Bluewater Case Study Essay Example for Free

Bluewater Case Study Essay * Was built on an old quarry brownfield land. * Employs around 7000 people. * Good disabled access and a range of things to do for all people. * Bluewater makes sure it remains sustainable – it has high operational standards, water usage is measured and controlled, energy is reduced as much as possible, it has a lake and wildlife area to introduce biodiversity, community partnerships, as little chemical use as possible and green transport e.g. buses. Positives of Bluewater * Was built on an old quarry brownfield land. * Employs around 7000 people. * Good disabled access and a range of things to do for all people. * Bluewater makes sure it remains sustainable – it has high operational standards, water usage is measured and controlled, energy is reduced as much as possible, it has a lake and wildlife area to introduce biodiversity, community partnerships, as little chemical use as possible and green transport e.g. buses. What does Bluewater have to offer? * Over 300 shops, * Over 50 restaurants to eat and drink in, * A cinema, * Boating and cycling facilities, * A mini sports stadium, * Places to cook, read, play on a computer, * Advice centres, * Homework help. What does Bluewater have to offer? * Over 300 shops, * Over 50 restaurants to eat and drink in, * A cinema, * Boating and cycling facilities, * A mini sports stadium, * Places to cook, read, play on a computer, * Advice centres, * Homework help. A bit about Bluewater * Bluewater is an out-of town regional shopping centre – (definition: a shopping centre containing over 50,000 square metres of gross retail area offering a wide range of comparison goods and services) * Bluewater is located in Greenhithe, Kent and is 17.8 miles east south east of London. A fifth of the UKs population are within an hour’s journey of Bluewater. * Bluewater has capacity for 13,000 cars, is close to the M25, has over 60 busloads arrive every hour and has train and coach links making transport links easy. * It is the largest out of town shopping centre in Europe- cost  £350m to build A bit about Bluewater * Bluewater is an out-of town regional shopping centre – (definition: a shopping centre containing over 50,000 square metres of gross retail area offering a wide range of comparison goods and services) * Bluewater is located in Greenhithe, Kent and is 17.8 miles east south east of London. A fifth of the UKs population are within an hour’s journey of Bluewater. * Bluewater has capacity for 13,000 cars, is close to the M25, has over 60 busloads arrive every hour and has train and coach links making transport links easy. * It is the largest out of town shopping centre in Europe- cost  £350m to build Negatives of Bluewater * Because of the amount of people travelling long distances to the site, congestion can be a problem, as well as noise and air pollution. * Although there are many bus links, they are not necessarily all over the country and access may be difficult for those who do not have cars. * Because many people from the area will chose to go to Bluewater rather than local CBDs, these areas begin to lose business and a lot of money. Negatives of Bluewater * Because of the amount of people travelling long distances to the site, congestion can be a problem, as well as noise and air pollution. * Although there are many bus links, they are not necessarily all over the country and access may be difficult for those who do not have cars. * Because many people from the area will chose to go to Bluewater rather than local CBDs, these areas begin to lose business and a lot of money.

Relationship Between Asset Price and Monetary Policy

Relationship Between Asset Price and Monetary Policy With the development of capital market and the innovation of finance, asset prices have taken a more prominent role in financial economy. Meanwhile, financial crisis and economy turbulences arouse by abnormal assets price fluctuation appear in many countries. Currently, China is confronted with the reality of asset prices inflation. Asset prices rapidly fluctuation bought gigantic impact to monetary policy, therefore, study the relationship between asset price and monetary policy according to Chinas economy is significant. This dissertation applies correlation analysis, unit root test, cointegration test and Granger causality test in the empirical analysis of the relationship between asset price and monetary policy, from the data analysis, we could conclude that asset prices and monetary policy have a long-term relationship. The central bank should focus on the role of asset price on the transmit mechanism of monetary policy. 1. Introduction Motivation With the development of modern capital market and financial innovation, the world economy has into the financial economy era, and disappears increasingly capitalization, virtualization trends. It is no doubt that modern capital market has provided a powerful lever for economic growth, but its instability also cause macroeconomic fluctuations , and in particular the asset price bubbles, which is becoming a key factor for financial crisis and economic fluctuations. So far, the most developed Western countries have experienced a long period of rapid growth, concern is that global asset price has increased sharply in recent years. In the late 1980s, the stock market and real estate in Japan as the representative of asset prices have greatly increased ,which also caused Japanese economy into the bubble economy, the credit crunch and economic recession arising from the bubble economy have serious negative effects so far. In 2006, the Dow Jones industrial average index in USA was beyond the highest point of network technology bubble expansion from 2000, the stock market of many other developed and emerging market countries generally strongly increased and was beyond history records. In addition to the security market , the global real estate, gold and oil market are also very active. In 2001-2005, real estate prices have nearly doubled in many developed countries, meanwhile, real estate price in many developing countries has also generally increased . In May 2006, the international spot gold price reached USD per ounce 718 score in New York City market since 1980. In mid-July 2006, the International crude oil futures price GE exceeded the highest record to reach 75 USD/barrel. But, inevitably brought the more serious financial crisis in 2007, which has caused huge economic fluctuations to the economy from 2007. In China, securities market have established for ten years, the shares of negotiable securities in the structure of residents capital portfolios continued to be increasing, in 1992, the total value of Chinese stock market is 1048 billion yuan, accounting for only 3.9% of gross domestic product (GDP) ratio . But in 2007, the stock market value is 327141 billion yuan, the ratio of market value in GDP has being greatly rising to 130% , which is 312 times growth compared with the total stock market value in 1992 . Not only a huge amount, but also the fluctuations of asset prices have become more frequent and intense. In 2006-2007, Chinese economy under the driven of stock market and real estate market has a certain degree of asset price bubbles. While in the same time , Chinese economy is actually facing the reality of asset price falling from the top digit, shanghai security market falls rapidly from the peak position in 2007, the stock market bubbles receive the extrusion, the real est ate market similarly is also facing the similar situation, house price of major cities has falls obviously, the turnover falls into the valley. All of these financial crisis constantly are reminding people that the worldwide economic fluctuations are characterized by the financial instability , and economic cyclical fluctuations, instead of disappearing, and to be getting worse, cause considerable economic depression, frequent asset price volatility and financial crisis and economic recession arising from the asset market collapse, hence , the government should focus on the asset prices on the role of macroeconomic fluctuations and the central bank in the world have to consider the information from asset price fluctuations. The Fed Chairman Alan Greenspan and Bernanke concern much about monetary policy and asset price volatility. Alan Greenspan proposed central banks should be more concerned about the issue of asset price bubbles in the anniversary meeting celebrating the establishment of the Bank of England in 1994 . Chairman Bernanke is an internationally recognized as the founder of monetary policy and asset price researc h. At their encouragement , the international academic community and the national central banks have recent research and debate whether the monetary authorities should intervene directly in asset price fluctuations. These research and debates are from the different backgrounds in different countries, in accordance with their different assumptions and premises, provide some significance policy advice. Financial markets in particular capital market deepening and broad-based, and financial innovation enables financial institutions have diversity features. The boundaries of currency and other financial assets is blurring, money supply and real economic variables lost stability, the monetary policy impact on the real economy is no longer limited to traditional approaches, according to the traditional Keynesian theory, this impact on consumption and investment mainly through interest rate variable . But as the improvement of financial system and increase of financial assets stock , monetary policy can also use the wealth effect of asset prices and Tobin q to affect the consumption and investment, causing the changes of total demand, in stick price, the aggregate demand led to a change in the output , and cause the effect of the output changes on demand, if the aggregate demand exceeds the aggregate supply ,it can lead to inflation pressures. This series of transmission mechanism make t he role of asset market on the real economy become more prominent, asset price has become a major transmission channel of monetary policy . From the reality in China, the rapidly development of asset markets have a key role in our national economy, the impact of real estate market and stock market on economic and monetary policy are becoming increasingly apparent. In fact, the Chinese monetary authorities have also already begin to pay attention to the relationship of asset price and monetary policy . Xiaochuan, Zhou , as the Governor of Chinese central bank ,says that the central bank concerns about changes in asset prices and gives full attention to information from asset price when formulating and implementing monetary policy. Therefore, study the relationship between asset price and monetary policy in Chinese economy is significant. This dissertation analyze the relationship of asset price and monetary policy systematically, and will use econometric methodology to seek to explore the relationship between asset price and monetary policy in China by using quarterly statistics from 1998 to 2008. I will estimate the relationship between monetary policy variables and asset price variables , through correlation analysis, unit root test, cointergration test Granger Causality test to get the conclusion. This dissertation conclude the results that ¼Ã… ¡monetary policy and asset price have a long-term relationship, in a short time, the monetary policy aggravated the asset price fluctuations to some degree, the asset market appeared to be rapidly soared and shirked in a short period of time. The central bank should focus on the role of asset price on the transmit mechanism of monetary policy. 2. Literature Review 2.1 Empirical Studies from Western Economists The research from western economists on relationship of asset price fluctuations and monetary policy mainly reflects the two views. First, asset price and monetary policy do not exist the causal relationship on behavior , and the only relationship is on the information that reflects the present and future output growth. Another view on research of asset price fluctuation and monetary policy is that asset price can affect consumption and investment through wealth effects , the change of capital cost and asset price fluctuations affect consumption and investment respectively through wealth effects and Tobin q, thus affect the financial institutions status of assets and liabilities , further affect the stability of the financial system. It is evidently that asset price has become the transmission mechanism of monetary policy. Frank Smets (1997) is one of the economist who systematically analysis the optimal monetary policy that Central Bank should response on asset price change. He has proposed the following important viewpoint: how the central bank should respond to monetary policy reflecting the unexpected change of asset price, how this change affect the central banks inflation forecast. There are two factors affecting the central bank forecast inflation. First is that the effect of asset price on transmitting mechanism of monetary policy. Second is that the unique information on asset price. He established a simple macro-economic model that contains equation of Phillips curve, aggregate demand on financial asset prices (as represented by the stock price) , arbitrage and dividend , he uses this model to examine the variety of ways that change of financial assets price affect the real economy, and analysis the optimal monetary policy of central bank response to financial asset price movements. He demons trate that the optimal monetary policy of central bank response to financial asset price movements, that is, according to the structure of established model , weighted average of the short-term interest rate ( traditional intermediary target of monetary policy) and asset price as price index — monetary conditions index (MCI) , and regard this index as the target of monetary policy operations, therefore it can properly guide central bank make effectively response on monetary policy to change of financial assets price. Gunnarsson and Lindqvist (1997) have discussed the role of asset price on monetary policy from the wealth effect on change of asset price and the effect of inflation. They conclude that the monetary policy should be given more attention on the change of asset price, although it is very difficult to explain. They believe that the change of asset price affect monetary policy as long as this change is long-term change, and in recent years, the impact of this change of asset prices on the economic has been more and more important, so the central bank should spend more energy to analyze the relationship of asset prices and monetary policy, although this relationship is hard to explain but indeed existing. They believe that asset price as an indicator for monetary policy might contribute to the inflation forecast. B.Bemanke and M.Gcrtler (2000,2001) have provided that :In an particular assigned situation , the monetary policy respond to the change of asset price is determined by if existing of the inflation or the deflation pressure on real economy or not, if this change of asset price do not bring the inflation or the deflation pressure on the real economy, then the monetary policy does not need to respond to this kind change of asset price, but If this change of asset price indicates that it indeed brings the inflation or the deflation pressure on the real economy, then the monetary policy should make some response to alleviates this pressure. They propose the above policy seriously under the system frame of flexible currency inflation goal. Cecchetti, Genberg, Lipsky and Wadhwani (2000) have noted that how the central bank respond to asset price fluctuation mainly depends on the nature of the asset price fluctuation. When only have the shock of financial aspect on macro-economy, the central banks exchange rate policy should make an appropriate response, because doing so will avoid the financial shock on the stability of real economy . When the central banks target is to minimize the fluctuations of Inflation ratio and economic output gap to their target value , the central bank take possible action to eliminate the negative effects of financial volatility is a very good thing. 2.2 Empirical Studies from Chinese Scholars After the Asian financial crisis in 1997, the scholars in China have began to research the relationship between asset price and monetary policy. From a theoretical viewpoint, on the one hand, monetary policy have an impact on asset prices through the adopted operation tool, on the other hand, as a virtual asset relatively to physical asset , asset price fluctuations can also have some impact on peoples consumption and investment behaviour, hence, affect economic development through consumer and investment , further transmit monetary policy purpose to the real economy. Xiaoan Qian (1998) finds that change of asset price make a difficulty in monetary policy transmission mechanism, this will cause the certain effects on monetary quantity management, inflation control and financial risk avoidance. The increase of asset price has been made transmission role of the monetary policy in the currency market change and become a source of funds in the asset markets, causing short-term funds long-term occupation , so that the transmission mechanism of monetary policy to occur difficulty. Part of funds seperated from the bank system, directly to the virtual asset markets. Wenjun Xun (2000) believes that the development of capital market increase the number of the emerging non-bank organization such as superannuation fund, the mutual fund, the Insurance company and so on, the bank also participates in the competition of capital market , the effect of the capital market on the real economy gradually highlight, the transmitted mechanism of monetary policy increases, economic subject and its behavior are diversity, uncertainty about the economical movement increases, therefore the transmitted mechanism of monetary policy is more complex. They thinks that Central Banks monetary policy should control official interest rate through the market , thus indirectly influence the bond and the stock market price in capital market, further influence real economy, achieves the monetary policy goal. Qiang Qu (2001) has found that it is difficult to put asset prices as the goal of direct control of monetary policy in the monetary policy operations, the possibilities and accuracy of establishment of general asset price index is very small, asset prices can only be used as an indirect reference, in short, to concern on it , but not target on it. Gang Yi and Zhao Wang (2002) have considered that monetary policy have impact on financial asset prices (in particular the stock price), the relationship of currency quantity and inflation not only depends on the price of goods and services, and in a certain degree depends on the stock market. Tianyong Guo(2006) has affirmed the role of asset price fluctuation on real economy , financial stability and monetary policy through analysis, at the same time, he also points out that the asset price as regulatory targets exist difficulties. Chang Cui (2007) analysis the role of asset price on monetary policy through the model , in asset price inflation period, the central bank can take the measure of interest rate for a given period too control asset price fluctuation, and control the money supply when asset price bubbles exist will receive immediate effect. While in asset price downturn period , interest rate adjust asset price have obvious and relatively durable effect. Yuanquan Yu (2008) obtains through the empirical analysis: the asset price has a certain influence on macroeconomic , particularly the effect of house price is more obvious. Therefore, the Central Bank must give the appropriate attention and control on asset price in the implement of monetary policy . In an conclusion, the asset price fluctuations have an certain impact on the ultimate objective of monetary policy, we can not ignore the unique role of asset price on the transmission mechanism of monetary policy and the macro-economic activities. The central bank should concentrate on the effect of asset prices on monetary policy, particularly in asset prices fluctuations periods, the vast majority of economists believe that the central bank should take an certain monetary policy to address and reduce the negative effect of the economy. For most of research focuses on the study of asset price fluctuation and its relationship with monetary policy, the role of asset prices in the transmission mechanism of monetary policy , as well as the effect size issues ,this dissertation based on the domestic and foreign scholar research results , deeply analyzes the transmitted mechanism of monetary policy in asset price through the impact of monetary policy on asset price . 3. Data Description This dissertation focus on the relationship between asset price and monetary policy in China according to the quarterly statistics during the year of 1998 to 2008. This dissertation mainly use the stock price (index) and house price(hsp) as indicators of asset price , and use boarder money supply (m2), financial institution loan (loan), real rate (rate) as indicators of monetary policy for simplicity. Due to the amount of the data of these variables are really great, we take log of these variables to analyze. This dissertation get all needed data from China Economic Information Network, which is a professionals institution engage in the development of economic data resources and services, provide data support, data integration, and other business data analysis for government and research institutions. All the quarterly data we need from 1998 to 2008 is recorded in the China Economic Information Network. à £Ã¢â€š ¬Ã¢â€š ¬ 3.1 Indicators for asset price in China Asset prices generally including stock prices, bonds, prices, and even exchange rate, and other financial assets and house prices. However, the stock price and house price have a significant effect on real economy, and its fluctuations can have a key role in monetary policy decision-making, hence, in this dissertation , we will use the stock price and house price refer to the asset price. In particular, the Shanghai securities composite index is on behave of the stock price for data limitations, Shanghai securities composite index is established by the Shanghai stock market to reflect the Shanghai securities trading market overall trend. House price is on behave of the average house price in China. We can easily get these data from the China Economic Information Network. 3.2 Indicators for monetary policy in China Monetary policy refers to the Government or the Central Bank influence economic activity, especially by money supply control and regulation of interest rates. To achieve a specific goal or maintain target — for example, curbing inflation ,achieving full employment and economic growth, directly or indirectly through open market operations and setting the minimum reserve rate. There are many factors needed to be consider in implementing monetary policy, for data restrictions, in this dissertation ,we mainly consider the variable of boarder money supply, financial institution loan and real rate. First, boarder money supply (lnm2) indicates the change of aggregate supply and pressure condition of inflation in the future. In china, boarder money supply is narrow money supply plus the saving, foreign currency and fiduciary deposits of government, organizations, services, businesses and institutions in financial institution. Boarder money supply can be used as a medium and long-term equilibrium target to regulate of financial markets .It is usually the rate of boarder money supply increasing should be controlled at the sum rate of economic growth and price inflation, monetary movement. Second, financial institution loan have some disadvantage as a indicators of monetary policy. First, it is closely associated with the monetary policy objective. Currency circulation and deposit currency caused by loan, the Central Bank control the size of the loan, which also mean to control the money supply. Second, financial institution loan is an accuracy an endogenous variable , loan size is positive correlation with loan demand. As a policy variables, loan size and the demand also have a positive correlation. Furthermore, data of financial institution loan is easily accessible . Third, real rate refers to the real rate of interest return that the depositors and investors can get after eliminating of inflation rate, it is calculate as nominate rate minus CPI. Real rate can be used as the indicator of Central Banks monetary policy due to following reasons : (1) real rate reflect the supply of money and credit, and able to show the relative supply and demand, it is correlation with nominal interest rate ,High level of interest rate is thought to be a tight, low interest rate level of convergence are considered monetary relaxation. (2) real rate belongs to the Central Bank , the Central Bank can use this tools to increase or decrease in interest rates. Table 1: denotation for Variables denotation Variables Implication Lnindex Shanghai securities composite index Shanghai securities trading market overall trend Lnhsp House price Real estate price Lnloan Loan financial institution aggregation loan domestic Lnm2 M2 boarder money supply: M2+M1 Rate Real rate nominate rate minus CPI. 4. Economic Theory and Econometric Model The effectiveness of monetary policy depends not only on the sensitivity of economic subjects on policy signal , but also on numerous external factors of financial system. According to the traditional Keynesian theory, when implementing expansionary monetary policy, increase of money supply will lead to rate decline, i.e. capital costs decreasing, further increasing investment expenditure, hence increasing aggregate demand and aggregate output. Meanwhile, increase of money supply will lead to the bank reserve and deposit increase, thus enhanced bank to increase the loan quantity, the fund that the borrower attains increase, then the total quantity investment will increase, which also lead to the quantity of aggregate demand increase, hence, the total output also rise. We will use following econometric model to analyze the relationship of asset price and monetary policy. 4.1. Analyzing correlation coefficient The correlation coefficient is a measure of two variables relate to each other and their close degree of effective tools. Its absolute value is close to 1 description of relevance, the stronger between variables, the more its relevance with 0. If the correlation coefficient is positive, then the variables presented to changes in the relationship, with one variable with another variable changes. But if the correlation coefficient is negative, then the variables are changes in the relationship in the opposite direction. Using correlation coefficient can be better measured variables and between monetary policy and asset price correlation between Extent its positive and negative symbol can indicate the variable ask changes direction. Generally used to be associated matrix said. 4.2. Testing for Nonstationary In time series, stationary is a key concept, as it allows powerful techniques for modelling and forecasting to be developed. Stationary is generally regarded as some pattern of data stable or equilibrium. Stationary time series have constant mean and variance, but its covariance only determined by the time distance. However, when time series could not analyze as stationary, this types of time series always have a strong upwards or downward trend over time, we call it as nonstationary, and we can use differencing as an effective tool to transform a nonstationary time series into a stationary time series. Sometimes, Transforming a nonstationary time series into a stationary one needs more than once differencing operation. Generally speaking, if the differencing needs to be operated at least d times to achieve a stationary time series where d is the order of integration, then the time series is said to be integrated of order d, denoted by I(d). Hence, the I(1) time series also referred to have a unit root, while the I(0) time series are stationary. Dickey and Fuller (1979) provided an effective method to test a time series is stationary or nonstationy time series, which is also called as Dickey-Fuller (DF) test. The elementary object is to test the null hypothesis that the time series have a unit root or not. The model the Dickey-Fuller (DF) test involves bellows In this dissertation , indicates the variables on monetary policy and asset price at time t. ÃŽ ± denotes unknown parameter and denotes the trend. denotes the first difference which . Also, the t-statistic for testing the null hypothesis that H0: =0 against the alternative hypothesis H1: While the index and real rate variable we consider under the model H0: against H1: We also can identify the fittest lag k by running the ADF(k) test, choosing the fitted order k that gives the minimum AIC and BIC. 4.3 Cointegration Formally, Engle and Granger (1987) defined the cointegration as if there exists a linear combination of two or more I(d) time series which is I(d) with d In practice, we usually use cointegration test to exam the long-run relationship among variables in economics. If times series have relationship between variables, and the trend of the two time series has been common, and thus there will be a linear combination of these time series give us an stationary time series. In this dissertation , we test the long-run relationship between monetary policy variable and asset price variable by cointegration test .First, we consider the regression of two I (1) time series. The model is To test { } and { } are cointegrated, we need to exam that the residuals term { } is stationary .If the residuals term is I (1), then this two times series do not have a cointegration, otherwise , if the residuals term is I (o), then this two times series are cointegrated. Under this case, to test the residuals for unit root ,we can conduct DF/ADF-statistic test. In this paper, we denote that monetary policy variables as and we regress on a constant and one of the asset price variables as . 4.4. Causality Test Granger (1969) provided that Granger causality test can apply generally for testing the causal relationship on two time series.Granger causality means that if { } Granger causes{ } then { } have a predict power of { } , given any other variables. More formally, it is said that { } Granger causes { }; when the forecast of given data on { } and { } outperforms the forecast of given data on { }only. Granger causality is only related to the predictability of { } using { } and is not concerned as to whether{ }causes { }, it could be that { } Granger causes { } but { } is not causal for { },and vice versa. To test for Granger causality, we could estimate the regression by OLS In this dissertation , denotes an indicator of asset price, i.e. Shanghai composite index (lnindex) , house price ( lnhsp) , Also,denotes the indicator of monetary policy, i.e. financial institutions aggregate loan (lnloan), broad money (lnm2), real interest rate (rate) . Then conduct an F test on the null hypothesis against the alternative at least one of the is not zero. If we reject the null hypothesis, then { } has predictive power for { } and therefore, { } Granger causes { }, on the other hand, if we fail to reject the null hypothesis, then { } has no predictive power for { }, therefore, { } does not Granger causes { }.We usually test the two times series for Granger causality in pairs, that is, first test whether { } Granger causes { } and then test whether { } Granger causes { }.If two variables have Grange causality relationship in both directions, i.e. { } Granger causes { } and { } Granger causes { }, then we could regard these two varibles have causality relationship in both directions, that means these two variables are related. If two variables have Granger causality in one direction, e.g. { } Granger causes { } but { } does not Granger cause { }, then we can conclude that these two variable just have a one way causality relationship. 5. Presentation and Interpretation of Results 5.1. correlation coefficient between monetary policy variables and asset prices variables We analysis the correlation between monetary policy variables and stock prices variable according to the data provided by China Economic Information Network, and the correlation coefficients are presented in Table 2 and Table 3. Table 2 Correlation coefficient between lnindex and lnloan,lnm2,rate in 1998-2008 Lnindex Lnloan Lnm2 Rate Lnindex 1.000000 Lnloan 0.4829 1.000000 Lnm2 0.4867 0.9980 1.000000 Rate -0.4717 -0.9013 -0.9067 1.000000 As we can see, stock price (Lnindex) has correlation relationship with all monetary policy variables. With a higher stock price, loan and money supply will be increased, while real rate will be decreased. For monetary variables, loan and M2 have a strong positive correlation, and M2 have a strong negative correlaton with real rate. In conclusion , for the stock price variable, it has basically the positive correlation with the loan and money supply variables , and has negatively correlation with the real rate. Table 3 Correlation coefficient between lnhsp and lnloan,lnm2,rate in 1998-2008 Lnhsp Lnloan Lnm2 Rate Lnhsp 1.000000 Lnloan 0.9667 1.000000 Lnm2 0.9633 0.9980 1.000000 Rate -0.8453 -0.9013 -0.9067 1.000000 From table 3, we can see house price (Lnhsp) has correlation relationship with all monetary policy variables. With a higher house price, loan and money supply will be increased, while real rate still will be decreased. In conclusion ,for the house price variable, it has basically the strong positive correlation with the loan and money supply variables , and has strong negatively correlation with the real rate. 5.2.Results for unit root test We exam monetary policy variables and asset prices variables by Augmented Dickey-Fuller (ADF) to test the stationary of time series. First ,we choose the AIC and BIC to determine the fitted lag it suggest that the optimal lag for time series is lag k =1,Then we run ADF to test stationary of time series. Results are below: Table 4 ¼Ã… ¡Augmented Dickey-Fuller Unit Root Test for Variables Series ADF Test critical values Results 5% 1% Lnhsp -1.685 -3.41 -3.96 have a unit root Lnindex -2.085 -2.86 -3.43 have a unit root Lnm2

Mycoplasma pneumoniae Essay -- Essays Papers

Mycoplasma pneumoniae Background: Mycoplasma pneumoniae is unique because of its small genome and physical size. The bacterium contains only 500-2300 Kba in its genome that produces about 700 different proteins. Its reduced genome has been clearly mapped. M. pneumoniae size range from 0.2 to 0.8 micrometer and are capable of passing through most filters designed to remove bacteria. The bacterium is the smallest living organism capable of replicating itself. The bacterium lacks a cell wall but has a three layered cell membrane with sterols. It can take on any shape from cocci to filamentous. An agar plates the colonies have a specific fried egg look. It lives mainly as a parasite in humans where it can maintain its osmotic balance with its environment. It has a strict dependence on the host for nutrients. They grow aerobically and use glucose as its main food source but need the host for amino acids, lipids, nucleotides and sterols. Disease: M. pneumoniae is generally referred to as primary atypical or walking pneumonia because the symptoms are not as sever as pneumonia. The symptoms include a dry hacking cough, fever, and headache. The symptoms will last for about 2 to 3 weeks. M. pneumoniae affects people worldwide. Typically only 33 % of people who have M. pneumoniae will get atypical pneumonia. The majority, 77 %, will come down with an upper tract infection (tracheaobronchitis). M. pneumoniae is transmitted through aerosol droplets. The bacterium is capable of infecting anyone at any time but it has a pattern of coming in the fall and winter and causing an outbreak every 4 to 8 years, although more tight communities occur more frequently. The pathogen rarely occurs on children less than 4 years of age. Since th... ...r and headache of which, 15 % required hospitalization. Texas: From August 1st through November 15th, 215 workers of 4500 had Mycoplasma infections in a tertiary care center. Patients suffered from abrupt onset of headache, shaking chills, and severe malaise, followed by fever and cough. Only 2 % required hospitalization. New York: From August 1st to October 26th, 48 out 189 people came down with an acute respiratory infection in an autism center in upstate New York. Six percent of the patients required hospitalization. References: http://meded.ucsd.edu/isp/1999/CAP/mycoplas.html http://www.invivogen.com/otherproducts/plasmocin.htm http://www.emedicine.com/EMERG/topic467.htm http://www.cdc.gov/ncidod/dbmd/diseaseinfo/mycoplasmapneum_t.htm http://www.cdc.gov/epo/mmwr/preview/mmwrhtml/00022322.htm http://www.med.sc.edu:85/mayer/myco.htm

Monaco Building of the Paris 1889 Exposition Essay examples -- Archite

The Monaco Building of the Paris 1889 Exposition The Exposition Universelle de 1889 in Paris was meant to commemorate the centennial of the French Revolution. It boasted new architectural styles, as well as the more generous use of electricity in the pavilions. In the earliest world's fairs, all the displays were housed collectively under one roof. This eventually changed to a different type of organization, where exhibits were separated into categories based on their content, as was already the case at the 1873 Vienna exhibition. At the 1876, 1878 and 1889 fairs, countries presented their own individual pavilions. While at first the international community seemed a bit hesitant to participate in a fair meant to celebrate a Revolution, many countries decided to participate and erect a special pavilion. Countries such as Japan, Siam, Persia, Turkey, Russia, Greece, as well as many Latin American nations presented national exhibits. When the 1889 Paris Exhibition is first mentioned, most people immediately think of the construction o f the famed Eiffel Tower. This striking monument, enhanced with nighttime lights, brought the admiration of many and earned itself a place as a permanent fixture and international symbol for Paris. The fair was known for its impressively modern constructions of iron and glass, such as Machinery Hall. The pavilion for the Principality of Monaco can be noted at this fair, not for its grand scale or modern appeal, but for its delicate return to a classic style which turned attention to a small, yet sophisticated nation. Its proximity to the Eiffel tower symbolized the ongoing relationship between France and Monaco. There were several reasons why Monaco received such attention at the fair, with its p... ...ch 1890, Volume 39, Issue 2 Making of America Collection, Cornell University Library http://www.boondocksnet.com/expos/paris1889.html "Impressions of the International Exhibition of 1889" The Century, December 1889 Making of America Collection, Cornell University Library http://www.boondocksnet.com/expos/paris1889.html "Paris Panorama of the Nineteenth Century" The Century, December 1889, Volume 39, Issue 2 Making of America Collection, Cornell University Library http://www.boondocksnet.com/expos/paris1889.html "Monaco" by Gale Force of Monaco http://monaco.mc/monaco/index.html "General Informations" by Monte-Carlo Multimedia, 2000 http://www.monte-carlo.mc/principalitymonaco/globalinformations/ Masson, Georgina. Italian Villas and Palaces. New York. Abrams.1966 Ree Paul van der. Italian Villas and Gardens: a corso di disegno. Amsterdam. Prestel.1992

The Evolution of Minorities in Film Essay -- Movie Film Essays

The Evolution of Minorities in Film Back in the 1800’s, when calculating the population, African Americans were counted as 3/5 of a person (Antonia, p2). One would think that in the past two hundred years people’s beliefs would have changed a little bit, but the general white public are stuck into believing the common stereotypes commonly portrayed in movies. In films and television shows blacks are almost always portrayed as murderers, robbers, rapists, pretty much anything negative, like American History X, for example. Two black men are shown breaking into a white man’s car. People see this, and in turn believe that all black men will try and steal their car; as stupid as it may seem, it is true, and as a result, film producers try to incorporate this into their films. Very rarely, if ever, is it possible to see a minority depicted as a hero-type figure. Every once in a while, there will be an independent film from a minority director, but as Schultz states in Lyon’s piece, â€Å" We [blacks] are still being ghettoized in Hollywood, a serious black project of any scope is as difficult to get marketed today as it was in the ‘70s.† By making a barrier to entry for minorities in the film industry, it’s almost as if America is trying to keep black films out of the popular media. At first glimpse, it may appear that minorities are very hard to be seen in the filming industry, when in reality, they are becoming more and more apparent in America’s mainstream media culture, particularly in action movies. MacDonald stated in Allan Smith’s essay, â€Å"American mass culture continued to operate as an assimilative force, seeking to maintain social stability while gradually merging people of different backgrounds into the cult... ...ral trend of how minorities are making a bigger and bigger impact on American mainstream culture. All America can do is smile and be content at the fact that minorities are finally getting the respect they deserve.    Works Cited    Antonia, Kathleen. â€Å"A Lesson Before Living† Humanist, March/April 2001, Volume 61 Issue 2, p.43.    Beck, Bernard. â€Å"What Price Glory?† Multicultural Perspectives, 1999, Volume 1 Issue 1, p.26.    Brinkley, Douglas. â€Å"Edward Norton’s Primal Fear† George, October 1998, Volume 3 Issue 10, p.110.    Lyons, N.L. â€Å"From Race Movies to Blaxploitation to Homeboy Movies† American Visions, February 1992, Volume 7 Issue 1, p. 42.    Smith, Allan. â€Å"Seeing Things: Race, Image, and National Identity in Canadian and American Movies and Television† Canadian Review of American Studies, Autumn 1996, Volume 26 Issue 3, p. 367.

Politically Correct Language Essay

Politically correct language is language that avoids offending or ostracizing particular groups of people – the word â€Å"homosexual† is the politically correct version of the word â€Å"faggot†. While politically correct language prevents conflict, and improves individuals and communities, it also has limitations. Sometimes it can disrupt the meaning and impact of the message we are trying to portray. Because of this, it is important to find an extent of political correctness that still enables freedom of speech. While people can define us by the language we use, the language we use also defines us. Being politically correct can make us better people. The way the receiver of our message construes our message determines whether it is politically correct. What is considered politically correct varies from person to person; while one Asian might find the term â€Å"chink† humorous, another might find it degrading. As a result, being politically correct requires assessing how the receiver of our message differs from ourselves, and how we can remain tactful despite these differences. This forces us to accept that people have varying beliefs; sometime sit even forces us to refine our own. Similarly, while we can define a community by the language the people within that community use, the language the people within a community use defines the relationships within that community. Being politically correct can improve the community we live in by creating an atmosphere where everyone is comfortable with sharing their ideas, without feeling restrained by the fear of being penalized for thinking differently. This enables us to productively debate diverse viewpoints, and broaden our own. It ensures that the future generation will learn how to be tolerant from a very young age, which is essential for the development of society. While being politically correct seems ideal, it also has limitations. Take the news. People trust the news to objectively impart what is happening in the world. One might debate that this gives them the responsibility to be politically correct, lest they create conflict or further segregate the world. However, being politically correct can disrupt the meaning of their message. The term â€Å"undocumented immigrants† could give people the impression that it is a slight mishap that the country forgot to document these immigrants, or that these immigrants were unaware that they had to be documented. On the other hand, the term â€Å"illegal aliens† makes it clear that these individuals are doing something illicit. It pressures them to do, and gives them no excuse not to do, what is right – get a citizenship, or leave. Being politically correct can also alleviate the impact of the news. If a child molester is on the loose, it is the responsibility of the news to warn society about it. Stating that a child has been â€Å"molested and terminated† instead of â€Å"raped and beaten to death† lessens the urgency parents will feel to be wary of their child’s whereabouts. While the latter is politically incorrect – it creates disturbingly vivid imagery – it is more effective in keeping the citizens safe. Nevertheless, the news should refrain from unnecessarily using politically incorrect language. They should use the world â€Å"black† instead of â€Å"nigger† because they are so interchangeable. If possible, the news reporter shouldn’t even label the people he is reporting about. This would conceal any irrelevant prejudices (which might inadvertently skew a viewer’s understanding,) that the reporter may have. It would also prevent the creation of unnecessary conflict and further segregation of the world. In conclusion, politically correct language – language that avoids offending or ostracizing particular groups of people – can improve individuals and communities. More importantly, it prevents the expression of prejudices that separate the world. On the other hand, political correctness also has limitations: it can disrupt the meaning and impact of our message. Because of this, it is important to find an extent of political correctness that does not disrupt the meaning or impact of our messages. Otherwise, we would no longer have freedom of speech, which is imperative to the progression of society.

Scholasticism

Scholasticism is derived from the word â€Å"scholasticus† which denotes â€Å"that belongs to the school. † This term refers to the â€Å"school of philosophy† that were instructed by the â€Å"academics or schoolmen of the medieval universities between the periods of 1100 to 1500. † The â€Å"medieval Christian theology and the ancient classical philosophy† were brought back together by scholasticism (Webster’s online dictionary, 2008, â€Å"Scholasticism†). The definition of scholasticism is not generally based on a particular belief or principle but more of a method and a system for the academics that focused on dialectical reasoning. To provide answers to philosophical questions and to reconcile conflicts are the main objectives of scholasticism (Truner, 1912, â€Å"Scholasticism†). â€Å"Logic, metaphysics and semantics† were included in the study of scholasticism which had been considered as major factors in the advancement of knowledge about logic. More so, â€Å"philosophy of nature, psychology, epistemology and philosophy of science† were deemed significant elements for inquisitions. Most scholastics read books as part of their â€Å"basic course literature† in every discipline that was usually written by auctors who were famous scholars. Reading is a method of the study that ensured aspiring scholars to become learned individuals. Through this process, scholars have developed a sense of appreciation for the â€Å"theories of the auctor. † As a result, the problems tackled throughout the whole discipline were dealt with by the scholars in a critical and confident manner. However, scholastic works usually â€Å"have tendencies to take the form of a long list of â€Å"footnotes† to the works studied, not being able to take a stand as theories on their own† (Truner, 1912, â€Å"Scholasticism†). According to Gerard Defaux, criticisms on scholasticism are rooted on scholasticism’s closed attachment to Aristotelian dialectic and philosophy that were used in the formulation of concepts and methodologies which were evident in biblical commentaries and Christian doctrine. Because of the immense â€Å"audacity in the domain of speculative theology and superior rationalism and intellectualism of scholasticism,† pagan philosophy had prevailed over â€Å"intelligence of faith† (Defaux, 1995, p. 1017).