Macroeconomic Transmission Mechanism Essay Example for Free

Macroeconomic Transmission Mechanism Essay Macroeconomic Transmission Mechanism of International Oil Price Rise: The Indian Situation In this Article, an effort has been made to trace the impact of an increase in international oil prices on Indian economy outlining the various transmission mechanisms. These transmission mechanisms take into account some of the important macroeconomic relationships, as relevant to the Indian context, and the administered nature of domestic oil price in India. The three broad channels through which the international oil prices impact the macroeconomy are identified as the (a) Import channel, (b) Price channel and (c) The fiscal channel. (a) A rise in international price of oil will translate to higher import bill for oil for the net oil importing countries like India (see, Table 1 and 2). Under the reasonable assumption of low price elasticity of demand for oil, ceteris paribus, the trade balance will worsen due to an increase in international oil price. Rise in inflation due to increase in oil prices means that the growth in real GDP is even lower. The compression in aggregate domestic demand dampens growth. In figure 1, the import channel is indicated by the link from international oil prices to current account balance to nominal GDP. Although managed float, the nominal exchange rate in India is observed to be determined solely by the capital account and not by the current account in the present Indian context. The second order adjustment to higher import bill and worsened trade balance occurs only through contraction in aggregate demand and decline in imports and it does not occur through movements in exchange rate (depreciation). Finally, it is expected that the slowdown in economic growth would subsequently reduce the demand for imports which, in turn, would partially mitigate the adverse impact of high international oil prices on trade balance. (b) The price channel links the international prices to domestic inflation. For a typical developing country like India facing an oil price hike in the international market, an unhindered pass-through of oil price increase leads to a jump in the general price level on account of direct use of oil at higher prices plus increase in costs of production of final goods using oil as an input. Modelling the passthrough of oil prices through an input-output system, Jha and Mundle (1987) estimated that in India if the administered prices of crude oil, gas and petroleum products increase by 7 percent, the overall WPI increases by 1 percent (i.e. the total elasticity to be 0.14). Recently the Reserve Bank of India (2011) has estimated that every 10 percent increase in global crude prices, if fully passed through to domestic prices, could have a direct impact of 1 percentage point increase in overall WPI inflation and the total impact could be about 2 percentage points over time as input cost increases translate to higher output prices across sectors. Greater the share of fuel in total consumption basket, larger would be the influence of international commodity prices on inflation. (see, Table 2 for other empirical studies relating to India) In India, a large proportion of the international oil price increase has traditionally been absorbed by the government (and shared with public sector oil producing and retailing companies). The objectives for regulation of price of oil have been three-fold: (a) To protect the domestic economy from volatility in international oil prices ; . (b) To provide merit goods to all households, e.g., clean cooking fuels like LPG, natu ral gas and kerosene to replace use of biomass-based fuels such as firewood and dung; and (c) To protect poor consumers so that they may obtain kerosene (through PDS) and LPG at affordable rates. In the recent years, there has been a change in the oil pricing policy with a move towards market determined oil prices. The extent of price regulation varies across products in the oil basket, with minimum control existing for petrol and very little pass-through for LPG and kerosene. The domestic price of oil is administered, which is essentially a policy decision, and thereby determines the degree of pass-through of the change in international prices to domestic oil prices. In figure 1, the price channel is indicated by the link from international oil prices to increase in administered prices to WPI inflation. (c) The third channel of transmission of oil price shock considered here is the fiscal channel. In the absence of a complete pass-through, an international oil price Increase will raise the subsidy on oil and therefore the revenue expenditure of the government. Furthermore, in India, the oil prices are subsidised, but they also generate substantial tax revenues both for the centre and the states because of an increase in ad valorem tax collections on oil and petroleum products that would have to be netted out to arrive at the net addition to oil subsidy given by the government.

Personality Essay -- essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Psychology covers a huge field and one interesting aspect of it is personality. Personality by itself involves various issues. Some aspects are Psychoanalytic, Ego, Biological, Behaviorist, Cognitive, Trait, and Humanistic. Different types of behaviors are amazing to learn about, mainly the behavior therapy, collective behavior, crime and punishment, and Social behavior and peer acceptance in children. I chose Behaviorism over the other aspects because I believe behavior determines human personality and is very interesting. You can tell what one is by his behavior, and one behaves according to what place he has in society. By doing this paper on Behavior, I hope to get a better understanding of, if behavior develops a personality or if personality guides behavior. I also see behaviorism helping me in the future with my personal and professional career by understanding human personality and behavior better than I do. No matter what your major is , if you can determine one's personality by his behavior you can really get your work done from that person and understand the better than you would otherwise. This person could be your employee or your employer. Behavior Therapy Behavior therapy is the application of experimentally derived principles of learning to the treatment of psychological disorders. The concept derives primarily from work of Russian psychologist Ivan Pavlov. Behavior-therapy techniques differ from psychiatric methods, particularly psychoanalysis, in that they are predominately symptom (behavior) oriented and shows little or no concern for unconscious processes, achieving new insight, or effecting fundamental personality change. The U.S. psychologist B.F. Skinner, who worked with mental patients in a Massachusetts State hospital, popularized behavior therapy. From his work in animal learning, Skinner found that the establishment and extinction of responses can be determined by the way reinforces, or rewards, are given. The pattern of reward giving, both in time and frequency, is known as a schedule of reinforcement. The gradual change in behavior in approximation of the desired result is known as shaping. More recent developments in behavior therapy emphasize the adaptive nature of cognitive processes. Behavior-therapy techniques have been applied with some success to such disturbances as enuresis (bed-wetting), tics, phobias, stutteri... ...nvolving children to learn social acceptance showed us clearly how one behaves makes him what he is. I believe the same for adults. I believe if one behaves in a certain way for a long time, not only society with believe you are what you are behaving as but he himself will start believing he is what he is behaving as. Also I have learned to be more patient with people because I take a step in the further and think why a person would behave in a particular way. I now can see a clear difference between normal and abnormal behaviors. Benjamin, L. S. (1982). Use of structural analysis of social behavior (SASB) to guide intervention in psychotherapy. In J. C. Anchin & D. J. Kiesler (Eds.), Handbook of interpersonal psychotherapy (pp. 190-212). New York: Pergamon. Benis A.M. Toward Self & Sanity: On the Genetic Origins of the Human Character. Psychological Dimensions Publishers, New York, 1985 http://pmc.psych.nwu.edu/personality.html Carson, R. C. (1969). Interaction concepts of personality. Chicago: Aldine Gurtman, M. B. (1992b). Trust, distrust, and interpersonal problems: A circumplex analysis. Journal of Personality and Social Psychology, 62, 989-1002.

The article talks about animal rights

The article talks about animal rights. The writer illustrates both argument, for and against, in his article. The writer starts by explaining the meaning of animal rights, which includes no experimenting, breeding, killing animals and no zoos or using animals for entertaining. The people for animal rights argue that both human beings and adult mammals have rights because they are both ‘subjects-of-a-life’. On the other hand, the people against animal rights argue that animals don’t think, not conscious. Also animals these people argue that animals were put on earth to serve human beings.This view comes originally from the Bible, but probably reflects a basic human attitude towards other species. Christian theologians developed this idea – St Augustine taught that â€Å"by a most just ordinance of the Creator, both their [animals'] life and their death are subject to our use. † They also argue that animals don’t have souls as Christian theologi ans used to teach that only being with souls deserved ethical consideration. In addition, animals don’t behave morally and are not the members of the ‘moral community’.The arguments goes, why should human beings have obligations towards animals, if animals don't have obligations to other animals or to human beings? I agree that animals should have rights. In my opinion, animals are also like humans, they should also be given certain among of rights and respect. However, I think that the rights should be limited, as animals are not like human. They lacking in the ability to judge right or wrong and may behave immorally. Therefore, if full rights are given to animals, it may be rather ironic; imagine punishing a dog for biting someone in the court.

Pros and Cons of Managed Care

Care Some of the pros for managed care are; Preventive care — HMOs pay for programs, they are set up and are intended at keeping one healthy (yearly checkups, gym memberships, etc. )The idea is, so they won't have to pay for more costly services when and if one gets sick. Lower premiums — Because there are limits set as to which doctors one can see and when one can see them, HMOs charge a premium and usually they are lower premiums.Prescriptions — As part of their precautionary retreat, most prescriptions are covered by HMOs for a co-payment that also can be very low. Fewer unnecessary procedures —doctors are given financial incentives from HMOs , to provide only needed care, so doctors are less likely to order costly test or surgeries that one does not need. Limited paperwork — While healthcare professionals and facilities have more paperwork, under managed care, HMO members usually only has to show their membership card and pay a very low co-payme nt.Some of the cons for managed are; Limited doctor groups — To keep financial burdens down, HMOs tell one which doctors’ one can see, including specialized fields. Restricted coverage — one cannot expect care on command because ones primary-care physician must justify the need based on what benefits ones plan covers. Prior approval needed — If one would like to see a specialized doctor or go to the emergency room, one would need permission from their main physician.Possibility of under treatment — Because of the incentives given doctors to limit care, the doctor may try to hold back on good care management he would give. Compromised privacy — HMOs use patient records to keep an eye on doctors' performance and efficiency, so particulars of one’s medical history could be seen by other people. Getting medical care used to be thought of as trouble-free. One would go to the physician of their choice, get great care and their health insura nce would cover the cost of seeing the physician and cover tests needed.These networks should stand for better earth care for less money. But as they work hard to keep out of pocket expenses down, the scary tales it causes are frightening: â€Å"drive-by† mastectomies, when women are not allowed facility stays after harrowing breast removal; As network bureaucrats who deny a claim for coverage to the emergency room when heart attacks turn out to be indigestion; doctors who get year-end payoffs to give constraining care and don't communicate to patients about better costly treatments.Those against managed care aren't so kind. It can be said that the system that once commended physicians for working too much for the patient now, are given an incentive for doing a lot less. â€Å"The incentive now is to put bounds on care,† says (Dr. Donald Hanscom, a Beverly gynecologist. ) â€Å"Everything is money. â€Å"After a decade of wining and dining the public with lower premi ums and a wider spectrum of benefits, the inexperienced period for managed care is noticeably over. Those opposed are uneasy by the idea of unethically abuse.They are apprehensive members, many are not getting the care needed, the specialists they want, or the coverage one should get to have, especially in health urgencies. They also are concerned about issues that come up that have plagued the healthcare system elsewhere in the nation, such as stifling guidelines set up that keep doctors from suggesting more costly treatment choices. Although they say their far reaching goal is to provide a greater healthcare, the business has brought forth an unwelcoming talk that seems to challenge that.Patients who choose a doctor that does not participate in a â€Å"The† network, either at their own expense or with restricted coverage by the network, are considered â€Å"leakage. † Doctors who go against the networks system to get better treatment for their patients sometimes risk being blackballed out of and the network. It's reassuring to know that some networks are doing a good job, but lawmakers are dealing with a weary opposition that isn't frightened by what the nation thinks. Those up on the hill have responded with a charge of state and national bills pointed at bringing in a booming healthcare industry that's pretty much free-for-all.For their part, the networks don't see what the entire objection is about. They say productiveness and peoples request will keep their guidelines just and within ones means. â€Å"The networks are trying not only for cost, but also for class and peoples’ satisfaction. It's a patron service industry when you get right down to it. The network points to their absolute success in bringing down costs and keeping the mass of network enrollees happy. Each month people across the nation join a network, so it's plain that, Network care is here to stay in one shape or another.Those against and those rooting for that of ma naged care agree that the existence of unconstrained health care on demand is declining. As health care costs push very high yearly, some say it's time for all to comprehend that the medical healthcare industry has financial restrictions just like any other industry. â€Å"People have been brought up to believe that health care is an entitlement,† says (Jeanne Holland, executive director of Northeast Physicians-Hospital Organization) at Beverly Hospital. They think ‘Life, liberty, the pursuit of happiness and health care on demand. ‘ Consumers need to change their thinking. â€Å"Resources http://ask. reference. com/related/History+of+Managed+Care? o=102545&qsrc=121&l=dir, Retrieved, October 26, 2010 http://www. ecnnews. com/hlth/manintro. htm, Retrieved, October 26, 2010 http://ezinearticles. com/? Health-Insurance-Types, Retrieved, October 26, 2010 http://www. senioranswers. org/Pages/prosandcons. htm, Retrieved, October 26, 2010

Albinism essays

Albinism essays Albinism is a rare inherited defect in melanin metabolism. Albinism can affect two things, the skin and eyes which is called oculocutaneous albinism or just the eyes which is ocular albinism. The word "albinism" refers to a group of inherited conditions. People with albinism have little or no pigment in their eyes, skin, or hair. They have inherited genes that do not make the usual amounts of a pigment called melanin. One person in 17,000 in the U.S.A. has some type of albinism. Albinism affects people from all races. Most children with albinism are born to parents who have normal hair and eye color for their ethnic backgrounds. Often people do not recognize that they have albinism. (NOAH). Oculocutaneous albinism is from autosomal recessive inheritance; ocular albinism is from an X-linked recessive trait that causes hypopigmentation. In the United States both types of albinism are more common in blacks then in whites, Native Americans have a high incidence of the tyrosine-positive form (1 in 140 to 240). Infants with albinism may behave as if they are not seeing during the first weeks of life and gradually become visually attentive. This is now a well-documented condition. For X-linked inheritance, the gene for albinism is located on an X chromosome. Females have two X chromosomes, while males only have one X and one Y chromosome. This X-linked albinism occurs exclusively in males. The gene is passed from mothers who carry it to their sons. The mothers have subtle eye changes which an ophthalmogist could identigy, but mothers usually have normal vision. For each son born to a mother who carries the gene, there is one in two chance of having X-linked ocular albinism. The description is hereditary deficiency pigmentation. This could involve the entire body or part of the body. This is believed to be caused by an enzyme deficiency involving the metabolism of melanin during prenatal development. If a person has albinism then they ...

Harry Potter and the Deathly Hallows Quotes

Harry Potter and the Deathly Hallows Quotes The curtains close. With Harry Potter and the Deathly Hallows, the famous epic of wizardry and magic finally ends. J. K. Rowling takes us, Muggles, for one last magical tour into Harry Potters world. The book ends with a climax that reaches a feverish pitch. If you havent yet grabbed a copy of the book, you are missing a lot. For the rest of the die-hard Harry Potter fans, take a trip to fantasy land, with these Harry Potter and the Deathly Hallows quotes. Spoiler warning: These quotes might reveal parts of the story. Albus DumbledoreOf course, it is happening inside your head, Harry, but why on earth should that mean that it is not real?Ron Weasley(with regard to Peeves singing his victory song) That really captures the scope and tragedy of the thing, doesnt it?(Engraved on Dobbys grave)Here lies Dobby, a free elf.Luna LovegoodI think the answer is: a circle that has no beginning.Hermione GrangerMudblood, and proud of it!PeevesWe did it, we bashed them, wee Potters the one,And Voldys gone moldy, so now lets have fun!Sirius Black[On being asked if dying hurt] Dying? Not at all. Quicker and easier than falling asleep.VoldemortThat Potter lives is due more to my errors, than to his triumphs... I have been careless, and so have been thwarted by luck and chance, those wreckers of all but the best-laid plans. But I know better now. I understand those things that I did not understand before. I must be the one to kill Harry Potter, and I shall be.Albus DumbledoreIt is a curious thing, Harry, but perhaps those who are best suited to power are those who have never sought it. Those who, like you, have leadership thrust upon them, and take up the mantle because they must, and find to their own surprise that they wear it well. Dudley Dursley(to Harry) I dont think youre a waste of space.Albus DumbledoreDo not pity the dead, Harry, pity the living. Above all, pity those who live without love. By returning you may ensure that fewer souls are maimed and fewer families are torn apart. If that seems to you a worthy goal, then we say goodbye for the present.Hermione GrangerWands are only as powerful as the wizards who use them. Some wizards just like to boast that theirs are bigger and better than other peoples.Albus DumbledorePower was my weakness and my temptation.Luna Lovegood(after McGonagall says Lord Voldemort is attacking) Ooh! We can say that name now?Albus DumbledoreThat which Voldemort does not value, he takes no trouble to understand. Of house-elves and childrens tales, of love, loyalty, and innocence, Voldemort knows and understands nothing. Nothing. That they all have a power beyond his own, a power beyond the reach of any magic, is a truth he has never grasped.(Engraved on Rowena Ravenclaws diadem) Wit beyond measure is mans greatest treasure. Ronald WeasleyAlls fair in love and war, and this is a bit of both.Mr. OllivanderThe wand chooses the wizard, that much has always been clear to those of us who have studied wandlore.Harry Potter(to Ron and Hermione kissing) Oi! Theres a war going on here!Ron Weasley(referring to Draco Malfoys son) Make sure you beat him in every test, Rosie. Thank God you inherited your mothers brains.Fred WeasleyFor instance, this new idea that You-Know-Who can kill with a single glance from his eyes. Thats a Basilisk, listeners. One simple test, check whether the thing thats glaring at you has got legs. If it has, its safe to look into its eyes, although if it really is You-Know-Who, thats still likely to be the last thing you ever do.(Engraved on the Potters grave)The last enemy that shall be destroyed is death.

Macroeconomic risk and financial risk to the financial system in Research Paper

Macroeconomic risk and financial risk to the financial system in developed countries - Research Paper Example Discussions Public Debt Nature of the risk Public debt means the amount of money which the government of any country owes to its creditors ; both foreign and domestic. The total debt for OECD countries has risen from 73 % of the GDP in 2007 to 106 % of the GDP in 2012 (OECD 2011).There are some developed countries like Greece , Italy and Portugal and Japan which have had historically higher level of debt. However the worry is that even countries like USA and UK are have now levels of debt which may be unsustainable in the long run. The debt level of United States has risen from 60 % in 2006 to 109% in 2012.The Euro zone is already suffering from the debt crisis and no immediate solution to the problem seems to be in sight. Causes of the risk The first question which comes to mind is reasons due to which high public debt exists. The simple reason for the high debt situation is because government of a country spends more than it earns. Public Debt can actually boost long term growth of the economy if it is used in building productive assets like infrastructure which invite more investment and increases the GDP of the country. However the problem in the developed countries has been that increasing amount of debt has been used to finance non productive activities. United States has been engaged in the decade long war on terrorism which has led to increased military spending and thus higher debt. High levels of pension and social security have been blamed for the Euro zone crisis which is again an unproductive spending (Sanderatne). The immediate reason for the debt levels of developed world to raise post 2006 has been the financial crisis of 2008 and the stimulus packages given by governments to bail out banks and to kick-start the economy (OECD 2011). The US government provided a fiscal stimulus package of $831billion.The problem could have been solved if this stimulus led to an increased growth but the world suffered from a double dip recession which has caused t he developed countries to be in a precarious situation – GDP levels still remain low and the countries have a high debt on their hands. Consequences of High Public Debt High public debt has shown to have impact on the following areas – private savings , public investment , total factor productivity and the real interest rates. When government borrows more, it means that there is limited amount of money available to private investors which leads to lower private investment, lower growth of industries and thus lower employment and wages (Checherita and Rother.). Studies conducted by various researchers such as Manmohan Kumar and Jaejoon Woo for the IMF illustrate that once countries breach the 90 % level of debt , their GDP growth declines by as much as 30 %.Similar results have been obtained by studies which were conducted by the National Bureau of Economic Research (Kumar and Woo.). Debt taken by the government also