The OMII Software Distribution

This paper describes the work carried out at the Open Middleware Infrastructure Institute (OMII) and the key elements of the OMII software distribution that have been developed in collaboration with members of the Managed Programme Initiative. The main objective of the OMII is to preserve and consolidate the achievements of the UK e-Science Programme by collecting, maintaining and improving the software modules that form the key components of a generic Grid middleware. Recently, the activity at Southampton has been extended beyond 2009 through a new project, OMII-UK, that forms a partnership that now includes the OGSA-DAI activities at Edinburgh and the myGrid project at Manchester

Monetary Policy Rules in Central and Eastern European Countries: Does the Exchange Rate Matter?

We estimate monetary policy rules for six central and eastern European countries (CEEC) during the period, when they prepared for membership to the EU and monetary union. By taking changes in the policy settings explicitly into account and by introducing several new methodological features we significantly improve estimation results for monetary policy rules in CEEC. We find that in the Czech Republic, Hungary and Poland the focus of the interest rate setting behaviour switched from defending the peg to targeting inflation. For Slovakia, however, there still seemed to be on ongoing focus on the exchange rate. For Slovenia and only after a policy switch for Romania we find a solid relation with inflation as well

Making the Most of Interim Assessment Data: Lessons from Philadelphia

Under No Child Left Behind, urban school districts have increasingly turned to interim assessments, administered at regular intervals, to help gauge student progress in advance of annual state exams. These assessments have spawned growing debate among educators, assessment experts, and the testing industry: are they worth the significant investment of money and time? In Making the Most of Interim Assessment Data: Lessons from Philadelphia, Research for Action (RFA) weighs in on this issue. The School District of Philadelphia (SDP) was an early adopter of interim assessments, implementing the exams in 2003. Unlike teachers in some other regions, Philadelphia elementary and middle grades teachers rated these 'Benchmark' assessments highly. However, the study found that enthusiasm did not necessarily correlate with higher rates of student achievement. What did predict student success were three factors -- instructional leadership, collective responsibility, and use of the SDP's Core Curriculum. The report underscores the value of investment in ongoing data interpretation that emphasizes teachers' learning within formal instructional communities, such as grade groups of teachers. This research was funded by the Spencer Foundation and the William Penn Foundation

Spanning with Zero-Price Investment Assets

Regression-based testing techniques has long been used to quantify whether the efficient frontier of a set of assets spans the frontier of a larger collection of investments. This work derives regression-based spanning tests for the case in which the investment possibilities set contains, or is constituted by, zero-investment assets. An empirical example illustrates that ignoring the zero-cost qualification of these assets might lead to wrong spanning propositions.mean-variance spanning; diversification benefits; portfolio choice; futures markets

Testing the Marshall-Lerner condition in Kenya

In this paper we examine the Marshall-Lerner (ML) condition for the Kenyan economy. In particular, we use quarterly data on the log of real exchange rates, export-import ratio and relative (US) income for the time period 1996q1 – 2011q4, and employ techniques based on the concept of long memory or long-range dependence. Specifically, we use fractional integration and cointegration methods, which are more general than standard approaches based exclusively on integer degrees of differentiation. The results indicate that there exists a well-defined cointegrating relationship linking the balance of payments to the real exchange rate and relative income, and that the ML condition is satisfied in the long run although the convergence process is relatively slow. They also imply that a moderate depreciation of the Kenyan shilling may have a stabilizing influence on the balance of payments through the current account without the need for high interest rates.This study is partly funded by the Ministry of Education of Spain (ECO2011-2014 ECON Y FINANZAS, Spain) and from a Jeronimo de Ayanz project of the Government of Navarra

An Overhaul of a Doctrine: Has Inflation Targeting Opened a New Era in Developing-country Peggers?

The aim of this paper is to empirically examine the effect of a regime switch, from exchange-rate targeting (fixed exchange rate) to inflation targeting, on monetary policy in developing economies, hence adding to evidence on whether inflation targeting along with a managed float provides a better monetary policy compared to exchange-rate targeting. For this purpose, a group of developing countries that have historically experienced such a switch is analysed. This is done by an augmented interest-rate rule a-la Taylor (1993; 2001). Two methodological approaches are used: switching regression and Markov-switching method. Although both approaches have different drawbacks which compensate, still both lead to the conclusion that inflation targeting represented a real switch in developing countries. The period of inflation targeting was characterized by: a more stable economic environment; by more independent monetary-policy conduct; and by strict focus on inflation. Estimates suggest that the switch to a new monetary regime explains these results.inflation targeting, exchange-rate targeting, monetary regime switch, developing economies