Less of a Puzzle: a new look at the forward forex market

The two-country monetary model is extended to include a consumption externality with habit persistence. The model is simulated using the artificial economy methodology. The 'puzzles' in the forward market are re-examined. The model is able to account for: (a) the low volatility of the forward discount; (b) the higher volatility of expected forward speculative profit; (c) the even higher volatility of the spot return; (d) the persistence in the forward discount; (e) the martingale behavior of spot exchange rates; and (f) the negative covariance between the expected spot return and expected forward speculative profit. It is unable to account for the forward market bias because the volatility of the expected spot return is too large relative to the volatility of the expected forward speculative profit.

Difference, Diversity and Difficulty: Problems in Adult Peace Education in Northern Ireland

The peace process in Northern Ireland has been hailed, variously, as the successful resolution to one of the world's most intractable conflicts, and as a failed attempt to reconcile the conflciting claims of the two main ethnonationalist communities. At both these points, and at every other point along the continuum, recognition is given to the centrality of education. This article looks at the role played by adult learning, and contrasts two fundamentally different apporaoches. In one, Enlightenment assumptions about the power of knowledge to dispel prejudice have run alongside attempts to create a world of shared values; in the other, a postmodern acceptance of different cultures has accompnaied a peace process that builds upon ethnic diistinctions. As with the Dayton Accord and with other peace agreements brokered with international assistance, the consociational model of governance has been chosen for Northern Ireland in order to create a political equilibrium between the unionists and nationalists. Such a political framework reverses the direction of previous integrationist educational policies in favour of a celebration of difference, an approach that is fraught with difficulties.

Drug use amongst young people attending emotional and behavioural difficulty units during adolescence: A longitudinal anlaysis

This paper reports on the findings from a longitudinal survey of the drug use behaviours of young people who were attending Emotional and Behavioural Difficulty (EBD) units from the age of 11-16 years. It forms part of the Belfast Youth Development Study, a longitudinal study of adolescent drug use. This paper presents a follow-up report to a cross-sectional paper that reported on drug use behaviours of a sample of young people attending EBD units when aged 12/13 years at school year 9 (McCrystal et al 2005a). In the present paper reported drug use and behaviours associated with increased risk of its use between the ages of 11-16 years were examined. The findings show that those attending EBD Units consistently reported higher levels of licit and illicit drug use throughout adolescence. Compared with young people in mainstream school, higher levels of behaviours associated with drug use including antisocial behaviour, disaffection with school, and poor communication with their parents/guardians were noted. These findings have implications for the development and timing of targeted prevention initiatives for young people attending EBD units at all stages of adolescent development.

Shedding Light on the light bulb puzzle: the role of attitudes and perceptions in the adoption of energy efficient light bulbs

Despite the potential energy savings and economic benefits associated with compact fluorescent light bulbs, their adoption by the residential sector has been limited to date. In this paper, we present a theoretical model that focuses on the agents' ability to perceive the correct cost of lighting and on the role of environmental attitudes as key determinants of the adoption decision. We use original data from Ireland to test our theoretical predictions. Our results emphasize the importance of education, information and environmental awareness in the adoption decision.

Phonological awareness and mathematical difficulty: A longitudinal perspective

The present longitudinal study sought to investigate the impact of poor phonology on children’s mathematical status. From a screening sample of 256 five-year-olds, 82 children were identified as either typically achieving (TA; N = 31), having comorbid poor phonology and mathematical difficulties (PDMD; N =31), or having only poor phonology (phonological difficulty, PD; N = 20). Children were assessed on eight components of informal and formal mathematics achievement at ages 5–7 years. PD children were found to have significant impairments in some, mainly formal, components of mathematics by age 7 compared to TA children. Analysis also revealed that, by age 7, approximately half of the PD children met the criteria for PDMD, while the remainder exhibited less severe deficits in some components of formal mathematics. Children’s mathematical performance at age 5, however, did not predict which PD children were more likely to become PDMD at age 7, nor did they differ in terms of phonological awareness at age 5. However, those PD children who later became PDMD had lower scores on verbal and non-verbal tests of general ability.

Recovery from brain injury: Finding the missing bits of the puzzle

Background: One basic problem found during rehabilitation is that people with brain injuries lack awareness of their difficulties. Research into this phenomenon has often disregarded the voices of those affected by the trauma and do not give an insider's perspective on the process through which a person with a brain injury develops awareness of their difficulties.

Firm Size and Export Intensity: Solving an Empirical Puzzle.

This paper presents a transaction costs analysis of the firm size and export intensity relationship. We submit that relation-specific investments and the costs of safeguarding these investments play a significant role in export relationships. Firm size related differences with respect to these factors are used to explain the different relationships between firm size and export intensity that have been found in previous studies. The theoretical framework is tested empirically, and support is found for different industries.