Essay on The Role of Women in Australia in 1914- 1918

During the years from 1914 - 1918 Australia was at constant battle all over the world fighting for the british. With battles deaths always follow. So many people say, â€Å"what did we ever gain from WW1 we lost so many people as a country†. Although we lost almost 60,000 men and 150,000 wounded or taken prisoner. After the war the British Government offered ex-servicemen free transportation to some of the colonies, 17,000 migrants arrived in Australia between 1919 and 1922. Community organisations paid for migrants to come over to Australia. Small numbers also arrived independently. It was also said that up to 300,000 men came over from britain post war to live. The British government gave an incentive to migrate over because so many people†¦show more content†¦Many people still thought that a womans place was in the kitchen, this changed shortly after the second world war. 500,000 women joined the workforce post WW1 because all of the men had gone to war. This set A ustralia up and benefited from more people with a wider experience in many jobs. Economy and industries Australian industries such as steel-making and pharmaceuticals suddenly found themselves filling roles that were previously done by German rivals. Australian government was keen to make sure that Australian wheat, wool and meat reached Britain and helped the war effort there. The government was keen to make sure that the Australian wheat wool and meat industries made it over to britain to help out with the war efforts. So a law was made giving it the power to acquire the whole wheat and wool harvests which had seen to be an impossible action under the Constitution, but were then allowed to be done because of the new law. However, shortages at war and selling scarce goods at a very high price meant that many ordinary working people suffered because of a rise in price and a massive drop in their standard of living. After the war 400 new products were being sold that previously had been needed to import from enemy countries. This meant that there was a major fall in the major cities. At the end of the war the Commonwealth had numerousShow MoreRelatedImpact Of World War I On Women s Roles1517 Words   |  7 PagesAsmeeta Singh Assess the impact of World War I on the role of women in Australian society. In assessing the impact of World War 1 on women’s roles in Australian society, it is clearly obvious that there was no great effect. Women took on a great deal of responsibility when men were at war and many aspects were discovered about women’s abilities and many injustices were also created, which revolved around women, their jobs and the rest of their daily lives. According to https://womenshistory.netRead MoreRemembrance Of Australia s Participation1333 Words   |  6 Pagesout in 1914, men gathered from all over the country to fight for their Empire. Australian Prime Minister Joseph Cook said on the 4th of August 1914, â€Å"when the Empire is at war, so is Australia.† Australia as a nation lost 61,928 people from a population fewer than five million, nevertheless the war brought us to a new era and provided a new cultural status and identity. The Australian community emerged into the modern era, with women taking up the role of men in the workforce and Au stralia gainingRead More Experience of World War One Portrayed by Siegfried Sassoon and Erich Remarque1383 Words   |  6 PagesWhilst patriotism and romanticism initially called men to war in 1914, by 1918 the idealism soon changed with the reality of trench warfare. Soldiers from across Europe, and indeed the world, first entered World War One with innocent enthusiasm. The expectations of the young men who joined, however, were shaped by the culture of age. It was the romantic mood of the time which essentially reinforced the hope that war would be won in honorable battle and ‘be over by Christmas’. These expectationsRead MoreThe World War One : A Devastating Effect On The Australian And Tasmanian Society1340 Words   |  6 Pagesbroke out in 1914, men gathered from all over the country to fight for their land. Prime Minister Joseph Cook said on the 4th of August 1914, â€Å"when the empire is at war, so is Australia.† Although Australia as a nation lost 61, 928 people, the war brought Australia to a new era and provided a new cultural status and identity. Through the war and our participation in World War One, our community emerged into the modern era, with women taking up the role of men in the workforce and Australia gaining culturalRead MoreAustralia s Involvement During The War1473 Words   |  6 Pageswere considered the Central Powers of the war, despite multiple other countries participating. This report will cover the main aspects of Australia’s involvement in the war, as well as how it affected Australia as a nation. GENERAL INFORMATION ON THE WAR World War 1 came to life on the 28 July 1914 after a Serbian nationalist secret society known as ‘The Black Hand’ orchestrated the assassination of the heir to the Austro-Hungarian throne, Archduke Franz Ferdinand. The murder took place whilst theRead MoreThe Impact On The Australian Home Front1244 Words   |  5 PagesIn August 1914, after the outbreak of World War I, an immense wave of support flooded Britain from her ally, Australia. All Australian political parties, community leaders, newspapers and churches were on-board with this major movement to help the mother country. All believed it was a morally right and necessary commitment . World War I, 1914 – 1918 had a significant and long lasting impact on the Australian home front. ‘The civilian population ’ had to undergo many changes to cater for the war.Read MoreExplain The Activities And Living Conditions Of People During Ww1786 Words   |  4 Pagessoldiers rely on the people at home for sup port while they are fighting at war. Family and friends support from the home front like sending packages, letters of support, photos of loved ones, Tabaco, food and clothing. Before World War 1 broke out in 1914 the expected roll of a woman was to raise the children and manage the home. They were also encouraged to join voluntary organisations. For example: The Red Cross, Australian comforts fund, the cheer up society, Aid detachment Country women’s associationRead MoreWorld War One On The Changing Role Of Women933 Words   |  4 Pagesof World War One on the changing role of women, effects of weaponry and trench warfare and discrimination against German and Turk Australians? World War One was a significant event in Australian society, from 1914-1918.The impact of World War One on the changing role of women, effects of weaponry and trench warfare and discrimination against German and Turk Australians.These different topics all changed Australian society in varied ways. The changing role of women in World War One has had a significantRead MoreThe Role of Women in Australia 1900-1941 Essay2334 Words   |  10 PagesYR 12 HISTORY- AUSTRALIA 1901-1941 Aim: „ « To describe the nature of the role, and lives, of women in Australia before, during, and after World War One „ « To identify, and describe the extent of, the international influences on the role, and lives, of women in Australia before, during and after World War One Australian women prior to World War One lived a life that consisted of traditional female roles similar to those of their British and Irish relatives. Their value in society was basedRead MoreHigher History Women1700 Words   |  7 PagesModel Answer Changing attitudes in Britain Society towards women was the major reason why some women received the vote in 1918. How accurate is this view? During the 1900s, many women were beginning to stand up for themselves and no longer wanted to be inferior to men. Prior to 1918, women were disrespected and under - valued in society. There was a change in attitudes towards women as the image of the New Women began to arise. They were becoming involved in various different jobs, having the

The Family Of The Jcpenney Advertisement A Happy Family

In the JCPenney advertisement a happy family of four sits on a clean living room floor embracing one another with hugs and smiles. There is fashionable furniture and decorations in the room, all of them in gender neutral colors. The family is well-dressed in soft blues and white. Every face in the ad is adorned with a tremendous smile. There is a caption in the upper-left corner that describes dad as cool and a best friend, bike fixer, swim coach, tent builder, and hug giver and rolled into one. Or two. The family is made up of a young daughter and son who appear Hispanic, both of them are near the toddler stage, and their two Caucasian fathers, both seeming to be in their thirties. This stylish clothing advertisement not only sells JCPenney’s clothes, but also makes an attempt at a reconfiguration of the American family model. Family is one of the closest emotional systems people can have. In this ad the family is also physically close to one another and showing one another affection. Each father is holding one of their children in a joyful hug. This example of the new model of the American family shows compassion beyond race. The ad conveys a message of embracing the diversity we find more prevalent every day in a progressing society. To welcome these simple differences with smiles. Both parents are also sitting on the ground at the same level of the children. By sitting they make themselves the same height as their children and create a sense of equality. The viewer isShow MoreRelatedJcpenney Retail Strategy6220 Words   |  25 Pagesbusiness manager grew a company we now know as JCPenney, which has flourished into a nationwide retail department store with over 1100 store locations throughout the United States. Throughout the years JCPenney has changed an adapted to the retail market. 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Tutorial answers Free Essays

If the system already exists, different scenarios can be tried using he model before tests being carried out on the real system. Alternatively if the system does not exist, the model can be used to help decide on the final design of a system. Often there are constraints on the design that need to be investigated e. We will write a custom essay sample on Tutorial answers or any similar topic only for you Order Now G. Constraints on cost, space, etc. Modification to systems once they exist can be expensive hence it is important to try and get design of systems ‘right-first-time’ and this is where modeling and simulation can be useful engineering tools. Example: see lecture notes weekly under section Why is modeling important ?. 2 See notes 3. Components of system Inputs Outputs States Environment Tank Valve Pipes Inlet Flows of A and B Liquid level Level change in tank Upstream of inlet to tank and downstream of outlet valve 4. See notes 5. See notes 6. Bookwork (as coursework 1) TUTORIAL ANSWERS 2 El . A proportional relationship for a component is here considered to be an unchanging relationship (and is often referred to in modeling terms as a constitutive or physical relationship). These are the natural physical laws which the individual components of the system obey e. G. For an electrical system, the relationship between voltage and current and in the special case of an ideal resistor – Ohm’s Law FRR. I E. Kerchiefs Current Law : algebraic summation of all currents flowing into a junction of a network is zero. Kerchiefs Voltage Law: algebraic summation of all voltages acting around a loop of a circuit is zero. Examples – see section 2. 2. Of lecture notes. E. The impedance of an element is its voltage:current ratio. Multiple Choice: Electrical Systems El(b) E(C) Problems: Electrical Systems El . 3. 3 0, Ohm’s Law is obeyed since the resistance is constant as the voltage varies Q. 40 A E. IV E. (a) 4. 4 0 (b) 16 (c) 4. 4 E. (a) 0. 68 V (b) 0. 47 V (c) 0. 34 V E. (a) 0. 2 V, 205 ma (b) 1. 03 V, 52 ma (c) 1. 16 V, 193 ma E. = 30/84 v = 0. 357*12 volts = 4. Volts E. VI = 366/191 = 1. 92 V, TUTORIAL ANSWERS 3 MI . (I) spring f = xx= k(XSL -xx) where x is the displacement (or extension) and k is the proportionality constant called the spring constant with units of force/displacement e. . N/m. Damper f = BE k(FL – vi) where v is the velocity and B is the proportionality constant called a viscous friction coefficient or constant. Its dimension is force/velocity e. G. NSA/m. MM. See lecture notes. The force balance law demands that (a the acceleration). Analogies: This is analogous to Kerchiefs voltage law, particularly if one treats the inertia acceleration as an equivalent force. Note: In order to model a mechanical system, the usual practice is to form a free body diagram around each inertia (mass) component. One will then end up with a set of simultaneous differential equations, the solution of which dictates the dynamics and constitutes the system model. In the case where there are no mass components, then ensure a force balance at selected points in the system. That is the net force acting on any point must be zero, I. E. Multiple Choice: Mechanical Systems MI . G) MM. (a,b) Problems: Mechanical Systems MI. O. AN MM. 0. 05 arms Question/ Variable (NSA/m) 812 834 Biota I 2 1217 24/19= 1 . 263 4 15/8 60/47 = 1 . 276 Questions: Thermal and Fluid Systems TFH . A system is said to be in equilibrium when its behavior is steady I. E its output and inputs are unchanging. For the liquid level system with an inlet and outlet flow, this corresponds to the inlet and outlet flows being the same. Multiple Choice: Thermal and Fluid Systems TFH. (b) TFH. (c) Problems: Thermal and Fluid Systems TFH . The flow cannot be assumed to be laminar as the proportionality constant is not inner as the flow increases through the pipe I. E. I/R resistance (Pa. s/mm) 3 TUTORIAL ANSWERS 4 IQ . Methods that can be used to determine the gradient of the straight line at t=2 sec are: (I) plot a graph and determine where t=2 or (it) differentiate x(t) with respect to t and substitute t=2. Q. (a) Q. See lecture notes Q. Completing the table gives: Electrical Component Equation Mechanical Component Rotational Component Inductor Inertia Rotating inertia Resistor Damper Capacitor Spring Torsion’s spring Q. (a) Using free body diagram on the mass-damper system of Fig. 5. 1, the mass and ampere can be considered to be in parallel. Force balance gives: where: Hence: (b) Similarly for the spring-damper system of Fig. 5. 2 Force balance gives: where: , (c) For the rotational pulley of Fig. 5. 3, a torque balance is required: Torque balance gives:and where:, , Q. (a) For a resistor and capacitor in series of Fig. 6. 1 Apply Kerchiefs Voltage Law gives: (b) For a resistor and inductor in series of Fig. 6. 2 where: , , (c) For a 5 resistors and a capacitor system of Fig. 6. 3, observe that this is nearly the same system as shown in Tutorial Sheet 2 Problem E but with the addition of the opacity. Hence: where: with and Hence as in Qua. : Q. Q. Material balance on tank: rate of change of mass floodwater = mass flow in – mass flow out assume constant density 0 and area: Given: , A = 7 mm, R = 0. 14 her/mm and Sin = 100 mm/her substituting gives: Tutorial Answers 5, 6 IQ Bookwork straight from notes: Ask in a tutorial if stuck and/or use MENTAL to generate solutions and check against you work. E. G. For 1st of these t=alliances(O,2,100); ext=subs(x,t); fugue(l reset Q: Throughout Q assume a model of the form Steady-state is 0. 6. Initial value is -1. Rise is given as 1. . 63% of rise is given by which implies x(t) has this value at about t=O. 25 sec and therefore T=O. 25, Steady-state is 30. Initial value is 2. Rise is given as 28. 63% of rise is given by 0. 63*28=17. 64 which implies x(t)=19. 64. X(t) has this value at about t=5 sec and therefore T=5, k=30. Steady-state is 50. Initial value is 20. Rise is given as 30. 63% of rise is given by 0. 63*30=18. 9 which implies x(t)=38. 9. X(t) has this value at about t=50 sec and therefore T=50, k=50. Q: Maximum current is at t=O and given as V/R: Therefore R=V/I = 5/0. 004 = mashes. Time constant is given by ARC, so T=ms implies that C=. 005/1250 = 4 micro. Q: Parameters give a time constant of cosec so after 30 sec aircraft at 95% of steady-state land speed. 1 MPH is the same as mutterer pH or (1609/3600)m/s MPH is the same as mom/s Steady-state is given as f/B. Therefore min f required is BIB [ scaled by (11. 95) to be precise]. Q: Model is Bad/dot +xx=f or (B/k) DXL/dot +x =f/k Desired time constant is about 0. Sec, therefore (B/k)=O. 8 so k=NON/m Steady-state displacement is given as (1 /k)f = 0. 04, and therefore f=AN is required. Tutorial Answers 7 1 . Find the Lovelace transform of the following signals: Students should use MENTAL to check their working here, e. G. Ray the command: 2. Use partial fractions, a lookup table and inverse Lovelace to find the underlying signals with the following transforms. Students should use MAT to check their working, e. G. 3. What is the final value for signals with the following transforms? Use the Pit but note that: (I) there is no final value if the signal is divergent which is the case for 5th (obvious from negative sign) and (it) for convergent signals, the final value must be zero if there is no integrator. Hence only 2nd and 6th have a non-zero values which must be 4 and 0. 5 respectively. 4. Which of the following transforms has the fastest settling time? What are the settling times to within 5% of steady-state? Time constants are negative inverses of poles. One can estimate time to 5% error as approximately three times slowest time constant (exact for 1st order but no strict generalization when many poles due to uncertainty about partial fractions). Time constant is the negative inverse of the pole. So pole at -0. 25 gives T=4, etc. 5. Sketch the poles and zeros of the following transforms on an Regard diagram. By marking the LAP and RAP clearly, hence determine which represent stable and unstable behavior. Students should use MENTAL to check their working for his, for example, doing 4th as follows will produce a fugue with poles marked in Y and zeros in ‘o’: Systems are stable if and only if all the poles are in the LAP – the origin is counted as being in the LAP. The positions of the zeros do not affect stability. Tutorial Answers 8 1 . The inverse Lovelace transform of a transfer function is called the â€Å"impulse response function†. If a system has an impulse response function given by g(t) t(l-sin(t)). Compute its transfer function, G(s). 2. Use Lovelace methods to solve the following ODE equations. 3. Give examples of type O, type 1 and type 2 systems. Has does this affect the expected behavior? Bookwork 4. Which of the following transforms for 1st order ODES has the highest gain? What are the gains? What are the time constants? Determine and sketch the step responses for each of these. Gains are 4, 3, 1. 5 and 1. 125 respectively. Time constants are 4, 0. 2, 1. 25, 0. 5 respectively. As these are 1st order, sketching step response follows same procedures as tutorial 5,6. Tutorial Answers 9, 10 1 . Bookwork – read some control text books to broaden your views on the uses and potential of control. 2. This is also straight from the notes but your understanding will also be improved by some wider reading. Don’t Just stick to your main discipline, but look at examples from chemical, aerospace, automotive, medical, electrical, biological, etc. 3. Straightforward application of the Pit. 2nd set has an integrator and hence the offset is known to be zero. Otherwise, use formula. Confirm this with MENTAL, I. E. Plot is seen to settle at 0. 52 4. The 1st part is taken direct from the lecture slides so not repeated here. The closed-loop time constant and rise time are: Time constant +AKA), closed-loop game = AKA/(I+AKA), where A=4/5, -r=o. 2 Hence 0. 2/(1 +K/5)O. 8 which gives K 4+3. K or 0. K4 or K5. Confirm this using MENTAL, ii. Use G=TFH(4,[1 %% plot in a figure It is clear that the time closed loop pole polynomial is (s+ [1 +AKA]/T) and hence the pole is in the LAP for all positive K which implies closed-loop stability. Discussion of large K is bookwork – read some text books. 5. This question is designed to make a student think and experiment. To meet specifications, the closed-loop is given as Clearly the steady-state gain is unity as expected so the offset requirement is met. The closed-loop poles are determined from the roots of the denominator and we want the poles to be to the left of -2. 5 ‘e. (s+2. 5) is equivalent to (0. As+1). Both roots can be placed at 2. 5 if In the future students will recognize that lower values of K will give a slower pole and higher values of K will give rise to oscillation. 6. Standard question. Form closed-loop transfer function and find characteristic polynomial for all 3 cases. You will need to do the partial fractions for all 3 and sketch, but you can use MENTAL to check your answers. E. G form the three closed-loop transfer functions and then type feedback(GO,GO,GO) to see all 3 together. N.B.: 63 is seem 2 content. Clearly Just proportional is fastest, but gives a large offset. GIG is smooth (2 real poles) ND no offset. But poles are well spaced so this is conservative. 63 has similar response time to GIG (same slowest time constant), but has complex poles and thus oscillation. Conclusion, PI is best! Typical exam type question outline answer a) Let the internal temperature be given as T degrees. The rate of heat supplied is given as: The heat loss OHIO(T+50) Hence the temperature is given by: In steady-state we desire T=20 which implies that b) If the external temperature drops by 10 degrees, then the model becomes: which implies the new steady-state temperature will be 6 degrees! The time constant is clearly 1000 sec. Students should sketch a graph showing the temperature moving from 20 to 6 with the appropriate time constant. ) If the heat input from the passengers is increased, the model becomes In the case, the change in temperature is negligible which suggests that for this scenario the key factor is the external temperature and heaters rather than any heat coming from the passengers. D) Clearly the open-loop choice of voltage does not maintain the temperature correctly in general and so some control is needed. It is known that the correct steady-stat e can only be achieved in the presence of uncertainty if integral action is included. The steady-state error too change in desired temperature is given by because K(O) is infinite, irrespective of changes in the gain of G or disturbances such as changes in external temperature! Students should first put the equations for the model and integral control law into Lovelace transforms about the steady-state: Hence The closed-loop transfer function is given as Students should validate that the time constants are reasonable and that the closed- loop is stable! The time constants are given from the roots of the closed-loop denominator. Students should note that these are similar to the original time constant and thus satisfactory. How to cite Tutorial answers, Papers

Assess the importance of The Garden Scene to the development of Twelfth Night Essay Example For Students

Assess the importance of The Garden Scene to the development of Twelfth Night Essay The Garden Scene is one of the most important scenes in the development of Shakespeares Twelfth Night, whenever the play is presented, but different directors may choose to portray the scene in different ways. The scene does not directly affect the main plot of the play, but is very significant in the primary sub-plot. Malvolio, the conceited steward of Olivia, is conned by Olivias uncle, Sir Toby Belch and Maria, Olivias lady in waiting. A letter is written by Maria and left for Malvolio to find, suggesting that Olivia loves him. In this scene, Malvolio finds and reads the letter, secretly observed by Sir Toby Belch, Sir Andrew Aguecheek, and Fabian. This scene could be regarded as one of the most comic scenes of the play; the audience is shown Malvolio overcome with happiness at the idea of Olivias love, and the other characters views of his reaction. However, it becomes obvious that Malvolio has other reasons for wanting to marry Olivia. A marriage to her would significantly increase his social status to be Count Malvolio. Malvolios delight with the letter was shown very clearly in the stage production. The actor playing Malvolio was skipping around the stage, shouting his emotions I do not fool myself My lady loves me. This is a distinct contrast with the beginning of the scene, when Malvolio is quietly imagining being married to Olivia, and being Count Orsino. He would ask for Sir Toby extend my hand to him and say Cousin Toby You must amend your drunkenness. Toby is extraordinarily angry with Malvolios pomposity, O for a stone bow to hit him in the eye. There is a marked change in the character of Malvolio in this scene; before he finds the letter his is dull and very puritanical, but he finally believes that Olivia loves him; and becomes happy, smiling, even more helplessly in love, and later yellow-stockinged. However, it is not just Malvolios character that changes in the scene. Sir Toby and Sir Andrew both learn how much Malvolio yearns to be socially above them, and although they suspected it, it has never been clearly displayed on stage. Maria shows her intelligence, both in the ability to form the plot, and the well-written letter, which is convincing enough for the gullible Malvolio to believe it is from Olivia. Sir Toby and Sir Andrew both show that they are amused by a situation that is not drunken or slapstick, which shows the depth of their characters they can be amused by a deeper plot, and foresee the comedy that will arise later in the play. Fabian is a minor character in the play, but in the scene, he shows his intelligence, his character, his sense of humour, and his friendship with Sir Toby and Sir Andrew. This is essential for the later scene in the play, in which Fabian and Sir Toby are attempting to start a fight between Viola (disguised as Cesario) and Sir Andrew Aguecheek. The garden scene fits in well with one of the major themes of the play. Viola loves Orsino, Orsino loves Olivia, and Olivia loves Viola (who she thinks is Cesario.) Malvolios love for Olivia is yet another impossible and unfulfilled love. The scene is also influential in developing the mood and atmosphere. Act 2 scene 4, which immediately precedes this scene, is set at the court of Orsino. Orsino is explaining his love of Olivia, to Viola, who he also believes is Cesario. However, it is clear that he is attracted to Viola, but cannot understand this, as he believes Viola is a male. Although this scene is amusing, it does not provoke the sense of comedy and anticipation apparent is scene 5. Scene 5 is required to lift the mood, and keep the audience amused, especially if they are having difficulty in comprehending the primary plot. .u0d7d796e21f45448d4c29349e990f705 , .u0d7d796e21f45448d4c29349e990f705 .postImageUrl , .u0d7d796e21f45448d4c29349e990f705 .centered-text-area { min-height: 80px; position: relative; } .u0d7d796e21f45448d4c29349e990f705 , .u0d7d796e21f45448d4c29349e990f705:hover , .u0d7d796e21f45448d4c29349e990f705:visited , .u0d7d796e21f45448d4c29349e990f705:active { border:0!important; } .u0d7d796e21f45448d4c29349e990f705 .clearfix:after { content: ""; display: table; clear: both; } .u0d7d796e21f45448d4c29349e990f705 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u0d7d796e21f45448d4c29349e990f705:active , .u0d7d796e21f45448d4c29349e990f705:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u0d7d796e21f45448d4c29349e990f705 .centered-text-area { width: 100%; position: relative ; } .u0d7d796e21f45448d4c29349e990f705 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u0d7d796e21f45448d4c29349e990f705 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u0d7d796e21f45448d4c29349e990f705 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u0d7d796e21f45448d4c29349e990f705:hover .ctaButton { background-color: #34495E!important; } .u0d7d796e21f45448d4c29349e990f705 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u0d7d796e21f45448d4c29349e990f705 .u0d7d796e21f45448d4c29349e990f705-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u0d7d796e21f45448d4c29349e990f705:after { content: ""; display: block; clear: both; } READ: A Tale of Two CitiesCharacter Development EssayThe sense of comedy was added to in the added to, in the Globe production, by a very surreal prop. The hedge from which Malvolio is secretly observed was very mobile, and moved around the stage, almost as a separate character, containing three other characters. This amused the audience, and alterations were made to the original text to emphasise the comedy. One example of this was the addition of a pear. Initially, Malvolio has the pear, he takes a bite of it, and, on seeing the letter, lays it on a bench. When the bush moves to the bench, Fabian reaches out, takes a bite of the pear and returns it to the bench. In the Globe theatre production, the Garden Scene immediately preceded the interval, and the audience had an amusing scene to discuss or think about during the break. The trap has been set, and the audience is soon to see the fruits of thy sport. As with most of Shakespeares plays, much of the content (and especially the humour) was based around contemporary and topical events, and this is evident in the garden scene. In line 36, Malvolio remarks that The Lady of the Stracy married the yeoman of the wardrobe. This is not understood by the modern audience, but it may have had topical significance. William Stacy was a shareholder in another local theatre, and David Yeomans was a wardrobe keeper at the same theatre. When examining the play it is important to realise that Malvolio is a distinct caricature of Sir William Knollys. He was the controller of her majestys household, one of Elizabeth Is most superior servants. Being such a well-known figure made Knollys an easy target for satire, and much of the Shakespearian audiences would have recognised the parody. A significant omission from this scene is Feste, a jester who to both Olivia and Orsino. In Act2 Scene3, when the plan is first formulated. Maria tells Sir Toby and Sir Andrew that they will both watch Malvolio find the letter and the fool will make a third. However, Feste is not present, and Fabian has taken his place. There is no reason given for Festes absence, but I feel that his presence may have actually made the scene less amusing. His amusing and wry comments may have overpowered the observations of Sir Andrew and Sir Toby, and he would have become a very influential character in this scene, which I assume Shakespeare was trying to avoid. This part of the plot remains primarily based around Maria and the two knights.

President Clinton Essays - Rodham Family, Bill Clinton,

President Clinton The content of President Clinton's speech was elaborated and over zealous. His focus was directed on three topics: the past, the present, and the future. In the introduction, he started by addressing the challenges that will be bestowed upon us in the next century. His first point being the history of the United States, beginning with the 18th Century. Then went on reciting selected text from historical documents, such as, The Preamble and The Constitution. The second point examined how the economy has come along the past four years. "Americans produced the great middle class . . . ," He insured the economical raise by the lower percent of poverty and unemployment. His main focus wasn't on the present, but what will come in the future. Throughout his inaugural address, the 21st Century and the future, were numerously mentioned. After the first ten minutes, I became confused and bored. He had positive points and a general idea of what he wanted to do, but no evidence of how he was going to achieve "the bridge to the 21st century." An amusing aspect occurred when sirens went off in the distant at the exact time President Bill Clinton spoke of a better economy. His speech was too formal and I think he might have had pauses written on his notes, informing the audience when to clap. The President has a respectable speaking voice, but he needs to remember who his audience is. He doesn't need to exhibit how many complex words he can jumble into a sentence, just notify the American citizens of his plans to improve the 21st Century.

Ceratosaurus Facts and Figures

Ceratosaurus Facts and Figures Name: Ceratosaurus (Greek for horned lizard); pronounced seh-RAT-oh-SORE-us Habitat: Swamps of southern North America Historical Period: Late Jurassic (150-145 million years ago) Size and Weight: About 15 feet long and one ton Diet: Meat, fish and reptiles Distinguishing Characteristics: Row of bony plates on back; small horns on head; sharp teeth; bipedal posture About Ceratosaurus Ceratosaurus is one of those Jurassic dinosaurs that gives paleontologists fits: although it bore a distinct resemblance to other large theropods of its day (notably Allosaurus, the most common predatory dinosaur of late Jurassic North America, and the comically short-armed Carnotaurus of South America), it also possessed some distinct anatomical quirks- such as the line of bony plates along its back and the modest horn on its snout- that werent shared by any other meat-eaters. For this reason, Ceratosaurus is usually assigned to its own infraorder, the Ceratosauria, and dinosaurs that resemble it are technically classified as ceratosaurs. There is one generally accepted species of Ceratosaurus, C nasicornis; two other species erected in 2000, C. magnicornis and C. dentisulcatus, are more controversial. Whatever its place in the theropod family tree, its clear that Ceratosaurus was a fierce carnivore, gobbling up pretty much any living thing it happened across- including fish, aquatic reptiles, and both herbivorous and carnivorous dinosaurs (the marine component of its diet can be inferred from the fact that Ceratosaurus had a more flexible and crocodile-like tail than other carnivores, which presumably allowed it to swim with greater agility). Compared to the apex predators of late Jurassic North America, though, Ceratosaurus was fairly small (measuring only about 15 feet from head to tail and weighing no more than two tons), meaning it couldnt have hoped to win a standoff with a full-grown Allosaurus over, say, the carcass of a deceased Stegosaurus. (Interestingly, many dinosaur fossils have been discovered bearing Ceratosaurus tooth marks!) One of the most misunderstood features of Ceratosaurus is its nasal horn, which was actually more of a rounded bump, and nothing to compare with, say, the sharp, tapered horns of Triceratops. The famous American paleontologist Othniel C. Marsh, who named this dinosaur on the basis of remains discovered in Colorado and Utah, considered the horn an offensive weapon, but the more likely explanation is that this growth was a sexually selected characteristic- that is, Ceratosaurus males with more prominent horns had precedence when mating with females. Assuming it was thickly lined with blood vessels, the bump may even have been brightly colored during mating season, making Ceratosaurus the Jurassic equivalent of Rudolph the Red-Nosed Reindeer!

Civil Proceedings - John Tobin and the Department of Industrial Assignment

Civil Proceedings - John Tobin and the Department of Industrial Accidents - Assignment Example The plaintiff seeks that his case should be remanded to a lower judge so that more evidence can be gathered related to the statute applicable to his case. In addition, he seeks to prove that he is entitled to receive social security benefits and employee pension despite being inactive for two years in the labour market. The employees appeal was submitted in and heard by a single judge in the Appeals Court. The Appeals Court upheld the orders of the reviewing board of the Department of Industrial Accidents. His request that this issue should be remanded to a lower judge for further consideration of evidence and findings stands rejected. Furthermore, the Court rejected the employees contention based on the Federal Age Discrimination in Employment Act (ADEA) (CASE). John Tobin started working as the custodian of Stoughton Police department in 1978. In 1988, he injured his shoulder while cleaning an overhead light fixture. Consequently, surgical procedures were performed on his shoulder; He received two payments out of the workers' compensation benefit on 15th October 1988 and 29th October 1991. John Tobin had been unemployed for two years and over the age of sixty-five by 29th October 1991 when he received the second payment. The administrative judge passed an order that John Tobin is not entitled to receive employee benefits. He appealed against the order to the reviewing board but two out of the three judges on board affirmed the orders passed by the administrative judge. The issues relate to whether John Tobin is entitled to receive employee benefits as he is above sixty-five years of age and has been out of labour market for over two years. Additionally, if he is entitled to receive compensation payments as he was injured prior to the amendment in the General Law, which laid down certain restrictions on compensation payments. The orders of the reviewing board were affirmed so they won this case. The Appeals Court rejected the employees argue that the General Laws c. 152, Â § 35 are in contravention of the Fourteenth Amendment to the United States Constitution and the Declaration of the Rights of the Massachusetts Constitution.

Sustainable Marketing - A New Era in the Responsible Marketing Assignment

Sustainable Marketing - A New Era in the Responsible Marketing Development by Marek Seretny and Aleksandra Seretny - Assignment Example Sustainability of the product is no longer evaluated on the basis of demographic factor but it is ascertained on the parameters of feelings, values and emotions of the people and the consumers of the present decade expect the organizations to perform the function of both the society as well as the organization which will provide them solution in order to lead a proper and healthy life in the globalized society. The concept of marketing has been widely criticized on the basis of the high price that is charged to the customers and therefore the modern marketing has adopted the value based marketing in order to gain the trust of its consumers and it has also adopted the concept of corporate social responsibility. The concept of marketing has been widely criticized since the marketers are indulged in charging high price for their product and the reason for charging higher price from the customer is that they are engaged in various advertising activity in order to promote their product which increases there cost resulting in the increase in price of the product and they generally target the children mass since the children will nag their parents to buy those product even if it is not of their use and it is easy to convince and attract the attention of the children and the young mass. The marketing concept has become very profit oriented concept ignoring the value of the people. The prime aim or the objective of this article is the transformation that is needed in the concept of marketing since the concept of marketing is influenced by the profit motive and which has resulted in the increase in gap between the rich and the poor mass which has ignored the social responsibility and the value, feelings and emotions of the people and therefore the concept of marketing is to be modified in such a way that it provides a appropriate solution for understanding the market and the requirement of the business , organization and the

Personal Development in Accounting and Finance Essay

Personal Development in Accounting and Finance - Essay Example The present research has identified that the author has the capacity to bring people together and move them in the right direction. Perhaps the most significant weakness is that the author is very attentive to details and don’t tend to take an overall picture of everything. The researcher’s focus is less on being a slave-driver and more of acting in a supportive role and helping other deal with the challenges of their work in an effective manner. His interests lie in the field of finance and accounting. This is why the author has acquired a professional accounting qualification and participated in seminars and workshops that focused on developing finance and accounting skills. Parallel to this, the author has also tried to enhance other business skills and knowledge in order to have a leading edge in the current business environment. The researcher has always been good with numbers and has felt that he can apply logical reasoning with much more comfort to decision-makin g than abstract ideas. The three values that are most important to the author in his career are the flexibility, disciple, and people-orientation. The researcher’s MBTI scored indicate that he belongs on the ESFP category in the personality inventory. This means that a researcher is a person who is outgoing and friendly. The researcher is realistic about the information that he intakes and analyzes is rational. The author also tends to focus more on people than on the basic logic of the situation. He is a flexible person, adapt his judgment to the specific situation and am mostly not judgmental. The researcher is also open to new information and ideas and appreciates creativity. This kind of a personality allows me to build an encouraging and supportive environment for the people who work with the author.

Exchange Rate and Inflation in Pakistan Economy

Exchange Rate and Inflation in Pakistan Economy Inflation exchange rate are two main factors of macro-economics. Inflation is an increase in the level of prices of goods services in an economy by the passage of time. Exchange rate is very important factor in economic which impact imports exports of country. A country does not always want the exchange rate to fluctuate because an exchange rate influences the levels of its imports exports, which are the component of fiscal policy. Policy makers want to hold rate at a particular level or within a certain range in order to achieve given domestic policy goals related to the level of growth of GDP. In the perfect mobility the exchange rate movements and an adjustment of goods market is relative to asset market and consistent expectations. The extends that output responds to a monetary expansion in the short run, this acts as an effect on exchange depreciation which lead to an increase in interest rates (Dornbusch, 1976). There are three types of ways which gives stickiness in prices, the prices set by the firms in that currencies, the firms set the prices for currencies of consumers, or firms set the prices in the currencies of producers (Engel, 2001). When the exchange rates changes, the changes appear in the relative prices and make to generate additional uncertainty for equilibrium in markets. However, there is also defining that the changes in terms of trade play the larger role of changes in the exchange rates which affect the variability of exchange rates (Stockman, 1980). Inflation is one of the key indicators of the country and provides important information on the state of the economy and sound macroeconomic policies that govern it. Inflation is the production of the expenses of manner of things arise which leads to the advancement of the last in the price of meals. For example, if the matter is hardy and this leads to the increment of the price of the production of the costs of increasing, and in turn this leads to increasing prices to keep the crowd his profits. The discretionary nature of the existing monetary policy in Pakistan is inflation, and it is targeting to hit on the Pakistani economy by focusing attention on the monetary policy. So the government of Pakistan is to make monetary policy more transparent for achieving the explicit goal, and decreasing the inflation. Therefore, it is increasing the public understanding of the strategy of central bank to deliver the target, so the State Bank of Pakistan helps to provide an anchor for inflati on expectations in the economy. The State Bank of Pakistan (SBP) has achieving a low rate of inflation in a high priority, and also aims to support the national country objectives of Pakistan to meet the economic diversification and competitiveness in the form of export from the world. 1.2 Problem statement This study is to examine the impact of exchange rate on inflation in Pakistan economy. 1.3 Hypothesis H1: The Exchange rate explains the inflation. 1.4 Outline of the Study The variability of industrial production output higher in the regime of fixed exchange rates instead of regime of flexible exchange rates (Flood Hodrick, 1986). The effect of consumption goods purchases by the government is not the private utility, but per capita real government expenditure are the composite of individual consumption of goods. So notice that the demand of money depends on consumption of goods rather than income and that is the important distinction of closed economies (Obstfeld Rogoff, 1995). Pakistan major import is crude oil which is purchased in dollars. If foreign exchange rate increases, it has increased the cost of oil that has adverse impact on the economy of Pakistan. Inflation is also caused by international loans and the national debt. As nations borrow money, have to deal with the interest that the final prices increase as a way to keep up with debts. The main problem of Pakistan is external debt, which has altered the economic balance. The most immediate effect of inflation is the declining purchasing power of the rupee and its depreciation. This study has been helpful for economic policy makers, foreign investors, economic analysts, business students who are interested in macro-economics studies. This study identifies how two macro-economic factors are related with each other. 1.5 Definitions Variables: For this study the following variables have utilized:- Exchange Rates à ¢Ã¢â€š ¬Ã¢â‚¬Å" Independent Variable: The exchange rates are foreign exchange rate between two currencies. Every country has a foreign exchange market and is one of the largest markets in all countries of the world. It converts 3.2 trillion USD currency conversion. It has two types i.e. fixed and floating exchange rates. Meese and Rogoff (1988), it depends on fundamentals such as money supplies, real incomes, interest rates and inflation. Listen Read phonetically Dictionary View detailed dictionary Inflation à ¢Ã¢â€š ¬Ã¢â‚¬Å" Dependent Variable: Inflation has increased the level of prices of commodity, goods and services in an economy by the passage of time. Price inflation measure is the rate of inflation, the annual percentage change in general price index (usually the Consumer Price Index) over time. Effects of inflation on the economy have manifold and simultaneously positive and negative. Negative effects of inflation include a decrease in the real value of money and other monetary items over time, uncertainty over future inflation which discourages investment and savings, and high inflation leads to shortages of goods if consumers begin hoarding out of concern that prices increase in the future. Positive effects include a development of economic recessions, and debt assistance by reducing the real level of debt. CHAPTER 2: LITERATURE REVIEW The analysis of the monetary determinants of inflation is of obvious interest for the nations that pursue a policy of inflation targeting. This study focuses on Pakistani economy that is currently following an Inflation targeting approach or did so in the recent past. Currency stability plays an important role for the monetary authorities in this economy. Exception of real money growth rule is included in the estimation of Phillips curves for the four economies Bayesian model averaging (McCallum, 1999). Entrepreneurs seek stability in the course says that keeps the price of imported items from growth due to rupee depreciation, which is not only support the economy in general, but also producers who use huge amounts of imported cases in the production of exportable surplus. Since the start of this fiscal year, while the rupee has lost about 2.5 percent of its value beside the dollar and its depreciation rate is unlikely to accelerate in the coming months due to continued inflow of foreign capital and funds. Also include the support of IMF, partial release of the fund, a coalition of U.S., which is part of its payment obligations by the Friends of Democratic Pakistan, extremely strong inflow of return of foreign workers of portfolio investments and possible raise up in exports and foreign direct investment in the third quarter of fiscal year. The current stability of the rupee has helped to contain imported inflation and the weakening of inflationary expectations. Bankers expect that trend continues throughout this financial year, a national unit is depreciated more than 7.0-7.5 percent during the entire fiscal year, against 19.5 percent last year. Businesses verify that the bankers are the forward currency cover in accordance with this expectation. What Pakistan needs today is not a platform to launch an à ¢Ã¢â€š ¬Ã…“economic revival programà ¢Ã¢â€š ¬? but what people need is an actual à ¢Ã¢â€š ¬Ã‹Å"economic revival.à ¢Ã¢â€š ¬Ã¢â€ž ¢ The main problem of Pakistan is the foreign debt which has risen to unmanageable proportions in the last decade and the repayment of which has created turbulence in external balance of Pakistan to such an extent that it does not meet its minimum necessary development requirements. At present Pakistan cannot survive without fresh borrowings from foreign donor agencies. As emphasized by Choudhri and Hakura (2006), an important policy debate for the contemporaneous monetary and exchange rate policy implementations is to reveal the degree to which changes in exchange rates or import prices impact or pass-through into domestic consumer prices. Presently there are three rates of exchange i.e. the bank rate, the inter bank rate and the open market rate. The overall effect on the foreign exchange rates should not be more than 5 to 6 per cent as the increased inflow of foreign exchange have neutralize the effect of the increased demand of private imports. If the foreign exchange earners and remitters keep on getting a fair exchange rate for earnings, it is visualized that in the next few years exports can touch the $15 billion mark and overseas Pakistani remittances can fetch $5 billion. It was concluded that the exchange rate feed shock on domestic inflation, first at the level of prices of the manufacturer and then the level of consumer prices and the im pact of shocks on the variables of price the various stages of the supply is different. The purchasing power parity theory doctrine means different things to different people. There are two versions of this theory that is called the à ¢Ã¢â€š ¬Ã‹Å"absoluteà ¢Ã¢â€š ¬Ã¢â€ž ¢ and the à ¢Ã¢â€š ¬Ã‹Å"relativeà ¢Ã¢â€š ¬Ã¢â€ž ¢ interpretation. The first version of purchasing power theory calculated as a ratio of consumer goods prices for any country that has tended to the equilibrium rates of exchange. In the second version of relative interpretation the rate of exchange rate have been determined between the two countries and quoted with general levels of prices of two countries. This version amend the international trade theory which have been the part of PPP, in which the non-traded goods (services) has been introduced, but the advantage is greater in regards of traded goods than non-traded goods, because of the assumptions of marginal rates of transformation. The correlation among purchasing power parity and exchange rates provides the international comparison of national incomes and living standards (Balassa, 1964). Lawrence (1976) gave another review of this purchasing power parity theory. It has define two applications in economics, the first application use of the conversion factor to transfer the data in one national way to another. The use of PPP is mainly the body of (index number theory) and applications of GDP that have improved over the years and path breaking studies in the area continue to appear. The second application of PPP did not have the widespread acceptance, which has remained the unsophisticated applications. Stockman (1980) develops the model of determination of prices of goods and exchange rates. The changes in commodity prices due to supply and demand affect the change in exchange rates by purchasing power parity deviations.The changes in exchange rates have failed to resemble the changes in prices of goods, because exchange rates more volatile than prices levels and inflation rates. The study proposes the equilibrium of exchange rates behavior and different international goods that have been traded. This relationship cannot exploited by the government, because greater the changes in terms of trade the larger the changes in exchange rates variability. The deviations from PPP persists that variation of exchange rates more than ratios of price indexes. The results found the two interpretation of the relationship between exchange rates and terms of trade. In the first, the causes that affect the changes in exchange rates also affect the change in terms of trade because prices of goods do not adjust to clear the markets. This interpretation also found in the research of Dornbusch (1976), and Isard (1977), the analysis formally differentiates the system with respect to exchange rates and allow prices to change but not the changing in asset stocks. The interpretation presented the elasticity approach of the foreign exchange market and the relation between the trade and exchange rates. Real supply and demand shocks affect prices and the derived demand of exchange rates. These changes in demand for foreign exchange result the supply and demand shocks and that should affect the equilibrium of exchange rates. In second interpretation the expected rate of change of exchange rates revealed on the forward foreign exchange market. This should be related the anticipated change in the terms of trade and the inflation differentials. A persuasive argument about the level of exchange rates is only associated with not causes of the relative prices changes. Bilson (1985) gives the empirical findings about macroeconomic and flexible exchange rate of the U.S dollar related to PPP theory. From the perspective of this research, the sluggish price adjustment in the commodity markets resulted in increased variability in exchange rates. For the demonstration of result it is important because the instability of floating exchange rate is due to the inherent differences between commodity and foreign exchange markets. The determination of the expected future rate is impossible, because it is more difficult to reject the forward parity condition. The major part of the forward parity is the variation in the premium is due to the forecast. The object of this study is to determine that if the forward parity failed is the cause of instability in the same way that the failure of purchasing power parity. The findings develop that currency risk premium is the important factor relative to floating rate system, and movement in the exchange rate are dominate d by the non speculative activity and it has the adverse effect on world economy. Meese and Rogoff (1983) analyzed the outcome of sample forecasting accuracy on various models. The study estimated the horizons of the dollar with different country currencies, like Dutch mark, Japanese yen, and Britain pound that traded to weight the dollar exchange rates. It has also studied the flexible exchange rates with the monetary models of sticky price, so the model of sticky price, which incorporates the current account. The first model is structural models in which it requires to generate the forecasts of exchange rates and explanatory variables. It contains the explanatory power, but it is predicted badly because the explanatory variables are difficult to predict. The second is the univariate time series model in which it identifies a variety of prefiltering techniques involves differencing, de-seasonalizing and removing time trends. The relative performance of these techniques is of interest in itself. The third model use is the random walk model. It is also linked with this univariate time series model. It is used as the predictor of the current spot rate with the entire future spot rate, and it requires no estimation. In this study the performance of estimated univariate time series models or candidate structural model is no good instead it is worst. From a methodological stand point the view that the outcome of sample model fit is an important criterion when evaluating exchange rate, but the estimation of out of sample is failure with time series models that are well approximated the major country exchange rates. Feinberg and Kaplan (1992) evaluated and interact the real exchange rates index expectations is developed and used to explore the role of determination on domestic producer prices. The fact that time path of the exchange rate has directly affected the input costs, and the price of substitutes strongly. To examine the links between both actual and anticipated movements in the dollar and relative domestic producer prices, it chooses to analyze price responses to real exchange rate changes. The effect is dependent on the nature of substitutability between imports and domestic goods. The major finding is that the period of appreciation and depreciation over the past 10 years to inhibit the pass through in to domestic prices. In depreciation the market share to enjoy the continued good times kept prices other than expected. The theory of optimum currency areas, which is usually presented by the other name called flexible exchange rate system, but it is proponent as a device of depreciation that takes place of unemployment when the balance of payment is deficit and appreciation when it replaces inflation when it is surplus. The problem can be exposed and more revealed by defining a currency area within when exchange rates are fixed. Three answers can be given, first certain parts of the world are going through the process of economic integration, so new experience can be made and what constitutes the optimum currency area can be given the meaning of these experiments. Second those countries that have flexible exchange rates are likely to face problems with the theory of optimum currency areas, so these do not coincide the optimum currency areas with the national currency. Third the idea that illustrates the functions of currencies which have been treated in economic literature, and sometimes neglected in the problems of economic policy. In the currency area, countries with different currencies including national country currencies interact pace of employment in deficit, because there is the haveingness to inflation by the surplus countries. The argument for flexible exchange rate system is based on national currencies, and is valid about mobility of factor, so if it is high in the country and low in the foreign countries, the flexible exchange rates system on home country currencies has to work effectively. The concept of optimum currency area has practically applicable only in those areas, where the state has the political organization in the country. The factor mobility is most considered and is more relative rather than absolute concept, with both industrial and geographical factors. It is likely to change the alterations with time over time in conditions, with the conditions of political and economic stability. Money is the convenience that restricts the optimum number of curre ncies, so in terms of this argument the optimum currency area which is composed in number of countries (Mundell, 1961). In another review, the author defines the stabilization of capital mobility policy under the exchange rates which is fixed and flexible in the currencies markets. It concerns the theoretical and practical approach of the increased mobility of capital. Obstfeld and Rogoff (1995) analyses the global macroeconomic dynamics to supply framework based on competition and nominal prices. The effects of macroeconomic policies on output and exchange rates have not been yet persuaded to abandon. The framework which integrated exchange rates dynamics and current account yields is a new perspective, it realize that when prices are sticky the government should spend on shock raises short run output and long run output. The assumption is that home and foreign government purchases the consumption goods that do not directly affect the private utility, but the per capita real government consumption expenditure is a composite consumption of individual goods. It explains that the composite consumption for the services is to balance the opportunity cost and notice that the money depends on consumption rather than income, that distinction is more important in closed economies. The results of this study develop framework that give new foundations about some of the fundamentals problems in international finance. It realizes that the existing Keynesian model is incomplete to offer a satisfactory treatment of exchange rates, output and the current account, but the model which is used in this study is more complex, because it yields simple and intuitive insights of monetary and fiscal policies. It can be extended in a number of dimensions, including non traded goods, market behavior, government spending, and labor market distortions and so on. It goes beyond the essentially statistical approach that handles the current account and exchange rates issues, most importantly this approach allows to analyze the welfare implications of policies. Melvin (1985) has regarded and focused that how the choice of an exchange rate system can affect the stability of the economy. The appropriate nature of the exchange rate system has differed of the disturbance to the economy. It presented the evidence that indicate that the approach is more consistent according to practice by actual country. The other approach is to reach the desirable price stability, in which some mechanism tells the floating rates superiority has become less in the face of monetary shocks. It finds that the flexibility in exchange rates depends not on openness and less important in the mobility of capital, but its positive effects were found for the economic development. The purpose of this study is to consider the determinants of exchange rates system choice, which indicates the theoretical approach with the country choices. The result found that the choice of an exchange rate system has the role of the disturbance to the economy. It suggests that the money shock s are the key of exchange rate system choice in an economy, in which it seeks to minimize the fluctuations in the country price levels. It also suggests that the greater the price shocks the more is a float, so it affects greatly domestic money shocks. Lothian and Taylor (1996) examine the real exchange rate behavior, and explain the variations in sample of stationary univariate equations in real exchange rates. The study investigates the additional insight in the exchange rates behavior that can be gained by considering the floating rate from the perspective of the data. These issues can be best understood on the subject of real exchange rates stability among the currencies of the major developed countries. Some of the pre-float studies support the fairly stable exchange rates in the long run. Subsequently, Dornbusch (1976), and Frenkel (1981), gave largely as the result of studies published, and reject the hypothesis of random walk performance of real exchange rates. The PPP shows the empirical movements in real exchange rates were highly persistent and effective. Although the PPP is reject the hypothesis of non-stationary behavior of exchange rates in long run. The result of this study shows that the longest span of two countrie s exchange rates are significantly mean reverting. The first model result indicates the 80 percent of the variation in the exchange rates of the history data of two countries. By using of another model, the results explaining the performance of remarkably well in the floating, so that this model produce better forecasts of the actual exchange rates. In line with recent studies, it fined that this process of mean reverting is quit slow, with estimated adjustment of data. In the long run the PPP equilibrium is remaining a useful empirical approximation. Gerlach (1988) examine the dynamic interrelationship between innovations in monthly industrial production in a set of economies, specifically this study attempt the output fluctuations that have been correlated during the periods of fixed and flexible exchange rates. The current has to manage exchange rates flexibility that has reduces the interdependence across countries. It should follow the recent article of Flood and Hodrick (1986) in which it is argued that the variability have been higher during a regime of fixed exchange rates instead of flexible exchange rates, but the conclusion of author is striking so sharply. The results of this study of multiple country output movements under fixed and flexible exchange rates are clear. The variances of growth rates should be higher in the flexible exchange rates and in the fixed exchange rates periods. These variances are statistically significant related to the degree of openness and national income. Thirdly the output movements are co rrelated across countries under exchange rate regime, particularly the co movements in output are more important in the business cycle frequently during the recent years of managed exchange rates flexibility. CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection The Data of Consumer price index (Inflation) has been collected from federal bureau of statistics while the data of exchange rate has been collected from Pacific Exchange Rate Service, both are the secondary, published source of data. 3.2 Sampling Technique The sampling technique that has been applicable is à ¢Ã¢â€š ¬Ã…“convenience samplingà ¢Ã¢â€š ¬? as it is easily accessible to collect the relevant information from the source and it is inexpensive and hence, gets a gross estimate of the results. (What is The Advantage of Convenience Sampling, 2007-2010). 3.3 Sample size The sample size is selected on the basis of limitations and scope of the research therefore, Last 54 years i.e., 1947 à ¢Ã¢â€š ¬Ã¢â‚¬Å" 2010, data of inflation and exchange rate is decided to be examined. 3.4 Research Model developed From the above defined and explanations of both the dependent i.e. inflation and independent i.e. exchange rates variables and also discussing the effects of exchange rate on inflation and how it have affects on economic of a country. In this study first analysis is the correlation between these two variables, and identifies the significant relationship. Then it analyzes and evaluates the empirical investigation in regression model as a statistical tool. The simple regression model which can be defined in the equation that represented below: Inflation = ÃŽÂ ²Ãƒ Ã‚ ¾ + ÃŽÂ ²(exchange rate) + ÃŽÂ µ Whereas, ÃŽÂ ²Ãƒ Ã‚ ¾ = the intercept of the equation. ÃŽÂ ² (exchange rate) = the changing coefficient of exchange rate. ÃŽÂ µ = the error term of the equation. From the above explained model, the study develop the following estimation and used for the establishment of the model. Therefore, all the compatible data has entered in to SPSS for statistical analysis. 3.5 Statistical Technique The statistical test that has been applied is single linear regression. This is because only one independent variable and one dependent variable to be used in this research. Frankel (1979) defined that most of the recent work on floating exchange rate goes under the name of the monetary or asset view. The exchange rate is moving to equilibrate the international demand for assets, rather than the international demand for the flow of goods. But with the asset view there is à ¢Ã¢â€š ¬Ã‹Å"Chicago Theoryà ¢Ã¢â€š ¬Ã¢â€ž ¢ in which assumes that prices are perfectly flexible. As the consequences when nominal interest rate changes, it has also reflect the changes in expected inflation rate, so as the domestic currency expected to lose value through inflation and depreciation. This is the rise in the exchange rates and gets the positive relationship between positive exchange rate and inflation. CHAPTER 4: RESULTS 4.1 Findings and Interpretation of the result The simple linear regression technique is used to determine the explanation of dependent variable i.e. inflation due to independent variable i.e. exchange rate. The analysis of the result is defined below: Table à ¢Ã¢â€š ¬Ã¢â‚¬Å" 4.1 Model Summary Model R Square Adj. R Square F Sig. 1 .226 .211 15.207 .000 The table à ¢Ã¢â€š ¬Ã¢â‚¬Å" 4.1 shows that the regression model is best fit to predict as F test value is significant. The variation of regression model is explained by 22.6% i.e. the change in inflation is 22.6% by the exchange rate. Table à ¢Ã¢â€š ¬Ã¢â‚¬Å"4.2 Coefficients Model Un-standardized Coefficients Standardized Coefficients T Sig. B Std. Error Beta 1(Constant) Exchange Rate 121.725 .794 6.887 .204 .476 17.673 3.900 .000 .000 Table à ¢Ã¢â€š ¬Ã¢â‚¬Å" 4.2 the coefficients results show that there is the positive affiliation between exchange rates with related to inflation in Pakistan. The results reflect that the exchange rates beta has the positive value and the T-value of both the variables is significant statistically at 0.05. From the above applied regression model, the result concludes in the way that it explains the relationship of both the dependent and independent variables significantly. The Inflation and exchange rates result shows that the beta value of the variable and T-value is significant at the 0.000 level. So the results conclude that the exchange rates value should significantly play its role in the relationship with related to inflation, but the exchange rates should not individually play a significant role in the relationship with inflation. The hypothesis is not rejected and that the exchange rate explains the inflation by 22.6%. The equation of regression model is written below: Inflation = 121.725 + 0.794 (exchange rate) + ÃŽÂ µ 4.3 Hypothesis Assessment Summary Hypothesis R Square F Sig. Regression Coefficient ÃŽÂ ² T Empirical Conclusion Exchange rate explains inflation. .226 15.207 P .794 3.900 Accepted The hypothesis of this study is that exchange rate explains the inflation, which is being accepted and exchange rate is explaining inflation by 22.6%. These findings support to recent theories that suggested the foreign exchange market efficiency with the existence of risk at equilibrium. Wihlborg (1982) examined the relation of interest rates, exchange rate and currency risks in this study. It identifies the test which empirically shows the impact of currency on interest rates and exchange rates. In this study there are three different ways in which the importance of currency risks for interest rate and exchange rate determination. The results presented here that substantiate the changes in the level of currency risk have a non-negligible impact on the changes of exchange rates and on rates of interest of relative between currencies. CHAPTER 5: CONCLUSION, DISCUSSIONS, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion This study is concluded to examine the dependency of exchange rate on inflation by using the data of consumer price index (CPI) as inflation and the data of exchange rate on yearly basis. The result of this study is highly significant so that the hypothesis of this study is not rejected. The result shows that 22.6% variation in inflation is due to the exchange rate in Pakistan. The analysis of this study also shows that if exchange rate becomes zero, the inflation exist to some extent. For example, if one unit of exchange rate increases, the inflation increases only by 0.794 times. 5.2 Discussions This study has applied exchange rate as independent variable and consumer price index (CPI) as dependent variable. For the availability of data, all the data should be available on daily monthly and yearly basis, but the data is used in order to consistent as yearly basis. The regression model has been formulated for these variable relationship investigations. The study developed the hypothesis that the exchange rate explains the inflation in Pakistan, and the findings are supported by the analysis done by Balassa (1964), Meese Rogoff (1983), Frankel (1979), and Mc Callum (1999) etc. 5.3 Implications and The result also accompanies that the exchange rates are the strength of character of foreign exchange market in Pakistan, and it should effect on each of the related variables as an inflationary basis. Therefore the State Bank of Pakistan and Government officials should realize the role of exchange rates in the economy and try to maintain exchange rates to stop or decrease the consumer price index in Pakistan, so that the price range of every thing should be in range of common men. Also Government should addres Exchange Rate and Inflation in Pakistan Economy Exchange Rate and Inflation in Pakistan Economy Inflation exchange rate are two main factors of macro-economics. Inflation is an increase in the level of prices of goods services in an economy by the passage of time. Exchange rate is very important factor in economic which impact imports exports of country. A country does not always want the exchange rate to fluctuate because an exchange rate influences the levels of its imports exports, which are the component of fiscal policy. Policy makers want to hold rate at a particular level or within a certain range in order to achieve given domestic policy goals related to the level of growth of GDP. In the perfect mobility the exchange rate movements and an adjustment of goods market is relative to asset market and consistent expectations. The extends that output responds to a monetary expansion in the short run, this acts as an effect on exchange depreciation which lead to an increase in interest rates (Dornbusch, 1976). There are three types of ways which gives stickiness in prices, the prices set by the firms in that currencies, the firms set the prices for currencies of consumers, or firms set the prices in the currencies of producers (Engel, 2001). When the exchange rates changes, the changes appear in the relative prices and make to generate additional uncertainty for equilibrium in markets. However, there is also defining that the changes in terms of trade play the larger role of changes in the exchange rates which affect the variability of exchange rates (Stockman, 1980). Inflation is one of the key indicators of the country and provides important information on the state of the economy and sound macroeconomic policies that govern it. Inflation is the production of the expenses of manner of things arise which leads to the advancement of the last in the price of meals. For example, if the matter is hardy and this leads to the increment of the price of the production of the costs of increasing, and in turn this leads to increasing prices to keep the crowd his profits. The discretionary nature of the existing monetary policy in Pakistan is inflation, and it is targeting to hit on the Pakistani economy by focusing attention on the monetary policy. So the government of Pakistan is to make monetary policy more transparent for achieving the explicit goal, and decreasing the inflation. Therefore, it is increasing the public understanding of the strategy of central bank to deliver the target, so the State Bank of Pakistan helps to provide an anchor for inflati on expectations in the economy. The State Bank of Pakistan (SBP) has achieving a low rate of inflation in a high priority, and also aims to support the national country objectives of Pakistan to meet the economic diversification and competitiveness in the form of export from the world. 1.2 Problem statement This study is to examine the impact of exchange rate on inflation in Pakistan economy. 1.3 Hypothesis H1: The Exchange rate explains the inflation. 1.4 Outline of the Study The variability of industrial production output higher in the regime of fixed exchange rates instead of regime of flexible exchange rates (Flood Hodrick, 1986). The effect of consumption goods purchases by the government is not the private utility, but per capita real government expenditure are the composite of individual consumption of goods. So notice that the demand of money depends on consumption of goods rather than income and that is the important distinction of closed economies (Obstfeld Rogoff, 1995). Pakistan major import is crude oil which is purchased in dollars. If foreign exchange rate increases, it has increased the cost of oil that has adverse impact on the economy of Pakistan. Inflation is also caused by international loans and the national debt. As nations borrow money, have to deal with the interest that the final prices increase as a way to keep up with debts. The main problem of Pakistan is external debt, which has altered the economic balance. The most immediate effect of inflation is the declining purchasing power of the rupee and its depreciation. This study has been helpful for economic policy makers, foreign investors, economic analysts, business students who are interested in macro-economics studies. This study identifies how two macro-economic factors are related with each other. 1.5 Definitions Variables: For this study the following variables have utilized:- Exchange Rates à ¢Ã¢â€š ¬Ã¢â‚¬Å" Independent Variable: The exchange rates are foreign exchange rate between two currencies. Every country has a foreign exchange market and is one of the largest markets in all countries of the world. It converts 3.2 trillion USD currency conversion. It has two types i.e. fixed and floating exchange rates. Meese and Rogoff (1988), it depends on fundamentals such as money supplies, real incomes, interest rates and inflation. Listen Read phonetically Dictionary View detailed dictionary Inflation à ¢Ã¢â€š ¬Ã¢â‚¬Å" Dependent Variable: Inflation has increased the level of prices of commodity, goods and services in an economy by the passage of time. Price inflation measure is the rate of inflation, the annual percentage change in general price index (usually the Consumer Price Index) over time. Effects of inflation on the economy have manifold and simultaneously positive and negative. Negative effects of inflation include a decrease in the real value of money and other monetary items over time, uncertainty over future inflation which discourages investment and savings, and high inflation leads to shortages of goods if consumers begin hoarding out of concern that prices increase in the future. Positive effects include a development of economic recessions, and debt assistance by reducing the real level of debt. CHAPTER 2: LITERATURE REVIEW The analysis of the monetary determinants of inflation is of obvious interest for the nations that pursue a policy of inflation targeting. This study focuses on Pakistani economy that is currently following an Inflation targeting approach or did so in the recent past. Currency stability plays an important role for the monetary authorities in this economy. Exception of real money growth rule is included in the estimation of Phillips curves for the four economies Bayesian model averaging (McCallum, 1999). Entrepreneurs seek stability in the course says that keeps the price of imported items from growth due to rupee depreciation, which is not only support the economy in general, but also producers who use huge amounts of imported cases in the production of exportable surplus. Since the start of this fiscal year, while the rupee has lost about 2.5 percent of its value beside the dollar and its depreciation rate is unlikely to accelerate in the coming months due to continued inflow of foreign capital and funds. Also include the support of IMF, partial release of the fund, a coalition of U.S., which is part of its payment obligations by the Friends of Democratic Pakistan, extremely strong inflow of return of foreign workers of portfolio investments and possible raise up in exports and foreign direct investment in the third quarter of fiscal year. The current stability of the rupee has helped to contain imported inflation and the weakening of inflationary expectations. Bankers expect that trend continues throughout this financial year, a national unit is depreciated more than 7.0-7.5 percent during the entire fiscal year, against 19.5 percent last year. Businesses verify that the bankers are the forward currency cover in accordance with this expectation. What Pakistan needs today is not a platform to launch an à ¢Ã¢â€š ¬Ã…“economic revival programà ¢Ã¢â€š ¬? but what people need is an actual à ¢Ã¢â€š ¬Ã‹Å"economic revival.à ¢Ã¢â€š ¬Ã¢â€ž ¢ The main problem of Pakistan is the foreign debt which has risen to unmanageable proportions in the last decade and the repayment of which has created turbulence in external balance of Pakistan to such an extent that it does not meet its minimum necessary development requirements. At present Pakistan cannot survive without fresh borrowings from foreign donor agencies. As emphasized by Choudhri and Hakura (2006), an important policy debate for the contemporaneous monetary and exchange rate policy implementations is to reveal the degree to which changes in exchange rates or import prices impact or pass-through into domestic consumer prices. Presently there are three rates of exchange i.e. the bank rate, the inter bank rate and the open market rate. The overall effect on the foreign exchange rates should not be more than 5 to 6 per cent as the increased inflow of foreign exchange have neutralize the effect of the increased demand of private imports. If the foreign exchange earners and remitters keep on getting a fair exchange rate for earnings, it is visualized that in the next few years exports can touch the $15 billion mark and overseas Pakistani remittances can fetch $5 billion. It was concluded that the exchange rate feed shock on domestic inflation, first at the level of prices of the manufacturer and then the level of consumer prices and the im pact of shocks on the variables of price the various stages of the supply is different. The purchasing power parity theory doctrine means different things to different people. There are two versions of this theory that is called the à ¢Ã¢â€š ¬Ã‹Å"absoluteà ¢Ã¢â€š ¬Ã¢â€ž ¢ and the à ¢Ã¢â€š ¬Ã‹Å"relativeà ¢Ã¢â€š ¬Ã¢â€ž ¢ interpretation. The first version of purchasing power theory calculated as a ratio of consumer goods prices for any country that has tended to the equilibrium rates of exchange. In the second version of relative interpretation the rate of exchange rate have been determined between the two countries and quoted with general levels of prices of two countries. This version amend the international trade theory which have been the part of PPP, in which the non-traded goods (services) has been introduced, but the advantage is greater in regards of traded goods than non-traded goods, because of the assumptions of marginal rates of transformation. The correlation among purchasing power parity and exchange rates provides the international comparison of national incomes and living standards (Balassa, 1964). Lawrence (1976) gave another review of this purchasing power parity theory. It has define two applications in economics, the first application use of the conversion factor to transfer the data in one national way to another. The use of PPP is mainly the body of (index number theory) and applications of GDP that have improved over the years and path breaking studies in the area continue to appear. The second application of PPP did not have the widespread acceptance, which has remained the unsophisticated applications. Stockman (1980) develops the model of determination of prices of goods and exchange rates. The changes in commodity prices due to supply and demand affect the change in exchange rates by purchasing power parity deviations.The changes in exchange rates have failed to resemble the changes in prices of goods, because exchange rates more volatile than prices levels and inflation rates. The study proposes the equilibrium of exchange rates behavior and different international goods that have been traded. This relationship cannot exploited by the government, because greater the changes in terms of trade the larger the changes in exchange rates variability. The deviations from PPP persists that variation of exchange rates more than ratios of price indexes. The results found the two interpretation of the relationship between exchange rates and terms of trade. In the first, the causes that affect the changes in exchange rates also affect the change in terms of trade because prices of goods do not adjust to clear the markets. This interpretation also found in the research of Dornbusch (1976), and Isard (1977), the analysis formally differentiates the system with respect to exchange rates and allow prices to change but not the changing in asset stocks. The interpretation presented the elasticity approach of the foreign exchange market and the relation between the trade and exchange rates. Real supply and demand shocks affect prices and the derived demand of exchange rates. These changes in demand for foreign exchange result the supply and demand shocks and that should affect the equilibrium of exchange rates. In second interpretation the expected rate of change of exchange rates revealed on the forward foreign exchange market. This should be related the anticipated change in the terms of trade and the inflation differentials. A persuasive argument about the level of exchange rates is only associated with not causes of the relative prices changes. Bilson (1985) gives the empirical findings about macroeconomic and flexible exchange rate of the U.S dollar related to PPP theory. From the perspective of this research, the sluggish price adjustment in the commodity markets resulted in increased variability in exchange rates. For the demonstration of result it is important because the instability of floating exchange rate is due to the inherent differences between commodity and foreign exchange markets. The determination of the expected future rate is impossible, because it is more difficult to reject the forward parity condition. The major part of the forward parity is the variation in the premium is due to the forecast. The object of this study is to determine that if the forward parity failed is the cause of instability in the same way that the failure of purchasing power parity. The findings develop that currency risk premium is the important factor relative to floating rate system, and movement in the exchange rate are dominate d by the non speculative activity and it has the adverse effect on world economy. Meese and Rogoff (1983) analyzed the outcome of sample forecasting accuracy on various models. The study estimated the horizons of the dollar with different country currencies, like Dutch mark, Japanese yen, and Britain pound that traded to weight the dollar exchange rates. It has also studied the flexible exchange rates with the monetary models of sticky price, so the model of sticky price, which incorporates the current account. The first model is structural models in which it requires to generate the forecasts of exchange rates and explanatory variables. It contains the explanatory power, but it is predicted badly because the explanatory variables are difficult to predict. The second is the univariate time series model in which it identifies a variety of prefiltering techniques involves differencing, de-seasonalizing and removing time trends. The relative performance of these techniques is of interest in itself. The third model use is the random walk model. It is also linked with this univariate time series model. It is used as the predictor of the current spot rate with the entire future spot rate, and it requires no estimation. In this study the performance of estimated univariate time series models or candidate structural model is no good instead it is worst. From a methodological stand point the view that the outcome of sample model fit is an important criterion when evaluating exchange rate, but the estimation of out of sample is failure with time series models that are well approximated the major country exchange rates. Feinberg and Kaplan (1992) evaluated and interact the real exchange rates index expectations is developed and used to explore the role of determination on domestic producer prices. The fact that time path of the exchange rate has directly affected the input costs, and the price of substitutes strongly. To examine the links between both actual and anticipated movements in the dollar and relative domestic producer prices, it chooses to analyze price responses to real exchange rate changes. The effect is dependent on the nature of substitutability between imports and domestic goods. The major finding is that the period of appreciation and depreciation over the past 10 years to inhibit the pass through in to domestic prices. In depreciation the market share to enjoy the continued good times kept prices other than expected. The theory of optimum currency areas, which is usually presented by the other name called flexible exchange rate system, but it is proponent as a device of depreciation that takes place of unemployment when the balance of payment is deficit and appreciation when it replaces inflation when it is surplus. The problem can be exposed and more revealed by defining a currency area within when exchange rates are fixed. Three answers can be given, first certain parts of the world are going through the process of economic integration, so new experience can be made and what constitutes the optimum currency area can be given the meaning of these experiments. Second those countries that have flexible exchange rates are likely to face problems with the theory of optimum currency areas, so these do not coincide the optimum currency areas with the national currency. Third the idea that illustrates the functions of currencies which have been treated in economic literature, and sometimes neglected in the problems of economic policy. In the currency area, countries with different currencies including national country currencies interact pace of employment in deficit, because there is the haveingness to inflation by the surplus countries. The argument for flexible exchange rate system is based on national currencies, and is valid about mobility of factor, so if it is high in the country and low in the foreign countries, the flexible exchange rates system on home country currencies has to work effectively. The concept of optimum currency area has practically applicable only in those areas, where the state has the political organization in the country. The factor mobility is most considered and is more relative rather than absolute concept, with both industrial and geographical factors. It is likely to change the alterations with time over time in conditions, with the conditions of political and economic stability. Money is the convenience that restricts the optimum number of curre ncies, so in terms of this argument the optimum currency area which is composed in number of countries (Mundell, 1961). In another review, the author defines the stabilization of capital mobility policy under the exchange rates which is fixed and flexible in the currencies markets. It concerns the theoretical and practical approach of the increased mobility of capital. Obstfeld and Rogoff (1995) analyses the global macroeconomic dynamics to supply framework based on competition and nominal prices. The effects of macroeconomic policies on output and exchange rates have not been yet persuaded to abandon. The framework which integrated exchange rates dynamics and current account yields is a new perspective, it realize that when prices are sticky the government should spend on shock raises short run output and long run output. The assumption is that home and foreign government purchases the consumption goods that do not directly affect the private utility, but the per capita real government consumption expenditure is a composite consumption of individual goods. It explains that the composite consumption for the services is to balance the opportunity cost and notice that the money depends on consumption rather than income, that distinction is more important in closed economies. The results of this study develop framework that give new foundations about some of the fundamentals problems in international finance. It realizes that the existing Keynesian model is incomplete to offer a satisfactory treatment of exchange rates, output and the current account, but the model which is used in this study is more complex, because it yields simple and intuitive insights of monetary and fiscal policies. It can be extended in a number of dimensions, including non traded goods, market behavior, government spending, and labor market distortions and so on. It goes beyond the essentially statistical approach that handles the current account and exchange rates issues, most importantly this approach allows to analyze the welfare implications of policies. Melvin (1985) has regarded and focused that how the choice of an exchange rate system can affect the stability of the economy. The appropriate nature of the exchange rate system has differed of the disturbance to the economy. It presented the evidence that indicate that the approach is more consistent according to practice by actual country. The other approach is to reach the desirable price stability, in which some mechanism tells the floating rates superiority has become less in the face of monetary shocks. It finds that the flexibility in exchange rates depends not on openness and less important in the mobility of capital, but its positive effects were found for the economic development. The purpose of this study is to consider the determinants of exchange rates system choice, which indicates the theoretical approach with the country choices. The result found that the choice of an exchange rate system has the role of the disturbance to the economy. It suggests that the money shock s are the key of exchange rate system choice in an economy, in which it seeks to minimize the fluctuations in the country price levels. It also suggests that the greater the price shocks the more is a float, so it affects greatly domestic money shocks. Lothian and Taylor (1996) examine the real exchange rate behavior, and explain the variations in sample of stationary univariate equations in real exchange rates. The study investigates the additional insight in the exchange rates behavior that can be gained by considering the floating rate from the perspective of the data. These issues can be best understood on the subject of real exchange rates stability among the currencies of the major developed countries. Some of the pre-float studies support the fairly stable exchange rates in the long run. Subsequently, Dornbusch (1976), and Frenkel (1981), gave largely as the result of studies published, and reject the hypothesis of random walk performance of real exchange rates. The PPP shows the empirical movements in real exchange rates were highly persistent and effective. Although the PPP is reject the hypothesis of non-stationary behavior of exchange rates in long run. The result of this study shows that the longest span of two countrie s exchange rates are significantly mean reverting. The first model result indicates the 80 percent of the variation in the exchange rates of the history data of two countries. By using of another model, the results explaining the performance of remarkably well in the floating, so that this model produce better forecasts of the actual exchange rates. In line with recent studies, it fined that this process of mean reverting is quit slow, with estimated adjustment of data. In the long run the PPP equilibrium is remaining a useful empirical approximation. Gerlach (1988) examine the dynamic interrelationship between innovations in monthly industrial production in a set of economies, specifically this study attempt the output fluctuations that have been correlated during the periods of fixed and flexible exchange rates. The current has to manage exchange rates flexibility that has reduces the interdependence across countries. It should follow the recent article of Flood and Hodrick (1986) in which it is argued that the variability have been higher during a regime of fixed exchange rates instead of flexible exchange rates, but the conclusion of author is striking so sharply. The results of this study of multiple country output movements under fixed and flexible exchange rates are clear. The variances of growth rates should be higher in the flexible exchange rates and in the fixed exchange rates periods. These variances are statistically significant related to the degree of openness and national income. Thirdly the output movements are co rrelated across countries under exchange rate regime, particularly the co movements in output are more important in the business cycle frequently during the recent years of managed exchange rates flexibility. CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection The Data of Consumer price index (Inflation) has been collected from federal bureau of statistics while the data of exchange rate has been collected from Pacific Exchange Rate Service, both are the secondary, published source of data. 3.2 Sampling Technique The sampling technique that has been applicable is à ¢Ã¢â€š ¬Ã…“convenience samplingà ¢Ã¢â€š ¬? as it is easily accessible to collect the relevant information from the source and it is inexpensive and hence, gets a gross estimate of the results. (What is The Advantage of Convenience Sampling, 2007-2010). 3.3 Sample size The sample size is selected on the basis of limitations and scope of the research therefore, Last 54 years i.e., 1947 à ¢Ã¢â€š ¬Ã¢â‚¬Å" 2010, data of inflation and exchange rate is decided to be examined. 3.4 Research Model developed From the above defined and explanations of both the dependent i.e. inflation and independent i.e. exchange rates variables and also discussing the effects of exchange rate on inflation and how it have affects on economic of a country. In this study first analysis is the correlation between these two variables, and identifies the significant relationship. Then it analyzes and evaluates the empirical investigation in regression model as a statistical tool. The simple regression model which can be defined in the equation that represented below: Inflation = ÃŽÂ ²Ãƒ Ã‚ ¾ + ÃŽÂ ²(exchange rate) + ÃŽÂ µ Whereas, ÃŽÂ ²Ãƒ Ã‚ ¾ = the intercept of the equation. ÃŽÂ ² (exchange rate) = the changing coefficient of exchange rate. ÃŽÂ µ = the error term of the equation. From the above explained model, the study develop the following estimation and used for the establishment of the model. Therefore, all the compatible data has entered in to SPSS for statistical analysis. 3.5 Statistical Technique The statistical test that has been applied is single linear regression. This is because only one independent variable and one dependent variable to be used in this research. Frankel (1979) defined that most of the recent work on floating exchange rate goes under the name of the monetary or asset view. The exchange rate is moving to equilibrate the international demand for assets, rather than the international demand for the flow of goods. But with the asset view there is à ¢Ã¢â€š ¬Ã‹Å"Chicago Theoryà ¢Ã¢â€š ¬Ã¢â€ž ¢ in which assumes that prices are perfectly flexible. As the consequences when nominal interest rate changes, it has also reflect the changes in expected inflation rate, so as the domestic currency expected to lose value through inflation and depreciation. This is the rise in the exchange rates and gets the positive relationship between positive exchange rate and inflation. CHAPTER 4: RESULTS 4.1 Findings and Interpretation of the result The simple linear regression technique is used to determine the explanation of dependent variable i.e. inflation due to independent variable i.e. exchange rate. The analysis of the result is defined below: Table à ¢Ã¢â€š ¬Ã¢â‚¬Å" 4.1 Model Summary Model R Square Adj. R Square F Sig. 1 .226 .211 15.207 .000 The table à ¢Ã¢â€š ¬Ã¢â‚¬Å" 4.1 shows that the regression model is best fit to predict as F test value is significant. The variation of regression model is explained by 22.6% i.e. the change in inflation is 22.6% by the exchange rate. Table à ¢Ã¢â€š ¬Ã¢â‚¬Å"4.2 Coefficients Model Un-standardized Coefficients Standardized Coefficients T Sig. B Std. Error Beta 1(Constant) Exchange Rate 121.725 .794 6.887 .204 .476 17.673 3.900 .000 .000 Table à ¢Ã¢â€š ¬Ã¢â‚¬Å" 4.2 the coefficients results show that there is the positive affiliation between exchange rates with related to inflation in Pakistan. The results reflect that the exchange rates beta has the positive value and the T-value of both the variables is significant statistically at 0.05. From the above applied regression model, the result concludes in the way that it explains the relationship of both the dependent and independent variables significantly. The Inflation and exchange rates result shows that the beta value of the variable and T-value is significant at the 0.000 level. So the results conclude that the exchange rates value should significantly play its role in the relationship with related to inflation, but the exchange rates should not individually play a significant role in the relationship with inflation. The hypothesis is not rejected and that the exchange rate explains the inflation by 22.6%. The equation of regression model is written below: Inflation = 121.725 + 0.794 (exchange rate) + ÃŽÂ µ 4.3 Hypothesis Assessment Summary Hypothesis R Square F Sig. Regression Coefficient ÃŽÂ ² T Empirical Conclusion Exchange rate explains inflation. .226 15.207 P .794 3.900 Accepted The hypothesis of this study is that exchange rate explains the inflation, which is being accepted and exchange rate is explaining inflation by 22.6%. These findings support to recent theories that suggested the foreign exchange market efficiency with the existence of risk at equilibrium. Wihlborg (1982) examined the relation of interest rates, exchange rate and currency risks in this study. It identifies the test which empirically shows the impact of currency on interest rates and exchange rates. In this study there are three different ways in which the importance of currency risks for interest rate and exchange rate determination. The results presented here that substantiate the changes in the level of currency risk have a non-negligible impact on the changes of exchange rates and on rates of interest of relative between currencies. CHAPTER 5: CONCLUSION, DISCUSSIONS, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion This study is concluded to examine the dependency of exchange rate on inflation by using the data of consumer price index (CPI) as inflation and the data of exchange rate on yearly basis. The result of this study is highly significant so that the hypothesis of this study is not rejected. The result shows that 22.6% variation in inflation is due to the exchange rate in Pakistan. The analysis of this study also shows that if exchange rate becomes zero, the inflation exist to some extent. For example, if one unit of exchange rate increases, the inflation increases only by 0.794 times. 5.2 Discussions This study has applied exchange rate as independent variable and consumer price index (CPI) as dependent variable. For the availability of data, all the data should be available on daily monthly and yearly basis, but the data is used in order to consistent as yearly basis. The regression model has been formulated for these variable relationship investigations. The study developed the hypothesis that the exchange rate explains the inflation in Pakistan, and the findings are supported by the analysis done by Balassa (1964), Meese Rogoff (1983), Frankel (1979), and Mc Callum (1999) etc. 5.3 Implications and The result also accompanies that the exchange rates are the strength of character of foreign exchange market in Pakistan, and it should effect on each of the related variables as an inflationary basis. Therefore the State Bank of Pakistan and Government officials should realize the role of exchange rates in the economy and try to maintain exchange rates to stop or decrease the consumer price index in Pakistan, so that the price range of every thing should be in range of common men. Also Government should addres