Photograph - Group in Boat in Winter

A photograph of three people in a boat (a man and two women) as it sits in the water. Another woman is standing on the dock next to the boat. They are all dressed in winter attire and the banks of the lake are covered in snow.

Maid of the Mist, Niagara, U.S.A.

The description of the image is "(6) Majestically Grand - the Falls from the 'Maid of the Mist,' Niagara, U.S.A.". The reverse of the image reads "You are on the deck of the small but sturdy little steamer that runs along near the foot of the falls. At this moment you are pretty nearly mid-stream, looking south. The American shore are up over your left shoulder. That tall, dark cliff at the extreme left of what you see is Goat Island. The people up there outlined against the sky look like dolls and no wonder; they are more than 160 feet above your head. Some of them are looking off over the unspeakable grandeurs of the Horseshoe Fall there at the right; some are without doubt looking down at the very boat and remarking that the passengers look like dolls. It is an awesome experience to go so near that never-ceasing downpour of waters from the sky. The air is full of the roar and iridescent spray, and it seems as if the boat must be drawn in under the overwhelming floods never to rise again. Yet, curiously enough, the river right around the boat is not so madly excited as you might expect. It seems more like some great creature, dazed, bewildered, stunned by some incredible experience and not yet quite aware of what has happened. (When it gets down into the Whirlpool Rapids, two miles below here, it is dramatically alive to its situation!) The gigantic curve of the cliffs, reaching in up-stream straight ahead, makes a contour line of over 3000 feet before it comes up against the Canadian banks on the west (right). Geologists say that the Falls ages ago must have been at least seven miles farther down the river (behind you) and have gradually won their way back. Even now the curve of the Horseshoe is worn away from two to four feet in a year. No wonder; 12, 000, 000 cubic feet of water (about 375, 000 tons) sweep over the rocks in one minute, and the same the next minute and the next and the next. See Niagara through the Stereoscope, with special maps locating all the landmarks about the Falls.

Pelham Cares Inc. fonds, 1980-2015

The beginnings of Pelham Cares occurred in 1982 when the Mayor of Pelham, Eric Bergenstein, received a letter from Janet Hassall, a social worker with Niagara Regional Home Care. Hassall requested that a Social Service Committee be established in Pelham to address gaps in community services, a practice that several other communities in the Region had adopted. Such committees were commonly composed of church parishioners, so Bergenstein contacted Canon J. Nowe of the Holy Trinity Anglican Church, who expressed an interest in participating in such a committee. Bergenstein arranged a meeting in June, 1982 at the United Church Hall in Fonthill, for any interested parties to learn more about the existing Social Service Committees in the Region. The meeting was not part of a Town Council project, but rather an initiative undertaken by Mayor Bergenstein in a personal capacity. Subsequent meetings chaired by Eric Bergenstein were held throughout the remainder of that year, during which the name of Pelham Cares was decided, a steering committee established, and services to be offered were determined. These initially included “visits with the lonely, the shut-ins, at home, hospital or on an outing ; run errands for those who are “stuck”; step in, in emergencies, or regularly, to free a parent or spouse who can’t otherwise get a “break”; in emergencies, provide food, clothing, furniture, medicine and other necessities”. The first official meeting of Pelham Cares occurred in January 1983. Currently, the main services offered by Pelham Cares are a food bank; transportation services to medical appointments; and sponsorship programs to allow youth with limited financial means to participate in sports, recreational and educational activities. The organization also provides emergency food, supplies or short term accommodation due to fire or other catastrophic loss, as well as providing referrals to appropriate organizations or agencies. Pelham Cares is dependent on the funding from community partners such as service clubs, citizens, local businesses, financial institutions and churches. These services are provided by volunteers and one part-time employee. A permanent location for Pelham Cares was established in 2014 with the purchase of a property on Highway 20 East in Fonthill, after a 30 years search for a permanent facility.

The little hills

UANL

Inflation Targeting Under Asymmetric Preferences

This paper develops and estimates a game-theoretical model of inflation targeting where the central banker's preferences are asymmetric around the targeted rate. In particular, positive deviations from the target can be weighted more, or less, severely than negative ones in the central banker's loss function. It is shown that some of the previous results derived under the assumption of symmetry are not robust to the generalization of preferences. Estimates of the central banker's preference parameters for Canada, Sweden, and the United Kingdom are statistically different from the ones implied by the commonly used quadratic loss function. Econometric results are robust to different forecasting models for the rate of unemployment but not to the use of measures of inflation broader than the one targeted.

A Prudent Central Banker

This paper studies monetary policy in an economy where the central banker's preferences are asymmetric around optimal inflation. In particular, positive deviations from the optimum can be weighted more, or less, severely than negative deviations in the policy maker's loss function. It is shown that under asymmetric preferences, uncertainty can induce a prudent behavior on the part of the central banker. Since the prudence motive can be large enough to override the inflation bias, optimal monetary policy could be implemented even in the absence of rules, reputation, or contractual mechanisms. For certain parameter values, a deflationary bias can arise in equilibrium.