authority without credibility competition and conflict between ecolabels in tuna fisheries certification is widely seen as an innovative strategy for dealing with environmental problems in supply chains as the number of labels available in the fisheries sector has increased each with its own framing of sustainability questions are being asked about their credibility in tuna fisheries contrasting approaches have led to conflict over among other things the credibility of competing labels this paper investigates one such conflict between the dolphin safe and the marine stewardship council certification schemes in the west and central pacific it looks at how key practices like scientific rigour inclusiveness transparency openness impartiality independence and impact contribute to label credibility and explains the importance of authority in understanding how certification schemes maintain influence within global production networks the results demonstrate that despite substantially different levels of credibility within these networks the application of an environmental standard is more connected to the authority of the standard setter than the credibility of the label the paper concludes that understanding the more nuanced role of authority both with and without credibility offers new insights into the wider dynamics that shape environmental regulation in global production networks

change in co2 emission and its transmissions between korea and japan using international input output analysis abstract this paper is intended to analyze co 2 transmission between japan and south korea through international trade based on 1990 and 1995 international input output data it applied a residual free structural decomposition method proposed by chung and rhee chung h s rhee h c 2001 a residual free decomposition of the sources of carbon dioxide emissions a case of the korean industries energy 26 1 15 30 to emission related international input output analysis for the first time in the decomposition studies this paper is a case study regarding the manner and the extent to which co 2 emissions are influenced by international trade between japan an annex i country and south korea a non annex i country which is of particular interest for the carbon leakage issue in this paper we attempted to show which factors contributed to the changes in emission of the major greenhouse gas in south korea and japan the changes in emission are analyzed in terms of emission intensity input techniques demand composition and trade structures according to our analysis south korea a non annex i country has more energy intensive production structures than japan an annex i country south korea s trade pattern with japan reflects these production features resulting in the korea s comparative advantage in emission intensive products though the degree has somewhat mitigated in 1995 compared to 1990

after the paris agreement measuring the global decarbonization wedges from national energy scenarios the new bottom up approach of the paris agreement calls for a better understanding of the domestic dimension of development pathways and of the implications for global emissions trajectory to this end it is of strategic importance to provide a common framework that makes it possible to identify the key decarbonization wedges at the national level and to highlight the potential benefits of international cooperation the article proposes an advanced index decomposition analysis methodology based on sectoral energy service indicators and on a specific decomposition in the power sector for quantifying the contribution of different mitigation strategies it is applied to national deep decarbonization pathways elaborated in the deep decarbonization pathway project ddpp by the sixteen largest ghg emitting countries in a global perspective the results reveal the key role of energy efficiency and decarbonization of energy carriers in the industry sector deployment of renewables in the power sector and to a lesser extent coal gas substitution and efficiency and energy decarbonization in the transport sector the analysis also calls for a deeper understanding of the role a reduction in energy service demand can play in mitigation scenarios and of the respective contribution for industry of energy efficiency and structural change

e pluribus unum legitimacy issues and multi stakeholder codes of conduct regulatory schema has shifted from government to governance based systems one particular form that has emerged at the international level is the multi stakeholder voluntary code of conduct msvc we argue that such codes are not only simply mechanisms by which various stakeholders attempt to govern the action of the corporation but also systems by which each stakeholder attempts to gain or retain some legitimacy goal each stakeholder is motivated by strategic legitimacy goal to join the code and once a member is also required to assist in maintaining the institutional legitimacy of the code resulting in networked legitimacy we begin our analysis of these systems by first exploring the growth and structure of such msvcs and then building an analytical framework using strategic and institutional legitimacy as they apply to such msvcs we contribute to the codes of conduct literature by developing the construct of networked legitimacy from strategic and institutional legitimacy we then apply our framework to the united nations global compact one of the predominant msvcs today in doing so we 1 demonstrate how different stakeholders are pursuing different types of legitimacy through their participation in the code 2 examine the specific opportunities and risks in terms of what we have called networked legitimacy posed by the institutional design of actual msvcs and 3 create an argument for three pillars supporting the legitimacy of msvcs

index decomposition analysis applied to co2 emission studies index decomposition analysis ida was first extended from energy consumption to energy related co2 emission studies in 1991 since then many studies have been reported covering various countries and emission sectors however unlike the case of energy consumption studies a comprehensive literature survey that focuses specifically on emission studies has so far not been reported in this paper we attempt to fill this gap by reviewing 80 papers appearing in peer reviewed journals from 1991 to 2012 in this application area the first part of this paper deals with the developments with regard to the ida approaches used by researchers and the scope and focus of their studies in the second part the empirical results reported in the surveyed studies are analyzed consolidated and presented by emission sector the objective is to reveal the relative contributions of key effects on changes in the aggregate carbon intensity and this is done by emission sector and by country the findings of both parts are useful in understanding the development of ida in the application area of emission study as well as the key drivers of aggregate carbon intensities in the past and their possible future developments

co2 emissions from china s power industry policy implications from both macro and micro perspectives abstract china has become the global largest co2 emitter and co2 emissions from china s power industry account for almost half of the total therefore the power sector plays a key role in achieving low carbon economy it is imperative to formulate comprehensive policy implications for the power sector from both macro and micro perspectives to achieve the target of emission reduction this paper selected seven socio economic and technological factors involved in the whole power industry to investigate the mechanism driving co2 emissions based on the extended stirpat model the results show that the order of factors absolute elasticity coefficients is gdp per capita 0 245 power generation efficiency 0 237 power consuming efficiency 0 189 line loss rate 0 184 electricity practitioner population 0 143 industrial structure 0 082 generation structure 0 068 further it is necessary to discuss how a specific power enterprise responds under the low carbon generation policy to maximize its own interest the evolutionary game model between power enterprise and government is established and results indicate that it is critical to slash low carbon production cost enhance returns on low carbon production and strengthen the regulation of power enterprises and reduce the supervision cost of government accordingly policy recommendations are proposed from both macro and micro perspectives for co2 emission reduction of power industry

is china s economic growth decoupled from carbon emissions abstract a comprehensive understanding of the interdependence between china s economy and carbon emissions can better serve china s transition towards a low carbon economy and can also provide reference for other developing countries the purpose of this paper was to investigate the dependence of china s economy on co2 emissions i the tapio decoupling model was applied to quantify the decoupling elasticity between china s economy and co2 emissions ii the structure decomposition technique was utilized to quantity the contribution of china s economic structure to the decoupling elasticity iii the combined decomposition model which combined cobb douglas c d production function with logarithmic mean divisia index lmdi technique and was solved the residual problem was employed to identify more driving factors labor input investment carbon coefficient energy structure energy intensity economic structure and technology state affecting the decoupling elasticity the main results were as follows i the decoupling elasticity showed a downward trend during the whole period and the decoupling state was characterized by two types expansive negative decoupling 2002 2005 and weak decoupling 2000 2002 and 2005 2014 ii the industry sector played the most negative effect on the decoupling process expect 2013 2014 from the cumulative effect the contribution of six sectors to promote decoupling effect was ranked as follows construction agriculture trade other transport industry iii the most critical factor driving the increased co2 emissions was the investment effect accounting for 145 34 of the cumulative total co2 emissions while the energy intensity effect contributed to a cumulative reduction in co2 emissions of 1443 72 mt finally some policy recommendations were offered to achieve the decoupling of china s economic growth and carbon emissions

challenges to legitimacy at the forest stewardship council the forest stewardship council fsc is a global private governance system overseeing the sustainability and biodiversity of the world forestry system through certification of forests and forestry processes and products and is perceived as the strongest of the various certification schemes available domask globalization and ngos transforming business government and society 2003 gulbrandsen global environmental politics 2004 it has seen more success in developed than developing countries in terms of amount of forest certified and number of chain of custody certificates issued raising questions as to its ability to promote biodiversity gulbrandsen global environmental politics 2004 a number of challenges have risen to the pragmatic and moral legitimacy of the fsc as a global governance system alternative certification schemes output and market access cost of certification plantations and illegal logging i examine each of these challenges as they pertain to the dimensions of pragmatic and moral legitimacy of the fsc i conclude with a discussion of theoretical implications for global governance systems using ecolabel schemes as well as a discussion of practical implications for the fsc in particular

macroeconomic forecasting a survey developments in macroeconomic forecasting over the last twenty years are surveyed in this paper which takes the i969 presidential address to the royal economic society cairncross i969 as its starting point sir alec cairncross had found no previous occasion on which the royal economic society had discussed this new activity and so selected economic forecasting as the topic for his address as retiring chief economic adviser to the treasury he had been preoccupied with forecasting for the preceding few years and was well placed to reflect on the new kind of economic forecasting that was emerging and the new ways in which it was being organised at the time these were changing fast with forecasting becoming in particular more heavily based on computable models a conference in april i969 heard that in the treasury a more elaborate fully formalised model is being programmed for a computer roy i970 in august i969 at the national institute of economic and social research niesr an econometric model of the whole economy became an integral part of the quarterly forecasting exercises that had begun with the publication of the national institute economic review in i 959 these developments followed the inauguration by the london business school lbs in i966 of the first series of published forecasts based on the direct application of a complete statistical model of the economy in the late i960s and early i970s confidence in forecasting was growing extra resources were put in and there were hopes that the accumulation of data and more sophisticated techniques would lead to major improvements in accuracy of forecasts and understanding of the economy burns i986 this confidence rested in part on the wide acceptance of the neoclassical synthesis as a framework for macroeconomic analysis the phrase originated with samuelson who was largely instrumental in constructing and promulgating the grand neoclassical synthesis which was given considerable prominence in the third edition of his textbook here it was noted that economists instead of being keynesian or anti keynesian have worked toward a synthesis of whatever is valuable in older economics and in modern theories of income determination the result might be called neo classical economics and is accepted in its broad outlines by all but about 5 per cent of extreme left wing

ghg emissions embodied in macao s internal energy consumption and external trade driving forces via decomposition analysis abstract as a member of the kyoto protocol macao faces the enormous challenge to tackle with energy conservation and greenhouse gas ghg emission reduction though many studies have been devoted to understanding macao s ghg emissions from energy consumption and external trade an investigation of the underlying driving forces is still absent therefore this study decomposed the energy related emissions change and imbalance in embodied emissions of external trade during 2000 2011 respectively by using the logarithmic mean divisia index lmdi method the economic scale effect and energy structure change were identified as the main driving factors of macao s increasing energy related emissions while trade structure and embodied emission intensity contributed to make macao a net importer of embodied emissions however some variations can be seen during the period concerned then the underlying reasons for the two decomposition results were further investigated on account of the results and analysis instructive policy implications can be put forward for macao to better proceed with energy conservation and emissions reduction

decomposition analysis of co2 emissions from electricity generation in china abstract electricity generation in china mainly depends on coal and its products which has led to the increase in co2 emissions this paper intends to analyze the current status of co2 emissions from electricity generation in china during the period 1991 2009 and apply the logarithmic mean divisia index lmdi technique to find the nature of the factors influencing the changes in co2 emissions the main results as follows 1 co2 emission from electricity generation has increased from 530 96 mt in 1991 to 2393 02 mt in 2009 following an annual growth rate of 8 72 coal products is the main fuel type for thermal power generation which accounts for more than 90 co2 emissions from electricity generation 2 this paper also presents co2 emissions factor of electricity consumption which help calculate co2 emission from final electricity consumption 3 in china the economic activity effect is the most important contributor to increase co2 emissions from electricity generation but the electricity generation efficiency effect plays the dominant role in decreasing co2 emissions

the trade off interpretation of phillips s dynamic stabilization exercise this paper which examines phillips s famous curve is based on phillips s private papers and the london school of economics methodology measurement and testing seminar records sources previously thought to be lost these sources plus phillips s theoretical work suggest that the equilibrium menu of choice is a misinterpretation of phillips s dynamic stabilization exercise phillips had a clearly articulated role for inflationary expectations in his model and had no toleration for the notion that ongoing inflation could purchase sustainable reductions in the rate of unemployment evidence is cited which indicates that milton friedman was profoundly influenced by phillips s analysis of inflationary expectations

macroeconomic policy design and control theory a failed partnership my subject is the applicability of control theory to the pressing questions of macroeconomic policy design that face us both domestically and in the international arena i approach the issue with some trepidation conscious that i am a relative amateur in control matters i am also mindful of the dangers of claiming too much in the field of policy design those were nicely stated in a broader context by that eminent biologist sir peter medawar i984 when he wrote

supply chain specific understanding the patchy success of ethical sourcing initiatives as a number of high profile companies have found to their cost corporate reputations can be significantly affected by firms management of sustainability issue including those that are outside their direct control such as the environmental and social impacts of their supply networks this paper begins by examining the relationship between corporate social responsibility reputation and supply network conditions it then looks at the effectiveness of one tool for managing supply network sustainability issues ethical sourcing codes of conduct by examining how the characteristics of three supply networks branded clothes diy wood products and branded confectionary affects the implementation ethical sourcing codes of conduct it ends by setting out conclusions on why implementation of such codes has been so much more successful in some sectors than others and recommendations on effective approaches to managing sustainability issues in supply networks

technological gap scale economy and china s industrial energy demand abstract the industrial sector in china is energy intensive and accounts for more than 60 of the nation s total energy consumption demand narrating the story behind the growth of china s industrial energy consumption could help us understand the past and prepare for the future this paper aims to investigate the factors affecting china s industrial energy consumption in the 21st century by using an extended production theoretical decomposition approach pda with considering the technological gap and scale of the economy effects the new proposed decomposition framework includes four new factors namely the energy technological gap the output technological gap energy scale efficiency and output scale efficiency the results show that in the 21st century the energy consumption of china s industry increased by more than one billion tons of standard coal the expansion of the industrial economy is a dominant driver of china s industrial energy consumption while potential energy intensity energy technology and output technology are the three largest energy saving factors in addition to the conventional factors the newly proposed factors also have important effects on china s industrial energy consumption specifically output scale efficiency is an energy saving factor while the energy technological gap output technological gap and energy scale efficiency are drivers of energy consumption this suggests that china s industry is at the stage of returns to scale that is beneficial to output performance but harmful to energy performance meanwhile the widening of the industrial technological gaps has negative impacts on china s industrial energy conservation the proposed decomposition approach can provide information that cannot be obtained from traditional approaches and it can also be applied to many other cases for investigating feasible paths of energy saving and emissions reduction

drivers of stagnating global carbon intensity of electricity and the way forward abstract despite the signing of the paris climate agreement there is still great uncertainty regarding the world s ability to decarbonize and meet the 2 c target in this regard the electricity production sector deserves particular attention the sector has the largest decarbonization potential and its share of the world s co2 emissions from fuel combustion increased from 30 in 1990 to 36 in 2014 to better understand global trends this study analyses the factors influencing changes in the global aggregate carbon intensity aci of electricity a measure of the level of co2 emissions per unit of electricity produced over the last 25 years using multidimensional index decomposition analysis it finds that global aci barely improved since 1990 because of a shift in electricity production from developed to developing countries with higher acis this geographical shift offset consistent improvements to power generation efficiency worldwide and is likely to persist in the future to keep the 2 c target realisable it is imperative to enhance international cooperation to lower the acis of emerging economies and deepen the penetration of renewables which have thus far performed below expectations

manufacturing stocks and forward looking expectations in the uk this paper derives a model of the stocks plan based on optimal behavior by the firm when facing adjustment costs with forward looking expectations formation estimates of the model are reported for manufacturing using three alternative expectations mechanisms for determining expected sales time series published forecasts derived from national institute published forecasts and rational expectations the latter uses a submodel dependent on weakly exogenous variables single equation and whole model comparisons are made of the stocks equation estimated with forward expectations versus a traditional backward looking model these favor the forward looking model copyright 1986 by the review of economic studies limited

factors influencing co2 emissions in china s power industry co integration analysis more than 40 of china s total co2 emissions originate from the power industry the realization of energy saving and emission reduction within china s power industry is therefore crucial in order to achieve co2 emissions reduction in this country this paper applies the autoregressive distributed lag ardl co integration model to study the major factors which have influenced co2 emissions within china s power industry from 1980 to 2010 results have shown that co2 emissions from china s power industry have been increasing rapidly from 1980 to 2010 the average annual growth rate was 8 5 and the average growth rate since 2002 has amounted to 10 5 secondly the equipment utilization hour as an indicator of the power demand has the greatest influence on co2 emissions within china s power industry in addition the impact of the industrial added value of the power sector on co2 emissions is also positive from a short term perspective thirdly the granger causality results imply that one of the important motivators behind china s technological progress within the power industry originates from the pressures created by a desire for co2 emissions reduction finally this paper provides policy recommendations for energy saving and emission reduction for china s power industry

the impact of china s differential electricity pricing policy on power sector co2 emissions abstract this article investigates the impact of china s differential electricity pricing policy on power sector co 2 emissions using the logarithmic mean divisia index method the differential pricing policy intended to reduce energy intensity in manufacturing is being implemented in eight electricity intensive industries the study finds that during 2004 2009 the policy accounted for a drop of roughly 115 twh in electricity use which amounted to a reduction of 82 million tons of co 2 emissions the policy has been most effective in reducing electricity use in the nonferrous metal smelting and rolling industry and least effective in the ferrous metal smelting and rolling industry because the differential pricing policy has had significantly different effects across industries improving the policy s design and implementation going forward will require a more detailed understanding and analysis of how it can be better tailored to individual industries

co2 emissions from electricity generation in seven asia pacific and north american countries a decomposition analysis abstract the logarithmic mean divisia index lmdi method of complete decomposition is used to examine the role of three factors electricity production electricity generation structure and energy intensity of electricity generation affecting the evolution of co2 emissions from electricity generation in seven countries these seven countries together generated 58 of global electricity and they are responsible for more than two thirds of global co2 emissions from electricity generation in 2005 the analysis shows production effect as the major factor responsible for rise in co2 emissions during the period 1990 2005 the generation structure effect also contributed in co2 emissions increase although at a slower rate in contrary the energy intensity effect is responsible for modest reduction in co2 emissions during this period over the 2005 2030 period production effect remains the key factor responsible for increase in emissions and energy intensity effect is responsible for decrease in emissions unlike in the past generation structure effect contributes significant decrease in emissions however the degree of influence of these factors affecting changes in co2 emissions vary from country to country the analysis also shows that there is a potential of efficiency improvement of fossil fuel fired power plants and its associated co benefits among these countries

dynamic games and the time inconsistency of optimal policy in open economies it has been argued that the bretton woods system of pegged but adjustable exchange rates set up after world war ii was designed specifically to prevent the manipulation of exchange rates in pursuit of national macroeconomic objectives see r cooper so it is perhaps no coincidence that the ending of pegged rates has led to the re emergence of theories and policies involving such manipulation before the war when inflation was low and unemployment high in the major industrialised nations this involved competitive depreciation as countries tried to gain employment in the late 1970 s and early 1980 s however countries like the uk and the us have embarked on policies of competitive appreciation in order to cut inflation regarded as the first priority sharp movements in exchange rates however constitute a threat to orderly trade and stimulate protectionism as bergsten 1981 argues this abstract was borrowed from another version of this item

semiglobalization and international business strategy if markets were either completely isolated by or integrated across borders there would be little room for international business strategy to have content distinctive from mainstream strategy but a review of the economic evidence about the international integration of markets indicates that we fall in between these extremes into a state of incomplete cross border integration that i refer to as semiglobalization more specifically most measures of market integration have scaled new heights in the last few decades but still fall far short of economic theory s ideal of perfect integration the diagnosis of semiglobalization does more than just supply a relatively stable frame of reference for thinking about the environment of cross border operations it also calls attention to the critical role of location specificity in the prospects of distinctive content for international business strategy relative to mainstream business and corporate strategy in addition it flags factors products subject to location specificity as being salient from the perspective of international business finally it highlights the scope for strategies that strive to capitalize on the large residual barriers to cross border integration as well as those that simply try to cope with them

rational expectations risk and chaos in financial markets begg 1984 has recently presented a rational expectations model of equilibrium bond pricing one important feature of this model is that lenders making portfolio choices between short and long assets are risk averse so that the well known principle of certainty equivalence no longer applies to the optimal demand for bonds when the policy for the supply of bonds and a simple policy rule for interest rates are specified an equilibrium model of equilibrium bond pricing is obtained where expectations are self fulfilling in both the mean and variance the key feature of this interesting model of the bonds market is that it is nonlinear as long as the degree of risk the degree of risk aversion or the supply of bonds are not too large the forward evolution of the model will be unstable and a unique rational expectations solution exists as the backward evolution of equilibrium bond prices will converge this is very much in the spirit of the conventional saddlepoint approach to solving rational expectations models blanchard and kahn 1980 where equilibrium asset prices are considered as forward looking jump variables however if the degree of risk the degree of risk aversion the coupon or the supply of bonds become large enough the forward evolution of the model becomes locally stable begg s 1984 interpretation is that this leads to a loss of confidence and financial panic because there is now an infinite number of convergent rational expectations trajectories the main objective of this paper is to show that this interpretation is incomplete and to formalise begg s notion of financial panic because the forward evolution of asset prices is stable the backward evolution is unstable when there is a large degree of risk or riskaversion it therefore seems as if equilibrium bond prices have become predetermined and are no longer jump variables so that it seems as if risk aversion investors have given up their forward looking behaviour in the face of too many shocks this is only a locally valid argument and contradicts intuition because efficient asset prices are generally regarded as jump variables that incorporate news about current and future events it is possible however still to have forward looking asset prices because increasing the degree of uncertainty or the degree of risk aversion eventually leads to unique speculative bubbles and possibly financial chaos for the backward evolution of equilibrium bond prices there exists therefore in addition to the infinity of convergent and pre determined rational expectations paths a unique non

united nations global compact the promise performance gap the united nations global compact ungc was created in 2000 to leverage un prestige and induce corporations to embrace 10 principles incorporating values of environmental sustainability protection of human rights fair treatment of workers and elimination of bribery and corruption we review and analyze the gc s activities and impact in enhancing corporate social responsibility since inception first we propose an analytical framework which allows us to assess the qualities of the ungc and its principles in the context of external and internal elements that influence code effectiveness and implementation second we analyze ungc performance in encouraging companies to become signatory members and bring about demonstrable change in corporate csr sustainability activities in its 10 year report ungc has proclaimed growth in both membership and program activity however all credible and publicly available data and documentation conclusively demonstrate that the ungc has failed to induce its signatory companies to enhance their csr efforts and integrate the 10 principles in their policies and operations the result has been a loss of public trust and support of ungc from important constituencies among civil society organizations and those individuals and groups adversely impacted by corporate activities and resultant negative externalities this diminished credibility has also made ungc largely dependent on the corporate sector for its very survival we conclude that this dependence has in turn impaired and would continue to hinder ungc s ability to fulfill its mission such an outcome raises serious questions as to the viability usefulness and continued existence of ungc

globalization and ngos transforming business government and society journal of international business studies 2004 35 564 566 doi 10 1057 palgrave jibs 8400114 it is both easy and hard to define something by what it is not ngos by their title are non governmental organizations in other words all organizations that are not governments that is the easy definition the problem is that ngos by this definition include everything but the proverbial kitchen sink that is private firms religious and charitable organizations universities advocacy groups newspapers and other media and so on doh and teegen s book globalization and ngos transforming business government and society is designed to reduce this open endedness by focusing on what ngos are rather than what they are not the book has three cross cutting themes what are ngos how and why they differ from governments and firms and how they operate in the global economy fit within societies and influence other organizations there are 10 chapters in the book which explore the rise of ngos and their impacts on governments and firms several nice case studies are included global climate change world wildlife fund genetically modified organisms trade policy and forestry the conclusions chapter sums up and provides a research agenda jone pearce in her forward to the book defines ngos as the name given to those nonprofit associations focused on social change via political influence or to those providing social and humanitarian services in highly politicized cross national contexts p xi doh and teegen in their conclusion chapter define ngos as organizations of individuals and donors committed to the promotion of a particular set of issue s through advocacy work and or through operational activities whereby services are delivered pp 206 207 ngos are seen as one of three key actors in the global economy together with governments and firms ngos not only have their own dyadic relationships with the other two actors but also mediate and moderate the business government dyad doh and teegen argue that ngos are agents for change in the global economy therefore scholars and practitioners need to focus more on understanding which ngos matter how firms and governments should best engage ngos and how ngos can play a more definitive role on supranational issues that the public and private sectors have failed to address journal of international business studies 2004 35 564 566 2004 palgrave macmillan ltd all rights reserved 0047 2506 30 00

monetary policy and policy credibility theories and evidence within the past decade there has been a significant shift in attitude by many western industrialized countries toward the objectives and conduct of national economic policy the events of the 1970s accelerating inflation and stagnant economic growth motivated the view that inflation had created its own stubborn self sustaining momentum that either was not amendable to the influences of conventional macroeconomic policy or else would yield to such influences only at unacceptable costs this led to the development of a program aimed at reestablishing control over prices while minimizing any adverse consequences of anti inflationary policies on output and employment seen as a new monetary experiment the essential ingredients included prudent financial management abstinence from discretionary intervention commitment to intermediate targets and above all prior announcement of these policies evidence of this program and its effects can be found oni the continents of europe north america and latin america and provide further important lessons in anti inflationary management this paper is a survey of recent theoretical developments in monetary policy which among other issues attempt to explain one rationale for this program and the likely consequences thereof to the extent that the new program of monetary and fiscal reform was deliberately made public and impressed upon citizens as an overriding commitment of governments in advance of its execution reflects a prevailing opinion that economic policies are more effective if they are credible to private economic agents this view emphasized forcefully by william fellner 1976 1979 may be seen as being mainly due to the assimilation of the rational expectations hypothesis

policy mixes for sustainability transitions an extended concept and framework for analysis reaching a better understanding of the policies and politics of transitions presents a main agenda item in the emerging field of sustainability transitions one important requirement for these transitions such as the move towards a decarbonized energy system is the redirection and acceleration of technological change for which policies play a key role in this regard several studies have argued for the need to combine different policy instruments in so called policy mixes however existing policy mix studies often fall short of reflecting the complexity and dynamics of actual policy mixes the underlying politics and the evaluation of their impacts in this paper we take a first step towards an extended interdisciplinary policy mix concept based on a review of the bodies of literature on innovation studies environmental economics and policy analysis the concept introduces a clear terminology and consists of the three building blocks elements policy processes and characteristics which can be delineated by several dimensions based on this we discuss its application as analytical framework for empirical studies analyzing the impact of the policy mix on technological change throughout the paper we illustrate the proposed concept by using the example of the policy mix for fostering the transition of the german energy system to renewable power generation technologies finally we derive policy implications and suggest avenues for future research

ending the microfoundations hegemony the new classical counter revolution changed macromodelling methodology and ushered in the hegemony of microfounded models yet in reality at any particular point in time there is a trade off between data coherence and theoretical coherence and insisting that all academically respectable modelling should be at one extreme of this trade off is a major mistake the paper argues that if more traditional structural econometric models sems had been developed alongside microfounded models links between finance and the real economy would have been more thoroughly explored before the financial crisis allowing macroeconomists to respond better to the great recession just as microfoundations hegemony held back macroeconomics on that occasion it is likely to do so again macroeconomics will develop more rapidly in useful directions if microfounded models and more traditional sems work alongside each other and are accorded equal academic respect

utility subsidy reform in abu dhabi a review and a computable general equilibrium analysis abstract electricity and water consumption in abu dhabi has increased substantially in recent years along with rapid economic and population growth as one of the oil producing economies located in arid regions abu dhabi s electricity and water are produced predominantly with fossil fuel based power water co generation which generate carbon emissions the consumption of electricity and water is heavily subsidized to support industrial growth lower cost of living and distribute state wealth to the population the low utility prices however may have contributed to high per capita carbon emissions for the emirate this paper reviews critical literature on energy subsidy policy for oil exporting economies we then examine the economic and environmental effects of water and electricity subsidy reduction in abu dhabi using a computable general equilibrium analysis the result shows that utility subsidy reduction alone increases gross domestic product gdp of the emirate through expanding the high value added service sector and reduces carbon emissions with decreasing carbon intensive industrial and utility productions meanwhile private consumption declines with decreasing wage electricity subsidy reduction in general has greater economic and environmental effects than water subsidy reduction the positive economic and environmental gains may incentivize utility subsidy reform in the long run when the negative wage effect is mitigated

the superiority of contingent rules over fixed rules in models with rational expectations the paper investigates the robustness of the proposition that in stochastic models contingent or feddback rules dominate fiped or openloop rules four arguments in favour of fixed rules are considere 1 the presence of an incompetent op malevolent policy maker 2 a trade off between flexibility and simplicity or credibility 3 the new classical proposition that only unanticipated stabilization policy has real effects 4 the time inconsistency of optimal plans in non causal models that is models in which the current state of the economy depends on expectations of future states the main conclusion is that the rational expectations revolution represented by arguments 3 and 4 does not affect the potential superiority of time inconsistent closed loop policies over time inconsistent open loop policies the case against conditionality in the design of policy must therefore rest on argument 1 or 2 which predate the new classical macroeconomics

evaluating the interplays among economic growth and energy consumption and co2 emission of china during 1990 2007 the interplays among economy and energy and environment have been widely concerned this paper put forward several indicators to quantify the relationships among economic growth and energy consumption and co2 emission as an example these indicators were applied to evaluate the comprehensive performances of china during 1990 2007 the results show that chinese people has been living a better life with chinese rapid economic growth but not synchronously in urban and rural areas non carbon energy resources share has increased however fossil energy resources have still acted as the main driver for chinese economic growth during this period technical progress has improved the fossil energy efficiency of chinese economic activity which leads to co2 emission per unit gdp and co2 emission per capita unit gdp dropping simultaneously however the two indicators annual decline rates become smaller and smaller which reflects that technical progress role is dropping and economic scale s effect is climbing people s survival has a rising contribution to co2 emission co2 emission per capita has increased which shows that economic scale has greater impact on co2 emission than technical progress does relatively speaking chinese development patterns have become more and more sustainable during this period finally based on the related issues being discussed some corresponding suggestions are put forward for chinese government to further coordinate the relationship among economic development and energy consumption and co2 emission the proposed indicators can form a set of useful tool for policy makers to promote the harmonious development of economy and energy and environment in different regions and countries

carbon intensity of electricity in asean drivers performance and outlook abstract the association of southeast asian nations asean with its ten member countries has a total population exceeding 600 million its energy related co2 emissions have been growing and in 2013 amounted to 3 6 of total global emissions about 40 of asean s energy related co2 emissions are currently attributable to electricity production in view of this high share we study the co2 emissions of asean s electricity production sector with a focus on the aggregate emission intensity aci given by the level of co2 emissions for each unit of electricity produced drivers of aci are analysed for individual countries and spatial analysis is conducted by comparing factors contributing to differences between the acis of individual countries and that of the asean average arising from these analyses and in light of the current developments it is concluded that drastic actions need to be taken both at the national and regional levels in order to reduce growth in the region s electricity related co2 emissions two key policy issues namely overcoming national circumstances to improve electricity generation mix and improving power generation efficiency are further discussed

who governs socially oriented voluntary sustainability standards not the producers of certified products summary voluntary sustainability standards setting organizations vsssos create standards to improve the social and or environmental impacts of globalized production networks vsssos are often assumed to have multi stakeholder governance structures that include the producers of certified products e g farmers artisans and workers this article argues that including producers in governance is desirable however analysis of 33 vsssos constitutions shows two thirds do not even imply intention to include producers at most 25 ensure producers have votes seats and 18 give producers veto power the discussion examines what is lost when vsssos do not bring traditionally marginalized voices to global economic governance

factorial decomposition of co2 emissions a generalized divisia index approach abstract this paper introduces a novel approach to estimating the impact of the major factors driving co 2 emissions gdp energy consumption population their carbon intensities and other related indicators that may be chosen arbitrarily the suggested approach is based on the generalization of the divisia index to interconnected factors the approach also extends the kaya identity by explicitly including gross domestic product and energy consumption a computer program in r language aimed at automating the calculations is supplied factorial analysis of the united states and china s co 2 emissions is provided as an example of application

carbon emission intensity in electricity production a global analysis we study changes in the aggregate carbon intensity aci for electricity at the global and country levels the aci is defined as the energy related co2 emissions in electricity production divided by the electricity produced it is a performance indicator since a decrease in its value is a desirable outcome from the environmental and climate change viewpoints from 1990 to 2013 the aci computed at the global level decreased only marginally however fairly substantial decreases were observed in many countries this apparent anomaly arises from a geographical shift in global electricity production with countries having a high aci increasingly taking up a larger electricity production share it is found that globally and in most major electricity producing countries reduction in their aci was due mainly to improvements in the thermal efficiency of electricity generation rather than to fuel switching estimates of the above mentioned effects are made using lmdi decomposition analysis our study reveals several challenges in reducing global co2 emissions from the electricity production sector although technically the reduction potential for the sector is known to be great