Rational expectations and near rational alternatives: How best to form expectations

Learning rules are increasingly being used in macroeconomic models. However one criticism that has been levelled at this assumption is that the choice of variables for inclusion in the learning rule, and the actual specification of the learning rule itself, is arbitrary. In this paper we test how important the particular learning rule specification is by incorporating a battery of learning rules into a large-scale macro model. The model's dynamics are then compared to those from a version of the model simulated under rational expectations (RE). The results indicate that although there are large differences between the RE solution and each of the solutions under learning, differences amongst the learning rule solutions are minor JEL Classification: C53, E43, F33

Organizational culture change and management development

The approach adopted in the facilitation of this change process was based on extensive experience of working in the Public Sector over the last decade. Culture change is a much debated issue, and whilst a rigorous examination of such approaches is beyond the scope of the discussion here, we argue that any efforts in this arena must acknowledge the complexity of the task. In practice organizational culture is not a single, identifiable phenomenon: it is experienced differently and variously throughout an organization. We do find, however, that as a concept it has value in organizational development as a means of facilitating the exploration of key aspects of behaviour and performance. We are thus not seeking certainty and precision, but rather looking for open discussion, a sense of ownership rather than mere involvement, and a developing consensus rather than agreement. The iterative nature of the change process is central.In the case presented here we identify progress in defining and operationalising a new culture throughout the organization, but we would not claim to have established a common view of that culture. Nor would we claim that the task is complete. The struggle of this programme has been to engage in open and challenging dialogue, to work with conflict, and to live simultaneously with both a sense of achievement and a sense of stuckness

EnABLES: European infrastructure powering the Internet of Things

The mission of EnABLES is to open up key research infrastructure in the Internet of Things (IoT) to all European researchers, from both academia and industry. Six research Institutes together with 5 knowledge hubs are providing access to researchers to enable them to create ‘self-sustaining’ energy solutions to ‘power the internet of things’ based on energy harvesting, storage, micro-power management and system integration activities. This paper provides an overview of the reasons why EnABLES is needed, particularly for enabling researchers address key challenges such as extending battery life of wireless IoT edge devices, and, where possible, eliminating the need for battery replacement. The ultimate goal of EnABLES is to create a ‘starting community’ to foster collaborations to address these challenges and opportunities & accelerate technology development. The 2 primary approaches used in EnABLES are outlined:- (i) A transnational access (TA) and virtual access (VA) program open to all external stakeholders to do free-of-charge feasibility studies leveraging from the facilities and expertise of EnABLES partners. (ii) Joint Research Activities (JRAs) between partners. (Some examples of JRA activities are outlined at high level). Simulations and data libraries are retained in an open access repository with an emphasis on creating standardized and interoperable parts and understanding their system level behaviour. EnABLES also fosters internal collaboration between partners (JRAs) guided by needs and opportunities. A key goal of the project is to create standardised and interoperable libraries of parts & simulation tools for optimising system level performance