title: Modelling the yield curve with Orthonormalised Laguerre Polynomials: A consistent cross-sectional and inter-temporal approach

authors: Krippner, Leo

subjects: yield curve

abstract: This article proposes the orthonormalised Laguerre polynomial (OLP) model of the yield curve, a generic linear model that is both cross-sectionally consistent (that is, it reliably fits the yield curve at a given point in time), and inter-temporally consistent (that is, the cross-sectional parameters are shown to be consistent over time within the expectations hypothesis framework). The OLP model generalises the exponential-polynomial model for a single yield curve, as originally proposed by Nelson and Siegel (1987), and also allows for the simultaneous modelling of other same-currency yield curves that have instrument-specific differences (such as default risk), as in Houweling, Hoek and Kleibergen (2001). New Zealand data is used to illustrate the empirical application of the OLP model.

text: Modelling the yield curve with Orthonormalised Laguerre Polynomials: A consistent cross-sectional and inter-temporal approach This article proposes the orthonormalised Laguerre polynomial (OLP) model of the yield curve, a generic linear model that is both cross-sectionally consistent (that is, it reliably fits the yield curve at a given point in time), and inter-temporally consistent (that is, the cross-sectional parameters are shown to be consistent over time within the expectations hypothesis framework). The OLP model generalises the exponential-polynomial model for a single yield curve, as originally proposed by Nelson and Siegel (1987), and also allows for the simultaneous modelling of other same-currency yield curves that have instrument-specific differences (such as default risk), as in Houweling, Hoek and Kleibergen (2001). New Zealand data is used to illustrate the empirical application of the OLP model.

year: 2003-09

title: International languages in primary schools: Aims, constraints, and one way forward

authors: Barnard, Roger

subjects: language teaching

abstract: The present policy of the Ministry of Education is that all schools should offer instruction in an additional language from Year 7 to Year 10. The additional languages may be te reo Māori, a Pacific language, or one of several international languages. This paper focuses on the latter, and suggests that, at the present time, it would be unwise in many schools to introduce foreign language instruction in Year 7, and instead a focus should be placed on the development of students’ intercultural awareness.
This paper begins with a brief review of the present policy and the benefits which are assumed to accrue from learning languages. It then discusses the existing constraints affecting language teaching in our primary schools, many of which are also faced in other countries which have introduced foreign language instruction in their primary schools. The most important of these constraints in New Zealand, as elsewhere, is the shortage of linguistically competent and appropriately trained second language teachers, A brief consideration is paid to the limited amount of professional development available to primary teachers in this country, many of whom have little, or even no, knowledge of the target language. The multimedia packs, which have been produced for the teaching and learning of international languages in schools, assume that teachers can learn the target language at the same time as teaching it to their students.
It is suggested that, until teachers are professionally prepared for the teaching of an international language, actual language instruction should be deferred. The focus of instruction in Year 7 could instead be directed towards an understanding of the culture of the target language. This possibility is then explored by considering the syllabus and type of classroom activities which might allow teachers to promote their students’ intercultural awareness, key competencies of which are outlined. At the same time, the designated teachers could take steps to develop at least a basic competence in the target language and can receive professional development in appropriate strategies and techniques of second language teaching.

text: International languages in primary schools: Aims, constraints, and one way forward The present policy of the Ministry of Education is that all schools should offer instruction in an additional language from Year 7 to Year 10. The additional languages may be te reo Māori, a Pacific language, or one of several international languages. This paper focuses on the latter, and suggests that, at the present time, it would be unwise in many schools to introduce foreign language instruction in Year 7, and instead a focus should be placed on the development of students’ intercultural awareness.
This paper begins with a brief review of the present policy and the benefits which are assumed to accrue from learning languages. It then discusses the existing constraints affecting language teaching in our primary schools, many of which are also faced in other countries which have introduced foreign language instruction in their primary schools. The most important of these constraints in New Zealand, as elsewhere, is the shortage of linguistically competent and appropriately trained second language teachers, A brief consideration is paid to the limited amount of professional development available to primary teachers in this country, many of whom have little, or even no, knowledge of the target language. The multimedia packs, which have been produced for the teaching and learning of international languages in schools, assume that teachers can learn the target language at the same time as teaching it to their students.
It is suggested that, until teachers are professionally prepared for the teaching of an international language, actual language instruction should be deferred. The focus of instruction in Year 7 could instead be directed towards an understanding of the culture of the target language. This possibility is then explored by considering the syllabus and type of classroom activities which might allow teachers to promote their students’ intercultural awareness, key competencies of which are outlined. At the same time, the designated teachers could take steps to develop at least a basic competence in the target language and can receive professional development in appropriate strategies and techniques of second language teaching.

year: 2006

title: Research note: Empirical analysis of ethnic pay gaps in New Zealand

authors: Cochrane, William

abstract: This research note explores the factors contributing to ethnic pay gaps in New Zealand. The emphasis here is on description, as a causal analysis is beyond the capability of the methods used. The gaps between the average (as well as median) hourly wages for the European workforce relative to Māori and Pacific workers are substantial. A statistical analysis by Treasury in 2018 also showed that the ratio in average hourly wages (based on published survey estimates by Stats NZ) for both ethnic groups relative to European had stayed at a similar level for the last decade; as they state “there has been movement from year to year but no consistent upward or downward trend” (Treasury, 2018, p.1).

text: Research note: Empirical analysis of ethnic pay gaps in New Zealand This research note explores the factors contributing to ethnic pay gaps in New Zealand. The emphasis here is on description, as a causal analysis is beyond the capability of the methods used. The gaps between the average (as well as median) hourly wages for the European workforce relative to Māori and Pacific workers are substantial. A statistical analysis by Treasury in 2018 also showed that the ratio in average hourly wages (based on published survey estimates by Stats NZ) for both ethnic groups relative to European had stayed at a similar level for the last decade; as they state “there has been movement from year to year but no consistent upward or downward trend” (Treasury, 2018, p.1).

year: 2023-10-19