The Issue Over Euthanasia And Assisted Suicide - 1231 Words

Sooner or later, each of us will experience that dagger in our heart called grief. Dealing with grief is a challenge like no other. How can you pick up the pieces, heal the wounds, and move on without feeling like you re betraying the memory of your loved one? As a nurse, I have sat with families who have just received that dreaded news that no one ever wants to hear, families who aren’t prepared for the avalanche of emotions that sweep over them when the final moment comes, even if they knew death was imminent. Despite the gamut of emotions we feel, grieving for a loved one helps us cope and heal. The intense, heart-breaking anguish indicates that a deep connection has been severed. Without a doubt, grieving is painful. But it is also†¦show more content†¦Dying with dignity is a growing movement that works to ensure terminally ill Americans have the freedom to choose from a full range of end-of-life options, including how they die (Death with dignity). Currently, onl y four states, California, Oregon, Washington and Vermont have death with dignity laws. Now there are twenty-six other states considering these laws (Death with dignity). The Death with Dignity laws are a great addition to practices already in place. They give patients of all stages of terminal illness the right to end their life before the end stages of pain and suffering occur. Perhaps patients would not have had to endure such suffering which may lead to the removal of life support had she had the right to choose her death long before such life saving devices were needed. I believe that every patient who is suffering has the right to choose to end such suffering. In my first year of critical care nursing, I have also assisted in easing patients suffering during their last few days, hours and breaths. Death and dying acts pertain more to patients who still maintain the ability to seek and obtain specific medication in order to choose when to specifically end their life. I full y support this act as I believe that anyone, at any stage of their illness, has the right to end their suffering. We as medical providers have a legal and moral obligation to not promote pain and suffering,

Pros and Cons of the Exclusionary Rule - 1538 Words

ARGUMENTS IN SUPPORT OF THE EXCLUSIONARY RULE Among the arguments in support of the exclusionary rule4 by its proponents are the following: 1. It deters violations of constitutional rights by police and prosecutors. A number of studies and testimonies by police officers support this contention. 2. It manifests society’s refusal to convict lawbreakers by relying on official lawlessness—a clear demonstration of our commitment to the rule of law that states that no person, not even a law enforcement official, is above the law. 3. It results in the freeing of the guilty in a relatively small proportion of cases. A 1978 study by the General Accounting Office found that, of 2,804 cases in which defendants were likely to file a motion to†¦show more content†¦Among the proposals are the following: _ An independent review board in the executive branch. This proposal envisions a review board composed of nonpolice personnel to review allegations of violations of constitutional rights by the police. The problem with this alternative is that police oppose it because it singles them out among public officials for differential treatment. Moreover, outsiders are viewed by the police as unlikely to be able to understand the difficulties and dangers inherent in police work. _ A civil tort action against the government. This would mean filing an action seeking damages from the government for acts of its officers. It poses real difficulty for the plaintiff, who would have to shoulder the financial cost of the litigation. Most defendants do not have the resources to finance a civil case, particularly after a criminal trial. Low damages awards against police officers usually discourage the filing of civil tort actions except in egregious cases. _ A hearing separate from the main criminal trial but before the same judge or jury. The purpose of the hearing is to determine if, in fact, the officer behaved illegally in obtaining the evidence used during the trial and, if so, to impose the necessary sanctions on the officer. Although this is the least expensive and most expedient alternative, its effectiveness is questionable. If the violation is slight, theShow MoreRelatedPros And Cons Of The Exclusionary Rule1017 Words   |  5 Pagesthe one that we will be d iscussing in this paper is the exclusionary rule. It is the introduction of a good evidence, that it is obtained by a bad law enforcement, is most common in the United State than other countries legal system. To put it in other words, the exclusionary rule is controversial. Therefore, many experts say that it sets criminals free on minor points. In this paper, I will speak about the pros and cons of the exclusionary rule, how it is effecting the criminal justice system of theRead MoreExclusionary Rule Pros and Cons1951 Words   |  8 PagesThe reason we have rules in life are simple, to keep order when there is chaos and to guide our behavior in a way that is acceptable by society’s standards. The reason we have laws and procedures to carry out those laws are simple as well, to keep the government from infringing on its citizen’s constitutional rights. If the government was to rid itself of the exclusionary rule, then it has the potential to be infringing on its citiz ens rights. The government could essentially walk into anyone whoRead MoreThe Evolution of the Exclusionary Rule1733 Words   |  7 Pages The Evolution of the Exclusionary Rule A Historical Analysis And How It Stand Today April Herald Criminal Justice Abstract From historical analysis, this work highlights key cases that have influenced the evolution of the Exclusionary rule and where it stands today. The purpose of this paper is to inform people of the importance of our constitutional rights, especially the fourth amendment when concerning a criminal prosecution. The exclusionary rule is set in place to ensure justiceRead MorePacker s Model Of The Criminal Process3125 Words   |  13 Pagesenforcement agencies possess should be limited to prevent official oppression of the individual. The constitutional rights of the defendant being tried aren t just measly technicalities and the criminal justice authorities should be held accountable to rules, procedures, and guidelines to ensure equality and regularity in the justice process. The criminal justice process should act as its own checks and balances system, which would consist of a series of impediments that act as procedural safeguards whichRead MoreMinimum Tolerance Policies : Zero Tol erance, Zero Education1879 Words   |  8 Pagesbecause the quote says that there is a direct correlation of students suspended are often funneled into the criminal system. Some pros of zero tolerance policies are that suspending and expelling bad children is that because bad children break rules it doesn’t matter what rule was broken or why just that there â€Å"should [be] some type of consequence† (Morin, The Pros and Cons of Zero Tolerance Policies). Which that would be relevant and would work if the things students did were extremely bad like bringingRead MoreSearch and Seizure Essay2432 Words   |  10 Pagesa crime has been or is being committed with probable cause a warrantless search may be conducted. Another important part to the fourth amendment is the exclusionary rule. This rule makes it clear that any evidence seized during an illegal search or violation of the fourth amendment not admissible during a criminal trial. The main goal of this rule was to deter police officers from violating suspects constitutional rights. The forth amendment grew from the experience of the colonials dealingRead MoreUse and Application of the Zero Tolerance Policy in American Schools1773 Words   |  8 Pagesto mandate the application of pre-determined consequences of violation of stated rules. These rules may pertain to a number of issues; drugs, bullying, theft, and corporal punishment. This report will review and explore the various uses of the zero tolerance plan and its applications throughout schools in American society. There will be a study on the effectiveness of zero tolerance, an outline of the pros and cons of its usage, an evaluation of a case scenario as it pertains to the utilizationRead MoreDiversity Management1945 Words   |  8 Pagesothers to bring up those subjects, even in the form of complaints. The more open and authentic the dialogues that take place, the easier it becomes to promote change. Search for behaviors of exclusion. Whether exhibited by yourself or others, many exclusionary behaviors are unintentional—or even wellintentioned, such as assuming a working mother would refuse a weekend travel assignment. Constantly seek out and eliminate such behaviors. Create an environment of advantages. Small, unintentional inequalitiesRead MoreDiversity Management1955 Words   |  8 Pagesothers to bring up those subjects, even in the form of complaints. The more open and authentic the dialogues that take place, the easier it becomes to promote change. Search for behaviors of exclusion. Whether exhibited by yourself or others, many exclusionary behaviors are unintentional—or even wellintentioned, such as assuming a working mother would refuse a weekend travel assignment. Constantly seek out and eliminate such behaviors. Create an environment of advantages. Small, unintentional inequalitiesRead MoreStudy Guide5838 Words   |  24 Pagesthe Declaration of Independence and the Constitution? John Locke The writings of John Locke, a British philosopher of the Enlightenment period, had a profound influence on the Founding Fathers. What was the colonists’ primary complaint about the rule of the British Crown? The American colonists’ primary complaint was that they were subject to heavy taxes from the British Crown. Which of the following was a component of the Coercive Acts? Establishment of martial law, the requirement for the

Tour de France Drug Abuse Essay Example For Students

Tour de France Drug Abuse Essay The question of drug use among athletes in what was previously considered by the unknowing public to be a rather pristine sport, cycling, is important in that it will affect all future Tours and will place them and the athletes under scrutiny. To begin with, in Europe until the 1998 scandal occurred, despite a few exceptions, cycling was considered a drug free sport. The 1998 drug scandal tarnished the Tour de France and the reputation and image of other sports. The media response to the scandal took differing positions on what should be done next to clean up cycling. The scandal also affected advertisements, sales, and without question the 1999 Tour and Lance Armstrong. Since even the most naive fan no longer trusts the cyclists, drug-testing procedures have been instituted. Also, the question now arises regarding medications used by seriously ill cyclists. Certainly, future Tours will be significantly affected. The Union Cycliste Internationale and other sports officials are left with several burning questions; do they seek a better testing system? Clearly, they must protect athletes and the image of sports even though it is costly. Do they perform uniform versus random drug tests? Both are necessary to keep athletes and trainers accountable. In fact, the 1999 Tour promoted both forms of testing (Fife 208). If they do random tests, how do they enforce them? On this point, committees and sports federations are still debating. For years cycling, a grueling, yet glamorous sport in Europe, has been fighting drug use and abuse. Despite a few exceptions, cycling had the reputation, in Europe and in France, of being a clean, pure sport, compared to others, until the 1998 scandal occurred. The question of drug use among athletes in what was previously considered by the unknowing public to be a rather pristine sport, cycling, is important in that it will affect all future Tours and will place them and the athletes under scrutiny. A Clean Reputation: The History of Drugs in the Tour de France In 1967, Tommy Simpson, a British cyclist, died during the Tour de France because of the amphetamines that he took. Succeeding years brought embarrassments: In 1978, the Belgian Michel Pollentier was suspended while leading the Tour de France after he was caught concealing a clean urine sample to trick testers. Furthermore, in 1988, the Spaniard Pedro Delgado won the Tour de France despite having tested positive for using what is known as a masking agent, a substance designed to hide drug use, but one that was not banned by the Tour at that time. Pedro Delgado even argued that somebody put them in his glass, and that he did not even notice it. Still these incidents were considered minor in comparison to the sandal of 1998. Nowhere has the disgrace of doping been felt more dramatically than in the Tour de France, the worlds most prestigious cycling event (Wilson E6). The scandal started on July 8 when Festinas team masseur, Willy Voet crossed the French-Belgian border and was checked by French customs authorities. Driving an official car, issued by the Societe du Tour de France, nobody would have thought that he could be stopped. Voet was carrying plenty of banned substances in his car, which immediately resulted in Voets arrest. The drugs found in the car were erythropoietin (or EPO), human growth hormone, testosterone, syringes, and amphetamines. Voet confessed a few days after being arrested that it was not the first time hed ferried such a haul of performance-enhancing dope to big races, generally, as on this occasion, under order from the Festina team bosses (Fife 201). As soon as the Tour arrived in France on July 14th, the Union Cycliste Internationale (UCI) suspended the professional licenses of Festinas sports directors, Roussel and Ryckaert, and put the leaders of the team, Richard Virenque, Laurent Brochard, and Laurent Dufaux on hold. The following day the Festina team was disqualified from the Tour after some of the riders admitted to a systematic doping program. Nevertheless, the next day Roussels lawyer issued a statement: The Festina manager had informed the police that within the Festina team controlled doping had been introduced to safeguard the riders health and wellbeing. .u3007aa5e171ffc8156363fccba83fe4a , .u3007aa5e171ffc8156363fccba83fe4a .postImageUrl , .u3007aa5e171ffc8156363fccba83fe4a .centered-text-area { min-height: 80px; position: relative; } .u3007aa5e171ffc8156363fccba83fe4a , .u3007aa5e171ffc8156363fccba83fe4a:hover , .u3007aa5e171ffc8156363fccba83fe4a:visited , .u3007aa5e171ffc8156363fccba83fe4a:active { border:0!important; } .u3007aa5e171ffc8156363fccba83fe4a .clearfix:after { content: ""; display: table; clear: both; } .u3007aa5e171ffc8156363fccba83fe4a { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u3007aa5e171ffc8156363fccba83fe4a:active , .u3007aa5e171ffc8156363fccba83fe4a:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u3007aa5e171ffc8156363fccba83fe4a .centered-text-area { width: 100%; position: relative ; } .u3007aa5e171ffc8156363fccba83fe4a .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u3007aa5e171ffc8156363fccba83fe4a .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u3007aa5e171ffc8156363fccba83fe4a .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u3007aa5e171ffc8156363fccba83fe4a:hover .ctaButton { background-color: #34495E!important; } .u3007aa5e171ffc8156363fccba83fe4a .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u3007aa5e171ffc8156363fccba83fe4a .u3007aa5e171ffc8156363fccba83fe4a-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u3007aa5e171ffc8156363fccba83fe4a:after { content: ""; display: block; clear: both; } READ: Why We Should Stop Animal Testing Essay The subtext of this was, naturally: .

The meaning of Persecution Essay Example Essay Example

The meaning of Persecution Essay Example Paper The meaning of Persecution Essay Introduction Over the centuries, Persecution has had many definitions. Sometimes it means more sometimes it means less but at all time, persecution is neither desirable nor anything to admire. Today we are aware of several forms of persecution but in most cases are powerless to stop it.Today the accepted definition of persecution found in the Oxford Dictionary (1993) is:†1 The act persecuting someone or subjecting someone to hostility or ill treatment; the fact of being persecuted; an instance esp. a particular course or period, of this b Harassment, persistent annoyance 2 The action of pursuing with intent to catch, injure or kill; pursuit of a subject etc.†Subjecting someone to hostility or ill treatment is one of the phrases used there and this is precisely what persecution is. A person or a group of people are singled out for extraordinarily heinous treatment. A recent example of this is the holocaust that took place the mid twentieth century, referring to the mass murder and tort ure the Jews suffered at the hands or the Germans.In addition, when the term persecution is used it is taken to mean that the person on the receiving end of the maltreatment has done nothing to warrant it. The persecutors are acting out of malice and perhaps do not even feel the need to explain themselves and when they do their rationalization is based on discriminatory and unjustifiable attitudes.During his ministry, Jesus was victim to people with these types of mind-sets. Jesus maintained that he spoke with authority from God. The religious leaders of Palestine did not like this because he was making the information freely available to people they felt did not deserve to know the scriptures because they thought of them as unlettered, stupid etc. but Jesus paid them no heed. The religious leaders were infuriated at his flagrant disregard and on occasion tried to kill him.Luke 4:28-30{(28)Now all those hearing these things in the synagogue became filled with anger; (29) and they ro se up and hurried him [Jesus] out of the city, and they led him to the brow of the mountain upon which their city had been built, in order to throw him down headlong. (30) But he went through the midst and continued on his way.} This episode occurred after he declined to perform miracles in Nazareth, comparing himself to Elijah who the Jewish people held in high esteem. The Jewish men of the synagogue were incensed at the presumptuousness of it and riled so far as to attempting to kill him.He did not halt in his good works however as verse 30 shows. Later on he performs a miracle on the Sabbath day a day that the Jews regarded as holy and would endeavour not to work. When he cured the man with the withered hand they weren’t happy. In Luke 6:11{(11) But they became filled with madness, and they began to talk over with one another what they might do to Jesus.}Jesus did not allow the powerful men’s obvious disdain stop the progress of his ministry. Though they frequently made it clear how contemptuously they regarded him he did not allow this to deaden his spirit.These same religious leaders handed him over to the Roman authorities for being a revolutionary and he was condemned for so-called heresy and executed by crucifixion. The events leading up to his iniquitous death are found in Chapter 23 of Luke. They did not let him die peacefully rather they taunted and ridiculed him until he finally died. It was down to the Pharisees and Sadducees that he was subjected to a criminal’s death and instead of feeling remorse they were proud of themselves.Persecution in the Modern dayDespite the large numbers of Christians today, some 1.6 billion, a lot of this number are just the kind of hang-on Christian. This is the sort of person who takes their families to church on Sunday’s and at Christmas and possesses a vague sense of conscience. In the west choosing ones religion is as easy as choosing an outfit of a morning. Being in the west we are no t subject to a lot of the things that goes on today against Christians.In several countries where human rights are practically non-existent, Christians have been tortured and persecuted up until this day. In an article posted on the Internet (www.worldnetdaily.com), barely more than a year ago, heinous images of the pain of innocents are painted. The article refers to the bombings in the Philippines that occurred in late 2003and says â€Å"little has been made of the fact that these attacks were aimed specifically at Christians.† Art Moore, the author calls it â€Å"one of the most neglected stories† and it is true that not many people are aware of the true cause of the bombings. An estimated .2 billion, over 10%, of Christians worldwide suffer from malicious treatments from various governments.For example in China several hundreds of Chinese Christians are being forced through â€Å"re-education through labour† camps. In Iran the Christians suffer arrest, impri sonment and torture on account of their faith and leaving Islam is considered a criminal offence. Nigerian Christians routinely have their churches burnt down, Saudi governments put a ban on practicing Christianity and for someone to convert to Christianity from Islam is punishable by death penalty. Crucifixion and slavery are still practiced in Sudan and the violations repeatedly conducted against Christians are endless and horrendous.So how does persecution affect Christians today? The schism between hemispheres is great. Most Christians today have no idea of what is happening in places like Pakistan where mobs and fundamentalist Muslim’s brazenly target Christians.The sort of persecution western Christian’s face today is mainly from revolutionary scientists and atheists who seek to discredit the bible by making it outdated. Christian’s are often subject to ridicule in today’s â€Å"modern-thinking† generation. Scientist’s who claim  "God is dead† however do nothing more than mock. Nevertheless some people find themselves giving thought to the anti-Christianity remarks made by these scientists and these people may lose their faith.To Christians living in different parts of the world persecution will mean different things. A Christian living in England would never expect to be raped maimed and killed to be made an example of. Christian’s living in the upper Nile region of Sudan could plausibly expect this as it would not be the first time it had happened. Conversely the words of a self-important scientist would hardly likely test the faith of Christians who barely escaped alive from mass murder of friends in the faith. A quote from the Christians of Turkmenistan expresses this difference well. They claim that although their persecution is physical the lure of materialism could be just as devastating for the western Christians.Materialism is basically the striving after material things. Without notici ng a Christian could find him or herself putting money and prestige before their faith and becoming increasingly unscrupulous. The same Christians of central Asia also requested this of their fellow Christians. â€Å"Please pray not that our persecution will go away, but that there will be enough persecution to keep us focussed on our Lord, but not too much to break us.†Jesus warned his disciples many times that following him would be a struggle.Back in his day one had to carry the cross you were going to be crucified on and labour up the countryside. Jesus told his followers that they would have to take up their cross to follow him.Wherever it is, persecution is always designed to disillusion people of whatever faith. This is the one thing all persecutions have in common, from the crucifixion of Jesus, to the inquisition to the modern day; however the important thing is to withstand it and that is the one thing all religions have in common.†Christians should expect per secution†For a long time Christians were persecuted for their beliefs. In the first century, early Christians were victimized endlessly. Because the Christian church was so small and new, the leaders did not like it. For much of the late first century in the Roman Empire being a Christian was illegal and punishable by incarceration. During these times, many Christians became Martyrs for their faith.Some People may say that because of this Christians should recognize their duty to give up their life for the cause, as did the early Christians. A Christian now should have the same faith as any Christian the first century. Also many of St Paul’s letters to the Galatians, Ephesians, and Colossians etc. were giving them encouragement to withstand persecution and also let them know just how many obstacles he was facing in his own missionary work. Christian’s are expected to believe in the entire bible trusting that the whole book is still as relevant today as it ever wa s. This means accepting that St Paul’s encouragements should have just as much application to today’s Christian as to a Christian in C1.But today we live in a society that recognises the faith of every human being to practice whatever religion they choose so in this way no people should expect to be persecuted nevertheless many faiths are. Christians who are lucky enough to live in area’s where there are no difficulties should count themselves blessed.However remember that Jesus warned his disciples to expect persecution on account of his name. Whether or not Christians are being persecuted or not their faith should remain strong enough to withstand oppression. I think the important thing here is for a Christian to feel in himself that his faith is strong enough to endure. St Paul made mention of the tested quality of faith being a lot more valued by God. Whether or not a Christian expects persecution their quality of faith should not depend on external influenc es but rather on themselves.It was Jesus Christ who founded the Christian Church and he was ruthlessly pursued. St Paul too was a central figure and never was he left alone. He was constantly imprisoned due to his missionary work. He never let anything get him down. All Christians should try to follow his example and that of the Christ because keeping the faith is one of the central precepts of Christianity.In conclusion I think that no one of any faith should anticipate ill-treatment. Christians are supposed to tolerate all faiths and in so doing should expect no less from others, a manifestation of the Golden Rule. Notwithstanding this however no Christian should feel him or herself so far against the wall that they should take the easy way out. The meaning of Persecution Essay Thank you for reading this Sample!

Testing the hypothesis that monetary policy responds to stock market movements The WritePass Journal

Testing the hypothesis that monetary policy responds to stock market movements Abstract Testing the hypothesis that monetary policy responds to stock market movements AbstractIntroductionMonetary policy should or should not responds to stock market movementsSupporting the hypothesisRejecting the hypothesisTesting significant coefficientsTesting a good fitTesting autocorrelationTesting heteroskedasticityTesting misspecificationGeneralized method of moments (GMM)Interpreting resultsConclusionReferencesRelated Abstract This paper highlights a problem in using the OLS model of Taylor’s rule, including lagged value of fed funds rate and stock indexs return to address whether the monetary policy should respond to asset prices movement or not. However, to know more exactly about the direct or indirect relationship between stock prices and the monetary rules, the more efficient method of Generalized method of moments (GMM) needs to be carried out based on an instrument list of output gap, growth rate of real GDP and inflation. The combination of two above methods gives reasonable results in our empirical framework. In order to derive accuracy empirical result, two country (US 1990-2009, UK 1990-2009) data would be provided in the paper. Introduction In modern macroeconomics, there is a considerable amount of interest in understanding the question whether the central banks should response or ignore asset price volatility. This question has been a controversial issue since the Federal Reserve Chairman Greenspan sparked it, as one of irrational exuberance as early as 1996, then was followed by Bernanke and Gertler (1999), Cecchetti (2000), Adam Posen (2006) and many other authors. No agreement has been reached but what all researchers agree on is the necessity of further research on the nature of asset price movement, how they affect the economy and the effect of money policy on volatilities. This paper attempts to estimate this multilateral relationship based on ongoing researches in this field. There are several reasons why the correlation between monetary-policy framework and asset bubbles is an important issue. From the perspective of central banks, dependable estimates of the reflection of asset prices to the policy instrument plays an essential role in formulating effective policy decisions. In reality, the effect of the short-term interest rates on asset prices has caused much of transmission of inflation targeting. Moreover, the attention of financial press for the Federal Reserve performance states the significant influence of monetary on financial markets. Hence, a well-performed economy does need to have accurate estimates of the reaction of asset prices to monetary policy. In order to approach these issues, we develop an OLS estimation using simple regression Taylor Rule (1993) and apply Generalized Method of Moments (GMM) to deal with the relationship between monetary policy and asset price movements. The paper proceeds as follows. Section 2 presents the theoretical framework, in which empirical debates from recent authors including supporting and rejecting are particularly discussed. Data and Testing Method and Empirical Framework are described in section 3. Section 4, empirical framework, is going to present the descriptive statistics with testing procedures of hypothesises. Results on the responsiveness of stock prices and interest rates to monetary policy coming through all of the actual testing process from data collection are presented in section 5 and section 6. Theoretical Framework How a central bank should set short-term interest rates Taylor (1993)[1] estimated policy reaction functions and found that monetary policy can often be well approximated empirically by a simple instrument rule for interest rate setting. The following is one variant of the Taylor rule: it = r* + Ï€* + ÃŽ ²(Ï€t – Ï€*) + ÃŽ ³(yt – yN) where ÃŽ ² , ÃŽ ³ 0; r* is the average (long-run) real interest rate. Taylor (1993) found that ÃŽ ²=1.5 and ÃŽ ³=0.5: it = r* + Ï€* + 1.5(Ï€t – Ï€*) + 0.5(yt – yN) The Taylor rule is acknowledged by all to be a simple approximation to actual policy behavior. It represents a complex process with a small number of parameters. Monetary policy should or should not responds to stock market movements In recent decades, in line with the development of stock market, which provide information about the current and future course of monetary policy goal variables – inflation, employment, and output, the monetary authority should respond to equity price. A more controversial role of equity prices in the monetary policy process concerns whether the monetary policy should or should not take a direct interest in stock market. It has attracted many researchers to discuss about the usefulness and test the validity of the hypothesis that monetary policy responds to stock market movements. Those researches have created many different results of both supporting and rejecting the hypothesis. Supporting the hypothesis Some of the supporters for the hypothesis that the reaction to misalignments in stock prices would have impact on the monetary policy rules are Cecchetti et al. (2000), and Jeff Fuhrer and Geoff Tootell (2004). Cecchetti used a linear rational expectations model, focusing on the output gap and inflation expectations some primary elements in the policy rules- to support the hypothesis. Hence, the result showed that if the estimation errors are positively correlated, both inflation and misalignments with a positive coefficient increases the impact on the monetary policy. By contrast, Jeff Fuhrer and Geoff Tootell took the regression from the form of Taylor policy that used correlations among the funds rate and the gap measure, a four-quarter moving average of inflation, the real GDP and the lags of stock prices. After that, they used GMM to estimate the regression. Because the data used are ex-post, the policy actions should be taken to the stock prices movements. However, there are still some contention is that this counter-argument is not entirely valid and these come from several antagonists like Bernanke and Gertler with their predominant abstractions (1999 and 2001). Rejecting the hypothesis There have been a significant number of advocates against the responsiveness of central banks to asset price movement in their policy formulation so far. Two of the most important contributors in this field are Bernanke and Gertler with their two seminal studies (1999 and 2001). On the basis of non-optimizing models of monetary policy, where coefficients of interest rates on GDP and inflation is selected specifically, Bernanke and Gertler generated the result that inflation-targeting policymakers should not take asset prices into account other than changes in expected inflation are foreshadowed. Adam Posen (2006), likewise, has argued that central banks need not target asset prices, but would be well advised to monitor them, when those bubbles get very far out of line. By studying the correlation between periods of monetary easing and property bubbles, he found the hypothesis that quantitative easing would result in asset volatility unsupported. These results are challenged among other researchers including Roubini Nouriel (2006), Andrew Filardo (2004), especially Stephen Cecchetti (2000). Cecchetti arrived at the different results, even though one portion of the testing method he employed was the same with Bernanke and Gertler (1999). Data and testing method U.S. Data selection The data that being selected reflects the period from Q1/1990 to Q4/2009 in the U.S., including time series of Inflation: Cpi all Items City Average   /Index Number /Base year: 2005 /averages   /Cnt: United States   /Source: IMF, Wash Fed Funds Rates: Discount Rate (end of Period)   /percent per annum /stocks   /Cnt: United States   /Source: IMF, Wash Real GDP: Gdp vol 2005 Ref., Chained   /U.s. Dollars ,billions of .. /averages /constant prices (seas. /Cnt: United States   /Source: IMF, Wash SP500 stock index: Finance.Yahoo.Com, the quarterly close price index. Stock Index SP500 is chosen because it is typically weighted averages of the prices of the component stocks. Very often dividends are excluded from the return calculation of the index. The composition of most indices changes occasionally, so that a long time series will not be made up of return from a homogeneous asset. In this paper, we prefer the continuous compounded definition of using logarithm because multi-period returns are then sums of single-period returns. This could make time series of data more smoothing and increase the exactness of estimation[2]. The regressions take the form of Taylor rule, augmented to allow partial-adjustment or â€Å"interest rate smoothing†, or more simply the conclusion of a lagged fed funds rate, as discussed in Clarida, Gali, and Gertler (1998). We begin with the regression, in which the fed funds rate responds to contemporaneous observations on a â€Å"gap† measure (either the unemployment rate or a Hodrick-Prescott detrended real GDP gap[3]), a four-quarter moving average of an inflation measure, the growth rate of real GDP, and lags of a variety of stock price measures. Unit root test for f – log(fed funds rate) Possibly, there is some omitted variables causing autocorrelation. We need to use unit root tests for random variables. Null Hypothesis: F has a unit root Exogenous: Constant Lag Length: 4 (Automatic based on SIC, maxlag=11) t-Statistic   Ã‚  Prob.* Augmented Dickey-Fuller test statistic -3.380296   0.0148 *MacKinnon (1996) one-sided p-values. As might be seen from the graph, there is a downward trend of fed funds interest rates. The unit root test gives an idea that there should be an inclusion of a lagged dependent variable  Ã‚   Inflation – 100*(log(CPI)t-log(CPI)t-4) Delta_Y – 100*(log(real_gdp)t-log(real_gdp)t-1) GAP – a Hodrick-Prescott detrended real GDP gap U.K. Data selection The following covers the period from Q1/1990 to Q4/2009 in U.K, including time series of   Inflation: Cpi all Items City Average   /Index Number /Base year: 2005 /averages   /Cnt: United States   /Source: IMF, Wash Bank of England Interest Rates: Discount Rate (end of Period)   /percent per annum /stocks   /Cnt: United States   /Source: IMF, Wash Real GDP: Gdp vol 2005 Ref., Chained   /U.s. Dollars ,billions of .. /averages /constant prices (seas. /Cnt: United States   /Source: IMF, Wash FTSE 100 stock index: Finance.Yahoo.Com, the quarterly close price index. Stock Index FTSE 100 is chosen because it is typically weighted averages of the prices of the component stocks. Very often dividends are excluded from the return calculation of the index. The composition of most indices changes occasionally, so that a long time series will not be made up of return from a homogeneous asset. In this paper, we prefer the continuous compounded definition of using logarithm because multi-period returns are then sums of single-period returns. This could make time series of data more smoothing and increase the exactness of estimation[4]. The regressions take the form of Taylor rule, augmented to allow partial-adjustment or â€Å"interest rate smoothing†, or more simply the conclusion of a lagged fed funds rate, as discussed in Clarida, Gali, and Gertler (1998). We begin with the regression, in which the fed funds rate responds to contemporaneous observations on a â€Å"gap† measure (either the unemployment rate or a Hodrick-Prescott detrended real GDP gap[5]), a four-quarter moving average of an inflation measure, the growth rate of real GDP, and lags of a variety of stock price measures. Unit root test for f – log(fed funds rate) Possibly, there is some omitted variables causing autocorrelation. We need to use unit root tests for random variables. Null Hypothesis: I has a unit root Exogenous: Constant Lag Length: 1 (Automatic based on SIC, maxlag=11) t-Statistic Prob.* Augmented Dickey-Fuller test statistic -1.281177 0.6347 As might be seen from the graph, there is a downward trend of fed funds interest rates. The unit root test gives an idea that there should be an inclusion of a lagged dependent variable. Inflation – 100*(log(CPI)t-log(CPI)t-4)        Ã‚   OUTPUT_GAP   – 100*(log(real_gdp)t-log(real_gdp)t-1) Empirical Framework U.S. Data test section Methodology Following the Taylor’s rule, a regression of the model below is going to be estimated: It = a + bIt-1 + cGapt + dΔyt + zÏ€t + ∑ekst-k (1) In which: It: the quarterly average of the daily observations on the federal funds rate Gapt: the Hodrick-Prescott detrended real GDP gap Ï€t: the four-quarter moving average of the rate of inflation in the consumer price index Δyt: the quarterly percentage change in real GDP st-k: the quarterly percentage change in a stock price index, lagged as k intervals We choose this specification to begin with because it represents a simple augmentation of the canonical Taylor rule, without worrying about the potential simultaneity between the current funds rate and the current stock prices[6]. Importantly, (1) differs from (0) since we consider more lagged values of the fed funds rates (It-1) and the asset price movements (∑ekst-k). When we estimate equation (1), we set the following null hypothesi { H0: ek = 0 H0: ek # 0 If we accept the above null hypothesis, we may safely claim that monetary policy is not accepted by asset price movements. If we reject the above null hypothesis, we may safely claim that asset price movements play a role in determining monetary policy. We start estimating equation (1) by using only one lag of st and then we proceed from specific to general to decide the correct number of lags (in other words, we estimate the model again by including more lags until we meet a lagged regressor, which is not significan Eview results of estimating equation (1) using 1 lagged value of st Dependent Variable: F Method: Least Squares Date: 02/07/11  Ã‚   Time: 23:57 Sample (adjusted): 1991Q1 2009Q4 Included observations: 76 after adjustments Variable Coefficient Std. Error t-Statistic Prob. C -0.123706 0.082768 -1.494617 0.1395 F(-1) 0.852312 0.051377 16.58952 0.0000 GAP 0.010505 0.028245 0.371928 0.7111 DELTA_Y 0.129730 0.040953 3.167808 0.0023 INFLATION 0.064981 0.026331 2.467884 0.0160 S(-1) 0.010320 0.003063 3.368900 0.0012 R-squared 0.918894   Ã‚  Ã‚  Ã‚  Mean dependent var 1.194237 Adjusted R-squared 0.913101   Ã‚  Ã‚  Ã‚  S.D. dependent var 0.658791 S.E. of regression 0.194203   Ã‚  Ã‚  Ã‚  Akaike info criterion -0.364172 Sum squared resid 2.640028   Ã‚  Ã‚  Ã‚  Schwarz criterion -0.180167 Log likelihood 19.83853   Ã‚  Ã‚  Ã‚  Hannan-Quinn criter. -0.290634 F-statistic 158.6138   Ã‚  Ã‚  Ã‚  Durbin-Watson stat 1.742329 Prob(F-statistic) 0.000000 It might be noted that the coefficient to s(-1) of 0.010320 is positive and statistically significant (p-value=0.0012 much lower than ÃŽ ±=0.05).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Eview results of re-estimating equation (1) using 2 lagged value of st Dependent Variable: F Method: Least Squares Date: 02/07/11  Ã‚   Time: 23:59 Sample (adjusted): 1991Q1 2009Q4 Included observations: 76 after adjustments Variable Coefficient Std. Error t-Statistic Prob. C -0.150214 0.086749 -1.731607 0.0878 F(-1) 0.869165 0.053967 16.10563 0.0000 GAP 0.008441 0.028311 0.298142 0.7665 DELTA_Y 0.148092 0.044741 3.310002 0.0015 INFLATION 0.064308 0.026332 2.442183 0.0172 S(-1) 0.009965 0.003082 3.232900 0.0019 S(-2) -0.003290 0.003233 -1.017793 0.3123 R-squared 0.920094   Ã‚  Ã‚  Ã‚  Mean dependent var 1.194237 Adjusted R-squared 0.913145   Ã‚  Ã‚  Ã‚  S.D. dependent var 0.658791 S.E. of regression 0.194153   Ã‚  Ã‚  Ã‚  Akaike info criterion -0.352758 Sum squared resid 2.600980   Ã‚  Ã‚  Ã‚  Schwarz criterion -0.138085 Log likelihood 20.40479   Ã‚  Ã‚  Ã‚  Hannan-Quinn criter. -0.266964 F-statistic 132.4186   Ã‚  Ã‚  Ã‚  Durbin-Watson stat 1.789665 Prob(F-statistic) 0.000000 We may note that the second lag of s (s(-2) of -0.003290) is not significant (p-value of 0.3123 much higher than ÃŽ ±=0.05) whereas the first lag s(-1) is still positive and significant (p-value=0.0019 lower than ÃŽ ±=0.05). This implies that the correct choice about the number of lags implies that we need to include only the first lagged value of the stock index’s return. Testing significant coefficients The statistically significant positive coefficient to s(-1) implies that the asset price goes up Fed should increase interest rate. Inflation and real GDP growth rate are significant (p-values are 0.0023 and 0.0160 less than ÃŽ ±=0.05) whereas gap is insignificant (p-value of 0.7665 much higher than ÃŽ ±=0.05). However, there are some conflicts with the theory if the gap is removed out of the specification.   Indeed, R-squared and Adjusted R-squared show that the model explains the dependent variable more than 90%. It is necessary to examine the model by applying GMM (the generalized method of moments). Testing a good fit As we can see, R2 of 0.918894 and Adjusted R2 of 0.913101 show that the model explains above 90% changes of fed fund rates. F-statistic also depicts that all regressors are jointly significant. This seems to support the view of Cecchetti et al. (2000).                  Testing autocorrelation Durbin’s h test, with n=76, we have   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   d = 1.742329   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   h=(1-d/2)√(n/(1-n/error(b))) = 1.2559142007 z-critical = 1.96 We cannot reject H0 of Durbin’s h test and conclude that this model does not suffer from serial correlation. Breusch-Godfrey Serial Correlation LM Test: F-statistic 1.001164   Ã‚  Ã‚  Ã‚  Prob. F(4,66) 0.4134 Obs*R-squared 4.347625   Ã‚  Ã‚  Ã‚  Prob. Chi-Square(4) 0.3610 Both the LM statistic and the F statistic are quite low, suggesting that we cannot reject the null of no serial correlation (p-value of 0.3610 is much higher than ÃŽ ±=0.05). Therefore, both Durbin’s h and Breusche-Godfrey test conclude that this model does not suffer from autocorrelation. The analysis above lets us to give a positive answer to the first question we posed before. The significance of the lagged value of s implies that asset price movement plays a role in refining monetary policy. Testing heteroskedasticity Both Breusch-Pagan-Godfrey statistic (16.19839) and F statistic (3.792163) are quite high, suggesting the rejection of the null hypothesis of the heteroskedasticity test (p-values of 0.0063 and 0.0043 are much less than ÃŽ ±=0.05). As can be seen from the test results, coefficients of gap, delta_y, and s(-1) are insignificant. Contrastingly, the inflation might have certain impact on the variance of the error terms. Heteroskedasticity Test: Breusch-Pagan-Godfrey F-statistic 3.792163   Ã‚  Ã‚  Ã‚  Prob. F(5,70) 0.0043 Obs*R-squared 16.19839   Ã‚  Ã‚  Ã‚  Prob. Chi-Square(5) 0.0063 Scaled explained SS 55.18278   Ã‚  Ã‚  Ã‚  Prob. Chi-Square(5) 0.0000 With White’s test with no cross products, the p-values of both White’s statistic (0.0895) and F statistic (0.0879) are higher than ÃŽ ±=0.05 and these tests do not conclude a rejection of no heteroskedasticity. Heteroskedasticity Test: White F-statistic 2.009014   Ã‚  Ã‚  Ã‚  Prob. F(5,70) 0.0879 Obs*R-squared 9.537445   Ã‚  Ã‚  Ã‚  Prob. Chi-Square(5) 0.0895 Scaled explained SS 32.49105   Ã‚  Ã‚  Ã‚  Prob. Chi-Square(5) 0.0000 In White’s test with cross products, both White’s statistic F statistic with p-values nearly zero illustrate that there is a conclusion of a rejection of no heteroskedasticity. Therefore, there is evidence of heteroskedasticity. Intuitively, delta_y*s(-1) and inflation*s(-1) do not have a significant impact on the variance of error terms (p-values are 0.3398 and 0.2187 much higher than ÃŽ ±=0.05, respectively). This might imply that the relationship between delta_y and inflation with s(-1) should be examined in GMM application. Heteroskedasticity Test: White  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  F-statistic 7.540388   Ã‚  Ã‚  Ã‚  Prob. F(20,55) 0.0000 Obs*R-squared 55.68978   Ã‚  Ã‚  Ã‚  Prob. Chi-Square(20) 0.0000 Scaled explained SS 189.7174   Ã‚  Ã‚  Ã‚  Prob. Chi-Square(20) 0.0000 The graph of residuals also shows that the model does not fit the data precisely (there are more and more underestimates and overestimates, especially from 2000 to 2009). Testing heteroskedasticity possibly implies that the traditional view as the equation (1) might be violated by heteroskedasticity of cross products. The co-efficiencies are still unbiased and consistent. This has a wide impact on hypothesis testing neither the t statistics or the F statistics are reliable any more for hypothesis testing because they will lead us to reject the null hypothesis too often. This is possible reason to examine whether the relationship between the stock index’s return and fed funds rate is direct or indirect. Testing misspecification In Ramsey RESET test, since the p-values of 0.1056 (Likelihood ratio) and 0.1245 (F-statistic) are both higher than ÃŽ ±=0.05, we cannot reject the null hypothesis of correct specification. Notice, as well, that the coefficient of the squared fitted term is not significant (t-stat = 1.555220). Ramsey RESET Test Equation: LAG1_V Specification: F C F(-1) GAP DELTA_Y INFLATION S(-1) Omitted Variables: Squares of fitted values Value df Probability t-statistic   1.555220   69   0.1245 F-statistic   2.418708 (1, 69)   0.1245 Likelihood ratio   2.618454   1   0.1056 Generalized method of moments (GMM) We will evaluate whether the asset price movement plays a role directly or indirectly through its effects on inflation and output growth. We can do this by using a GMM estimator, which is an instrumental variable approach. By applying the forward-looking extension for Taylor rule, the instrument list of gap (a Hodrick-Prescott detrended real GDP gap), delta_y (the growth rate of real GDP) and inflation (inflation rate) will be taken to perform GMM. Dependent Variable: F Method: Generalized Method of Moments Date: 02/13/11  Ã‚   Time: 14:11 Sample (adjusted): 1991Q1 2009Q1 Included observations: 73 after adjustments Linear estimation with 1 weight update Estimation weighting matrix: HAC (Bartlett kernel, Newey-West fixed   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  bandwidth = 4.0000) Standard errors covariance computed using estimation weighting matrix Instrument specification: GAP(+1) GAP(+2) GAP(+3) DELTA_Y(+1)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  DELTA_Y(+2) DELTA_Y(+3) INFLATION(+1) INFLATION(+2)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  INFLATION(+3) Constant added to instrument list Variable Coefficient Std. Error t-Statistic Prob. C 0.111616 0.401825 0.277772 0.7820 F(-1) 0.658808 0.294358 2.238116 0.0285 GAP 0.065476 0.072798 0.899426 0.3716 DELTA_Y 0.169216 0.215013 0.787001 0.4341 INFLATION 0.050838 0.045147 1.126059 0.2642 S(-1) 0.028287 0.029343 0.964010 0.3385 Interpreting results The relationship between inflation and real GDP with fed funds rate As OLS’ result, the growth rate of real GDP and inflation affects positively the dependent variable and it is statistically significant, while the gap is not. However, it might be spurious if the gap is removed because the heteroskedasticity testing shows that the OLS model (1) is no longer the most efficient estimator[1]. The relationship between FTSE100 and Bank of England interest rate As GMM’s result, it is important to pay attention to the coefficient associated to s(-1). As OLS’ result, it is positive and significant but this time it is not statistically significant in GMM’s result. This implies that the asset price movements affect the way in which the monetary policy is set only indirectly and not directly.   Consequently, asset price movements have impact on fed funds rates indirectly. Conclusion In conclusion, the results of this project show that the hypothesis that refer to whether the volatility of the stock price would affect the monetary policy, in some mood, is proved to be indirectly impact the policy making. These results might be caused by the limitation of this project. Compare to Cecchetti et al. (2000) who focused on using some estimation of primary elements in the policy rules, including the output gap and inflation expectations to produce the hypothesis. He supposed that these elements would have to depend on some estimation of the evolution of stock prices providing that the asset prices affect the economy’s path. However, we build up two models to by OLS and GMN to test the hypothesis. For GMM, we compare the data and observe that the co-efficient are insignificant. At this time, we switch to OLS model, surprisingly found that the co-efficient of GAP is insignificant. Moreover, it is still controversial to clear about the strength of the endogeneity test for GMM estimation because we do not have another test to compare with. This is the reason why the instrument list we choose is still controversial. However, the data we estimate is enough that is perfectly applies to the line with the theory of Taylor rule that is approximately well estimated, significant of R, Two of the most important contributors in this field are Bernanke and Gertler with their two seminal studies (1999 and 2001). On the basis of non-optimizing models of monetary policy, where coefficients of interest rates on GDP and inflation is selected specifically, Bernanke and Gertler generated the result that inflation-targeting policymakers should not take asset prices into account other than changes in expected inflation are foreshadowed. Adam Posen (2006), likewise, has argued that central banks need not target asset prices, but would be well advised to monitor them, when those bubbles get very far out of line. By studying the correlation between periods of monetary easing and property bubbles, he found the hypothesis that quantitative easing would result in asset volatility unsupported. Therefore, the results of t his project may reflect the nature. It is likely that the volatility of stock price would have effect on the monetary policy. In order to meet the needs of inflation targeting which is proved by the classical economy theory that slightly inflation could stimulate the real economy, the central bank authorities do evaluate these two factors when making monetary policy decision to maintain the asset price is neither too high nor too low so does the inflation rate. References Jeff Fuhrer and Geoff Tootell. â€Å"Eyes on the Prize: How Did the Fed Respond to the Stock Market†. Federal Reserve Bank of Boston, Discussion Papers, April 2004, No. 04-2. Bernanke, Ben and Gertler, Mark. â€Å"Money Policy and Asset Volatility†. Federal Reserve Bank of Kansas City Economic Review, Fourth Quarter 1999, 84(4), pp. 17-52. Bernanke, Ben and Mark Gertler â€Å"Should Central Banks Respond to Movements in Asset Prices† American Economic Review, May 2001. Posen, Adam S. (2006) â€Å"Why Central Banks Should not Burst Bubbles†, Institute for International Economics, Washington, DC, working paper 01/06. Filardo, Andrew (2004) â€Å"Monetary Policy and Asset Price Bubbles: Calibrating the Monetary Policy Trade-Offs,† BIS working paper No.155, Basel. Roubini, Nouriel, (2006), â€Å"Why Central Banks Should Burst Bubbles†. International Finance 9, no.1 Cecchetti, Stephen ; Genberg, Hans; Lipsky, Jonhn and Wadhwani, Sushil. â€Å"Asset Prices and Central Bank Policy†. LondonInternationalCenter for Monetary and Banking Studies, 2000 Stephen J.Taylor. â€Å"Asset Price Dynamics, Volatility, and Prediction†. PrincetonUniversity Press 2005. Dimitrios Asteriou and Stephen G.Hall. â€Å"Applied Econometrics – A modern approach†, Palgrave Macmillan, revised edition 2006, 2007. H.Studentmund. â€Å"Using Econometrics: A practical Guide†. Pearson 2000, International Edition, 5th edition. Jeff Fuhrer and Geoff Tootell. â€Å"Eyes on the Prize: How Did the Fed Respond to the Stock Market†. Federal Reserve Bank of Boston, Discussion Papers, April 2004, No. 04-2. Bernanke, Ben and Gertler, Mark. â€Å"Money Policy and Asset Volatility†. Federal Reserve Bank of Kansas City Economic Review, Fourth Quarter 1999, 84(4), pp. 17-52. Bernanke, Ben and Mark Gertler â€Å"Should Central Banks Respond to Movements in Asset Prices† American Economic Review, May 2001. Posen, Adam S. (2006) â€Å"Why Central Banks Should not Burst Bubbles†, Institute for International Economics, Washington, DC, working paper 01/06. Filardo, Andrew (2004) â€Å"Monetary Policy and Asset Price Bubbles: Calibrating the Monetary Policy Trade-Offs,† BIS working paper No.155, Basel Roubini, Nouriel, (2006), â€Å"Why Central Banks Should Burst Bubbles†. International Finance 9, no. Cecchetti, Stephen ; Genberg, Hans; Lipsky, Jonhn and Wadhwani, Sushil. â€Å"Asset Prices and Central Bank Policy†. LondonInternationalCenter for Monetary and Banking Studies, 2000 Stephen J.Taylor. â€Å"Asset Price Dynamics, Volatility, and Prediction†. PrincetonUniversity Press 2005 Dimitrios Asteriou and Stephen G.Hall. â€Å"Applied Econometrics – A modern approach†, Palgrave Macmillan, revised edition 2006, 2007. H.Studentmund. â€Å"Using Econometrics: A practical Guide†. Pearson 2000, International Edition, 5th edition.

Critical Analysis of the Article from both POSITIVE and NEGATIVE Essay - 3

Critical Analysis of the Article from both POSITIVE and NEGATIVE aspects - Essay Example This is where the authors claim to have an alternative paradigm which can attempt to answer this paradox. Based on this assumption, authors therefore have recommended a different and alternative approach of rental/access perspective. The authors therefore claim that based on viewing services from this lens will offer a greater insight into the development of products as services as well as to view the time in more elaborative manner in order to design services and products in complimentary manner. Thus the authors have attempted to challenge the basic ideas formulated to define and discuss the services marketing due to the changes that took place due to internet and other forms of services which require less or no human interaction. Services in such perspectives therefore require a comprehensively different and unique paradigm to understand and define services. What is also the stronger point of this article is the fact that it has attempted to reconcile the ideas that has emerged from both the European scholars as well as the American scholars. The need to have dialogue and reconciliation of ideas therefore can provide a common ground to undertake future research on the topic of services marketing. The conclusion of this article indicates that due to emergence of new and fundamentally different and more fluid business models, it is necessary that the more robust frameworks must be developed in order to accommodate the relative changes that take place. This article however, does not provide the way as to how the different changes that unfold themselves into the future can be captured with the existing frameworks. Till new paradigm emerged and services marketing take an entirely new shape, existing theoretical models must be changed or designed in such a manner that they must undertake to capture these changes. This article also lacks in providing

Evil And Angel Nature Of Human Being Essay Example | Topics and Well Written Essays - 2000 words

Evil And Angel Nature Of Human Being - Essay Example The prominent characteristics are identified by the environment in which an individual is nurtured. Nevertheless sometimes nature takes over the nurture but it happens seldom. The most observed and admitted phenomenon is stated by the impact of after birth growth, environment and nurture. This clearly implies the fact that both of the paths are primarily inducted in human nature but the prominent one is influenced through his or her worldly learning (Nietzsche and Faber, 1998). It can be deduced that human beings are not bad from their core; rather they are created by inducting good nature among them. Scientific Arguments In lieu of asking the least fundamental question of searching the fact about the nature of newborn babies, it is exemplified that the mind of a baby has been just similar to an empty showcase. In the empty showcase, the baby will retain the things which will be gifted to him or her in the new world. However it is medically proven that babies take the influence of th e outer world before even the mother gives birth to him. Human children get direct influence from the nature of parents, grandparents, outer environment and from the mood of their mother when they are inside their mothers’ bellies. The study of human genetics reveals the fact from the study of DNA and genes. However it might also go opposite as well because it all depends over the strength of influential factors on pre birth child psychology (Ridley, 2003). Motivation behind Evil Acts Human children are as wonderful creature as they have least cultural influence at the time of birth however it goes embossed with the passage of time. Local experimental research had been conducted by the scholars of Yale University. The results explained that kids of little ages also have a comparative sense of good or bad and they are aware to prefer good over bad. However this is the part of learning which is taught to them. Still the question of evil doings arises as many of people in this w orld indulge in evil conducts by knowing the consequences and poisonous upshots. There might be two reasons of continuing evil conducts which are empirically examined and proven i.e., Consequences are not directly linked to harm their interests second, they are enforced to continue what they have been doing because the consequences are significant enough to harm them sufficiently. It is seldom observed that people continue bad doings while they were unknown as they are used to do well usually. Mostly this case is observed with younger beings or in religious or legal matters on the basis of lack of related knowledge (Stafford, 2013). What Makes a Man Evil? There are several psychological factors as well which are enough significant to change the behavior of an individual. For instance jealousy is a factor which further turns into revenge and conspiracy sort of evil in the society. In today’s modern and contemporary environment, everybody struggles to run faster in the race of social class, fashion, income and knowledge. Jealousy is the least damaging stage of social evils for example, after seeing someone wearing an expensive wrist watch you suddenly think, â€Å"would that it was mine† (Nietzsche and Faber, 1998). This further makes you urged to find some way in order to be able to buy such an expensive range of routine wear accessories. To make life style better and compete with others, several people ignore the limitations of good and bad. This implies that people are not naturally wrong or bad but some stimulus can make them inclined towards the wrong conducts. Most of the time these wrong conducts are backed by heavy rewards for example, a person reveals organizational secrets to any third party or rival in order to get money from them. Similarly