Employment Growth, Inflation and Output Growth: Was Phillips Right?: Evidence from a Dynamic Panel

In this paper we analyse the short- and long-run relationship between employment growth, inflation and output growth in Phillips' tradition. For this purpose we apply FMOLS, DOLS, PMGE, MGE, DFE, and VECM methods to a nonstationary heterogeneous dynamic panel including annual data for 119 countries over the period 1970-2010, and also carry out multivariate Granger causality tests. The empirical results strongly support the existence of a single cointegrating relationship between employment growth, inflation and output growth with bidirectional causality between employment growth and inflation as well as output growth, giving support to Phillips' Golden Triangle theory.Employment growth, inflation, output growth, Golden Triangle theory

Measuring Sources of Economic Growth in OECD Countries

Growing socioeconomic inequalities and deepening polarization among and within nations indicate a major risk of political, social and economic instability. Policymakers need to deepen their awareness and understanding of the circumstances and find useful guidance and examples to inspire their effective qualitative and quantitative policies. This paper empirically investigates the relative dynamic socio-economic efficiency of thirty OECD countries using Data Envelopment Analysis (DEA) methodology. As an extension to the basic output-oriented DEA models with variable returns-to-scale, window analysis is employed. The appropriate design of window length is also proposed in the study. In the first step, the relative efficiency of the countries was measured by four economic indicators. In the second step, four new indicators were added, covering social, institutional and environmental dimensions. It has been found that, in some cases, performance rankings change very significantly and that the overall relative performance of the OECD countries increases when the set of economic indicators is extended

Macroeconomic noise removal algorithm (MARINER)

Standard econometric filters fail to extract explicit trend component from macroeconomic data series. Isolated cycles provide no economic interpretation of the extracted component. Adding new data to the sample (filtering) period results in instability of extracted components. This study proposes a new econometric filtering technique (MARINER) able to overcome known shortcomings in standard econometrics filters such as Hodrick and Prescott (1997), Baxter and King (1999), Christiano and Fitzgerald (2003). MARINER provides a practical tool for policy makers dealing with business cycles. It also provides economic interpretation (new theory) on causes and sources of business cycles elaborating on theories developed by Phillips (1962) and Škare (2010). MARINER decomposes GDP macroeconomic data series in trend (long term) and cycles (medium term) components using three year moving average recursive filtering method. Extracted cycles are defined as deviations from equilibrium GDP path (minimized output gap) caused by poor synchronization between monetary and fiscal policy. MARINER bridge the gap in the literature on measuring and causes of business cycles. MARINER can purpose as foundation for building a new, primer econometric filtering methods

ICT Adoption Policy of Australian and Croatian SMEs

Many SMEs are currently adopting information and communication technology (ICT) and services based on it. However, there is little systematic research into how they are doing this and what are the organisational and environmental factors associated with this adoption. In this article, the authors build the model of ICT adoption in Australian and Croatian SMEs, founded on premises that SMEs are the main economic developing factor in all modern economies and that the adoption and the use of ICT represents the fundamental source of competitiveness and the basis for their survival on the world market. By applying Qualitative Comparative Analysis (QCA) and Boolean algebra, the authors developed a model of necessary and sufficient factors for ICT adoption by SMEs in Australia and Croatia.SMEs, ICT, adoption models, case studies, Qualitative Comparative Analysis (QCA), Boolean algebra

COVID-19 crisis and resilience of tourism SME’s: a focus on policy responses

the resilience of small and medium-sized tourism enterprises during crisis periods. Proper selection and implementation of these policies is one of the major challenges facing tourism policy makers. The aim of this article is to propose a systematic framework for selecting government supportive policies that contribute effectively to resilience improvements of tourism SMEs during the COVID-19 disaster. After reading the international reports of the COVID-19 disaster carefully and using similar research findings in past disasters as the preliminary stage of framework development, a comprehensive list of country-based recovery policy responses as well as the critical success factors (CSFs) of tourism SMEs in the crisis recovery phase was extracted and then finalized in an expert-oriented process. In the next stage, the Z-SWARA was applied to weigh the CSFs. Then, four Z-MADM methods were implemented to rank the alternatives, and finally, the results were compounded with BORDA technique. The results of implementing the proposed framework in Iran’s tourism industry show that Disaster management planning capability, as well as Marketing management are the most important CSFs. Also, financial support including direct lending and grants and subsidies to SMEs have been identified as the most effective governments’ supportive policies to recover tourism SMEs in the post-disaster phase. Generally, these results have valuable implications for different stakeholders such as policymakers, practitioners and researchers in the tourism industr

Foreign direct investment and economic growth: a dynamic study of measurement approaches and results

The relationship between foreign direct investment and economic growth (FDI-EG) has been subject to extensive research. The first document related to FDI-EG research in Web of Science was published in 1992 so that the research time is close to 30 years. This article aims to make a bibliometric study to measure the FDI-EG research from different points of view. 1,075 documents with respect to FDI-EG research were collected, and a strong bibliometric analysis was carried out by Bibliometrix software and review of approaches. The Bibliometrix software has revealed the leading researchers, conceptual structure, and thematic evolution of the FDI-EG research. At the same time, reviewing the literature helps to make content analysis, the most influential document analysis, co-authorship analysis, and citation and co-citation analysis. Amongst the findings, C. Chen, Journal of International Economics, and the USA are the most influential researcher, journal, and country, respectively. The FDI-EG research are focussed on the technology and firm performance, research modelling, and theoretical inquiry. More discussions are made in terms of current research status, avenues for future research, advantages and drawbacks of the methods. This article helps in understanding the evolution of the FDI-EG research from the perspectives of the bibliometric and review

Evaluating strategies for implementing industry 4.0: a hybrid expert oriented approach of B.W.M. and interval valued intuitionistic fuzzy T.O.D.I.M.

open access articleDeveloping and accepting industry 4.0 influences the industry structure and customer willingness. To a successful transition to industry 4.0, implementation strategies should be selected with a systematic and comprehensive view to responding to the changes flexibly. This research aims to identify and prioritise the strategies for implementing industry 4.0. For this purpose, at first, evaluation attributes of strategies and also strategies to put industry 4.0 in practice are recognised. Then, the attributes are weighted to the experts’ opinion by using the Best Worst Method (BWM). Subsequently, the strategies for implementing industry 4.0 in Fara-Sanat Company, as a case study, have been ranked based on the Interval Valued Intuitionistic Fuzzy (IVIF) of the TODIM method. The results indicated that the attributes of ‘Technology’, ‘Quality’, and ‘Operation’ have respectively the highest importance. Furthermore, the strategies for “new business models development’, ‘Improving information systems’ and ‘Human resource management’ received a higher rank. Eventually, some research and executive recommendations are provided. Having strategies for implementing industry 4.0 is a very important solution. Accordingly, multi-criteria decision-making (MCDM) methods are a useful tool for adopting and selecting appropriate strategies. In this research, a novel and hybrid combination of BWM-TODIM is presented under IVIF information

Income inequality in China 1952-2017: persistence and main determinants.

Research background: China's economic growth, however remarkable, is due to the Harrod-Domar nature of economic growth and, therefore, limited. The main limitation lies in the extension of the neoclassical growth model and the government need to decrease regional disparities using new migration, urbanization and social policy. Purpose of the article: It is the rising regional disparity in the total factor productivity to cause the income inequality increase (measured by GINI index) in China from 1952?2017. Our paper brings new insight into the main inequality determinants and causes in China, using a fractional integration modeling framework. Methods: Using fractional integration, we find total factor productivity (TFP), real gross domestic product per capita and growth and expenditures for the social safety net and employment effort to have a statistically significant impact on GINI. Income inequality in China is of a persistent nature with the effects of the shocks affecting the GINI index enduring over time. Findings & value added: The results of this study highlight the importance for model/policy changes by the policy makers and practitioners in China to deal with the inequality issue. This involves improving the growth model through innovation and technological advancement, relaxing TFP dependence on the physical inputs (labor and capital) to reduce income inequality.post-print543 K

Open innovation: a research framework and case study of Huawei

Open innovation (OI) has received significant attention from practices and theories over the past decades. This paper investigates the role of OI and personalized patterns in firms at home and abroad, and then measures the risks involved. Firstly, this paper reviews the definition of OI, the business model innovation characteristics, and the facing problems in practice. Based on the existing literature, we illustrate the openness and challenges of business OI. By introducing bibliometrics, this paper presents a whole research framework. Based on keywords cooccurrence analysis and clustering analysis, we locate the current research hotspots and potential research opportunities from a comprehensive perspective. According to the analysis results, five clusters are obtained, including resource management and value creation; collective innovation and form sustainability; innovation management, intellectual property management, and crossborder cooperation; knowledge management and knowledge sharing; innovation ecosystem, big data, and policy-level innovation. Taking Huawei as an example, its typical business OI model is studied from the perspectives of organizational, project-related, marketing and consumer-based, and summaries the facing challenges and risks. We illustrate its financial performance, innovation performance, and development prospects. We found that, during the implementation of OI practical activities and theoretical exploration, the risks and opportunities facing small and medium-sized enterprises (SMEs) are multiple dimensional

Networking and knowledge creation: social capital and collaborative innovation in responding to the COVID-19 crisis

This study empirically explores the role of social capital in creating collaborative innovation and collective intelligence and maintaining organizational sustainability in the unprecedented COVID-19 crisis. Data were collected from a sample of 289 managers, directors and heads of departments of top 50 manufacturing firms in Jordan and analyzed using Smart-PLS-SEM. The results indicate that social capital significantly impacts collaborative innovation, collective intelligence and organization sustainability during the COVID-19 crisis. They also reveal that collective intelligence significantly impacts collaborative innovation and organization sustainability. This study enriches the literature on social capital, collaborative innovation and collective intelligence. It elucidates the role of such dynamic capabilities in maintaining both organizational sustainability and the chance of recovery from unprecedented crises