54 resultados para Structural break in monetary policy


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The housing dimension in Kolkata has been changing in recent years. Since 1991, the city has initiated housing reform that has taken many forms and manifestations characterized by the reduction in social allocation, cutbacks in public funding and promotion of a real estate culture in close partnership between the state and private actors. There has been increasing concern about the housing condition of the poor in the deserted slums and bustee settlements amidst the evident ‘poor blindness’ in housing and investment policies. Against this background the paper discusses self-help housing in Kolkata. It seeks to answer a simple question – why the concept of self-help has not been recognised as a viable policy option for a city with widespread slums and bustee settlements by visiting the complex urban context of Kolkata set within the city's politics, poverty and policies. The paper concludes that there is a need to recognise the existing structural duality in the city and support self-help housing as a parallel housing approach.

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In this paper, we extend the heterogeneous panel data stationarity test of Hadri [Econometrics Journal, Vol. 3 (2000) pp. 148–161] to the cases where breaks are taken into account. Four models with different patterns of breaks under the null hypothesis are specified. Two of the models have been already proposed by Carrion-i-Silvestre et al.[Econometrics Journal,Vol. 8 (2005) pp. 159–175]. The moments of the statistics corresponding to the four models are derived in closed form via characteristic functions.We also provide the exact moments of a modified statistic that do not asymptotically depend on the location of the break point under the null hypothesis. The cases where the break point is unknown are also considered. For the model with breaks in the level and no time trend and for the model with breaks in the level and in the time trend, Carrion-i-Silvestre et al. [Econometrics Journal, Vol. 8 (2005) pp. 159–175]showed that the number of breaks and their positions may be allowed to differ acrossindividuals for cases with known and unknown breaks. Their results can easily be extended to the proposed modified statistic. The asymptotic distributions of all the statistics proposed are derived under the null hypothesis and are shown to be normally distributed. We show by simulations that our suggested tests have in general good performance in finite samples except the modified test. In an empirical application to the consumer prices of 22 OECD countries during the period from 1953 to 2003, we found evidence of stationarity once a structural break and cross-sectional dependence are accommodated.

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There is a growing incentive for sociologists to demonstrate the use value of their research. Research ‘impact’ is a driver of research funding and a measure of academic standing. Academic debate on this issue has intensified since Burawoy’s (2004) call for a ‘public’ sociology. However the academy is no longer the sole or primary producer of knowledge and empirical sociologists need to contend with the ‘huge swathes’ of social data that now exist (Savage and Burrows, 2007). This article furthers these debates by considering power struggles between competing forms of knowledge. Using a case study, it specifically considers the power struggle between normative and empirical knowledge, and how providers of knowledge assert legitimacy for their truth claims. The article concludes that the idea of ‘impact’ and ‘use-value’ are extremely complex and depends in the policy context on knowledge power struggles, and on how policy makers want to view the world. © The Author(s) 2012

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Certain policy areas with considerable impact on young people's educational experiences and achievements, notably assessment and qualifications, do not involve consultation with young people to any meaningful extent. Findings from a national study, which included focus groups with 243 students in the 14-19 phase, are presented with respect to student consultation and participation in such policy areas. A lack of meaningful consultation regarding what students see as ‘higher level’ policy agendas was found (such as qualifications provision, choice or structure). Students are therefore ‘voiceless’ in relation to major qualifications reforms

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In this paper, we test the Prebish-Singer (PS) hypothesis, which states that real commodity prices decline in the long run, using two recent powerful panel data stationarity tests accounting for cross-sectional dependence and a structural break. We find that the hypothesis cannot be rejected for most commodities other than oil.

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Public policy is expected to be both responsive to societal views and accountable to all citizens. As such, policy is informed, but not governed, by public opinion. Therefore, understanding the attitudes of the public is important, both to help shape and to evaluate policy priorities. In this way, surveys play a potentially important role in the policy making process.

The aim of this paper is to explore the role of survey research in policy making in Northern Ireland, with particular reference to community relations (better known internationally as good relations). In a region which is emerging from 40 years of conflict, community relations is a key policy area.

For more than 20 years, public attitudes to community relations have been recorded and monitored using two key surveys: the Northern Ireland Social Attitudes Survey (1989 to 1996) and the Northern Ireland Life and Times Survey (1998 to present). This paper will illustrate how these important time series datasets have been used to both inform and evaluate government policy in relation to community relations. By using four examples, we will highlight how these survey data have provided key government indicators of community relations, as well as how they have been used by other groups (such as NGOs) within policy consultation debates. Thus, the paper will provide a worked example of the integral, and bi-directional relationship between attitude measurement and policy making.

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One of the principal tasks facing post-crash academic political economy is to analyse patterns of ideational change and the conditions that produce such change. What has been missing from the existing literature on ideational change at times of crises however, is a sense of how processes of persuasive struggle, and how the success of those ‘norm entrepreneurs’ arguing for ideational change is shaped by two contextual variables: the most immediate material symptoms and problems that a crisis displays (the variety of crisis); and the institutional character of the policy subsystem that agents have to operate within to affect change. Introducing these two variables into our accounts of persuasive struggle and ideational change enables us to deepen our understanding of the dynamics of ideational change at times of crisis. The article identifies that a quite rapid and radical intellectual change has been evident in the field of financial regulation in the form of an embrace of a macroprudential frame. In contrast in the field of macroeconomic policy - both monetary and fiscal policy, many pre-crash beliefs remain prominent, there is evidence of ideational stickiness and inertia, and despite some policy experimentation, overarching policy frameworks and their rationales have not been overhauled. The article applies Peter Hall’s framework of three orders of policy changes to help illuminate and explain the variation in patterns of change in the fields of financial regulation and macroeconomic policy since the financial crash of 2008. The different patterns of ideational change in macroeconomic policy and financial regulation in the post-crash period can be explained by timing and variety of crisis; sequencing of policy change; and institutional political differences between micro policy sub systems and macro policy systems.

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In this paper the temperature and pressure induced paramagnetic switching of cobalt (II) complex in binary mixture of phosphonium based ionic liquid [P6,6,6,14]SCN and [Co(NCS)2], is reported. This arises from a structural change in the coordination of the cobalt (II) center from tetrahedral [Co(NCS)4]2- to octahedral [Co(NCS)6]4- when mobile thiocyanate ions are added. These properties are reflected in the abrupt change of conductivity behavior of the magnetic ionic liquid. Therefore, as demonstrated herein the reversible switching in coordination of cobalt from tetrahedral to octahedral can be easily monitored at ambient as well as elevated pressure by tracking the dc-conductivity changes.

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In this paper, we employ a unique dataset of actual US dollar (USD) forward positions against a number of currencies taken by so-called Commodity Trading Advisors (CTAs). We investigate to what extent these positions exhibit a pattern of USD carry trading or other patterns of currency trading over the recent period of the ultra-loose US monetary policy. Our analysis indeed shows that USD positions against emerging market currencies are characterised by a pattern of carry trading. That is, the USD, as the lower yielding currency, is associated with short positions. The payoff distributions of these positions, moreover, are found to have positive Sharpe ratios, negative skewness and high kurtosis. On the other hand, we find that USD positions against other advanced country currencies have a pattern completely opposite to carry trading which is in line with uncovered interest parity trading; that is, the lower (higher) yielding currency is associated with long (short) positions.