...Board of Governors of the Federal Reserve System International Finance Discussion Papers Number 848 December 2005 Fighting Against Currency Depreciation, Macroeconomic Instability and Sudden Stops Luis-Felipe Zanna NOTE: International Finance Discussion Papers are preliminary materials circulated to stimulate discussion and critical comment. References in publications to International Finance Discussion Papers (other than an acknowledgment that the writer has had access to unpublished material) should be cleared with the author or authors. Recent IFDPs are available on the Web at www.federalreserve.gov/pubs/ifdp/. Fighting Against Currency Depreciation, Macroeconomic Instability and Sudden Stops∗ Luis-Felipe Zanna† First Draft: October 2002 This Draft: November 2005 Abstract In this paper we show that in the aftermath of a crisis, a government that changes the nominal interest rate in response to currency depreciation can induce aggregate instability in the economy by generating self-fulfilling endogenous cycles. In particular if a government raises the interest rate proportionally more than an increase in currency depreciation then it induces self-fulfilling cyclical equilibria that are able to replicate some of the empirical regularities of emerging market crises. We construct an equilibrium characterized by the self-validation of people’s expectations about currency depreciation and by the following stylized facts of the “Sudden Stop” phenomenon: a decline...
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...Modelling journal homepage: www.elsevier.com/locate/ecmod The effects of fiscal spending shocks on the performance of simple monetary policy rules Ali K. Malik ⁎ Karachi School for Business and Leadership (KSBL), Bahadurabad, National Stadium Road, Karachi 74800, Pakistan a r t i c l e i n f o Article history: Accepted 26 August 2012 JEL classification: E50 E52 E58 Keywords: Fiscal policy Monetary policy Inflation targeting Impulse response analysis Macroeconomic variables 1. Introduction a b s t r a c t We examine the effects of fiscal shocks on the performance of alternative monetary policy rules in a small dynamic general equilibrium framework. We explicitly consider the interaction between fiscal and monetary policy rules which may be present in the real world. We use a simple specification for the fiscal policy rule and various specifications for the (simple) monetary policy rule. Our analysis suggests that some form of flex- ible inflation targeting regime would perform well in response to fiscal shocks compared to other forms of policy regimes. © 2012 Elsevier B.V. All rights reserved. monetary policy has developed largely in isolation. The terminology ‘fiscal theory of the price level’ does however correspond to some ear- Monetary policy rules have come under extensive examination in the literature on monetary policy in the recent years. Simple mone- tary policy rules appear to be more robust across a wide range of ...
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...taker's degree of ego strength, and the doors and windows might represent the individual's relation to the outside world. In the tree drawing, the branches might indicate the test taker's relation to the outside world and the trunk might indicate inner strength.However, there is some evidence that the HTP can differentiate people with specific types of brain damage. More specifically, it has been shown to be effective when looking at the brain damage present in schizophrenic patients. Read more: http://www.minddisorders.com/Flu-Inv/House-tree-person-test.html#ixzz3YGiviMBB SCORING THE ISB The Use of the Scoring Examples Sentence completions are scored from examples in the scoring manuals by assigning a numerical weight from to 6 for each sentence and totaling the weights to obtain the over-all score. Scoring Principles 1. Omission responses Omission responses are designated as those for which no answer is given or for which the thought is incomplete. Omissions and fragments are not scored. It might be thought that omission responses are representative of psychological blocks and, therefore, maladjustments. This seems to be true in some cases. However, it has been...
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...qwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqweyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwerty...
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...political, economic, cultural, attitudinal over tones and have implications on various policy decisions of the governments. Due to uneven economic development regional disparities emerge and persist. The disparities arose due to the initial advantages enjoyed by some regions under kings and were compounded under the rule of the British. Thus, the disparities continued even after implementing several plans in different phases Regional imbalances involve non utilization of available resources to the optimum levels. Several agitations took place to correct the injustice caused by various political party governments right from the days of state reorganization in 1956. Looking to the gravity of the situation the Union Government took a historic step and approved the Special status to Hyderabad Karnataka Region as to develop the backward area. In a vast and diversified nation like India, natural diversity and historical legacy have caused disparities in the process of development. The issue of Regional Disparities in India have gained social, political, economic, cultural, and attitudinal over tones and have implications on various policy decisions of the governments. Due to uneven economic development regional disparities emerge and persist. The disparities arose due to the initial advantages enjoyed by some regions under kings and were compounded under the rule of the British. Thus, the disparities continued even after implementing several plans in different phases Regional imbalances involve...
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...Dressed in fluorescent greens, reds, and blues, they poked their cameras in unsuspecting faces without a word and then moved on to their next victim. Angry tourist, 1990 Imagine living your day-to-day life as usual and suddenly waking up to find your town invaded by people from another planet speaking a strange tongue and looking even stranger, these extraterrestrials lead quite extraordinary lives. They do not appear to know what work is, but enjoy constant leisure. Moreover, they have special powers and inexhaustible wealth. Imagine further how your children might react to this experience, how fascinated they would be. Just think how difficult it would be to stop them from following these creatures, to convince them that they were better off staying home with you. How could you prevent impressionable teenagers, in their search for identity, from being swept off their feet? I was in Ladakh from the time tourism started, and was able to observe the process of change from the beginning. Since I spoke the language fluently, I gained an insight into the intense psychological pressures that modernization brings. Looking at the modern world from something of a Ladakhi perspective, I also became aware that our culture looks infinitely more successful from the outside than we experience it on the inside. With no warning, people from another world descended on Ladakh. Each day many would spend as much as a hundred dollars, an amount roughly equivalent...
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...Market Research On Fashion & Sustainability Submitted by Ishita Bhatia Under the supervision of Jagriti Mishra Submitted to Department of Fashion Management Studies (FMS) National Institute of Fashion Technology (NIFT) (Ministry of Textiles, Govt. of India) GH-0 Road, Behind Infocity Gandhinagar 382007. Gujarat http://www.nift.ac.in December, 2013 Fashion & Sustainability BackGround Myth: Sustainable Fashion is just wearing natural, organic or green fashion. Truth: Sustainable Fashion is about being * Eco friendly * Socially-Responsible * Commercially feasible * Animal-Cruelty Free Sustainability and responsibility are two sides of one and the same coin. Today Apparel Industry stands as a big medium of innovation and smart up cycling. Sustainability becomes more crucial if one has to deal with it in the apparel sector in order to manage excess and wastage. This systematic research aims to find out about all the sustainable measures practiced by companies producing such articles. Acknowledgement I would generously like to thank my Mentor Jagriti Mishra for her continual support, feedback and constructive discussions. I owe my secondary research to Ebsco, DELNET Google Scholar, Nift Resource Center and Library and the whole FMS department of NIFT, Gandhinagar. table of contents Background study 3 acknowledgement 4 table of contents 5 1 INTRODUCTION 7 1.1 Statement of the problem 8 1.2 Objectives 8 ...
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...NAXAL MOVEMENT IN INDIA AND THE STATE RESPONSE BY JAGANNATH DASGUPTA Introduction This paper attempts to map the growth of Naxal or Maoist conflict in India from a small socio-political movement to the single largest internal security problem and the response of the state machinery to this movement. It has been divided into five parts. First part talks about the genesis of this movement, second part focuses on its present manifestations, third part stresses on the reasons for which this movement is gaining strength , fourth part is a description of the state response and fifth part is a set of proposals which probably could lead to betterment of the situation . Genesis The Communist Party of India (CPI) started out in 1920 and carried a Marxist ideology. The CPI was later divided into factions owing to their ideological differences and also their approaches. While some believed in the political process the others believed in violent revolution. Some members who wanted to be a part of the political process actually led to the formation of Communist Party of India(Marxist) . Some CPI(M) members won state elections in West Bengal in 1967 and also joined the coalition of parties in the United Front. The more radical people of CPI(M) did not like this development and there was a conflict between the police and armed peasants that took place in Naxalbari town in West Bengal that same year . ‘Naxalite’ term was coined from this encounter only . Later on in this year only...
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...PSYCHOLOGY 110– LAB EXPERIENCE PAPER MEMORY in HUMAN BEINGS SECTION I: OVERVIEW Memory, is an abstract term with no real concrete definition or absolute understanding thus making the word intriguing enough to draw attention to the greater subject of what it is, how it works and why it goes wrong. It is an essential concept in our daily life yet is the most elusive and misunderstood human attribute. Its constant presence in our everyday and its intricately complex mysteries is what ignites my interest in the research conducted in this field of Psychology. As a college student memory plays a great role in our academic performance, from weather we can recall mathematical formulas to recalling something a professor said in class to remembering certain solutions, key words and definitions we read in course material. Therefore from a personal standpoint the topic of memory interests me, as by understanding this complex concept and going into the depths of it’s functioning, I might be able to improve my own. Memory is formed from childhood and I am interested to see if memory is an natural capacity, and if so what factors lead to a better memory and if not can memory be affected by daily everyday factors. From a Psychological perspective memory excites me because the way we remember things and how can help us understand behavior and reactions to various situations. Memory hence affects decision-making and all other spheres of human life. The recollection of memory,...
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...Acknowledgement First of all we would like to Thanks Allah Almighty, who gives us courage and power to set a side all the stones and other hurdles in the completion of this project. He and only He show us right path and without his Blessings we can not complete this project Thanks to Allah Almighty. Thanks to our Most Respected Resource Person, Mr babu baral For His Valuable Guidance and Precious Advices throughout the semester which are rare Assets for us. Many people help us in the completion of this project like library and IPC staff. Many other persons guide us so it’s not easy to name them all. So we also offer heartiest thanks to all the persons who guided and encourage us to complete this Project successfully. Packaging pormotions History:- The history of Ali Group dates back to pre-independence days, almost a century ago, when the highly dynamic personality of Sir Syed Maratib Ali envisioned the importance of trade and industry in the sub-continent. He expanded his agricultural business into trading and industrial partnerships. Soon after independence of Pakistan in 1947, the business activities were further developed into industrialized operations. Ali Group is currently one of the oldest and most successful business groups in the country. After the immense success of Treet Corporation Limited (rated in the top 25 companies in KSE), the company has decided to delve into corrugated box making industry. A new company by the name of Packaging Solutions...
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...Political parties are formed around a platform of their ideas, views and goals as a party. This paper is focused on Radical Right Parties; whose policies are considered extremist. According to Powell (1986, p. 359), an extremist party “represents a demand for major transformation of the society, either towards some future vision or back to an idealized past. Such demands diverge from the general, current policy consensus.” According to this definition, the new radical right can in most instances be considered examples of extremist parties. Radical right parties either focus on a change towards a future vision or backwards towards their idealized past. This type of party is defined by its development in response to supposed threats against...
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...FACTS Diganta Mukherjee Email: digantam@hotmail.com Unitedworld School of Business Kolkata Uday Bhanu Sinha Email: uday@econdse.org Delhi School of Economics University of Delhi Working Paper No. 196 Centre for Development Economics Department of Economics, Delhi School of Economics Understanding NREGA: A Simple Theory and Some Facts * Diganta Mukherjee # and Uday Bhanu Sinha Abstract A developing economy like India is often characterised by a labour market with demand and supply of labour and a wage that even if competitively determined may not be adequate for the poor household to reach their target income; what they consider as means of a decent living. Envisaging situations like these, the Indian government has implemented the National Rural Employment Guarantee Act (NREGA) in recent past, to complement the income of the poor by providing them employment for certain number of labour days in a year. In this paper, using a simple theoretical model, we have analysed the impact of NREGA scheme on (i) rural labour market, (ii) income of the poor households and (iii) overall agricultural production. It is seen that the income from NREGA alone can be a substantial part of the target income of the poor. We show that in such a situation, the poor may exhibit a backward bending supply curve of labour which may lead to an aggregate reduction in agricultural output. This adverse production effect can happen even when the NREGA activities lead to a moderate improvement...
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...infliction of punishment are made by various punishment theories. Punishment theories generally can be separated into a handful of philosophical camps—consequentialist theories, non-consequentialist theories, and mixed (or hybrid) theories that contain both consequentialist and non-consequentialist elements. What distinguishes these theories is their focus and goals: Consequentialist theories are forward-looking, concerned with the future consequences of punishment; non-consequentialist theories are backward-looking, interested solely in past acts and mental states; and mixed theories are both forward- and backward-looking, with each hybrid placing a different emphasis on culpable past conduct versus future consequences. The present paper will briefly examine the two dominant consequentialist and non-consequentialist theories of criminal punishment–utilitarianism and retributivism, respectively–as well as leading hybrid theories. In between using the utilitarian and Kantian arguments fallacy of death penalty has also been explored. Research Methodology Aims and objectives: Present paper attempts to sketch the significance of two seemingly opposing justifications of punishment....
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... caste in the 21st century: From system to elements A M Shah The argument that while caste as a system is more or less dead, individual castes are flourishing is widely accepted. However, the notion of “caste as a system” is derived mainly from studies of the rural rather than the urban community. In this article, individual caste is seen in the context of both rural and urban communities and its several aspects, particularly the rule of endogamy as its defining criterion, are analysed at some length and some implications of the analysis are pointed out. n 1955, M N Srinivas presented a paper, ‘Castes: Can They Exist in the India of Tomorrow?’, at a national seminar on “Casteism and Removal of Untouchabilty” in Delhi, attended, among others, by such distinguished persons as S Radhakrishnan, Jagjivan Ram, Govind Ballabh Pant, V K R V Rao, Kaka Kalelkar and Irawati Karve. The paper was published in the seminar report as well as in the Economic Weekly (1955). After a lifetime of scholarship on caste, in 1999, the last year of his life, Srinivas delivered a lecture under different titles in Bangalore, Delhi and Kolkata, on the passing away of caste as a system. It was published posthumously in 2003 in the Economic and Political Weekly under the title, ‘An Obituary on Caste as a System’. Srinivas expanded this title into a sentence, “While caste as a system is dead, individual castes are flourishing” (ibid: 459). He made this statement almost at the end of the 20th century,...
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...American children were direct victims of two or more violent acts, and one in ten were victims of violence five or more times. Children are more likely to be exposed to violence and crime than adults. Almost one in ten American children saw one family member assault another family member, and more than 25 percent had been exposed to family violence during their life. A child’s exposure to one type of violence increases the likelihood that the child will be exposed to other types of violence and exposed multiple times.( “According to United State Department of Justice”) Violence causes a lot of physical damage to a child’s body. Children become stressed. Stress is neutral. It is a person's perception of the event that determines their response. The negative consequences of stress are when a person feels threatened and not in control of the situation....
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