Unstable Inflation Targets

This paper studies long‐run inflation targets and stability in an imperfect information environment. When central banks set an inflation target that is not fully communicated, agents draw inferences about inflation from recent data and remain alert to structural change by forming expectations from a forecasting model that is estimated via discounted least squares. Inflation targets can lead agents' beliefs to depart from rational expectations through two channels. First, implementing a higher inflation target can lead to overshooting. Second, there can be nearly self‐fulfilling inflation, disinflation, or deflation that arises as an endogenous response to shocks. Policy implications for implementing a higher target without deanchoring expectations are discussed.     

Economic determinants of family development processes

Economic activities of families have important influences on processes of family development and family change over time. Knowledge of these special relations has expanded in recent years, as has the literature on the economics of family life as a general field. As a result, scholars and professionals in consumer studies and home economics need conceptual frameworks that organize areas of specific findings and identify specific issues for research. A conceptual framework which identifies four economic activities performed by families and six fundamental family development and family change processes is proposed. Then, a matrix of testable hypotheses is formulated, emphasizing economic activities as independent variables in family development and change. The matrix portrays the central roles economic influences play in contemporary family life, and suggests a complete, holistic understanding of these influences. The matrix also provides a conceptual guide to the design of empirical research and synthesis of findings on the economics–family development interface.     

A Conceptual Stress‐Coping Model of Factors Influencing Marketplace Engagement of Visually Impaired Consumers

Visually impaired consumers often suffer one of the worst marketplace stresses when processing product information. Despite there being around 314 million blind or visually impaired people worldwide, today's marketplace does not yet adequately address these stresses. This study develops and tests a theoretical model of how visually impaired consumers cope in marketplace engagement and discusses how companies and policymakers can help to increase marketplace engagement.     

DETERMINANTS OF INFLATION IN GHANA: AN EMPIRICAL INVESTIGATION

This paper provides an empirical analysis of the factors accounting for inflation dynamics in Ghana using the bounds test and other econometric approaches. We find that real output, nominal exchange rate, broad money supply, nominal interest rate and fiscal deficit play a dominant role in the inflationary process in Ghana. To the extent that output growth by far has the strongest impact on inflation, targeting supply‐side constraints will help moderate price inflation. The paper concludes that inflation in Ghana is explained by a combination of structural and monetary factors consistent with prior studies.     

The Role of Present Value-based Measurement in General Purpose Financial Reporting

Accounting theorists have advocated different measures of the elements of general purpose financial reports. Australian accounting standards currently permit those elements to be measured in a number of ways. At present there is no Australian concepts statement dealing with the topic of measurement. This article examines the proposition that present value-based measurement ought to be, in the context of the Australian conceptual framework, adopted as the "prefewed" conceptual basis of measurement.     

Piecemeal Multilateral Environmental Policy Reforms under Asymmetric Oligopoly

We develop a general two‐country model with oligopolistic interdependence in which a fixed number of firms make their output and emission decisions simultaneously. We examine the effect of multilateral reforms of emission taxes on global emission levels. With sufficient asymmetry in pollution intensities between the two countries, a proportional multilateral increase in emission tax rates can increase global emission levels. However, a multilateral equal increase of emission tax rates unambiguously reduces global emission levels. We also consider the case of free entry and exit of firms, and find a rule of multilateral reforms which unambiguously lowers total emission levels.     

Measurement and the Australian Conceptual Framework

The nature of accounting dictates that it be concerned with the process of "measurement". However, only in recent decades has debate about the concept of measurement appeared in accounting literature. This article identifies problem areas and pitfalls that need to be addressed, and contributes to the debate about measurement. It examines the importance of "measurement" to accounting, definitions of the term and what measurement involves. This leads to the consideration of statements and inferences that can be made about the outputs of the measurement process, and to proposed guidelines for the development and assessment of a conceptual framework document.