Do Budget Deficits Raise Interest Rates? A Survey of the Empirical Literature

Do government budget deficits raise interest rates and thus “crowd out” private investment? This question has been the topic of a multitude of empirical studies, which proposed to evaluate the impact of financing government activity. We survey the theory and some empirical results. Traditional theories either support deficits having a positive or a neutral effect on interest rates. Various tests of these propositions yield diverse results, and one can find all conclusions – that deficits raise, decrease or do not effect interest rates. Also, there is little attempt to ground their assumption that rising interest rates result in a crowding out of private borrowing and investment. The problem with many of the empirical studies begins with their narrow theoretical underpinnings which are driven by assumptions of resource constraints, exogenous money supply, or government budget constraints. Alternatively, models that derive their economics from the demand side determining supply, have a transmission mechanisms missing from traditional models that may explain econometric testing incongruities. Such models take account of multi-asset markets, investment accelerators and consider the alternative causality - interest rates to budget deficits. They emphasize financial market instruments, investor behavior, and the relationship between the treasury and the central bank in determining fiscal and monetary policy. As a result, such models provide a richer understanding to the interaction between deficits and interest rates in their institutional setting.

Now what? First year student teachers' reflective journal writing.

With the increasing focus for New Zealand teachers on reflective practice, initial teacher educators must take increasing responsibility in scaffolding students' critical writing, developing reflection skills for working in schools, the teacher registration process and ongoing professional learning. This article reports a study of journal writing practices of a sample of student teachers in their first year of an undergraduate degree at the University of Waikato. Of particular interest in the findings are the sophistication of the students' writing, choice of topic for each entry and the impact of feedback and support provided

An overview of the space remote manipulator system

An overview of the system requirements and performance of the Shuttle Remote Manipulator System (SRMS) is given. Data on some of the mechanical design considerations that were necessary during the development program are presented. The operational success of both the Orbiter and the SRMS during flights of Space Transportation System-2, -3, and -4 is ample evidence that the SRMS performed as expected and as desired. While some minor improvements were made in the follow-on production systems, one of which was delivered and two of which are currently under construction, the system design did not change significantly. Thus, information given is applicable to all the manipulator systems

Determinants of physical activity promotion by smoking cessation advisors as an aid for quitting: Support for the Transtheoretical Model

Objectives: Physical activity (PA) can reduce cigarette cravings and aid quitting but little is known about its promotion by smoking cessation advisors. This study aimed to: (1) determine the extent to which smoking cessation advisors promote PA; and (2) examine the relationship between PA promotion as a cessation aid and advisor characteristics and cognitions, within the Transtheoretical Model (TM) framework. Methods: Self-report surveys assessing PA promotion, TM variables, advisors’ own PA levels and demographics were completed by 170 advisors in England and Scotland. Results: Advisors reported spending 29 minutes promoting PA over a 6/7-week clinic. Those in later stages of readiness for promoting PA as a cessation aid and those spending more time promoting PA held more positive beliefs regarding pros and cons, self-efficacy, outcome efficacy and importance of PA within smoking cessation. Time spent promoting PA and stage of readiness were strongly associated. There was a trend for the more physically active advisors to promote PA more often. Conclusions: About half the advisors promoted PA and TM variables predicted this variability. Practice Implications: PA promotion among smoking cessation advisors may be facilitated by enhancing self-efficacy, outcome efficacy and pro and con-beliefs related to PA promotion

Confidence in assessment decisions when using ICT

The central question addressed in this paper is: How can teachers and schools have confidence in their assessment decisions when using information communication technologies (ICT)? The answer centres on what makes quality assessment. Assessing and evaluating children’s achievement and progress is critical to development of sound curriculum programmes that focus on student outcomes. With the increasing use of ICT in schools and classrooms for a range of assessment purposes such as recording, data analysis and online activities, teachers and school leaders must be assessment capable in order to make informed decisions about assessment design, selection and modification that utilises ICT. Based on examining assessment purpose and the three principles of quality assessment (validity, reliability and manageability), this paper offers guidelines for classroom teachers, those with responsibility for student achievement and those who lead ICT policy and practice in schools to be critical consumers of ICT-based assessment tools, strategies and evidence. Vignettes of assessment practice using ICT are used to illustrate sound school and classroom practices in relation to validity, reliability, and manageability. Drawing from the work of assessment writers such as Crooks, Sutton, and Darr, the guidelines will assist teachers in the effective use of ICT for both formal and informal information gathering as well as for analysis and interpretation of information for summative and formative purposes. This knowledge is needed to underpin teacher confidence in their assessment decisions when using ICT towards ‘best fit’ for purpose

‘Summative’ and ‘Formative’: Confused by the assessment terms?

The terms ‘formative’ and ‘summative’ when linked to assessment can cause confusion. Should these terms be dropped? Should we move on from them? This paper argues that it is the common shortening of the full and meaningful terms, ‘assessment for formative purposes’ and ‘assessment for summative purposes’ that contributes to a confusion over assessments, information and methods, particularly for pre-service teachers and those with less teaching experience. By being well-informed about both purpose and assessment activity, teachers will have greater clarity in understanding, communication and practice regarding these important and useful concepts

Risks and Options Assessment for Decision making (ROAD): an application to Lake Coleridge and the Rakaia River

The Risks and Options Assessment for Decision making (ROAD) model is a new decision making tool for the mitigation the impact of risk events. Unlike cost-benefit analysis where projects are approved when the benefits of a project outweigh the costs, the ROAD model process allows decision makers to identify projects that will reduce the negative impact of a risk event on stakeholders. This research is the first time that the ROAD model process has been applied to Lake Coleridge and the Rakaia River in Canterbury. Information gained from Environment Canterbury Regional Council has been applied to the steps set out in the ROAD model to idenifty how it can be applied to water management. As this is the first time the ROAD model has been applied, more information and data needs to be generated by Environment Canterbury and stakeholders. What is shown by applying the ROAD model process to Lake Coleridge and the Rakaia River is how stakeholders are impacted in the event of a drought event. Environment Canterbury are constrained in their decision making by the Canterbury Water Management Strategy (CWMS) and national legislation such as the Resource Management Act (1991). Despite the constraints on Environment Canterbury, the ROAD model can still be used to reduce the impact of risk. Stakeholders for Lake Coleridge and the Rakaia River include commercial irrigation companies, Trustpower who operate the Lake Coleridge hydropower station, farmers, Ngāi Tahu iwi and recreational river users. Strategies and projects to mitigate the impact of risk on these stakeholder groups can be developed through the ROAD model process. Further research should be conducted to continue the application of the ROAD model to Lake Coleridge and the Rakaia River once Environment Canterbury implement risk mitigation projects

London should have a separate, higher minimum wage

Over the last decade and a half, the difference in pay between the lowest paid decile of workers in London with that of the rest of the country has shrunk. This means we should consider introducing a higher minimum wage in London, argues Kitty Ussher. Not only will this not jeopardise jobs in the Capital, it would also benefit the Treasury and those in the hardest situations

'The medical gaze and the watchful eye' : the treatment, prevention and epidemiology of venereal diseases in New South Wales c.1901 - 1925

From Federation in 1901 through the first three decades of the twentieth century there was a perceptible shift in modes of rule in New South Wales (NSW) related to the management of venereal diseases. At the beginning of the twentieth century a medicopenal approach was central. By 1925, persuasion and ‘responsibilisation’ were becoming important modes, and young people rather than ‘case-hardened prostitutes' were assessed as being a ‘venereal’ risk. Framing this period were three important legislative developments which informed, and were informed by, these shifts: the NSW Prisoners Detention Act 1909, the NSW Select Committee into the Prevalence of Venereal Diseases 1915 and the NSW Venereal Diseases Act 1918. At its core this thesis is concerned with examining shifting modes of rule. This thesis closely examines each. I suggest that these modes of rule can be viewed through the lens of biopolitics, and following Foucault, deploy the ‘medical gaze’ and the ‘watchful eye’ as constructs to examine the relationship between the government of self, government of others and government of the state. I use the medical gaze to describe not only the individual venereal patient attending a hospital and the body of the patient diagnosed with syphilis and/or gonorrhoea, but most importantly to describe the power relationship between the medical practitioner, the teaching hospital and the patient. I use the watchful eye in a more overarching way to suggest the suite of techniques and apparatus deployed by government to monitor and regulate the venereal body politic, both the populations perceived to be posing a venereal risk, and populations at risk of venereal infection. In relation to the venereal body and the venereal body politic, I analyse three fundamental aspects of the management of venereal diseases: treatment, prevention and epidemiology. Treatment: Over this period, treatment moved from lock institutions to outpatient clinics. Embodied in this change was a widespread institutional ambivalence towards treating venereal patients. I contend that treatment of venereal diseases was painful, prolonged and punitive precisely because of the moral sickness perceived to be at the iv heart of venereal infection. I track this ambivalence to a systemic fear of institutional ‘venerealisation’, which decreased perceptibly across the period. Closely analysing surviving patient records, I argue that in their conduct, venereal patients were often compliant, conscientious and responsible. Prevention: I argue that preventative approaches to venereal diseases became increasingly complex, and operated in three domains – preventative medicine (diagnosis, treatment and vaccination); public health prevention (notification, isolation and disinfection); and prevention education (social purity campaigns and sex hygiene). An emerging plethora of community-based organisations and campaigns began to shift the sites and practices of power. Epidemiology: I suggest that there was a shift from danger to risk in the conceptualisation of venereal diseases. This shift necessitated a focus on factors affecting populations, as opposed to factors affecting individuals. This in turn led to the deployment of various techniques to monitor the conduct of venereal populations. The NSW Venereal Diseases Act 1918 created two important new venereal categories: the ‘notified person’ and the ‘defaulter,’ both of which came to permeate renditions of venereal patients throughout the 20th century