title: Inflation and Macroeconomic Effects of Inflation Targeting in Asia: Time-Series and Cross-Country Analysis

authors: Valera, Harold Glenn A.

subjects: Inflation targeting

abstract: Controlling inflation is important. The 2008-2009 global financial crisis created new concerns about the macroeconomic effects of inflation targeting. A key issue for many central banks in recent years has been that inflation is uncomfortably too low rather than too high. This thesis examines the impact of inflation targeting on the behaviour of inflation, output growth and real exchange rates for eight Asian countries using time-series and panel data from 1987 to 2013. The econometric methodologies employed include panel GARCH, quantile unit root and Markov regime-switching testing. Panel GARCH results indicate that inflation targeting is more credible in lowering the inflation level rather than its volatility. The quantile unit root testing results indicate that the credibility of inflation targeting and alternative monetary policy frameworks in Asia are imperfect, except for Malaysia and South Korea. Results also suggest that targeting countries have been building up their monetary policy credibility more than non-targeting countries, based on a faster rate of decline in inflation rate changes. Results generally indicate the presence of mean-reversion at the lower quantiles only. Where stationarity is present, results indicate varied speed of adjustment process across quantiles. The regime-switching results indicate that inflation and output growth are generally characterized by partial stationarity, while there is mostly varied stationarity in real exchange rates. Results also indicate that inflation targeting significantly affects the inferred probabilities of remaining in the stationary regime, mainly for output growth and real exchange rates and for inflation in some cases. Results further indicate that the variance of inflation and output growth is lower during the inflation targeting period. Furthermore, results indicate that there is a significant difference between targeting and non-targeting countries in terms of the speed of adjustment of macroeconomic variables towards the equilibrium level and the behaviour of inferred probabilities of remaining in the stationary regime.

text: Inflation and Macroeconomic Effects of Inflation Targeting in Asia: Time-Series and Cross-Country Analysis Controlling inflation is important. The 2008-2009 global financial crisis created new concerns about the macroeconomic effects of inflation targeting. A key issue for many central banks in recent years has been that inflation is uncomfortably too low rather than too high. This thesis examines the impact of inflation targeting on the behaviour of inflation, output growth and real exchange rates for eight Asian countries using time-series and panel data from 1987 to 2013. The econometric methodologies employed include panel GARCH, quantile unit root and Markov regime-switching testing. Panel GARCH results indicate that inflation targeting is more credible in lowering the inflation level rather than its volatility. The quantile unit root testing results indicate that the credibility of inflation targeting and alternative monetary policy frameworks in Asia are imperfect, except for Malaysia and South Korea. Results also suggest that targeting countries have been building up their monetary policy credibility more than non-targeting countries, based on a faster rate of decline in inflation rate changes. Results generally indicate the presence of mean-reversion at the lower quantiles only. Where stationarity is present, results indicate varied speed of adjustment process across quantiles. The regime-switching results indicate that inflation and output growth are generally characterized by partial stationarity, while there is mostly varied stationarity in real exchange rates. Results also indicate that inflation targeting significantly affects the inferred probabilities of remaining in the stationary regime, mainly for output growth and real exchange rates and for inflation in some cases. Results further indicate that the variance of inflation and output growth is lower during the inflation targeting period. Furthermore, results indicate that there is a significant difference between targeting and non-targeting countries in terms of the speed of adjustment of macroeconomic variables towards the equilibrium level and the behaviour of inferred probabilities of remaining in the stationary regime.

year: 2017

title: Isolation of cellulolytic anaerobic extreme thermophiles from New Zealand thermal sites

authors: Sissons, Christopher H.

subjects: biology

abstract: Avicel enrichment cultures from 47 thermal-pool sites in the New Zealand Rotorua-Taupo region were screened for growth and carboxymethyl cellulase activity at 75°C. Eight anaerobic cellulolytic cultures were obtained. The effect of temperature on carboxymethyl cellulase activity was measured, and bacteria were isolated from the five best cultures. Bacteria from two sources designated TP8 and TP10 grew at 75°C, accumulated reducing sugar in the growth medium and gave free cellulases with avicelase activity. Bacteria from sources designated Tok4, Tok8, and Wai21 grew at 75°C, accumulated no free sugars in the medium, and gave free carboxymethyl cellulases with virtually no avicelase activity. All were obligate anaerobic nonsporeforming rods which stained gram negative, grew on pentoses as well as hexoses, and gave ethanol and acetate as major fermentation end products. The isolated strain which produced the most active and stable cellulases (trivially designated TP8.T) had lower rates of free endocellulase accumulation at 75°C than did Clostridium thermocellum at 60°C, but its cellulase activity against avicel and filter paper in culture supernatants was comparable. Tested at 85°C, TP8.T carboxymethyl cellulases included components which were very stable, whereas C. thermocellum carboxymethyl cellulases were all rapidly inactivated. The TP8.T avicelase activity was relatively unaffected by Triton X-100, EDTA, and dithiothreitol. Evidence was obtained for the existence of unisolated, cellulolytic extreme thermophiles producing cellulases which were more stable and active than those from TP8.T.

text: Isolation of cellulolytic anaerobic extreme thermophiles from New Zealand thermal sites Avicel enrichment cultures from 47 thermal-pool sites in the New Zealand Rotorua-Taupo region were screened for growth and carboxymethyl cellulase activity at 75°C. Eight anaerobic cellulolytic cultures were obtained. The effect of temperature on carboxymethyl cellulase activity was measured, and bacteria were isolated from the five best cultures. Bacteria from two sources designated TP8 and TP10 grew at 75°C, accumulated reducing sugar in the growth medium and gave free cellulases with avicelase activity. Bacteria from sources designated Tok4, Tok8, and Wai21 grew at 75°C, accumulated no free sugars in the medium, and gave free carboxymethyl cellulases with virtually no avicelase activity. All were obligate anaerobic nonsporeforming rods which stained gram negative, grew on pentoses as well as hexoses, and gave ethanol and acetate as major fermentation end products. The isolated strain which produced the most active and stable cellulases (trivially designated TP8.T) had lower rates of free endocellulase accumulation at 75°C than did Clostridium thermocellum at 60°C, but its cellulase activity against avicel and filter paper in culture supernatants was comparable. Tested at 85°C, TP8.T carboxymethyl cellulases included components which were very stable, whereas C. thermocellum carboxymethyl cellulases were all rapidly inactivated. The TP8.T avicelase activity was relatively unaffected by Triton X-100, EDTA, and dithiothreitol. Evidence was obtained for the existence of unisolated, cellulolytic extreme thermophiles producing cellulases which were more stable and active than those from TP8.T.

year: 1987

title: Tauira Rangatahi Numeracy and Literacy Programme: Apps in Numeracy and Literacy Research

authors: Calder, Nigel Stuart

subjects: Youth Guarantee

abstract: A key aspect of tertiary education undertaken by Te Wananga o Aotearoa (TWoA) is re-establishing engagement and success in the rangatahi space through meeting the literacy and numeracy demands for programmes at levels 1–3. TWoA has Youth Guarantee programmes that deliver introductory Sport and Leisure and Contemporary Māori Arts programmes with embedded literacy and numeracy. The purpose of this research project was to investigate tauira rangatahi attitudes towards literacy and numeracy development through the application of appropriate cultural capital in conjunction with contemporary digital technologies. The research examined the influence of iPad apps on the beliefs and attitudes of Youth Guarantee tauira towards numeracy and literacy.

text: Tauira Rangatahi Numeracy and Literacy Programme: Apps in Numeracy and Literacy Research A key aspect of tertiary education undertaken by Te Wananga o Aotearoa (TWoA) is re-establishing engagement and success in the rangatahi space through meeting the literacy and numeracy demands for programmes at levels 1–3. TWoA has Youth Guarantee programmes that deliver introductory Sport and Leisure and Contemporary Māori Arts programmes with embedded literacy and numeracy. The purpose of this research project was to investigate tauira rangatahi attitudes towards literacy and numeracy development through the application of appropriate cultural capital in conjunction with contemporary digital technologies. The research examined the influence of iPad apps on the beliefs and attitudes of Youth Guarantee tauira towards numeracy and literacy.

year: 2014