Targeting Commitment

New Zealand's deceptively simple but effective program to improve public services New Zealand has long been considered at the forefront of public administration, experimenting with new ways of organizing and delivering public services. Even so, successive New Zealand governments had mixed results from using traditional public management tools to lift the performance of the public service and address persistent problems that required multi-agency action. In 2012 the government decided to try something different. As part of a reform package called Better Public Services, the government challenged the public service to organize itself around achieving just ten results that had proven resistant to previous interventions. The plan was deceptively simple: set ambitious targets and publicly report on progress every six months; hold small groups of public managers collectively responsible; use lead indicators; and learn from both success and failure. This book explores how and why the New Zealand government made progress and how the program was able to create and sustain the commitment of public servants and unleash the creativity of public entrepreneurs. The authors combine case studies based on the experience of people involved in the change, together with public management research. They explain how ambitious targets and public accountability were used as levers to overcome the bureaucratic barriers that impeded public service delivery, and how data, evidence, and innovation were used to change practice. New Zealand experimented, failed, succeeded, and learned from the experience over five years. This New Zealand experience demonstrates that interagency performance targets are a potentially powerful tool for fostering better public services and thus improving social outcomes.

This paper examines monetary and exchange rate policies of the euro area. The paper reviews the European Central Bank’s definition of price stability, and examines the factors determining “the optimal rate of inflation” in the euro area. It reviews the benefits of price stability, including the reduction in the distortions of savings and investment behavior that stem from the interaction between nominal tax systems and inflation. It then goes on to evaluate arguments for maintaining a small positive inflation rate in the context of the euro area.

The World Bank Group promotes small and medium enterprise (SME) growth through both systemic and targeted interventions. Targeting means focusing benefits on one size-class of firms to the exclusion of others. Targeted support for SMEs is a big business for the World Bank Group, averaging around $3 billion a year in commitments, expenditures, and gross exposure over the 2006-12 period. In the context of broader reforms, such targeted support can be a powerful tool. Targeting SMEs is not an end in itself, but a means to create economies that can employ more people and create more opportunity for citizens to achieve prosperity. A thriving and growing SME sector is associated with rapidly growing economies. A central challenge is to level the economic playing field by ensuring dynamic markets; strengthening market-support institutions; and removing constraints to participation. IEG found that financial sector development can have both a pro-growth and pro-poor impact by alleviating SMEs' financing constraints, enabling new entry of firms and entrepreneurs and better resource allocation. Layered on top of this are targeted forms of assistance; these interventions may build on a foundation of more systemic reforms, may come in tandem with them, or may in fact be a means to build systemic reforms from the bottom up. Any credible justification of targeted support to SMEs must be focused on establishing well-functioning markets and institutions, not simply providing a temporary supply of benefits to a small group of firms during a project's lifespan. Thus, targeted interventions need to leverage resources to produce broader benefits for institutions and markets. To make targeted support for SMEs more effective, the World Bank Group needs to do several things: Clarify its approach to targeted support to SMEs; Enhance the support's relevance and additionality; Institute a tailored research agenda; Strengthen guidance and quality control for such support; Reform MIGA s Small Investment Program.

“A trenchant summation” and analysis of the legal rationales behind the US drone policy of targeted killing of suspected terrorists, including US citizens (Publishers Weekly, starred review). In the long response to 9/11, the US government initiated a deeply controversial policy of “targeted killing”—the extrajudicial execution of suspected terrorists and militants, typically via drones. A remarkable effort was made to legitimize this practice; one that most human rights experts agree is illegal and that the United States has historically condemned. In The Drone Memos, civil rights lawyer Jameel Jaffer presents and assesses the legal memos and policy documents that enabled the Obama administration to put this program into action. In a lucid and provocative introduction, Jaffer, who led the ACLU legal team that secured the release of many of the documents, evaluates the drone memos in light of domestic and international law. He connects the documents’ legal abstractions to the real-world violence they allow, and makes the case that we are trading core principles of democracy and human rights for the illusion of security. “A careful study of a secretive counterterrorism infrastructure capable of sustaining endless, orderless war, this book is profoundly necessary.” —Katrina vanden Heuvel, editor and publisher of The Nation

"The paper aims at explaining why the Bank of Japan has not adopted inflation targeting, despite calls for such a policy. Disclosed minutes of the Monetary Policy Meetings of the Bank of Japan, after March 1998, as well as Speeches by its members give clues to changing reasons against inflation targeting. Inflation targeting was not adopted in Japan in the early years (the first wave of interest in1999-2000) because the Board members were not sure about an appropriate price index, and a specific number for an appropriate inflation rate. A Bank of Japan study, completed in October 2000, did not give any clear answers. Inflation targeting was not adopted in later years (2001-2003), despite the inflation-targeting-like commitment strategy adopted in March 2001, because the Board members thought that conventional tools to increase the inflation rate were not available. As such, they thought that announcing a target with a positive inflation rate would damage confidence. In terms of introducing unconventional measures, the Bank of Japan worried about the transmission channels and the damage to its balance sheet. Towards the end of Governor Hayami fs term, the views against inflation targeting turned sharply negative, as news reports suggested that it may be linked to the new Governor fs appointment. Therefore, , why inflation targeting was not adopted, can be explained and understood from a political economy perspective"--NBER website

Diploma Thesis from the year 2008 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, Technical University of Chemnitz, 98 entries in the bibliography, language: English, abstract: Especially since the operational introduction as central bank monetary policy framework in the early 1990s in New Zealand, the United Kingdom (UK), Canada and Sweden, inflation targeting has gained both empirical and theoretical relevance as a monetary policy strategy. In this paper I relate to inflation targeting theory and its framework in the UK. For that purpose I first regard the development of inflation targeting in respect to other monetary policy strategies in sections (2.2) and (2.3). I will answer the question what the actual target variable is and why one would want to have inflation being low and stable. Then there is some complexity because the development of inflation targeting has to be viewed in relation to paradigmatic debates between Monetarist and New-Keynesian insights. In the sections (2.4) and (2.4) I present the two fundamental views of how an inflation targeting framework should be modelled. By stating some equations from basic theoretical literature, I try to give a overview about the different characteristics of that monetary policy strategy and how there is still controversy about the way of modelling. Chapter (3) is concerned with the operational framework in the UK, including statements to historical developments at the Bank of England in section (3.1). In particular, gaining of operational independence in setting interest rates—section (3.1.5)—was an important step for the Bank. The present monetary policy framework will be reviewed in section (3.2), in detail relating to the Bank’s publication policy—section (3.2.2)—and the inflation forecasting process—section (3.2.3). The Bank of England’s model of the transmission mechanism is reviewed in section (3.3). This includes the interest rate setting process, the role of money and the relationship between inflation and inflation expectations. Finally, I discuss some economic effects that changed the British economy since the introduction of inflation targeting—section (3.4).