代替产权作为企业治理结构与绩效的基本分析工具。比较和分析这两种理论可看出,超产权理论所主张的竞争性分析方法并不能取代传统的产权分析,产权结构是决定企业治理结构和绩效的最基本制度因素,产权理论仍然是进行企业分析的合理有效的基本方法。     

Treaty Reform: Consequences for Monetary Policy

The proposed reform treaty, aimed at enhancing the efficiency and democratic legitimacy of the enlarged Union as well as its position on the global stage, has a number of important implications for monetary policy and the status of the European Central Bank. Can the reforms be expected to make euro area governance more efficient? Could they potentially jeopardise the ECB's independence and European monetary policy? Member of the Panel of Experts of the Committee on Economic and Monetary Affairs of the European Parliament, to which the article was first presented as a Briefing Paper for the Monetary Dialogue with the President of the European Central Bank in October 2007. The author gratefully acknowledges the helpful comments of Edin Mujagic and the excellent research assistance of Rob Nijskens.     

Gender Equality in Decision-Making Positions: The Efficiency Gains

Women are under-represented in decision-making positions worldwide. However, gender equality and diversity are recognised to have beneficial effects on organisations, institutions and the overall economy. This article provides evidence that removing the glass ceiling — the invisible barriers which prevent women from reaching upper-level positions — may produce not only more equality but also substantial efficiency gains.     

当代旅游业态理论及创新问题探析

在旅游业转型升级过程中,涌现出大量的新型旅游业态,并日益成为当代旅游产业体系中不可或缺的重要元素.文章对旅游业态的相关基本理论进行了初步研究,首先探讨了旅游业态的概念、特征及分类,然后分析了旅游业态的要素构成、生成机制和发展规律,在此基础上,最后指出了旅游业态创新的基本模式与路径.     

浅析新制度学派产权理论与马克思产权理论的异同

对新制度学派产权理论与马克思产权理论进行概括归纳和比较,就会发现它们的共同点是都强调制度对经济绩效的影响;都承认产权是在一定的历史条件下产生的;都认为广义的产权结构应该包括所有权、占有权、支配权、使用权、处置权、剩余索取权,但两者对理性选择、交易成本在产权形成过程中的作用看法不同。应该吸收新制度学派理论中的有益成果来发展马克思主义并用来指导实践。     

Leader Ethical Decision-Making in Organizations: Strategies for Sensemaking

Organizational leaders face environmental challenges and pressures that put them under ethical risk. Navigating this ethical risk is demanding given the dynamics of contemporary organizations. Traditional models of ethical decision-making (EDM) are an inadequate framework for understanding how leaders respond to ethical dilemmas under conditions of uncertainty and equivocality. Sensemaking models more accurately illustrate leader EDM and account for individual, social, and environmental constraints. Using the sensemaking approach as a foundation, previous EDM models are revised and extended to comprise a conceptual model of leader EDM. Moreover, the underlying factors in the model are highlighted—constraints and strategies. Four trainable, compensatory strategies (emotion regulation, self-reflection, forecasting, and information integration) are proposed and described that aid leaders in navigating ethical dilemmas in organizations. Empirical examinations demonstrate that tactical application of the strategies may aid leaders in making sense of complex and ambiguous ethical dilemmas and promote ethical behavior. Compensatory tactics such as these should be central to organizational ethics initiatives at the leader level.     

The Monetary Policy Model

Most monetary economists today conduct their analysis within some version of a rational expectations model. A well-defined equilibrium in such a model requires that the private sector understand policy goals and the policymakers' model of the economy. An austere version of the model, with no information asymmetries, is valid only to a first approximation but nevertheless provides core insights to short- and long-run monetary policy. In this model, effective policy requires clarity of policy goals and clarity of the policy model as to how the economy works. The central bank must enjoy sustained credibility in the markets. Communication should focus on policy fundamentals and the monetary authorities’ understanding of the economy, both of which are enhanced by continued research by monetary policy experts. JEL Classification E5     

The European Monetary Union

The final stage of the European Monetary Union (EMU) is approaching; the single currency goes into effect on January 1, 1999. The article discusses the far-reaching ramifications of the euro in the context of the international monetary system. Current challenges facing the implementation of the new currency are addressed such as unemployment, high budget deficits, and general skepticism both EU members and non-members have expressed. The argument is made that acceptance and widespread use of the single currency will provide a framework for a deeper economic and political integration across Europe. © 1998 John Wiley & Sons, Inc.     

最优货币政策分析的一般框架理论综述

随着货币政策在宏观经济调控中的重要性日益提高,对于最优货币政策分析框架的研究也迅速兴起。从最优货币政策的目标出发,本文分析了货币政策的内涵、类型和最优货币分析框架的特征,及政策目标之间的相互关系,货币政策决策方式和几个典型的货币政策规则,特别是通货膨胀目标制及中国的最优货币政策设计,旨在为我国确立的最优货币政策框架提供参考。     

现代资本结构理论的演进及评析

现代资本结构理论从MM定理开始,经历了以信息对称为分析框架的旧资本结构理论阶段和以信息不对称为分析框架的新资本结构理论阶段,其中以MM理论和代理成本理论影响最大。虽然资本结构理论的研究成果不断丰富和发展,但至今未能建立起一个与实践经验相吻合的理论框架模型。     

构建现代旅游资源产权制度与旅游业可持续发展能力研究

“可持续发展”与“可持续发展能力”是有差异的,“可持续发展能力”是一个国家或地区为实现这种发展需求所具备的支付能力。根据环境经济学原理,运用可持续发展理论、产权理论,从理论与实践相结合的角度分析论证政府与旅游资源资产化形成的“聚合力”是旅游业可持续发展能力的“支付能力”,经济系统是旅游业可持续发展的能力的供给者。     

The Right Time for A Change

This is the second time that the Czech ambassador H.E.Mr.Libor Secka received the interview from China's Foreign Trade magazine concerning CPPCC&NPC,he noted that China lowered its target of GDP from 8% to     

Multiple-Category Decision-Making: Review and Synthesis

In many purchase environments, consumers use information from a number of product categories prior to making a decision. These purchase situations create dependencies in choice outcomes across categories. As such, these decision problems cannot be easily modeled using the single-category, single-choice paradigm commonly used by researchers in marketing. We outline a conceptual framework for categorization, and then discuss three types of cross-category dependence: cross-category consideration cross-category learning, and product bundling. We argue that the key to modeling choice dependence across categories is knowledge of the goals driving consumer behavior.     

个人理财:基于生命周期理论和现代理财理论的分析

我国金融业务中,个人理财业务在短短的几年时间中得到了长足发展。这种变化是金融体系内部技术、管制、竞争等因素作用的结果,是一种适应全球金融业发展的必然趋势。个人理财业务的发展历史很短,对其系统化的提升和总结需要较长的一段时间,理论上的探讨还不够成熟。探讨个人理财的理论基础将是我国个人理财发展过程中必须面对的一个课题。本文将探讨生命周期理论和现代理财学中的有关理论,以期为个人理财业务提供理论基础。