The Real Interest Rate Spread as a Monetary Policy Indicator

This paper employs a consumption-based capital asset pricing model to derive the generalised Fisher equation, in order to estimate the natural rate of interest and corresponding real interest rate spread for the US. Analysis reveals not only is the estimated real interest rate spread a useful measure of the degree of looseness/tightness in the Federal Reserve’s monetary policy stance, but also the variable contributes substantially to an understanding of the evolution of US inflation over the period 1960-2005.

Irish Perceptions of the Great Depression

This paper traces how the Great Depression was perceived in 1930s Ireland. Perceptions were complicated by internal political developments. Fianna Fáil, upon acceding to power in 1932, rapidly expanded protection and engaged in (near balanced budget) fiscal expansion. Despite the tariff war with Britain triggered by the land annuities dispute, Ireland appears to have weathered the storm better than most other European economies. The contemporary writings of academic economists reflected the influence of Lionel Robbins and the Austrian School, while – to paraphrase Ronan Fanning – the winds of change in Irish economics blew much more vigorously in the corridors of the public service.Great Depression, Ireland, Irish Economic Thought, Irish Economic Policy

Mr. Whitaker and Industry:Setting the Record Straight*

After 16 years of unbroken Fianna Fáil rule, the first four of the five general elections of the period 1948-1963 saw sitting governments unseated. Economic policy pivoted: protectionism was abandoned; foreign direct investment welcomed and an application for membership was made to the EEC. Whitaker’s Economic Development appeared in 1958. Lemass took over from de Valera as Taoiseach in 1959. The ‘long 1950s’ remains of enduring fascination to Irish historians. Conventional wisdom accords the bulk of the credit for the turnaround in policy to Seán Lemass, Minister for Industry and Commerce in most Fianna Fáil governments since 1932 and Taoiseach from 1959 to 1966, and T. K. Whitaker, Secretary of the Department of Finance from 1956 to 1969. This arguably downplays the importance of the intensified electoral competition of the time, and undervalues the achievements of the second inter-party government, which introduced export profits tax relief – the genesis of Ireland’s low corporation tax regime – in 1956. Fine Gael and Labour had long advocated liberalising the restrictions on foreign ownership of industry before Fianna Fáil finally yielded (Bew and Patterson, 1982, McCarthy, 1990). Whitaker’s particular role in the reform process is – to our minds – seriously misrepresented by Walsh and Whelan (2010) in a recent paper in this journal. The present note assesses their main assertions in this regard in the light of information available from the archival records.

The Standard Model of Particle Physics

Particle physics has evolved a coherent model that characterizes forces and particles at the most elementary level. This Standard Model, built from many theoretical and experimental studies, is in excellent accord with almost all current data. However, there are many hints that it is but an approximation to a yet more fundamental theory. We trace the development of the Standard Model and indicate the reasons for believing that it is incomplete.Comment: 25 pages, 17 figures; accepted for publication in Rev. Mod. Physics (APS centenary issue

IONIC BONDING CURRICULUM UNIT: AN ELECTROSTATIC FRAMEWORK

This mixed methods study compared two groups of high school students’ understanding of the ionic bond and the dissolving process. A 5 lesson curriculum unit was developed using Taber’s electrostatic framework (1997) focusing on the electrostatic forces between ions compared to a molecular framework (business-as-usual) and the Next Generation Science Standards (NGSS Lead States, 2013). The lessons were developed to integrate spatially integrated experiences. Experimental (new curriculum unit) and business-as-usual (criss-cross method) students had their spatial skills tested before and after learning about the ionic bond using the Purdue Spatial Visualization-Rotations Test (PVST-Rot; Bodner & Guay, 1997). Students’ content was tested (pre and post) using the Chemical Bonding and Dissociation Diagnostic Assessment (CBDDA; Jang, 2003; Tan & Treagust, 1999; McBroom, 2011). Part of the assessment had two-tiered multiple-choice questions. Another part focused on dissolving of ionic compounds in water (dissociation equations and drawing ionic compounds dissolved in water). This study had one group of students using the new curriculum unit focused on ionic crystals, and the second group used more traditional methods of lab plus lecture. Research Question 1: How does the understanding of the ionic bond and dissolving of ionic compounds in water compare for students using a unit focused on an electrostatic framework to students utilizing a molecular framework (business-as-usual) related to their spatial ability and using the spatial ability as a covariant with treatment group? Research Question 2: How do spatial visualization skills compare for students using an electrostatic framework and students focused on a molecular framework? A model using multiple linear regression was developed for Research Question 1 with the post score for the CBDDA as the dependent variable with pre score on the (CBDDA), Treatment, PVST-Rot Gain (post score minus pre score), and Treatment * PVST-Rot Gain as the independent variables. The null hypothesis was rejected, F(4, 87) = 4.674, p \u3c .05. The model shows statistically evidence that it may predict the score on the post content test. Only the constant and the treatment group were the only statistically significant slopes. Multiple linear regression was used to develop a model using the pre PVST score and the treatment group as the independent variables with the post PVST score as the dependent variable. The null hypothesis was rejected for Research Question 2, F(2,89) = 26.732, p \u3c .05. Only the constant and pre PVST score slope were significant. The qualitative portion of this study utilized the following sources: pre and post student interviews, drawings and dissociation equations from the CBDDA, classroom observations, and teacher logs. Some experimental students were able to improve their dissociation equations and/or the drawings compared to the business-as-usual group. The business-as-usual teacher logs reflected a more molecular framework of teaching. Interviewed students from both groups showed a lack of understanding of the difference between covalent and ionic bonding. Students from both groups did not comprehend that a molecule is used for only covalent compounds. The approximate 3.2 experimental students to one business-as-usual student may be a limitation of this study. The new unit has potential to aid with the understanding of the ionic bond and the dissolving process

More Well-Endowed Chairs

In the February 1976 issue of Word Ways, Philip Cohen presented a collection of aptly-endowed college chairs. We invite him to attend the spring convocation of Ourtown Vocational Junior College to learn of some truly remarkable affinities between the donors and the chairs that they have endowed

Increasing Production Efficiency Of an Extension Radio Program

Restrictions on time and money available for The Virginia Gardener radio program forced a re-evaluation of standard weekly or monthly production procedures. By changing to an annual system and using existing resources more efficiently, the program has become easier to produce and fits into station schedules more readily. The use of many guests has made it more interesting and diverse, and it is now widely used by Extension agents as well as radio stations. It is sent to 58 stations, which broadcast it an average of twice each week