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An understanding of the determination of real wages is crucial in analysing the determination of the natural rate of unemployment or NAIRU. Uses cointegration techniques to examine a core theoretical model of the long‐run determinants of real wages involving unit labour costs, unemployment, union power and the replacement ratio. Considers the different measures of union power and the duration of unemployment and alternative specifications involving the “wedge” but a robust cointegrating relationship is not found. These results can be interpreted in several ways: concepts such as union power or the “generosity” of benefits may be measured inadequately; the theoretical understanding of the long‐run determinants of real earnings may remain seriously incomplete; alternatively the short spans of data examined may be insufficient for the application of cointegration techniques, although the sample sizes examined here are fairly typical of most macroeconomic time series.

Considers the treatment of openness and imperfect competition in the influential analysis of Layard, Nickell and Jackman′s (LNJ′s) Unemployment: Macroeconomic Performance and the Labour Market. Clarifies and completes LNJ′s treatment of openness through the provision of explicit analytical solutions to their model under fixed and flexible exchange rate regimes. Also provides a (largely informal) analysis of the sensitivity of the LNJ model′s results to the particular forms of imperfect competition assumed. It is argued that openness is crucial to the model′s properties, whereas imperfect competition is not. However, imperfect competitive behaviour may, more generally, have a major impact if it is not confined to the “well‐behaved form” allowed by LNJ.

The purpose of this paper is to explore the use of a multidimensional model from the field of media reception for analyzing how a value statement in a Danish windmill company led to employee identification as well as organizational antecedents that influenced this identification. Further, the paper evaluates whether the proposed model can enhance understanding of the study of employee identification in a specific organizational situation and context.

The identification model extends a multidimensional model for media reception originally proposed by Schrøder in the field of media reception studies. The proposed model includes the following reception dimensions: comprehension, discrimination, implementation, motivation, and position.

This paper illustrates how employees from a Danish windmill company receive a value statement. A systematic application of the multidimensional model makes it possible to gain detailed insight into the active and complex process of employee identifications with organizational texts and how they may fluctuate in a specific context.

This analysis only focuses on the reception of a value statement. Future research could include the analysis of employee readings of other types of organizational texts.

The multidimensional identification model is an extension of a media reception model and is new in the field of organizational identification. The model offers a method for analyzing the complexity and multiplicity of employee readings of different types of organizational texts. This may be crucial for both researchers and managers as the model may help to uncover the antecedents that influence how employees receive organizational texts while taking the historical and situational context of the organization into consideration.

The coronavirus disease 2019 (COVID-19) pandemic has taken society, business and industries by surprise leading to a worldwide economic recession, pushing organizations to rethink their business model in order to shift from activity shutdown toward sustainable growth. The purpose of this research is to comprehend the implications and relationship between entrepreneurship, innovation, digitization and digital transformation aspects as the levers to achieve this goal.

Following the existing literature, an empirical approach has been established involving a quantitative analysis of secondary information obtained from official datasets and reports.

The COVID-19 pandemic was found to be an unfortunate accelerator regarding both consumers' habits and organizations' innovation and digital transformation, breaking with the past leading to new sustainable growth business models.

The research provides an underlying outcome that addresses how wealth and economic value could be generated within the framework of new economic models in a post-pandemic environment.

The research highlights how the pandemic has disrupted what was known about sustainable business growth, and how this affects the future of business beyond the pandemic scenario, transforming the way society, businesses and customers interact.

The coronavirus pandemic (COVID-19) and the associated economic lockdown provided a jolt to businesses around the world and the global economy. Amid the ongoing uncertainty, circumstances varied across business sectors and regions, but the common goal for business organizations was to respond effectively, devising strategies to survive the turmoil and accelerate recovery. The narrative in India was no different from the rest of the world. Due to the novelty of the event, literature regarding its impact on the strategic management of firms was scarce. Thus, this paper aims to attempt to ascertain the crisis impact on firms and subsequently unravel the tactical short-term and long-term strategic responses initiated by Indian firms.

The authors carried out an empirical investigation to comprehend the strategic foresight adopted by Indian firms. Following a structured literature review, the authors conducted semi-structured open-ended interviews with 28 business experts who were involved in drafting strategic responses for their respective firms. Subsequently, the authors performed a thematic content analysis of the expert interview responses to document firm-level strategic responses to the COVID-19 crisis and associated economic lockdown. The authors further searched reputed media articles to supplement and triangulate the primary research findings with management perspectives.

The authors identified that managers had adopted a dual approach responding to the disruption. Companies simultaneously focused on surviving the crisis in the short-term by reconfiguring existing resources and initiated long-term recovery by mobilizing efforts for a redesigned business model. The research findings indicated that companies had adapted to the dynamic chaotic crisis environment to fulfill the changed consumer expectations. Remote working was widely implemented, supply networks were adjusted, operations were managed with minimal resources, working capital was closely monitored and the product-portfolio was revamped to reap benefits in an essentials-only world. The impact of several strategic firm responses was determined through this study on the revenue, profitability, operational costs and regulatory adherence of the companies along with the ability to meet stakeholder expectations. The study suggested that companies encouraged innovative solutions and highlighted the importance of collaborative inter-organizational practices.

The study contributed to an inter-theoretical perspective on firm strategic initiatives to confront a global crisis. Resource-based view, dynamic capabilities perspective and industrial-organizational theory-based perspectives, were applied. This facilitated an extensive analysis of the entire business ecosystem to identify various paths to accelerated recovery during and post COVID-19 world.

The research findings would aid managers in drafting a comprehensive response strategy during and post COVID-19 world. This study results would help managers in addressing multiple concerns such as the sustainability of operations in the short-term through working capital management, the fulfillment of changing consumer needs through sustained innovation and business model alterations to ensure long term growth. The study enabled managers to prioritize necessary actions, ascertain the impact of strategic initiatives and build sustainable competitive advantage for long-term growth.

The novel coronavirus pandemic and the associated economic lockdown impacted firm strategies and this was one of the very first empirical studies regarding how firm-level short-term tactics and long-term strategies were getting reshaped. Traditionally, companies were prepared to handle localized disruptions but a crisis of such epic global proportions jeopardized most business. This study provided an extensive review of the short-term tactical and long-term strategic response perspectives adopted by Indian firms to absorb the impact of this unique crisis and expected recovery with renewed strength. This was one of the first research articles to provide an inter-theoretical perspective on the ongoing global pandemic. This integrated view of the possible impacts of firm-level strategic initiatives provided a detailed knowledge repository to design the crisis response capability of firms.

The authors aim to look at the conditions under which central bank easing – and specifically the purchase of private sector securities – can/should contribute to growth, rather than fiscal policy and also ask when can the central bank’s purchase of private sector securities help supplant traditional monetary policy.

After surveying the existing literature, the authors use simple correlation of central bank private asset (stocks, bonds, etc.), interest rates, gross domestic product (GDP) growth, inflation and the extent of the functioning of domestic banking sectors (among others) to classify countries in which these purchases promote pro-growth investment.

Under the typical conditions for unconventional monetary policy, central bank purchases of private companies’ securities can promote growth in some places (like Bulgaria, the Ukraine, Georgia and Greece at the time of our writing) while hurting it in others (like in parts of Latin America and Africa in the mid-2010s). The authors find how such purchases effectively “bypass” dysfunctional banking systems and central/government local bodies fiscal spending, making the central bank the “funder of last resort” in many middle and lower income countries.

This paper tells specific central banks to ramp up – or reduce – their purchases of private sector securities. The authors identify exact jurisdictions where such “helicopter money” has led to investment in the past economic growth.

All previous work on conventional and unconventional monetary policy has looked at the way monetary policy affects investment and growth through the banking system and holding companies’ reactions constant. The authors do the opposite – looking at how companies respond, holding banking system responses constant. No one has ever looked at these private purchases (taken from a special IMF database), much less tried to argue that central banks can sometimes target investment growth much better than fiscal policy. No one has ever considered them as a funder (rather than lender) of last resort.