Central Bank Transparency and Bank Lending rates: Australian Evidence

In the past fifteen years central banks have been taking steps towards greater monetary policy transparency. This paper uses a vector error correction model (VECM) to investigate the role transparency has had on changing the dynamics of the credit channel of the Australian monetary policy transmission mechanism. The Reserve Bank of Australia (RBA) lifted all interest rate restrictions in 1986, and then started to announce changes in the cash rate in January 1990 giving the financial system a clearly defined indication of its monetary policy stance. Furthermore, the RBA formalised its inflation targeting operating objective in 1996. This paper gives a clear indication of how a more transparent framework has affected the setting of bank lending rates over three distinct periods. Our results show that responsiveness of bank lending rates to monetary policy changes improved in each period corresponding to an innovation in monetary policy transparency. Moreover, Anticipation effects in banking lending rates are evident only in the period after the RBA formalised its inflation targeting operating objective in 1996. This suggests that Banks only changed lending rates once they had learnt that the RBA was communicating a credible commitment to change the path of future short-term interest rates. However, other results show that price discrimination has been evident between the business and household sectors. To our knowledge, this analysis is the first study that looks at the issue of central bank transparency on bank lending rates.Interest rates; monetary policy; central bank transparency; vector error correction model; variance decomposition

Letter from J. T. Kingsbury

Letter concerning Frank R. Arnold

A Quantitative Study on the Impact of COVID-19 on Drug Treatment Courts

The purpose of this research study was to investigate how the COVID-19 pandemic impacted drug treatment courts (DTCs) in Pennsylvania. DTCs were created as an alternative to the traditional court system by allowing those convicted of a drug offense to receive treatment. Just as these DTCs were dealing with the opioid crisis, a new obstacle occurred in the form of the COVID-19 pandemic, forcing DTCs to adapt to the quickly evolving and changing mandates and policies implemented by the federal and local governments. The impact of the COVID-19 pandemic on these essential DTCs was examined using a therapeutic jurisprudence perspective. A quantitative methodology was utilized to compare graduation rates before and during the pandemic. The data for this research were obtained from publicly archivable data on DTCs in Pennsylvania. The study sample comprised 3,782 participants admitted into a Pennsylvania DTC between 2017 and 2021. The study utilized a chi-square test of independence to determine if COVID-19 impacted drug treatment court graduation rates. The chi-square test findings showed statistically significant differences between the DTC graduation rates of the opiate group, but no statistically significant difference for the remaining targeted drugs of cocaine, heroin, methamphetamine, and benzodiazepines. This showed the opiate group had a higher graduation rate during COVID-19 than before the pandemic. Odds testing was completed, and the findings showed that every drug type had higher odds of graduating during the pandemic than before, except for the drug type benzodiazepine

Calanoid Copepods from the Forest to Prairie Transition in the Itasca Park Region of Minnesota

Calanoid copepods found in a summer survey of northwestern Minnesota lakes and ponds were: Epischura lacustris, Diaptomus oregonensis, D. leptopus, D. sakatchewanensis, D. nudus, and D. siciloides. Some diaptomid species correlated with vegetational type. E. lacustris, D. oregonensis, D. saskatchewanensis were characteristic of pine hardwood and mesic deciduous forest regions while D. nudus and D. siciloides were characteristic of Oak-Savanna and prairie regions. D. leptopus was characteristic in shallow water habitats and occurred on both sides of the transitional area

Agencies in Transition: A Report on the Views of the Members of the Federal Senior Executive Service

Many think of leadership transition in government as something that happens only once every four or eight years. While presidential transitions are undoubtedly the largest in scope, leadership transition in government is a constant process. In fact, the average tenure of Senate-confirmed appointees is only 3.3 years, while appointees at executive departments generally spend only 2.8 years in a single post.In a federal government made up of departments and agencies as large and complex as any Fortune 500 company, a strong leadership team is critical to effective governance. Members of the Senior Executive Service (SES) serve as the primary link between political appointees and the broader federal workforce, operating and overseeing nearly every government activity. They play a significant role during leadership transitions, ensuring the continuity of operations within government. Members of the SES are also uniquely positioned to help incoming political leaders build on the positive reforms of the past, and provide insight from lessons learned that can inform success in the future.The National Academy saw the 2008 Presidential transition as an opportunity to draw upon the experience of the SES to find ways to strengthen the partnerships between political and career leaders and build a more efficient and effective government. The results of our study reinforced the critical role played by members of the SES, and revealed that the majority of these career leaders, though experienced in government, were relatively new to managing transition issues as executives.Key FindingsThe findings demonstrated that despite the newness of presidential transitions for most SES, they have a clear understanding about the role they must play in assisting new political appointees, the importance of forming an effective partnership, and their role in the process. At the same time, they wanted help to prepare for those roles, and were eager to engage in training and other activities that would promote success. These SES preferred to receive assistance in preparing for the transition through: (1) policy briefings; (2) discussions with their peers; (3) written materials; and (4) attendance at seminars or training sessions

Identity Formation and Reformation in First and Second Career Psychiatric Residents

Although all residents seek to acquire competence, those entering psychiatry as a first career appear to use different strategies for the early protection of self esteem than do those entering psychiatry as a second career. These differences and their ramifications for the resident and the residency are discussed. Differences appear in the formation of a professional identity as a psychiatrist when that career is the second career as opposed to the formation of that identity when the career is the first. For most older psychiatric residents, a first career typically precedes the entrance into psychiatry. In my case, I was a professor of clinical psychology with a part-time private practice which I maintained through medical school. Similarly several other older residents I knew worked in their previous professions such as pharmacy or nursing while in medical school, thereby blocking their total immersion in medicine. However other older residents did not work, but the differences to be discussed nevertheless seem to have occurred. It should be noted that the ordering of these differences are based upon my impressions, experiences, and discussions with other residents

The Effects of DDT and Sevin on Litter Decomposition and Litter Fauna

A comparison of the effects of spraying with DDT, Sevin or water on litter decomposition and litter fauna was made, using a litter bag method. During the thirteen week experimental period no significant differences were found between the rate of decomposition in the litter receiving the three different treatments. Twenty-four hours after spraying the number of Collembola was greatly reduced in the Sevin treated plots. At the end of the experimental period the reduction of fauna other than mites or Collembola was significant at the .01 level as compared to the effects of Sevin or water

Copepoda and Cladocera Populations of Red Rock Reservoir, Iowa from April to November, 1970

The effects of nutrient renewal, conservation pool water level, and the average weekly discharge rate on the species composition, relative abundance, and population fluctuations of the Copepoda and Cladocera of Red Rock Reservoir were determined. The average retention time (flushing rate) was 11.2 days. Twenty-one species were identified with the dominants being Cyclops spp., Diaptomus spp., Daphnia spp., Bosmina longirostris, Moina micrura, Ceriodaphnia quadrangula, and Diaphano-soma spp. Three distinct seasonal peaks in population growth were noted. Population fluctuations showed slight correlation with temperature, transparency, discharge rate, nutrient levels and no relationship was seen with water level. A time interval of 18 to 32 days occurred between high nitrate and phosphate levels and population abundance peaks. Species composition showed distinct seasonal changes. Population numbers began increasing at the dam area and continued upstream with declines following the reverse pattern

Why do people choose nephrology? Identifying positive motivators to aid recruitment and retention

Increasing concerns about recruitment and retention of junior doctors have led to renewed interest in how and when trainees choose their specialties. To our knowledge, no study has yet reported what attracts UK applicants to nephrology nor how clinicians develop vocational interests or make occupational choices. With this in mind, we sought to explore the motivation behind current nephrologist's career choices in the UK. We interviewed 11 nephrologists using a semi-structured face-to-face approach and used interpretative phenomenological analysis to conduct and analyse the interviews. We found role models were pivotal in encouraging specialization in nephrology, particularly those encountered in early postgraduate training. The diversity, diagnostic challenge and cross-specialty knowledge was highlighted as well as the ability to 'make a difference to patients' lives'. Nephrologists enjoyed the challenge of managing very sick, acutely unwell patients as well as the holistic continuity of long-term care offered to dialysis patients and their families. Academic and procedural components were attractive motivators to the specialty and the flexibility to have multiple interests was noted, with many nephrologists having 'portfolio' careers. Based on these results, we suggest strategies the specialty can use to aid policy decision making, promote recruitment and improve educational experiences within current training programmes