About the role of monetary aggregates for monetary policy: the case of Peru

The purpose of this paper is to analyze the relevance of monetary aggregates for monetary policy as indicators of real activity. The main hypothesis of this paper is that narrow monetary aggregates can help forecasting real output. The empirical analysis combines the time scale decomposition of time series using wavelets and the possible existence of cointegrating relationships between money, output and prices. Using recent Peruvian data, evidence is found to support the proposed hypothesis. In particular, the results suggest the existence of co-integration between non-stationary series built using wavelet filtering. In this context, exogeneity tests reveal that narrow monetary aggregates are weakly and strongly exogenous; i.e., they are helpful for forecasting real output. These results suggest that money has a role for monetary policy as an indicador of real activity.

Capital Flows, Monetary Policy and FOREX Interventions in Peru

This article explains the main features of the sterilized intervention in the foreign exchange market and the use of non-conventional policy instruments as applied by the Central Reserve Bank of Peru in order to avoid credit booms or busts in a context of a partially dollarized financial system. This monetary policy framework is based on a risk management approach that includes as the main policy tool the short-term interest rate within an inflation targeting regime. This framework helped to reduce the impact of the recent global financial crisis on the Peruvian economy and allowed to rejoin the path of growth with low inflation, avoiding major disruptions from the surge of capital inflows.Central banks, policy framework

The impact of using guided reading to teach low-literate adults

This is the publisher's version, also found at http://search.proquest.com/docview/216914773?accountid=14556Massengill discusses a guided reading instructional framework applied to four adult participants, including Joelle, Peter, Troy, and Malia. She stresses that the instructional framework improved the learners' word-recognition behaviors and strategies, which resulted in an increase in overall reading levels. The participants' respective profiles, the single-participant design scores, and the pre- and post-test results, are also provided

A Strange Stable

One day while walking in Washington, D. C., at a particularly busy time of day, I turned into what I thought was an alley leading to another street. As I wandered back through the alley, I suddenly noticed that I was in a courtyard. It was a beautiful place with houses looking from two sides into the cobblestone court. There was an enormous tree growing in one corner of the yard with a circular bench built around its base. As I investigated the yard further, I found that the building directly in front of me was a stable. Discovering that it was an unusually clean stable, I decided to investigate further

A Music Curriculum for the Non-Music Major Teacher of the Intermediate Grades

This study was developed for the teacher who may have limited resources in music education. The purpose of this study was to design a curriculum in music education for the intermediate grades so that a non-music major teacher could easily instruct music lessons. The characteristics of musical growth have been outlined and research has been shown to support the musical characteristics. A set of objectives has been formed as the foundation for teaching music to children of the intermediate grades. The curriculum devised has three components for the teacher to follow: songs appropriate for each season, holiday or month, listening to American composers, and creating musical instruments. The activities listed have been selected for student appeal and enrichment suggestions are given to allow the teacher the opportunity to expand the, music lesson. It is with great hope that this study will give the teacher confidence to undertake a program of music that may have been otherwise nonexistent in the classroom