Response of the EAA FRSC to the EFRAG/ANC/FRC discussion paper: 'Towards a Disclosure Framework for the Notes'

We summarise the response of the EAA’s FRSC to Towards a Disclosure Framework for the Notes, a Discussion Paper (DP) issued jointly by EFRAG, ANC and FRC. While supportive of much of the DP, and in particular of the underlying aim to place disclosures on a sounder conceptual foundation, we identify two broad themes for further development. The first concerns the DP’s diagnosis of the problem, which is that the existing financial reporting is characterised by, on the one hand, disclosure overload and, on the other hand, an absence of a conceptual framework for organising and communicating disclosures. Our review of the literature suggests much greater support for the second of these two factors than for the first. The second broad theme is the purpose of the proposed DF, and the principles that are derived from this purpose. Here, we stress the need for the framework to better accommodate the context within which financial statement disclosures are used. In practice, this context is characterised by variation in information, incentives and enforcement, each of which has a considerable effect on the appropriate disclosure policy and practice in any given situation.

Taylor v Caldwell (1863)

A Landmark Case is one which stands out from other less remarkable cases. Landmark status is generally accorded because the case marks the beginning or the end of a course of legal development. Taylor v Caldwell is regarded as a landmark case because it marks the beginning of a legal development: the introduction of the doctrine of frustration into English contract law. This chapter explores the legal and historical background to the case to ascertain if it is a genuine landmark. A closer scrutiny reveals that while the legal significance of the case is exaggerated, the historical significance of the cases reveals an unknown irony: the case is a suitable landmark to the frustration of human endeavours. While the existence of the Surrey Music Hall was brief, it brought insanity, imprisonment, bankruptcy and death to its creators.

Do real balance effects invalidate the Taylor principle in closed and open economies?

This paper examines the determinacy implications of forecast-based monetary policy rules that set the interest rate in response to expected future inflation in a Neo-Wicksellian model that incorporates real balance effects. We show that the presence of such effects in closed economies restricts the ability of the Taylor principle to prevent indeterminacy of the rational expectations equilibrium. The problem is exacerbated in open economies, particularly if the policy rule reacts to consumer-price, rather than domestic-price, inflation. However, determinacy can be restored in both closed and open economies with the addition of monetary policy inertia.

Poetry of social conscience, poetry of transition: Ann Hawkshaw's 'Introductory Stanzas' and 'The Mother to her Starving Child'

Through close readings of Ann Hawkshaw's poetry in the context of industrial Manchester in the 1840s, this article highlights the interaction of form and content in poetry that makes use of the idea of the past to question or complicate the politics of the present.

Uniform factorial decay estimate for the remainder of rough Taylor expansion

We establish an uniform factorial decay estimate for the Taylor approximation of solutions to controlled differential equations. Its proof requires a factorial decay estimate for controlled paths which is interesting in its own right.

”He looked at me ... My God. His eyes were eyes to die for.” : A Feminist Theological Reading of Carol Ann Duffy’s The World’s Wife

Most approaches to Duffy’s work have been a feminist reading of poetry, focusing on the portrayal of women within the theoretical framework of feminism. However, little attention has been paid to the religious elements in Duffy’s work, something that Duffy herself has recognized. This essay will therefore focus on the centrality of religion in Duffy’s work, and will argue that her poems constitute an arena where religion is redefined and female experience and theology are reconciled. The poems under focus, “Delilah”, “Salome”, “Pilate’s wife”, “Pope Joan”, “Mrs Lazarous” and “Queen Herod” are examined in two separate sections: their portrayal of love and sexuality, and their portrayal of motherhood respectively, within the theoretical framework of feminist theology.

Ann Levine Wolff Scrapbook

Ann (Anna Eva) Levine was born on November 12, 1890 to William and Sarah Ida Levine, and died on April 3, 1890. This scrapbook contains family memories, photographs, and an exam book in holograph for a history class in 1936 at Colby College.

Regra de Taylor no Brasil e preços de ativos financeiros: 1999-2005

Esta dissertação tem o propósito de testar a hipótese de que o Banco Central do Brasil não considera os preços de ativos financeiros em sua função de reação da política monetária. A primeira parte é dedicada ao estudo da literatura atual sobre a relação entre política monetária e preços de ativos financeiros, na qual foram identificadas três correntes de pensamento distintas sobre o tema. Numa segunda etapa, são avaliados alguns modelos com base na estimativa proposta por Soares e Barbosa (2006), porém com a inserção de uma variável de preços de ações. Assim como em Dupor e Conley (2004), os resultados empíricos mostram que a inclusão dessa variável torna o hiato do produto não significativo.

Taylor principle and inflation stability in emerging market countriesw

The goal of this paper is to evaluate the validity of the Taylor principle for inflation control in 12 developing countries that use inflation targeting regimes: Brazil, Chile, Colombia, Hungary, Israel, Mexico, Peru, Philippines, Poland, South Africa, Thailand and Turkey. The test is based on a state-space model to determine when each country has followed the principle; then a threshold unit root test is used to verify if the stationarity of the deviation of the expected inflation from its target depends on compliance with the Taylor principle. The results show that such compliance leads to the stationarity of the deviation of the expected inflation from its target in all cases. Furthermore, in most cases, non-compliance with the Taylor principle leads to nonstationary deviation of the expected inflation.

Term structure dynamics and no-arbitrage under the Taylor rule

A determinação da taxa de juros estrutura a termo é um dos temas principais da gestão de ativos financeiros. Considerando a grande importância dos ativos financeiros para a condução das políticas econômicas, é fundamental para compreender a estrutura que é determinado. O principal objetivo deste estudo é estimar a estrutura a termo das taxas de juros brasileiras, juntamente com taxa de juros de curto prazo. A estrutura a termo será modelado com base em um modelo com uma estrutura afim. A estimativa foi feita considerando a inclusão de três fatores latentes e duas variáveis ​​macroeconômicas, através da técnica Bayesiana da Cadeia de Monte Carlo Markov (MCMC).