International Transmission under Floating Exchange Rates

International Transmission under Floating Exchange Rates

Equity Returns and Inflation: The Puzzlingly Long Lags

This paper examines data for stock prices and price levels of 14 developed countries during the post-WWII era and compares their behavior in that sample with behavior over the past two centuries in the UK and the US. Contrary to much of the literature of the past several decades, we find that nominal equity prices do, in fact, keep pace with movements in the overall price level. Our results suggest, however, that this is only the case over long periods. The puzzle therefore is not that equities fail the test as inflation hedges, as had been quite widely believed, but that they take so long to pass.Stock prices, inflation, Fisher effect, neutrality, cointegration,Equity Returns,Inflation ,Long Lags

Real Exchange Rate Behavior Under Floating and Fixed Regimes

In this paper we examine the stability of the real exchange rate and the macroeconomic effects of alternative exchange-rate regimes, including currency union, on real exchange-rate behaviour. We focus on the Irish punt in order to exploit its diversity of experience over different nominal exchange rate regimes. We make both temporal and cross-country comparisons of real-exchange-rate stability for the Irish punt with sterling, the US dollar and the German mark. We reach two conclusions on the basis of our results. The first is that for Ireland, as for most other countries, purchasing power parity provides a reasonably good description of actual exchange rate behaviour over the long run. Our second principal conclusion concerns regime effects. Currency union appears to matter. The real exchange rates we analyse are unambiguously less variable under currency union than under alternative exchange-rate systems. Otherwise, however, we find no clear-cut differences in behaviour across regimes.Exchange Rates, purchasing power parity, exchange-rate regimes, currency union

Currency Union and Real Exchange Rate Behavior

In this paper we study the behavior of the real exchange rate of three North American currencies vis-a-vis the U.S. dollar: the Canadian dollar the Mexican peso, and the Panamanian Balboa. Our principal object is to design an experiment in which meaningful comparisons of behavior across regimes would be possible. In the main we were unable to find any. The allegation of problems created due to aggregating data across regimes therefore receives no support at all in these data. A second criterion for choosing the countries in our sample was differences in level of economic development. The object here was to provide ample leeway for real variables to operate. For Mexico such factors do not appear to matter. For Panama they might be of some importance, but a modified form of PPP nevertheless continues to perform well.Real exchange rates, purchasing power parity, exchange rate regimes, currency unions.

DETERMINAN AKUNTABILITAS PENGELOLAAN DANA BANTUAN OPERASIONAL SEKOLAH DI KOTA JAYAPURA

The objective of this study is to analyses the determinants of the financial management accountability of school operational fund (BOS hereafter) in Jayapura municipality, Papua province. The research method used was a survey with questionnaires. Quantitative analysis using the SPSS analysis tool was used to analyze the data collected in order to test empirically the factors that influence accountability of the management of BOS funds in beneficiary schools in Jayapura City. The results showed that the BOS funds received in Jayapura Municipality in 2019 and 2020 amounted to 24.9 billion which were managed in 14 junior high schools and 54 elementary schools. BOS spending consists of personnel spending, goods and services spending, and capital spending. Data collected from 242 respondents showed that the factors of Transparency, HR Quality, Organizational Commitment, Internal Control System had an effect on the Accountability of BOS funds. The results of the research are to provide empirical factors on the accountable management of BOS funds so that they become technical knowledge for other districts/cities in Papua Province and others in managing their BOS Fund and other public transfer funds

A comparison of methods for treatment selection in seamless phase II/III clinical trials incorporating information on short-term endpoints

In an adaptive seamless phase II/III clinical trial interim analysis data are used for treatment selection, enabling resources to be focussed on comparison of more effective treatment(s) with a control. In this paper we compare two methods recently proposed to enable use of short-term endpoint data for decision-making at the interim analysis. The comparison focusses on the power and the probability of correctly identifying the most promising treatment. We show that the choice of method depends on how well short-term data predict the best treatment, which may be measured by the correlation between treatment effects on short-term and long-term endpoints

Principles to Guide the Office of Legal Counsel

Former members of Office of Legal Counsel ( OLC ) in the Department of Justice offer guidance for their successors. Among the document\u27s recommendations are suggestions that the OLC provide an accurate and honest appraisal of applicable law, even if that advice will constrain the administration’s pursuit of desired policies; and publicly disclose its written legal opinions in a timely manner, absent strong reasons for delay or nondisclosure

The Mos pathway regulates cytoplasmic polyadenylation in Xenopus oocytes

Cytoplasmic polyadenylation controls the translation of several maternal mRNAs during Xenopus oocyte maturation and requires two sequences in the 3\u27 untranslated region (UTR), the U-rich cytoplasmic polyadenylation element (CPE), and the hexanucleotide AAUAAA. c-mos mRNA is polyadenylated and translated soon after the induction of maturation, and this protein kinase is necessary for a kinase cascade culminating in cdc2 kinase (MPF) activation. Other mRNAs are polyadenylated later, around the time of cdc2 kinase activation. To determine whether there is a hierarchy in the cytoplasmic polyadenylation of maternal mRNAs, we ablated c-mos mRNA with an antisense oligonucleotide. This prevented histone B4 and cyclin A1 and B1 mRNA polyadenylation, indicating that the polyadenylation of these mRNAs is Mos dependent. To investigate a possible role of cdc2 kinase in this process, cyclin B was injected into oocytes lacking c-mos mRNA. cdc2 kinase was activated, but mitogen-activated protein kinase was not. However, polyadenylation of cyclin B1 and histone B4 mRNA was still observed. This demonstrates that cdc2 kinase can induce cytoplasmic polyadenylation in the absence of Mos. Our data further indicate that although phosphorylation of the CPE binding protein may be involved in the induction of Mos-dependent polyadenylation, it is not required for Mos-independent polyadenylation. We characterized the elements conferring Mos dependence (Mos response elements) in the histone B4 and cyclin B1 mRNAs by mutational analysis. For histone B4 mRNA, the Mos response elements were in the coding region or 5\u27 UTR. For cyclin B1 mRNA, the main Mos response element was a CPE that overlaps with the AAUAAA hexanucleotide. This indicates that the position of the CPE can have a profound influence on the timing of cytoplasmic polyadenylation

A Radio Polarimetric Study of the Galactic Center Threads

Multi-frequency, polarimetric VLA observations of the non-thermal filaments (NTF's), G0.08+0.15, and G359.96+0.09, also known as the Northern and Southern Threads are presented at 20, 6, 3.6 and 2 cm, with high enough spatial resolution to be resolved for the first time at 6 and 3.6 cm. The 20 cm image reveals a wealth of new detail in the radio sources lying within the inner 60 pc of the Galaxy. The Southern Thread has a prominent split along its length, similar to splitting at the ends of previously studied NTF's. With resolutions as fine as 2'', the 3.6 and 6 cm images reveal a high degree of continuity and little substructure internal to the filament. The spectral index of the Northern Thread has been determined over a broad range of frequencies. Its flux density falls with frequency, alpha=-0.5 between 90 and 6 cm, and becomes much steeper (alpha=-2.0) between 6 and 2 cm. The spectral index does not vary significantly along the length of the Northern Thread, which implies either that the diffusion timescale for the emitting electrons is less than their synchrotron lifetime, or that the emitting electrons are reaccelerated continuously at multiple positions along the filament. Because of the lack of spectral index variation, we have not located the source of relativistic electrons. Polarization observations at 6 and 3.6 cm confirm the non-thermal nature of the emission from the Northern Thread. The fractional polarization in the Northern Thread reaches 70% in some regions, although the polarized emission is patchy. Large rotation measures (RM > 2000 rad/m2) have been observed with irregular variations across the filament.The intrinsic magnetic field in the Northern Thread is predominantly aligned along its long axis.Comment: 19 pages, incl. 24 figs; to appear in the Astrophysical Journa