The Monetary Policy Transmission Mechanism and Policy Rules in Canada

The inflation-targeting regime in place in Canada requires a clear understanding of the monetary policy transmission mechanism and a way to exploit knowledge of that mechanism in taking policy decisions. This paper discusses the Bank of Canada’s current view of the monetary policy transmission mechanism in Canada and the internal research on which it is based, as well as some of the Bank’s research on policy rules. The main objectives in the research on various elements of the monetary policy framework at the Bank of Canada is to find practical ways of addressing the major types of uncertainty in formulating monetary policy. Uncertainty has become particularly important as a research and practical issue in recent years with the shift in focus to how to conduct monetary policy in a low and stable inflation environment. The concluding section outlines three steps that experience and research has led staff at the Bank of Canada to identify as helpful to policy makers in dealing with uncertainty and providing a sharper focus to discussions at key meetings on monetary policy.

An Analysis of the Transmission Mechanism of Monetary Policy in Ireland

This paper examines the impact of monetary policy shocks on a number of key economic variables, including output, prices and the exchange rate. The paper draws on recent techniques used in the structural vector autoregression literature. Our results suggest that an exogenous temporary increase in the short-term interest rate leads to a decline in output and prices with the latter responding more sluggishly. In addition, a higher interest rate leads to an immediate appreciation of the domestic exchange rate and a subsequent depreciation of the currency. Hence, there is an absence of an exchange rate or forward bias puzzle, which are prevalent in other studies. Overall the response of macroeconomic variables to a change in the interest rate are very small in magnitude.

Are Muslims the New Catholics? Europe’s Headscarf Laws in Comparative Historical Perspective

In this paper a biologically-inspired model for partly occluded patterns is proposed. The model is based on the hypothesis that in human visual system occluding patterns play a key role in recognition as well as in reconstructing internal representation for a pattern’s occluding parts. The proposed model is realized with a bidirectional hierarchical neural network. In this network top-down cues, generated by direct connections from the lower to higher levels of hierarchy, interact with the bottom-up information, generated from the un-occluded parts, to recognize occluded patterns. Moreover, positional cues of the occluded as well as occluding patterns, that are computed separately but in the same network, modulate the top-down and bottom-up processing to reconstruct the occluded patterns. Simulation results support the presented hypothesis as well as effectiveness of the model in providing a solution to recognition of occluded patterns. The behavior of the model is in accordance to the known human behavior on the occluded patterns

Non-Minimal String Corrections And Supergravity

We reconsider the well-known issue of string corrections to Supergravity theory. Our treatment is carried out to second order in the string slope parameter. We establish a procedure for solving the Bianchi identities in the non minimal case, and we solve a long standing problem in the perturbative expansion of D=10, N=1 string corrected Supergravity, obtaining the H sector tensors, torsions and curvatures.Comment: 19 pages, PACS number: 04.65.+

The impact of grazing cattle on soil physical properties and nutrient concentrations in overland flow from pasture, Part B

This report has been prepared as part of the Environmental Research Technological Development and Innovation Programme 2000–2006. The programme is financed by the Irish Government under the National Development Plan 2000–2006.End of project reportThe loss of nutrients from agricultural land to water bodies is a serious concern in many countries. To gain information on the contribution of grazing animals to diffuse nutrient losses from pasture areas to water, this study looked at the impact of cattle on nutrient concentrations in overland flow and on soil hydrology (bulk density, macroporosity and resistance to penetration). Rainfall simulations to produce overland flow were conducted and soil physical measurements were taken on experimental plots assigned to one of two treatments: 1) cattle had unrestricted access to the plot; 2) cattle could graze the plot but they could neither walk on the plot area nor deposit excrements on it. Areas to which the cattle had free access were characterised by 57%-83% lower macroporosity, by 8%-17% higher bulk density and by 27%-50% higher resistance to penetration than areas from which the cattle were excluded. The nutrients in overland flow from grassland that were affected by the presence of grazing animals were mainly the particulate nitrogen, the organic phosphorus and the potassium concentrations. Overall, the presence of cattle had a longer lasting effect on the soil hydrological parameters measured than on the nutrient concentrations in overland flow.Environmental Protection Agenc

The inhibiting factors that principal investigators experience in leading publicly funded research

Securing public funding to conduct research and leading it by being a principal investigator (PI) is seen as significant career development step. Such a role brings professional prestige but also new responsibilities beyond research leadership to research management. If public funding brings financial and infrastructure support, little is understood about the inhibiting factors that publicly funded PIs face given the research autonomy offered by publicly funded research. Our study finds that there are three key PI inhibiting factors (1) political and environmental, (2) institutional and (3) project based. Traditional knowledge, skills and technical know-how of publicly funded PIs are insufficient to deal with the increasing managerial demands and expectations i.e. growing external bureaucracy of public funding agencies. Public funding is no longer the 'freest form of support' as suggested by Chubin and Hackett (Peerless science: peer review and US science policy. Suny Press, New York, 1990) and the inhibiting factors experienced by publicly funded PIs limits their research autonomy. We also argue that PIs have little influence in overcoming these inhibiting factors despite their central role in conducting publicly funded research

Money, Mentoring and Making Friends : The Impact of a Multidimensional Access Program on Student Performance

There is a well established socioeconomic gradient in educational attainment, despite much effort in recent decades to address this inequality. This study evaluates a university access program that provides financial, academic and social support to low socioeconomic status (SES) students using a natural experiment which exploits the time variation in the expansion of the program across schools. The program has parallels with US affirmative actions programs, although preferential treatment is based on SES rather than ethnicity. Evaluating the effectiveness of programs targeting disadvantaged students in Ireland is particularly salient given the high rate of return to education and the lack of intergenerational mobility in educational attainment. Overall, we identify positive treatment effects on first year exam performance, progression to second year and final year graduation rates, with the impact often stronger for higher ability students. We find similar patterns of results for students that entered through the regular system and the ‘affirmative action’ group i.e. the students that entered with lower high school grades. The program affects the performance of both male and female students, albeit in different ways. This study suggests that access programs can be an effective means of improving academic outcomes for socio-economically disadvantaged students. JEL Codes: I21Education inequality ; Access programs ; Natural experiment ; Economics of education

How transparent are the EU institutions? CEPS Commentary, 23 May 2018

Matching the EU institutions’ positive rhetoric about democratic ideals with their practical administrative actions is ultimately what the European Ombudsman is about