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 Then went on reciting selected text from historical documents, such as, The Preamble and The Constitution.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

Beloved as a Folk Tale :: essays papers

Beloved as a Folk Tale In the novel Beloved, Toni Morrison takes an unorthodox approach to the book. She uses many characteristics of a folk tale to tell the story. The ghosts play a major part in the folklore of the book. These components such as the caring community and nicknames play an integral part in the book. The folk tale is when the past experiences are brought to the present and confronted in many different ways, leading to a sort of awakening for the character. One of the characteristics is the existence in a world of fragmentation. Morrison was able to achieve this feeling by writing the book this way. â€Å"When Slavery has torn apart one’s heritage, when past is more real than present, when the rage of a dead baby can literally rock a house, then the traditional novel is no longer an adequate instrument†. One of the main characteristics is surviving and coping with the past. This is best illustrated in the book by the ghost living in 124 and eventually Beloved. The past actually returns in the form of Paul D. The ghost reminds Sethe of past tragedies. The ghost serves as a reminder for some of the decisions Sethe was forced to make. It constantly makes her think about the decisions she made when she was younger and whether she made the right choices. These thoughts constantly haunt her and keeps 124 the miserable place that it is. Sethe is forced to confront these nightmarish memories when Beloved returns. She starts to feel and finally relive her past with Beloved’s help. By reliving so many memories so quickly she is almost shattered by it until the community comes to her rescue. Sweet Home is one of the things that Sethe must encounter. The ghost in 124 plays a major part in the folklore of the book. The ghost seems to be reincarnated as the devil in the form of Beloved, which the women of the town come to face. The devil was born into the spirit of Sethe’s daughter when she is killed in the barn. â€Å"Sethe realizes that the death of the body is not the death of the soul†. Schoolteacher, whom Sethe and Paul D view as the devil, causes this. They view Sweet Home as a nice place to live until Mr.

Capital Punishment in the United States Essay

Have you ever thought about if the person sitting next to you is a murderer? If he is, what would you want from the government if he had killed someone you know? He should receive the death penalty! Murderers and other major offenders should be punished for the crimes they have committed and should pay the price for what they have done. Having the death penalty in our society is humane. It helps with overcrowding and gives relief to the families of the victims, who had to go through an event such as murder. You may not see it as that big of a deal, but the families of the victims of these criminals have to live every day knowing that while their family member is dead, this criminal is still well and living. Usually people just want to look past this problem because they are not in the position of the families of the murder victims, but you need to look at it through the eyes of these families. Until we stop just letting these things slide, they will continue to happen. The death penalty has been around since the time of Jesus Christ. Executions have been recorded from the 1600s to present times. From about 1620, the executions by year increased in the US. It has been a steady increase up until the 1930s; later the death penalty dropped to zero in the 1970s and then again rose steadily. US citizens said that the death penalty was unconstitutional because it was believed that it was â€Å"cruel and unusual† punishment (Amnesty International). In the 1970s, the executions by year dropped between zero and one then started to rise again in the 1980s. In the year 2000, there were nearly one hundred executions in the US. On June 29, 1972, the death penalty was suspended because the existing laws were no longer convincing. However, four years after this occurred, several cases came about in Georgia, Florida, and Texas where lawyers wanted the death penalty. This set new laws in these states and later the Supreme Court decided that the death penalty was constitutional under the Eighth Amendment. There also has been the problem of overcrowding in prisons and jails. Some people say that this is a problem but having more jails built will solve this problem. Having more prisons or jails built may help solve the problem but the death penalty effectively stops draining more money from the taxpayers to give these murderers a home. These murderers get three warm meals a day; they do nothing all day, and have a place to sleep just because the taxpayers fund these facilities. Murderers on death row do not deserve to get a place to stay. They deserve to have their lives taken for the crimes that they have committed.

Electronics The WritePass Journal

Electronics Introduction Electronics IntroductionTASK 1: THE 555 TIMER IC.MODES: ASTABLE MODE:MONOSTABLE MODE:BISTABLE MODE:OPERATION:TASK 2:  INTRODUCTION OF FET TRANSISTOR:CONSTRUCTION AND OPERATION OF FETDEPLETION MODE:THE ENHANCEMENT MODE MOSFET:COMAPRISON BETWEEN MOSFET AND BJT:ADVANTAGE OF MOSFET DEVICE:DISADVANTAGE OF MOSFET DEVICE:   USES OF MOSFETs:REFERENCES:Related Introduction In this assignment I would try my level best to fulfill all the condition of the given tasks. I would concern figure of things while attempting the assignment. Firstly, the referencing and the bibliography should be updated timely because it will help me keep in mind where I have got the materials from. Secondly I would try to complete my assignment under the chosen time limit which is very vital. Thirdly all the given tasks should be completed with appropriate information and try to stay within the word count. Lastly, I would try to present my work with clarity and rationality so my hard work should be understood in best possible manner TASK 1: THE 555 TIMER IC. 1a) Before 555 timer came to the market there were large distinct circuits used to carry out the operation of a timer but the compatibility and numerous other advantages of a 555 timer lead the breakthrough .The 555 timer is an integrated circuit designed by Hans R. Camenzind and commercialized by that times leading semiconductors manufacturer signetics. It’s mainly used in variety for timing purposes, producing perfect timing periods through a vast range of time and as a multi vibrator and due to the versatility of the IC it has made conspicuous place in the history of electronics. Never thought by its maker to be so flexible the 555 package consists of numerous transistors, diodes and resistors (depending on the purposes) imbedded on a silicon chip and connected to an 8-pin dual in line package. (D C Green, Electronics 4, third edition, 1995, Longman Scientific and technical) The single 555 timer chip in its basic form is a 8 pin chip consisting of 20 transistors, 2 diodes, 15 resistors. (electronics-tutorials.ws/waveforms/555_timer.html )feb 10, 2011 Above shown fig shows 8 pins which are labeled to show there function. Below is the more detailed function of these pins. Pin no. 1: It is connected to GROUND which connects the 555 timer to the negative 0v supply rail. Pin no. 2: It is the trigger pin. A negative pulse on this pin â€Å"sets† internal flip-flop and start up a timing cycle. Pin no. 3: is an output pin of the 555 timer, it can be connected directly to the inputs of other digital IC’S with the required voltage. Pin no. 4: is the RESET pin which is used to reset the internal flip-flop controlling the output. In other words to terminate the timing cycle. Pin no. 5: is a control voltage pin which can be used to alter the timing aspect of the 555 IC in applications such as frequency modulation. Pin no. 6: is the threshold pin which donates the duration of the timer to ‘output voltage in each of the on/off cycle’ this time phase end when voltage at threshold becomes higher than control voltage pin. Pin no. 7: is a discharge pin which is connected directly to the internal transistor which is used to discharge the timing capacitor to ground. Pin no. 8: is connected to the power supply and the range of voltage depends on the appliance need. MODES: After discussing above the different functions of 555 timers, let’s now discuss about its modes, its usage in different modes. 555 timers IC’s can be used as a multivibrator in three different forms they are as follow: Astable mode Monostable mode Bistable mode ASTABLE MODE: Astable means without a stable state. It has two unstable state means 0 and 1, in other words it continually switch it states to high and low creating a rectangular wave form on its output. There are numerous advantages of this circuit few of them in which it is used are flash lights, LED’S, and security alarm. FIG 2 (kpsec.freeuk.com/images/flashlcd.gif   FEB 10, 2011) FIG 3 (antonineeducation.co.uk/Electronics_AS/Electronics_Module_1/topic_11/topic_11__555_timer_circuit.htm   FEB 10, 2011) For the waveform above we can see how it changed from 0 to 1. For this circuit to become operational we need to consider some of the formulas ‘’The mark time [t(H] is the time at which the output is a 1. t(H)= 0.7(RA + RB)C The space time [t (L)] is the time at which the output is a 0. t(L) = 0.7 RBC The mark to space ratio = mark time à · space time. The astable period T is the time taken for one complete cycle, the mark and the space times added together.   T = mark + space = t(L) + t(H). The frequency = 1 à · period. f =  ____1.4_____ (R1 + 2R2)C The time t (H) will be longer than t (L), unless R1 is very small compared to R2.   If this is the case, then t (H) will be approximately equal to t (L), but not quite equal.   We can say to a first approximation that the mark to space ratio is 1.   This will result in a square wave output’’ ( antonine-education.co.uk/Electronics_AS/Electronics_Module_ 1/topic_11/topic_11__555_timer_circuit.htm FEB 10, 2011 MONOSTABLE MODE: Monostable means circuit which has only one stable state, normally it has two states means stable and unstable. When the voltage is not applied it remains in stable state but as the â€Å"trigger† is pressed it creates electric pulse and switches from stable state to unstable state and remains there for a limited time period which is set and after that it comes back to stable state. This type of circuit is ideal for â€Å"push to operate† system for a model displayed at exhibitions. A visitor push the button to start mechanism of choice and it automatically switch off after a set time. FIG 4 (antonineeducation.co.uk/Electronics_AS/Electronics_Module_1/topic_11/topic_11__555_timer_circuit.htm  Ã‚   FEB 11, 2011) The above diagram shows the circuit of monostable 555 timer. This circuit operates when the switch is closed and released, the voltage at Pin 2 goes up to down and then up. Due to this Pin 7 is discharged from zero and the voltage increases at output. When the voltage across the capacitor (C) gets two third then the output stop and it comes to stable state. The output of this circuit is shown in the FIG below. FIG 5 (antonineeducation.co.uk/Electronics_AS/Electronics_Module_1/topic_11/topic_11__555_timer_circuit.htm   FEB 11, 2011) BISTABLE MODE: Bistable has two stable states, in this mode 555 timer acts as a flip-flop. In this the trigger (which is Pin 2) and reset (which is Pin 4) both are at high state because of the resistors, while the threshold (which is Pin 6) is simply grounded. By taking the trigger LOW it switches to SET position and the output state changes to HIGH and by taking the RESET Pin LOW it switches to reset position and the output will remain LOW. TASK 1(B): A 555 timer is basically used in our daily life as a day/light alarm which can be useful for waking us up from our sleep. Fig 6 free-circuits.com/diagrams/n/14qwe.gif   (March 20, 2011) The components which are used in the above diagram are as follows: 1 Light Dependant Resistor (LDR) 1 transistor 2 set of capacitors both value of 0.01 ÃŽ ¼F 1 555 timer 1 diode 15v/1 µF 3 set of resistor range of 10k, 56k and 3.3 k respectively 1 100k variable resistor 1 speaker 8ohm, 0.5W OPERATION: This above circuit exclusively depends on the light for it to function. A 555 timer is used above and it works on a principle of astable mode with frequency of 1Khz. The transistor is set high because of the changeable resistor when light doesn’t fall on the LDR therefore causing the 555’s reset pin low. Just because of this the timer is reset. It resistance decrease when the light falls on LDR which in turn causes a decrease in base resistance of the transistor alloying current to flow. This will cause the reset pin on the 555 timer to increase and allows the timer to ‘oscillate’ and the speaker starts working by creating sound. TASK 2:  INTRODUCTION OF FET TRANSISTOR: The field effect transistor is a semiconductor device; it depends on its operation to control current by an electric field. FET’s are available in two basic forms and they are: Junction gate field effect transistor (JFET) Insulated gate field effect transistor (IGFET) But the most commonly used transistor is Metal-Oxide semiconductor field effect transistor (MOSFET). It is commonly used because it can be connected as resistor and capacitor, it is cheaper than Bipolar junction transistor (BJT) , it is much smaller in size and there power consumption is much smaller. CONSTRUCTION AND OPERATION OF FET Metal-Oxide semiconductor field effect transistor (MOSFET) is a type of semiconductor which uses three connections which are GATE, SOURCE and DRAIN. The effective width of the channel is controlled by a charge which is placed on gate electrode. The shape of a transistor is like a bar with P-type silicon and two strips which are doped to make N-type material when the metal is deposited to make two terminals DRAIN and SOURCE, then the surface is covered with silicon-oxide which is non-conductor. Then again metal is deposited to form one more terminal called gate which is shown in fig 1. interfacebus.com/JFET-N-Channel-symbol.png (March 20, 2011) After it is completed then the potential of (0V) is applied between the source and drain because of P-N junction there is no current flowing. The P-type material which is source terminal is at 0V, and the gate is already made positive so that it will repel the holes from P-type and turn it temporary N-type. This creates a channel joining two N-type strip so that current flow from drain. If the potential against gain terminal is greater, than the channel will become wider which ends with large current. So to conduct this type, positive voltage is applied to gate. circuitstoday.com/wp-content/uploads/2009/08/n-channel-de-mosfet-structure.jpg (March 20, 2011) Metal oxide semiconductor field effect transistor (MOSFET) is operated in two modes they are: Depletion mode Enhancement mode DEPLETION MODE: Regardless of weather a MOSFET is N-type or P-type material but there are still fundamental difference between depletion mode and enhancement mode. To form a thin layer of silicon-oxide along one side of the channel is easy, and then leave the metal gate region down over the insulator. The gate channel will act as a semiconductor resistance as there Is not current applied to it, P-N junction is not formed nor the depletion layer because the whole conduction of current depends upon the voltage applied between source and drain. If we apply sufficient voltage across source and drain the current will flow through the channel. When negative voltage is applied through the gate terminal it will repel electron charge away from the gate terminal. But as N-type contain majority electron charge carriers by repelling then away from gate the applied negative voltage will create a depletion region. So the process is called Depletion Mode Metal-Oxide Semiconductor Field Effect Transistor. THE ENHANCEMENT MODE MOSFET: Enhancement mode contains two N-type channel and one P-type channel which is sandwiched between both N-type as shown in fig 2. Applying the positive voltage to the drain terminal with respect to source terminal and applying positive terminal to gate terminal. As a result it will attract all the free electrons towards the gate. As the positive voltage is increased the electric field will also become wider and more electrons are attracted. There are free electrons in P-type, source junction is forward biased, so the positive gate voltage can attract electrons towards the gate. The electrons which are attracted towards the gate will enhance the channel within the P-type region as shown in fig 3. This will bridge the gap between source and the drain and it will start FIG 2  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   FIG 3 COMAPRISON BETWEEN MOSFET AND BJT: Metal Oxide Semiconductor Transistor (MOSFET) It is semiconductor device having three active electrodes known as Gate, Source and Drain. Conduction takes place due to either holes or electrons. Hence it is a unipolar Transistor. It is voltage controlled device. Its operation depends upon the flow of majority carriers only. It has high input impedance. It is less noisy than tube or bipolar transistor. There are two type of FETs N-channel P-channel.   It is simpler to fabricate and occupies less space.   It has thermal stability. It can be used as voltage variable resistor. It has very fast switching time. Bipolar Junction Transistor (BJT) It is a semiconductor device consisting of three electrodes known as Base, Emitter and Collector. Conduction takes place due to holes and electrons. Hence it is a bipolar device. BJT is a current controlled device. It operation depend upon the flow of both majority and minority carriers. BJT has low input impedance. BJT device is noisy. There are two type of BJTs NPN and PNP. BJT is difficult to construct and occupies more space. BJT does not have thermal stability. BJT cannot be used as voltage variable resistor. ADVANTAGE OF MOSFET DEVICE: When compared to MOSFET, its switching time is slow Its switching time is 10 times greater than a bipolar junction It has very much switching current. It is less affected by temperature. DISADVANTAGE OF MOSFET DEVICE: It has very high resistance as compared to bipolar transistor. It can be destroyed by high voltage, especially static electricity.    USES OF MOSFETs: MOSFETs can also be used as voltage variable resistor. It is also used as an amplifier. It is also used to prevent power losses. It is used as a switch. It is used as a voltage control device. REFERENCES: Books: Owen Bishop (1995), Understand Electronics, Great Britain, Athenaeum Press Ltd. (electronics-tutorials.ws/waveforms/555_timer.html )feb 10, 2011 (kpsec.freeuk.com/images/flashlcd.gif   FEB 10, 2011) (antonineeducation.co.uk/Electronics_AS/Electronics_Module_1/topic_11/topic_11__555_timer_circuit.htm   FEB 10, 2011) ( antonine-education.co.uk/Electronics_AS/Electronics_Module_ 1/topic_11/topic_11__555_timer_circuit.htm FEB 10, 2011 (antonineeducation.co.uk/Electronics_AS/Electronics_Module_1/topic_11/topic_11__555_timer_circuit.htm  Ã‚   FEB 11, 2011) (antonineeducation.co.uk/Electronics_AS/Electronics_Module_1/topic_11/topic_11__555_timer_circuit.htm   FEB 11, 2011) free-circuits.com/diagrams/n/14qwe.gif   (March 20, 2011) interfacebus.com/JFET-N-Channel-symbol.png (March 20, 2011) circuitstoday.com/wp-content/uploads/2009/08/n-channel-de-mosfet-structure.jpg (March 20, 2011)

The History of Molly Brown essays

The History of Molly Brown essays Margaret Tobin was born on July 18,1867in Hannibal Missouri to John and Johanna Tobin, where she lived for most of her life. When Maggie turned nineteen, her, and her brother Daniel moved to Leadville Colorado, a rugged mining town. This is where Maggie will meet James Joseph brown also known as JJ. They courted for six months and married on September 11, 1886 Molly nineteen and JJ thirty one. Molly and JJ lived in Leadville for the next seven years and lived a working class lifestyle that was very accustomed to. During that seven-year period, Molly had two children Lawrence Palmer Brown in 1887 and Catherine Ellen Brown in 1889. Molly traveled back to Hannibal to give birth to her first child so that her mother could be her mid wife for the delivery. By the time her second child was born, all of Mollys family had moved to Leadville. During this time, JJ became very successful in mining. He became part owner of a mine and Molly and JJ became millionaires. In 1894, Molly and her family moved to the House of Lions a mansion on Pennsylvania Street in the heart of Denver. While living in Denver Molly headed up many fundraising comities and did a great deal of charitable work. Molly became a charter member of the Denver womens press club. In 1899, Molly was appointed the president and head of the executive committee for the catholic bazaar for fund raising for the expansion of Saint Josephs hospital. Molly also became very involved in the juvenile court system. Molly was friends with Judge Ben Lindsay who headed the first juvenile court system. Molly took the proceeds from the Cripple Creek mining operation and donated them to the juvenile courts. Molly also became very involved in politics in the years that followed. She was able to be more involved in the politics of Denver, which was one of the first states that allowed women to vote. Molly attended rallies to support...

Introduction to business Essay Example | Topics and Well Written Essays - 1000 words

Introduction to business - Essay Example While the first wave of public management reforms happened between 1979 and 1999, the turn of the millennia has shown increased reforms aimed at better servicing the public. The example of the way in which government employees are put into a culture of purpose, a social contract in which pay is only a part of the reward system, shows the way that reforms of the conservatism that hampered the system are being healed. The public management field is concerned with the areas of interest that are defined by the needs of the public. In order to fully understand this field, it is important to have definitive understanding of what the word public means. According to Bovaird and Loffler (2009), public refers to â€Å"collective choice and activity† in which â€Å"it has the ultimate responsibility for constituting a society as a political community which has the capacity to make public choices† (p. 5). The concerns of the public are the concerns of creating a community in which the needs of the individual are addressed in such a way that they best benefit the needs of the community as a whole. One of the prime concerns for public management is increasing the value of the money that is spent in serving the public, in creating the best possible result for the least amount of money in order to create the broadest number of services. In understanding the services of public management, it is beneficial to contrast it to the purposes of public administration and governance. Public administration is concerned with holding the budget, with administering the finances and how they are spent Governance is concerned with determining the structures through which decisions will be made and judging if those structures have been effectively followed. Both of these types of control are determined a great deal by the way in which the public perceives the effectiveness of their application (Bovaird and Loffler 2009 p. 6). Public management is concerned with managing the need s of the public through efficient use of the funds that are available so that the most people see the best and greatest amount of benefit. An example of the difference is shown by Bovaird and Loffler (2009) through a simplified consideration. When considering the topic of clean streets, governance is concerned with the actions of the citizens in preventing further littering, while management will be concerned with how to improve street cleaning services (p. 9). While this is a very simplified version of the differences, those differences can be viewed through the lens of this example. In the year 1999, Pollitt and Bouckaert wrote about the need for public management reforms. There are five areas of interest that define the reasons that reform was called for during this time. The examples of public management within Finland and Sweden could not be reached due to differences in the structure of the United Kingdom. The first difference that is remarked upon is that the U.K. reflects a deeper complexity of political governance. The second difference is within the per capita wealth of the country. The third concept is within the capital growth within the country. The fourth is within the differences that can be appreciated general governance expenditure. The final aspect that must be considered when approaching reforms in order to reflect the nature of the U.K. social and political structure is in the wide variations in wage and price increases