...17-05-2013 Internationale Monetaire Betrekkingen C. Troost Groep 109A 2012/2013 Semester 2 Blok 2 Een technische analyse van Black Wednesday aan de hand van de Simplest Test Sjeel Meijerink Tim Waaijer 10248552 6036759 INLEIDING Op 16 september 1992 verliet Groot-Brittannië het Europese Exchange Rate Mechanism (ERM). Naar deze dag wordt sindsdien gerefereerd als “Black Wednesday”, de dag dat George Soros £1 miljard verdiende door te speculeren op een daling van de Britse pond (Leftly, 2012). Tot 1990 stemde de Bank of England (BoE) haar beleid af op dat van de Duitse Centrale Bank (Kenen, 1995, p. 6). Groot Brittannië maakte tot die tijd geen deel uit van het ERM. Door een hoge inflatie besloot Groot Brittannië in 1990 toch mee te doen met het ERM en kreeg een vaste wisselkoers ten opzichte van de Duitse Mark. De EEG stond echter een bandbreedte toe waarin een wisselkoers mag bewegen (Higgins, 1993, p. 29). Voor Groot Brittannië was dit tussen 6% boven de vastgestelde koers van 2,95 DM/£ en 6% er beneden, de wijde bandbreedte (Higgins, 1993, p.30). Anderen landen in het ERM moesten een strengere band van 2,25% aanhouden. Groot Brittannië, Italië en Frankrijk werden beschouwd als zwakkere economische landen met een hoge inflatie en daarom werd toegestaan dat zij een bandbreedte van 6% kregen in plaats van 2,25% (Higgins, 1993, p. 30). De afspraak is dat de overheid en de centrale bank de binnenlandse munt zullen kopen en verkopen om de wisselkoers binnen die band te...
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...United States: A Brave New World? Stephen D. Williamson This article is a reflection on monetary policy in the United States during Ben Bernanke’s two terms as Chairman of the Federal Open Market Committee, from 2006 to 2014. Inflation targeting, policy during the financial crisis, and post-crisis monetary policy (forward guidance and quantitative easing) are discussed and evaluated. (JEL E52, N12) Federal Reserve Bank of St. Louis Review, Second Quarter 2014, 96(2), pp. 111-21. en Bernanke chaired his last Federal Open Market Committee (FOMC) meeting in January 2014 and departed from the Board of Governors on February 3 after eight years as the head of the Federal Reserve System. So, the time is right to look back on the Bernanke era and ask how central banking has and has not changed since 2006. There is plenty in the macroeconomic record from 2006 to 2014 to keep economists and policy analysts busy for many years, so in this short piece we can only scratch the surface of what is interesting about the Bernanke era. I will focus on three issues: (i) inflation targeting, (ii) Fed lending and other interventions during the financial crisis, and (iii) post-crisis Fed policy, in particular experiments with forward guidance and quantitative easing (QE). B INFLATION TARGETING When Bernanke began his first term in 2006, I think the big change people expected was an inflation-targeting regime for U.S. monetary policy, similar to what exists in New Zealand, Canada, and the...
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...QUANTITATIVE EASING: A RATIONALE AND SOME EVIDENCE FROM JAPAN This paper was prepared for the NBER International Seminar on Macroeconomics 2009. Volker Wieland thanks the European Central Bank for support as Duisenberg Research Fellow while the initial presentation for the ISOM conference in June 2009 in Cyprus was prepared. The help of Alberto Musso from the European Central Bank in collecting data on Japan is gratefully acknowledged. Helpful comments by conference participants, and in particular by Huw Pill, Vincent Reinhart, Frank Smets, Christian Thimann and Athanasios Orphanides were highly appreciated. The usual disclaimer applies. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peerreviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2009 by Volker Wieland. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Quantitative Easing: A Rationale and Some Evidence from Japan Volker Wieland NBER Working Paper No. 15565 December 2009 JEL No. E31,E52,E58,E61 ABSTRACT This paper reviews the rationale for quantitative easing when central bank policy rates reach near zero levels in light of recent...
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...1. Introduction Internationalization of businesses has become a common practice in the global market. This paper considers marketing strategy of Mulberry Company that intends to venture in to the Chinese market. Roger Saul with his mother founded this company in 1971 and later opened a factory in Somerset, England in 19731. The company begun as a British lifestyle brand well known for its leather products, including binocular bags, women’s wear, men’s wear, and footwear. The company has managed to open stores throughout the UK and in different foreign markets, such as Australia and the United States. In England, the company hired youths as trainees and later gave them a chance as employees. Mulberry has grown in number of employees, profitability, diversification, and assets. This report provides an analysis of the Chinese market in relation to the parent Mulberry Company to provide strategies for market entry. 2. International expansion strategies 2.2. Macro environment issues 2.2.1. Political environment The political environment has various characteristics, such as taxation, internal relations, spending of the industry, and the stability of the government. The government of the republic of China is stable and offers much support for foreign investment to attract overseas investors. Taxation of foreign businesses in the country is not high because of their efforts to support foreign investment3. There are, however, regulations since the country is a member of...
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...Caring For Future; Reforming Care and Support By [Author Name] [Institute Name] [Date] 1. Introduction Health law and policy making in the region of UK have been identified in a structural way with the functionalities provided by National Health Service (NHS) since the year 1948. There has been an access point of free access and being highlighted in a positive manner, clinical ideas and formulations have emerged as a greater tendency of force. There have been multiple changes implied and influences to the NHS structure over the course of time (Beresford, 2013). Since the 1970s however, the policy has been strictly related with the management of ever increasing requirement of resources and how to take into consideration multiple distinctions in population demands, availability of services and their qualitative comprehension across the region (Beresford, 2013). An array amount of measurements have been implied to target the distinctions including, in the most recent times, an enhanced implication of mechanisms that are market induced. Staffing requirements in the NHS have always considered it difficult to carry out a prediction and the accounts of professional staffing mechanisms have always signified between a surplus and shortage. Such alterations have occurred in a substantial manner against a background of rising expenses, along with NHS providing a spending amount of national income share in a doubled manner since 1948 (Beresford, 2013). The conventional focus...
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...McKinsey Global Institute November 2013 QE and ultra-low interest rates: Distributional effects and risks Discussion paper The McKinsey Global Institute The McKinsey Global Institute (MGI), the business and economics research arm of McKinsey & Company, was established in 1990 to develop a deeper understanding of the evolving global economy. Our goal is to provide leaders in the commercial, public, and social sectors with facts and insights on which to base management and policy decisions. MGI research combines the disciplines of economics and management, employing the analytical tools of economics with the insights of business leaders. Our “micro-to-macro” methodology examines microeconomic industry trends to better understand the broad macroeconomic forces affecting business strategy and public policy. MGI’s in-depth reports have covered more than 20 countries and 30 industries. Current research focuses on five themes: productivity and growth; the evolution of global financial markets; the economic impact of technology and innovation; urbanization and infrastructure; and natural resources. Recent research covers job creation, infrastructure productivity, a new wave of disruptive technologies, trends in resource markets, and the shifting global company landscape. MGI is led by McKinsey & Company directors Richard Dobbs, James Manyika, and Jonathan Woetzel. Yougang Chen, Michael Chui, Susan Lund, and Jaana Remes serve as MGI principals. Project teams are led by a group...
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...Lancaster University Management School Working Paper 2005/004 New issues in attendance demand: The case of the English football league Simmons, Rob and Forrest, David The Department of Economics Lancaster University Management School Lancaster LA1 4YX UK ©Simmons Rob and Forrest David All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission, provided that full acknowledgement is given. The LUMS Working Papers series can be accessed at http://www.lums.co.uk/publications/ LUMS home page: http://www.lums.lancs.ac.uk/ NEW ISSUES IN ATTENDANCE DEMAND: THE CASE OF THE ENGLISH FOOTBALL LEAGUE David Forrest* University of Salford Rob Simmons** Lancaster University November 2004 *School of Accounting, Economics and Management Science, University of Salford, Salford M5 4WT, e-mail: d.k.forrest@salford.ac.uk. Phone: 0044 (0)161 295 3674, Fax: 0044 (0)161 295 2130. **(Corresponding author) Department of Economics, The Management School, Lancaster University, Lancaster LA1 4YX, e-mail: r.simmons@lancaster.ac.uk. Phone 0044 (0)1524 594234, Fax 0044 (0)1524 594244. Acknowledgement We are grateful to two referees, Tunde Buraimo and participants at the Applied Econometrics Association, Football’s Econometrics Conference, in Patras, Greece, for helpful comments on an earlier draft. 1 ABSTRACT This paper uses an attendance demand model with panel data on over 4,000 games to examine economic problems of fixture congestion in...
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...LITERATURE REVIEW ON SOFTWARE ENGINEERING FOR COMPUTER GAMES Name: Course: Date Page 1 Abstract Games have often been very common in the past period of time, but with the discovery of computer games, they have penetrated. In spite of the third vista to computer games which is verifiable, it pertains to investigating what characteristics those who play such games anticipate from the gaming using the computer. Permit us state the meaning of a computer game as a play which is undertaken with an aid of a computer program. This meaning still leaves behind some flexibility because it does not imply that the whole game happens in the computer. For instance, Chess may be played on the computer screen and on a true-globe board, heedless to whether the one who objects to the play is a computer application. Huizinga in his classic work defined play as ``an activity which proceeds within certain limits of time and space, in a visible order, according to rules freely accepted, and outside the sphere of necessity or material utility. The play mood is one of rapture and enthusiasm, and is sacred or festive in accordance with the occasion. A feeling of exaltation and tension accompanies the action, mirth and relaxation follow``. A lexicon likewise states the meaning of game as `‘a universal form of recreation generally including any activity engaged in for diversion or amusement and often establishing a situation that involves a contest or rivalry’`. Besides, Elliot...
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...INDIAN LAW SOCIETY'S LAW COLLEGE, PUNE LONGISH TERM PAPER ON COMPARATIVE ANALYSIS OF ARTICLE 299 SUBJECT :- COMPARATIVE CONSTITUTIONAL LAW. SUBMITTED BY:- AJINKYA SALUNKHE LLM-Ist YEAR ROLL NO:- 739 SUBMITED To- Prof.Prashant Gaikwad INDEX. 1) TITLE 2) NATURE OF STUDY 3) SCOPE 4) IMPORTANCE & SIGNIFICANCE 5) LITERATURE REVEIW 6)RESEARCH QUITIONS 7) OBJECTIVES OF RESEARCH 8) CHAPTERISATION 1) Introduction. 2) Article 299 of Indian Constitution. 3) Contract by union & State shall be executed.(299 (1) ) Position of informal...
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...pseudonym name Linda Brent. It was under this name the text was published. In later years, her text has been viewed as an important text, speaking truth to the ears of sentimental novel readers in the north, and calling for action against the cruel institution of slavery. Employed as a teacher by Pace University in 1968, Jean Fagan Yellin wrote and published her dissertation. While re-reading Incidents in the 1970s as part of the project and to educate herself in the use of gender as a category of analysis, Yellin became interested in the question of the text's true authorship. Over the next six-years, Yellin found and used historical documents including the Amy Post papers at the University of Rochester (Post was a close friend of Jacobs), state and local historical societies, and the Horniblow and Norcum papers at the North Carolina state archives, to establish both that Harriet Jacobs was the true author of Incidents, and that the narrative was her autobiography. Her edition...
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...dividing government into 3 branches, this system was designed by our forefathers to serve the people. With any division of power obstacles are bound to arise, usually when attempting to enact important legislation. Since the US Constitution was written to the present day there has been conflicts between the supporters of a strong federal government and campaigners of states’ rights. This paper will address these three aspects associated with the first three articles of the United States Constitution. Reasons for Dividing the Government The fact that power is abused if monopolized by one person is something the world has dealt with for some time. History provides us with plenty of examples of rulers who tormented society as well as their own people. The Roman Caesars drove the Roman Empire to break through their selfishness and reckless abuse of power. France was under the same disastrous governance structure under Louis XIV and Louis XVI. Lord Acton, eminent British historian wrote this report to Bishop Mandell Creighton in 1887, "Power tends to corrupt, and absolute power corrupts totally. Great men are almost always unprincipled men." William Pitt served as the British Prime Minister from 1766 to 1778. The unrest and discontent in the American colonies was building and would require the Patriot leaders to adopt an open rebellion against England in 1776. In 1770 William Pitt, in a speech before the House of Commons, made the following insightful quote. "Unlimited power is apt to...
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...the project were “produced” in the United States. “The interim rule implements three exceptions to the Buy American requirement that permit foreign material to be used: If (1) a particular construction material is not mined, produced, or manufactured in the United States “in sufficient and reasonably available commercial quantities of a satisfactory quality,” (2) the cost of domestic construction material is unreasonable, or (3) applying the Buy American restriction to a particular construction material “would be inconsistent with the public interest.” FAR 25.603(a). These are determinations for the government to make, not the contractor. “ The regulations do not apply to Recovery Act Designated Countries (“RADC”) and nations who are bound by a signed document such as a treaty, free trade agreement or contract with the World Trade Organization Government Procurement Agreement who produce construction material. However, some countries such as the Caribbean Basin countries have been excluded from designated countries and are treated the same as domestic products if the estimated contract value is $7,443,000 or more. The Stimulus Package Buy American provision is an interim rule that should be made permanent in order for the U.S. to remain viable and competitive with the world market. In addition, the U.S. should...
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...Trg J. F. Kennedya 6 10000 Zagreb, Croatia Tel +385(0)1 238 3333 http://www.efzg.hr/wps wps@efzg.hr WORKING PAPER SERIES Paper No. 07-10 Tomislav Ćorić Terms and conditions for the implementation of inflation targeting in Croatia FEB – WORKING PAPER SERIES 07-10 Terms and conditions for the implementation of inflation targeting in Croatia Tomislav Ćorić tcoric@efzg.hr Faculty of Economics and Business University of Zagreb Trg J. F. Kennedya 6 10 000 Zagreb, Croatia The views expressed in this working paper are those of the author(s) and not necessarily represent those of the Faculty of Economics and Business – Zagreb. The paper has not undergone formal review or approval. The paper is published to bring forth comments on research in progress before it appears in final form in an academic journal or elsewhere. Copyright 2007 by Tomislav Ćorić All rights reserved. Sections of text may be quoted provided that full credit is given to the source. Page 2 of 10 FEB – WORKING PAPER SERIES 07-10 Abstract Since the introduction of the Stabilization program in 1993, the Croatian National Bank has been following the monetary strategy of exchange rate anchor. During the first several years (from 1993 to 1997) this monetary strategy achieved acceptable results, accompanied with a low inflation rate and high GDP growth rates. However, the macroeconomic situation has changed in the last decade. The indicators of Croatian economy, such...
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...The Art of the White Paper July 2003 Executive Summary...................................................................1 What is a White Paper? .............................................................2 White Papers Come in Many Flavors..........................................3 Why Write a White Paper? ........................................................3 Industry Standards for White Papers ........................................4 Who Reads White Papers?.........................................................5 Who Writes White Papers? ........................................................6 Success Factors for White Papers..............................................7 A Gordon & Gordon Success Story.............................................8 Copies of this white paper can be obtained from www.gordonandgordon.com/downloads.html © 2001-2003 by Manuel Gordon and Gordon Graham Executive Summary High-tech companies produce a lot of white papers, and many IT managers use them—even if no one can clearly explain what they are. This paper begins by describing the various kinds of white papers, and the various purposes for which they are needed. Although no industry standards exist for white papers, we can make some generalizations. Most white papers are around 10 letter-sized pages with black & white illustrations. They are written with an authoritative, neutral tone. Most are distributed through the Web as PDFs. They can take from 4 to 10 weeks and cost from...
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...CONTENTS INTRODUCTION………………………………………………………………3 CHAPTER 1. LINGUISTIC SITUATION IN OLD ENGLISH AND MIDDLE ENGLISH PERIOD……………………………………………………………..5 1.1 THE DEVELOPMENT OF FUTHARK……………………………………5 1.1.1 THE RUNIC ALPHABET AS AN OLD GERMANIC WRITING TRADITION……………………………………………………………………6 1.1.2 OLD ENGLISH LITERATURE IN THE PERIOD OF ANGLO-SAXON ETHNIC EXTENSION…………………………………………………………7 1.2 LINGUISTIC SITUATION IN THE MIDDLE ENGLISH………………..11 1.2.1 LINGUISTIC SITUATION IN MEDIEVAL ENGLAND AFTER THE NORMAN CONQUEST……………………………………………….……….11 1.2.2 DIALECTAL DIVERSITY IN THE MIDDLE ENGLISH PERIOD.…...13 1.3 THE MIDDLE ENGLISH CORPUS……………………………………….15 1.3.1 GEOFFREY CHAUCER AND HIS LENDING SUPPORT OF THE LONDON STANDARD’S DIFFUSION……………………………………….17 1.3.2 THE ROLE OF THE PRINTING IN THE FORMATION OF THE ENGLISH LANGUAGE………………………………………………….…….19 1.3.3 PRINCIPAL MIDDLE ENGLISH WRITTEN RECORDS AS A REFLECTION OF ONGOING CHANGES IN STANDARDIZATION………25 CONCLUSION…………………………………………………….…………....28 REFERENCES………………………………………………………………….30 APPENDIX 1……………………………………………………………………33 INTODUCTION linguistic history english language The English language has had a remarkable history. When we first catch it in historical records, it is a language of none-too-civilized tribes on the continent of Europe along the North Sea. From those murky and undistinguished beginnings, English has become the most widespread language in the world, used by more peoples for more purposes than any language on...
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