Interactions between Monetary and Fiscal Policy Rules

The Fiscal Stability Pact for EMU implies that constraints on fiscal policy facilitate inflation control. In this paper we identify two stable policy regimes. When monetary policy seeks to raise real interest rates in response to excess inflation, a self-stabilising fiscal policy is required to ensure model stability. A fiscal policy which does not, by itself, ensure fiscal solvency constrains monetary policy to be relatively 'passive'. However, in simulations we conclude that the central bank does not need to seek, on this account, the degree of debt stabilisation that appears to be implied by the fiscal stability pact.     

The West Report as National Education Policy Making

This paper provides a critique of the West Report by comparing the scope of the report and its economic reasoning with those of previous national reports on higher education.     

Improving Incentives: Changing the Interface of Tax and Social Security

This paper proposes a scheme to improve incentives by consolidating all means tests, and discusses how this could enhance proposals for tax reform.     

责任竞争力：使可持续发展在全球市场中具有重大意义

现任世贸组织总干事拉米先生曾为“责任竞争力”下了一个定义：“责任竞争力把具有前瞻性的企业策略、创新的公共政策和充满活力的公民社会混合在一起。它涉及创建新一代的有利可图的产品和业务流程，以支持各个社团的广泛的社会、环境和经济目标为基础。”我们已经认识到，责任竞争力不仅仅是公司行为，而是上升到国家的层面。因此我们希望进一步细分各国的做法，以推进国家在经济上的竞争力。     

Nonlinear Time Series Modelling: An Introduction

Recent developments in nonlinear time series modelling are reviewed. Three main types of nonlinear model are discussed: Markov Switching, Threshold Autoregression and Smooth Transition Autoregression. Classical and Bayesian estimation techniques are described for each model. Parametric tests for nonlinearity are reviewed with examples from the three types of model. Finally forecasting and impulse response analysis is developed.     

Cross‐cultural tourist behavior: An analysis of tourist attitudes towards the environment

In a cross‐cultural tourist behavioral study, skiers from three different countries were surveyed in order to understand their environmental awareness and knowledge. The contingent valuation method (CVM) was also used to discover their willingness‐to‐pay (WTP) for environmentally‐friendly skiing products. The results point to a general lack of knowledge and even confusion amongst skiers about environmental issues pertaining to skiing. However, skiers say they will be more likely to visit a resort that is environmentally‐responsible. Use of the CVM indicated a strong correlation between WTP and the cost of the holiday, level of income and level of environmental conscience. The majority of skiers would pay more for a “greener” ski resort, but significant differences in responses were found between the three cultures. Theoretical and practical implications are discussed.     

Capital City Museums and Tourism Flows: an Empirical Study of the Museum of New Zealand Te Papa Tongarewa

This study uses time series analysis to explore the extent to which the opening of the Museum of New Zealand in 1998 contributed to tourism growth in the nation's capital, Wellington. With the use of a series of different measures for tourism and major events in the city, econometric regressions are undertaken to better understand the relationship between visitors to the museum and tourism growth in the city's short‐term commercial accommodation sector. The findings are consistent with the museum having a positive impact on tourist arrivals and overnight stays. These results contribute valuable empirical evidence of the positive role of museums in attracting tourists to urban centres. Copyright © 2012 John Wiley & Sons, Ltd.