Participative backcasting: A tool for involving stakeholders in local sustainability planning

This paper reports on the use of a backcasting approach with local stakeholders in five European cities where several Images of the Future were formulated for household consumption in sustainable cities. The aim was to find methods for inspiring local stakeholders to participate in discussions about sustainability with a long-term perspective. Previous exercises of similar kinds have mainly involved experts. A method based on workshops and back-office work was developed and is described and analysed here, together with the results obtained. The outcomes in terms of ideas, votes and dimensions are also discussed. The findings suggest that the method worked reasonably well, with the process quality receiving the highest ratings. The quality of outcomes was perceived as less reliable. Adaptations should include more efforts to recruit participants with varied backgrounds and more innovative approaches for liberating subjects’ minds during the time travel stage of the process. The outcomes obtained show that there appears to be a common set of popular ideas for more sustainable everyday city life in the EU, including more local and organic food, a greener environment, better public transport and opportunities for non-motorised transport and reorientation of values.     

Understanding professionals' reactions to strategic change: the role of threatened professional identities

This article develops and demonstrates the utility of a framework for understanding professionals' reactions to strategic change in professional service firms as an interplay between a strategic intent, its manifestation in organizational roles and practices and its fit with existing professional identities. The application of the framework with three case studies shows that strategic changes may threaten different aspects of professional identities (self-enhancement, self-continuity and self-distinctiveness) which in turn tends to lead to different kinds of resistance from the professionals (exit, voice for opposition or voice for renegotiation). The article also links these different reactions to the locus of identification of professionals, which may be either ‘local’ or ‘cosmopolitan’.     

Using Discourse to Restore Organisational Legitimacy: ‘CEO-speak’ After an Incident in a German Nuclear Power Plant

We analyse managerial discourse in corporate communication (‘CEO-speak’) during a 6-month period following a legitimacy-threatening event in the form of an incident in a German nuclear power plant. As discourses express specific stances expressed by a group of people who share particular beliefs and values, they constitute an important means of restoring organisational legitimacy when social rules and norms have been violated. Using an analytical framework based on legitimacy as a process of reciprocal sense-making and consisting of three levels of analysis which capture the relationship between text and context, we investigate the discourse used by CEOs in their initial and subsequent accounts of the incident. We find that CEOs aim to negotiate a resolution between their initial account and organisational audiences’ incongruent interpretations of the event by adopting an ad hoc normative attitude to stakeholders. This manifests itself in the strategic use of the discourse of stakeholder engagement as a means of signalling change, yet maintaining the status quo. It suggests that CEOs strategically use discourse to manufacture organisational audiences’ consent regarding the continued operation of the nuclear power plant affected by the incident. Our findings contribute to the critical corporate communication literature which regards corporate narrative reporting as a means of consolidating the private interests of corporations, rather than increasing transparency and accountability.     

Uncovered Interest Parity Revisited

A standard empirical finding in international finance is that countries with high nominal interest rates experience appreciations of their currencies, in contrast to predictions based on uncovered interest parity (UIP). However, tests of UIP have almost exclusively relied on data on short-term interest rates. In this paper, UIP is tested on long-term government bond yields. Since the presence of coupon payments induces a measurement error between the observed data and true returns, several different proxies for the latter are constructed. Furthermore, instrumental variable techniques are used. In contrast to thetypical finding, the results are rather favorable to UIP.     

Knowledge dynamics in setting sustainable standards in tourism – the case of ‘Fair Trade in Tourism South Africa’

The development of standards and certification programmes in global tourism has gained importance in the production-consumption-nexus. This paper deals with the ‘Fair Trade in Tourism South Africa’ standard, one of the first innovative service standards with a focus on the social dimension of sustainability. Until now, there has been little detailed exploration in the evolutionary trajectories of sustainable tourism standards from a knowledge-based perspective. This paper contributes to a deeper understanding of standard creation in global–local interaction processes over time and its impacts on the micro level of firms. Conceptually, it builds on two scientific debates: the neo-institutional approaches in organisational theory focusing on institution building and the research on innovation and knowledge dynamics. Empirically, it is based on 32 interviews conducted with different actor groups.     

Pricing-to-market in Swedish Exports

Fluctuations in prices of Swedish exports to five countries are investigated in this paper. We test whether there are systematic differences between prices to different markets and whether relative export prices are affected by macroeconomic conditions in destination countries. The test results indicate that deviations from no pricing-to-market and neutrality of money are quite common and persistent. Over a sample of 15 years, long-run monetary neutrality is rejected in almost half of the cases. In most cases, the degree of pricing-to-market is also affected by aggregate demand in export markets.     

Real Exchange Rates and Fundamentals: Evidence from 15 OECD Countries

In an extended Balassa–Samuelson model, long-run real exchange rates are determined by relative productivity and terms of trade. We present evidence of systematic long-run relationships between these fundamental variables and real exchange rates in a data set covering 15 OECD countries from 1960 to 1996. High relative productivity is associated with real exchange rate appreciations in most cases. There is less support for the hypothesis that the terms of trade affect equilibrium real exchange rates.     

Exchange rates and asymmetric shocks in small open economies

We study the stabilizing properties of exchange rates in five small open economies during to periods of floating exchange rates and inflation targeting. In the cases of Sweden and Canada, the nominal exchange rates behave in a stabilizing manner. Most exchange rate movements emanate from the exchange rate itself and are hence not responses to fundamental shocks. However, these non-fundamental shocks have only negligible effects on output and inflation. Our findings indicate that exchange rates display some stabilizing properties but can mainly be characterized as disconnected from the rest of the economy. We would like to thank Nils Gottfries and participants at seminars at Uppsala University and the Riksbank for helpful advice and useful comments. Post gratefully acknowledges financial support from Handelsbankens forskningsstiftelser.     

Konjunkturschlaglicht: Robuste Konjunktur in Tschechien

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