Inflation Targeting and the Inflation Process: Lessons from an Open Economy

In an open economy inflation-targeting framework, whether policy makers should target aggregate or non-traded inflation depends on the structural relationships in the economy. This paper shows that in a small empirical model of the Australian economy, it makes little difference which measure is targeted. This conclusion is reinforced by the significant changes to the inflation process that the paper suggests have occurred over the past two decades: the effect of exchange rate changes on inflation appears to have become more muted and the inflation process appears to have become better anchored.

Generational Differences In Motivation For Learning: An Ethnographic Research Project On The Differences Between Learning Styles And Motivations To Learn Based On Generation

There are a number of differences between generational groups as far as influences, technology, and preferences. The purpose of this research project can help determine if there are differences in motivations and preferences toward learning delivery methods, based on age groups. To determine this, a Likert scale survey was issued to seventy four college students via a Zoomerang online survey link. The respondents were only asked to display their age and were classified into one of four generational groups. The Likert scale helped determine preferences to online or traditional classroom training. In addition the respondents were asked to list frustrations that they had experienced in both online courses and traditional classroom settings. Participants were also surveyed on the convenience of online courses, experience working with other students, and how comfortable each was with the use of technology. The survey results indicated that most of the groups preferred traditional classroom training over online courses. In addition all of the generational groups responded that they learned best with a traditional classroom setting. Of these two items, Millennials (those born between 1981-1994) had the highest preference to classroom learning, and lowest preference to online learning

Evaluating multiagency interventions for children living with intimate partner violence in Birmingham

This research endeavour was born out of the need for a systematic evaluation of the efficacy of the multiagency Domestic Abuse Risk Assessment tool, which necessitates that all incidents of ‘domestic abuse’ (any incident within the family domain) reported to West Midlands Police, where a child or unborn child resides within that home, are scrutinised by Police and Social Care (and partners from Health, Education and the voluntary sector where possible) using a joint protocol. The primary purpose of the protocol is to promote safeguarding and provide a timely and appropriate response to children at risk following domestic abuse. The protocol incorporates the Banardos’ Multiagency Domestic Violence Risk Identification Threshold Scales (MDVRITS), which aids decision making about appropriate interventions based on predicted risk to children using a four level scale

Inflation Targeting and Output Stabilisation

Inflation targeting has been criticised for being ‘inflation only’ targeting and hence, for ignoring output and employment. This paper argues that this criticism is misplaced. The inflation-targeting framework has sufficient flexibility to allow for the short-run trade-off between output and inflation. The extent to which it does so in part reflects some design features of the inflation-targeting framework, such as targeting bands and the policy horizon, that have been adopted in practice in the inflation-targeting countries. Medium-term price stability can be maintained while still allowing some degree of short-run inflation variability, thus providing scope for lower output variability.Inflation targeting; output stabilisation

Trends in the Australian Banking System: Implications for Financial System Stability and Monetary Policy

Financial system stability is defined in terms of the expected macroeconomic losses that arise from financial system disturbances. This captures both the probability of various financial disturbances and the size of the macroeconomic costs arising from such disturbances. Because of the links between the real sector of the economy and the financial sector, monetary policy needs to be cognisant of the potential for financial system stability. We develop a general framework for policy analysis which highlights the trade-off between financial system stability and efficiency. We use this framework to analyse the potential impact on stability and efficiency of three current pressures in the Australian financial system. Namely, consolidation among the largest banks, the formation of large financial conglomerates, and greater opportunities for smaller niche institutions provided by technological developments. We develop a simple model to show that consolidation might reduce system stability through a loss of diversification – which is important in the case of idiosyncratic shocks to individual financial institutions. Offsetting this effect, consolidation might increase system stability if contagion is an important source of failure of financial institutions. Conglomeration has two offsetting effects in terms of system stability: diversification across different financial services can reduce the probability of failure of an individual institution; and contamination, which can lead to contagion flowing from failure of an unhealthy arm of the conglomerate.financial system stability and efficiency; consolidation; conglomeration

Monetary Policy Goals for Inflation in Australia

This paper outlines the inflation objective for monetary policy in Australia, which we describe as seeking to achieve a broad central tendency for inflation of between 2 and 3 per cent over the long run – a “thick point” – rather than a narrow target band. It also provides a more detailed rationale for this objective. In doing so, the paper discusses the issues relevant in determining the appropriate mean inflation rate at which policy should aim, the degree of variation of inflation around that central point, and how policy should respond to shocks. A simple model of the economy is presented which attempts to address these issues in a consistent framework.

Stylised Facts of the Australian Labour Market

This paper examines some stylised facts of trends in employment and unemployment over the past 30 years. The most noteworthy development has been the rise in the aggregate unemployment rate over that period. The main factor accounting for this rise has been the increase in the unemployment rate for full-time male workers, which in turn has reflected slower employment growth in the industries that employ predominantly male full-time workers. While employment growth for females has been stronger than that for full-time males, it has not been sufficient to offset the rapid rise in the participation rate, resulting in a rise in the female unemployment rate. The paper also compares labour market developments in the 1990s recovery with the 1980s recovery. In line with the trend over the past 20 years, the most noteworthy development is the significantly slower growth in male full-time employment. On the other hand, growth in male part-time employment has been stronger in the 1990s. The similar trend in female unemployment rates in both recoveries reflects different forces: in the 1980s, the female participation rate was rising rapidly but employment growth was also strong, whereas in the 1990s, the participation rate has been relatively flat but employment growth has also been more subdued. Finally, the sectors that were engines of employment growth in the 1980s, particularly the finance and insurance, and retail and wholesale trade sectors, have experienced substantially slower employment growth in the 1990s.employment; participation rate; unemployment

The common nodulation genes of Astragalus sinicus rhizobia are conserved despite chromosomal diversity

The nodulation genes of Mesorhizobium sp. (Astragalus sinicus) strain 7653R were cloned by functional complementation of Sinorhizobium meliloti nod mutants. The common nod genes, nodD, nodA, and nodBC, were identified by heterologous hybridization and sequence analysis. The nodA gene was found to be separated from nodBC by approximately 22 kb and was divergently transcribed. The 2.0-kb nodDBC region was amplified by PCR from 24 rhizobial strains nodulating A. sinicus, which represented different chromosomal genotypes and geographic origins. No polymorphism was found in the size of PCR products, suggesting that the separation of nodA from nodBC is a common feature of A. sinicus rhizobia. Sequence analysis of the PCR-amplified nodA gene indicated that seven strains representing different 16S and 23S ribosomal DNA genotypes had identical nodA sequences. These data indicate that, whereas microsymbionts of A. sinicus exhibit chromosomal diversity, their nodulation genes are conserved, supporting the hypothesis of horizontal transfer of nod genes among diverse recipient bacteria