Modelling Inflation in Australia

This paper estimates a range of single-equation models of inflation for Australia. We find that traditional models, such as the expectations-augmented standard Phillips curve or mark-up models, outperform the more micro-founded New-Keynesian Phillips curve (NKPC) in explaining trimmed mean inflation, both in terms of in-sample fit and significance of coefficients. This in large part reflects the weak instruments problem in the estimation of the NKPC, and is partly corrected by including a direct measure of inflation expectations, but we still find that the unemployment rate or growth in marginal costs (unit labour cost and import prices) provides a better fit than either the output gap or level of real marginal costs. These traditional models also perform well in out-of-sample tests, relative to alternative models and some common benchmarks, with the standard Phillips curve clearly superior to these benchmarks on this test. As inflation has become better anchored and hence less variable, the magnitude of the errors of the single-equation models has declined, although the explanatory power (in terms of R-squared) has fallen together with this greater stability. We also investigate the empirical importance of some other variables that are commonly cited as determinants of inflation, and find little evidence that either commodity prices or the growth rate of money directly influence Australian underlying inflation.inflation; modelling

Product Differentiation, Cost-Reducing Mergers, and Consumer Welfare

Cost synergies are an explicitly recognized justification for a two-firm merger and empirical techniques are now widely used to assess the impact of cost-reducing mergers on prices and welfare in the postmerger market. We show that if the merger occurs in a vertically product differentiated market then the merger will lead to a reduction in product offerings that limits the usefulness of pre-merger empirical estimates. Indeed, we further show that in such markets, two-firm merges will lead to higher prices regardless of the merger’s cost-savings. We show that our results may obtain even when we allow for post-merger entry.mergers, cost synergies, vertical product differentiation

Versioning, Brand-Stretching, and the Evolution of e-Commerce Markets

This paper offers an analysis of the evolution of e-commerce markets. We develop a model in which an initial group of small, no-name click firms create such markets by offering horizontally differentiated customized or versioned products and competing in prices. Subsequently, a traditional brick firm enters by stretching its brand name into the digital marketplace. Such entry causes many initial entrants to exit. Contrary to much popular and formal literature, we show that the volume of initial entry may well be inefficiently low despite the anticipated later exit. In addition, the conventional relationship between sunk cost and market structure is substantially weakened.versioning, brand-stretching, price discrimination, market structure

The determinants of pluralism in religious education

This study into the nature of pluralism aims to discern the possible determinants of pluralism in RE, and to test this hypothesis against the current practice of a sample of primary and secondary schools in rural, semi-rural and urban areas. After noting the implicit pluralism of the 1944 Education Act, an analysis is made of the explicit pluralism of contemporary society, as brought into focus by industrialisation, science, the media and youth. A comparable analysis is then made of some aspects of educational pluralism, as brought to light by heurism, integrated studies, comprehensivisation and moral education. The implications for RE of each of these eight areas are discussed. It is suggested that, as both society and education favour diversity but reject anarchy, the search for a framework for pluralism becomes an important consideration. The discussion indicates some major social and educational reference-points for RE, which might go towards providing a basis for the recognition of determinants. Religious reference-points are discussed here and later. An examination of the Humanist critique of RE follows, leading into the heart of the argument, namely, that the nature of society, education and religion makes RE indispensable in the school-curriculum. It is submitted that a situation of pluralism strengthens this argument. The findings of the research-scheme are then reported, with tabulation and comment, particular reference being made to those points of statistical significance. The findings are also related to the foregoing theoretical issues. The study then concludes with a resume", which traces the course of the argument, and which summarises the correspondence between the research-project and the previous sections of the thesis

Learning object repository technologies for telelearning: The evolution of POOL and CanCore

Repositories provide mechanisms to encourage the discovery, exchange and re-use of learning objects. This paper describes Portals for On-line Objects in Learning (POOL), a consortium project of the TeleLearning NCE to build a learning object repository scalable to the national level. Funded in part by the Canarie Learning Program, POOL contributes to the development of two focal technologies: “POOL POND and SPLASH” a distributed architecture for a peer-to-peer network of learning object repositories, and CanCore, a practical metadata protocol for cataloguing learning objects. Keywords: Learning object repositories, CanCore, POOL, metadata

Portland Junior College Newsance, 10/06/1954

Don\u27t Forget To Attend The 1st Smoker Of The Year -- Come On And Bring Your Girl To The First Dance Of The Year On Friday -- Drama Club Formed At PJChttps://digitalcommons.usm.maine.edu/pjc_newsance/1049/thumbnail.jp

Portland Junior College Newsance, 05/11/1955

https://digitalcommons.usm.maine.edu/pjc_newsance/1004/thumbnail.jp

Portland Junior College Newsance, 03/18/1955

Calling All Beavers! -- Seniors Take Noticehttps://digitalcommons.usm.maine.edu/pjc_newsance/1011/thumbnail.jp

Portland Junior College Newsance, 01/07/1955

Campus Court Martial: Failure To Attend And Support The School Dances At PJChttps://digitalcommons.usm.maine.edu/pjc_newsance/1008/thumbnail.jp

The history of post-war religious education, with particular reference between religious and moral education : a study in pluralism.

The study opens with an examination of the theory and practice of Religious and Moral Education in the forties. Special attention is given to the view, reaching back into the nineteenth century, that Religious Education and Moral Education were to be equated. From this base in monism the subsequent course of RME into increasing complexity, differentiation and plurality is analysed. Particular attention is given to the emergence of ME as an autonomous exercise, and to the relationship of RE both to a secular rational educational philosophy and to a multi-faith society. Advocacy of these positions began in the forties, and reached a convincingly argued case in the seventies. The major curriculum-development schemes in RE and ME in the seventies were said to operate on 'complementarity' as the best way of viewing the relationship between the two areas. But the teaching material implied that complementarity meant parallel practice rather than interaction. It will be argued in this thesis that such a position may be an over-reaction against the former view of equation between RE and ME. There may be a better way of seeing the relationship so as to allow for mutually beneficial intersection. This argument is not advanced primarily on empirical grounds, but a research-scheme in 1983 among Sheffield, Derbyshire and Nottinghamshire teachers and headteachers gave encouragement to pursue the notion of an intersecting RE/ME, with possible benefits to Personal and Social Education