Fish Philosophy Essay

Just finished reading â€Å"FISH Philosophy† the book and so great it was. It’s a tiny book (two hours of focused read would do) that talks about how to transform your work place (or even your life) into a fun place to enjoy and be excited to come to again and again. I don’t want to talk about the great story in the book, and the details of how a fish market ignited the idea – hence the name FISH – for a manager to transform her workplace, as I want to encourage you to get it and read it. The philosophy is simple, and goes by applying four ingredients that will turn the place from stress and dullness into relax and fun. The ingredients of FISH philosophy are as follows: 1. Choose your attitude 2. Play 3. Make their day 4. Be there Ingredient 1 – Choose your attitude: This is the platform to build upon, and the core concept that everything else depends on. You have the freedom of choice of your attitude: an optimistic and happy attitude, or a pessimistic and sad one. Choose to be happy, smiling, easy going, ignorant of mistakes, and you’ll discover how beautiful and shining you and your place would be. On the other hand, choose to be angry, frowning, hard-headed, picky on mistakes, isolated, and you’ll discover how miserable your day would be! â€Å"Choose your attitude† is the hardest ingredients, but sets the stage for all other ingredients to happen. So work on your attitude, and work on it now. Ingredient 2 – Play: Have fun, even if you have lot’s to do with deadlines nearing, and don’t seem to have enough in your schedule. All that stress come from the fact that you prevent yourself from enjoying what you do. Make it a playful project, an enjoyable study, an easy shopping, a fun meeting, etc. If you cannot enjoy what you do, then try to have some pleasant moments between the heavy tasks you work on. Engage with colleagues or family to create a play yard out of your place. Ingredient 3 – Make their day: By having fun yourself, work on extending that to others who surround you. Make their day by expressing how you’re grateful to have them, or by cheering them up. Get them out of their misery by offering advice and help. You cannot imagine how cheerful you would be when giving a hand to someone. Ingredient 4 – Be there: Be present to your family, customers, colleagues, and people by giving full attention to who calls for you to advice or help. Don’t be ignorant to those calls†¦ get to answer them on the spot, or at least dedicate some time to connect with those you care about to listen to. Ignoring a call for help from your wife, your son, a colleague, or a customer could yield to disappointments and sometimes problems that you could’ve avoided earlier. Applying FISH to your life: I actually believe in the importance of these ingredients to have better place whether at home or at work, and below are some ideas I’m thinking of to practice those in my life (both at home and at work): Ideas| At Home| At Work| Choose your attitude| Be happy, smiling, and open-minded, soft, easy going, ignorant to small acts or mistakes. Spell out the good thoughts, and ignore the bad ones. Say hi or salam to everyone you face! | Play| Educate by fun, and stop yelling. Make the shopping a learning experience for your child where he or she looks for the stuff and picks them up. Enjoy home fixes. Watch cartoons with your child while commenting. | Start your meetings with fun or jokesPost some funny pictures or comics to your desk, or common placesHave a board so employees can post some jokesHave a gaming console and work on a gaming competition| Make their day| Compliments, Compliments, Compliments. Bring your wife some flowers. Invite the family to a day out (I really mean the invite here, and not like †¦ we’re bored, let’s go out). Bring your child something he or she likes (candy for instance). | Compliment the work and attitude of your colleagues. Engage with customers and pinpoint their pains and offer solutions with what they already have. Avoid bad news, and be a passenger of the good ones! | Be there| Listen to your wife and don’t offer solutions, just listen (we all can hear, you need to listen! ). Have a conversation with your child on school or how others deal with him. Listen to the unsaid, and express your willingness to offer help if needed. | Listen to pains from colleagues and customers and offer solutionsStop emails and phone calls if someone calls for your adviceGive full attention when talking to your colleagues or customersNot all people are comfortable talking about their problems, so dig deep within the soles and look for faces that need help. | Remember to work hard on setting the stage by choosing the right attitude! Just finished reading â€Å"FISH Philosophy† the book and so great it was. It’s a tiny book (two hours of focused read would do) that talks about how to transform your work place (or even your life) into a fun place to enjoy and be excited to come to again and again. I don’t want to talk about the great story in the book, and the details of how a fish market ignited the idea – hence the name FISH – for a manager to transform her workplace, as I want to encourage you to get it and read it. The philosophy is simple, and goes by applying four ingredients that will turn the place from stress and dullness into relax and fun. The ingredients of FISH philosophy are as follows: 1. Choose your attitude 2. Play 3. Make their day 4. Be there Ingredient 1 – Choose your attitude: This is the platform to build upon, and the core concept that everything else depends on. You have the freedom of choice of your attitude: an optimistic and happy attitude, or a pessimistic and sad one. Choose to be happy, smiling, easy going, ignorant of mistakes, and you’ll discover how beautiful and shining you and your place would be. On the other hand, choose to be angry, frowning, hard-headed, picky on mistakes, isolated, and you’ll discover how miserable your day would be! â€Å"Choose your attitude† is the hardest ingredients, but sets the stage for all other ingredients to happen. So work on your attitude, and work on it now. Ingredient 2 – Play: Have fun, even if you have lot’s to do with deadlines nearing, and don’t seem to have enough in your schedule. All that stress come from the fact that you prevent yourself from enjoying what you do. Make it a playful project, an enjoyable study, an easy shopping, a fun meeting, etc. If you cannot enjoy what you do, then try to have some pleasant moments between the heavy tasks you work on. Engage with colleagues or family to create a play yard out of your place. Ingredient 3 – Make their day: By having fun yourself, work on extending that to others who surround you. Make their day by expressing how you’re grateful to have them, or by cheering them up. Get them out of their misery by offering advice and help. You cannot imagine how cheerful you would be when giving a hand to someone. Ingredient 4 – Be there: Be present to your family, customers, colleagues, and people by giving full attention to who calls for you to advice or help. Don’t be ignorant to those calls†¦ get to answer them on the spot, or at least dedicate some time to connect with those you care about to listen to. Ignoring a call for help from your wife, your son, a colleague, or a customer could yield to disappointments and sometimes problems that you could’ve avoided earlier. Applying FISH to your life: I actually believe in the importance of these ingredients to have better place whether at home or at work, and below are some ideas I’m thinking of to practice those in my life (both at home and at work): Ideas| At Home| At Work| Choose your attitude| Be happy, smiling, and open-minded, soft, easy going, ignorant to small acts or mistakes. Spell out the good thoughts, and ignore the bad ones. Say hi or salam to everyone you face! | Play| Educate by fun, and stop yelling. Make the shopping a learning experience for your child where he or she looks for the stuff and picks them up. Enjoy home fixes. Watch cartoons with your child while commenting. | Start your meetings with fun or jokesPost some funny pictures or comics to your desk, or common placesHave a board so employees can post some jokesHave a gaming console and work on a gaming competition| Make their day| Compliments, Compliments, Compliments. Bring your wife some flowers. Invite the family to a day out (I really mean the invite here, and not like †¦ we’re bored, let’s go out). Bring your child something he or she likes (candy for instance). | Compliment the work and attitude of your colleagues. Engage with customers and pinpoint their pains and offer solutions with what they already have. Avoid bad news, and be a passenger of the good ones! | Be there| Listen to your wife and don’t offer solutions, just listen (we all can hear, you need to listen! ). Have a conversation with your child on school or how others deal with him. Listen to the unsaid, and express your willingness to offer help if needed. | Listen to pains from colleagues and customers and offer solutionsStop emails and phone calls if someone calls for your adviceGive full attention when talking to your colleagues or customersNot all people are comfortable talking about their problems, so dig deep within the soles and look for faces that need help. | Remember to work hard on setting the stage by choosing the right attitude!

Revisiting The Fisher Hypothesis - Free Essay Example

Sample details Pages: 15 Words: 4471 Downloads: 10 Date added: 2017/06/26 Category Economics Essay Type Analytical essay Did you like this example? Revisiting The Fisher Hypothesis: The Case Of India CHAPTER 1 INTRODUCTION 1.1 CONTEXT OF THE STUDY In 1930 Irving Fisher investigated the relationship between the nominal interest rate, the real interest rate and expected rates of inflation. He discovered that a long-run equilibrium relationship existed between the nominal rate of inflation and expected rate of inflation. More commonly referred to as the Fisher effect, Fisher (1930) found that a one percent increase in the rate of inflation would be reflected by a one percent increase in the nominal interest rate leaving the real rate of interest unchanged. Don’t waste time! Our writers will create an original "Revisiting The Fisher Hypothesis" essay for you Create order The fact that the Fisher hypothesis involves such key macroeconomic variables such as interest rates and inflation has led to numerous empirical analyses. A key motivation behind many of these studies relates to how the fisher hypothesis affects monetary policy and monetary neutrality models of any country. As Carneiro, Divino and Rocha (2002) point out, validation of the Fisher effect would imply that real interest rates are unaffected by anticipated changes to either money supply, or the rate of inflation. Nussair (2009), Peng (2009) and Hawtrey (1997) highlight the importance of understanding the behaviour of real interest rates with regards to not only intertemporal savings and investment decisions, but also other fundamental variables such as exchange rates through its influence on trade and capital flows. The Fisher hypothesis has endured years of empirical testing, however, the vast majority of the studies have utilised data from major developed countries such as the USA, UK and Australia, and have yielded mixed results. 1.2 OBJECTIVES OF THE STUDY In comparison, the amount of empirical studies of the Fisher effect in developed countries is far greater than the amount of studies that exist for the Fisher effect in developing countries. India is one of the most well-known developing counties in the world, combined with the countrys phenomenally high economic growth rate and Therefore, this study seeks to extend the recent work of Balachandra (2008) by testing for the Fisher effect in a developing economy, and centres on testing in India. The methodology utilised follows The data is analysed over the period This study is organized as follows: CHAPTER 2 – THEORY LITERATURE REVIEW 2.1 THEORY In 1930 Irving Fisher investigated the relationship between UK interest rates and inflation. In his analysis of the relationship he decomposed interest rates into nominal interest rates and real rates of interest. The connection of all three variables is described below: = (1.1) With: ( ) = Real interest rate, simply defined as the improvement in purchasing power = Nominal rate of interest, simply defined as the rate of interest paid by banks ( ) = Rate of inflation, simply defined as the general rise in price levels in the economy. It states that the real rate of interest reflects the difference between the nominal interest rate and the rate of inflation. Rearranging the equation produces: = + (1.2) More accurately, because future rates of inflation cannot be predicted, expected rates of inflation are used, therefore the equation becomes: = + (1.3) The above Fisher equation shows that the summation of the real rate of interest ( ) and the expected rate of inflation ( ) can be expressed as the nominal rate of interest ( ). The equation implies that changes in real interest rates and/or expected rates of inflation would change the nominal rate of interest. Fisher (1930) puts forward that because capital productivity and technological constraints are the most significant factors that affect real interest rates, major changes in nominal rates of interest should reflect increases in expected inflation and unstable prices. In a practical context, using rational expectations and the theory of efficient capital markets the fisher equation can encompass the actions of rational agents such as savers. Most savers would understand the risk associated with an expected reduction in their future purchasing power, and the negative effect it would have on their own wealth. As a precaution to this, most would chose to invest their money. This leads to a overall increase in the level of investment and the demand for financial assets subsequently increasing the amount of loanable funds, which in turn would lead to a reduction in real rate of interest1. Fisher (1930) supported that the increase in expected rates of inflation would be larger than the decrease in real interest rates to such a level that, nominal interest rates would rise following a rise in expected rates of inflation. The one-for-one relationship between the nominal interest rate and expected rates of inflation, with the notion of a constant real rate of interest over time, is what is commonly referred to as the Fisher effect. As mentioned earlier, there is a vast amount of empirical literature that has tested the extent to which the Fisher effect holds. Significant differences in estimation techniques, econometric methodologies, proxies for inflationary expectation, and countries that have been analysed have led to a variety of results. The next section discusses the variety of studies and focuses on literature that has tested for the fisher effect in developing or emerging economies. 2.1 LITERATURE REVIEW Since the seminal work of Fisher (1930) the Fisher hypothesis has been studied extensively especially in developed countries such as America (US). Mishkin (1992) investigated the relationship between US inflation rates and interest rates and produced evidence supporting the existence of a long-run Fisher effect, but could not validate the existence of a short-run fisher effect. Mishkin (1992) differentiated between the long-run Fisher effect and the short-run Fisher effect. He described the long-run fisher effect as the long run trending of interest rates and inflation rates, in which expected rates of inflation were reflected in long-term interest rates. The short-run Fisher effect was described as changes in expected rates of inflation being reflected in short-term interest rates. He analysed monthly data over 1953-1990 and applied the Engle and Granger (1987) methodology to test for the presence of cointegration between rates of inflation and interest rates. His findings suggest ed that interest rates and inflation rates moved together and would converge to a long-run equilibrium, subsequently supporting the existence of the long-run Fisher effect. Crowder and Hoffman (1996) also tested for the fisher effect in the US and looked at 3-month US Treasury Bill rates and inflation rates over 1952-1991. They employed Johansens (1988) maximum likelihood methodology and also found evidence of a long-run cointegrating relationship. Their results showed that changes in expected inflation led to adjustments in the nominal interest rate however, they found that the adjustment was greater than the ‘one-for-one basis hypothesised by Fisher (1930). Other significant studies of the fisher effect in the US, that apply the Johansen cointegration tests include Fahmy and Kandil (2003), Chu, Pittman Yu (2003), Yuhn (1996), and Pelà ¡ez (1995). The majority of literature that analyses the fisher effect in the US, finds sufficient evidence to support the fisher hypothesis , however studies involving other developed countries have produced varying results. In Yuhns (1996) analysis of data from the UK, US, Germany, Japan and Canada, satisfactory support for the existence of the fisher effect could not be found for either Canada or the UK. Ghazali and Ramlee (2003) were also unable to determine a long-run relationship between nominal interest rates and rates of inflation in their analysis of the G7 countries between 1974 and 1996. Koustas and Serletis (1999) using Engle and Granger (1987) cointegration examine 11 countries (Germany, France, the Netherlands, the UK, the US, Canada, Belgium, Greece, Ireland, Denmark and Japan) but their results suggest little evidence to support the fisher effect. In contrast, Granville and Mallick (2004) follow a similar methodology in their analysis and find that the linear combination of both UK nominal interest rates and inflation appears to be stationary, supporting the fisher hypothesis. The majority of empiri cal studies of the fisher effect in Australia have to a reasonable extent, shown support for the fisher hypothesis. Studies by Mishkin and Simon (1995) find support for the existence of the long-run fisher effect with inflationary expectations, for the period 1962-1993. In addition, Olekalns (1996) and Hawtrey (1997) are able to verify the fisher effect during certain periods following the deregulation of the financial system (1984-1994). However, Inder and Silvapulle (1993) find results that conflict with the fisher hypothesis in their study over the period 1965-1990, rejecting postulated relationship between nominal interest rates and expected rates of inflation. The majority of the empirical research conducted on the fisher effect has focused on developed countries, with broadly consistent results. In comparison, there are only a few significant studies investigating the fisher effect in developing countries. In a more recent study, Berument and Jelassi (2002) conduct an ac ross-the-board study of the fisher hypothesis by sampling a mix of 26 developing and developed countries, including India. They focus on finding a positive long-run linear relationship between nominal interest rates and expected rates of inflation (explanatory variable), by analysing the short-run movement of interest rates. The strength of the fisher effect was dependent on the coefficient estimate, a strong form of the fisher effect would be represented by a positive coefficient estimate equal to one, whereas a weak form would have an positive estimate but less than one. The authors find evidence for the strong form of the Fisher effect in 16 out of the 26 countries sampled, and establish that the amount of evidence supporting the Fisher hypothesis in developed countries is greater than that in developing countries. Berument Ceylan Olgun (2007) extend previous empirical work by testing the strength of the Fisher hypothesis, and similarly try to establish a positive relationship b etween expected inflation and interest rates, but this time use a sample of 52 countries. They find that out of the 45 developing countries there was not enough evidence to support the fisher hypothesis in 22 of them, on the other hand they were able to find evidence of the fisher effect in all the G7 countries tested. Kasman, Kasman Turgutlu (2005) use a similar fractional cointegration technique to those applied by Lardic and Mignon (2003) and Ghazali and Ramlee (2003) to validate the Fisher hypothesis in a mixture of 33 developed and developing countries, including India. Their motivation for using a fractional cointegration methodology in order to verify a long-run relationship between nominal interest rates and rates of inflation, is based on the idea that traditional cointegration techniques are not powerful enough to accurately describe the relationship between the two variables. Their findings could not show support for the majority of the countries tested when traditional cointegration tests were employed, but when fractional cointegration tests were employed a large majority of the countries displayed results in support of the Fisher hypothesis. Gul (2007) observes the Fisher hypothesis in the context of the Turkish Economy. He employs the Johansen cointegration methodology and monthly interest and inflation rate data over the period 1990-2003. Gul (2007) is able to determine a long-run relationship between nominal interest rates and inflation but is unable to substantiate a one-for-one relationship between the two. With Latin America countries being well known for their high levels of inflation, analysis of the fisher effect in these countries has been very popular. Jorgensen and Terra (2003) apply a VAR model utilizing 4 variables in order to assess the relationship between interest rates and inflation in seven key Latin American counties (Brazil, Chile, Peru, Mexico, Argentina, Colombia and Venezuela). Their results are only able to prove t he fisher relation in Mexico and Argentina. Likewise, a Study by Thornton (1996) that explores the fisher hypothesis using 91- day Treasury bill rates, and inflation rates over the period 1978-1974 is also able to verify the fisher effect in Mexico. Phylaktis and Blake (1993) use cointegration techniques and unit root tests in their studies of the long-run fisher effect within Brazil, Mexico, and Argentina. Utilizing data over 1970-1980 they find that a one-for-one long run relationship between nominal interest rates and inflation rates exists in all three countries. A later study conducted by Carneiro, Divino and Rocha (2002) investigating the same three countries could only find support for the fisher effect in Argentina and Brazil. Carneiro, Divino and Rocha (2002) used monthly data over the 1980-1997 periods and carried out Johansen cointegration analysis and weak exogeneity tests to show that the interest rates changed in order to compensate for changes in expected inflation. T his was found in the context of Brazil and Argentina but analysis over the period of Mexico showed that inflation rates adjusted to reflect changes in interest rates. A key observation that arises from the Latin American studies above is the relative consistency in results with substantial evidence in favor of the fisher effect. Wafa and Sabah (2007) employ panel unit root tests for 10 East Asian countries3. Key motivation behind this choice of methodology was to achieve greater power in their tests compared to that of traditional unit root tests, by taking advantage of the cross-country differences in estimation of the data4. Using the panel unit root tests, Wafa and Sabah (2007) were able to prove a long-run relation existed between nominal interest rates and inflation for all the East Asian Countries. They find support for the view expressed by Granville and Mallick (2004) of monetary policy being a useful means of influencing long-term interest rates. A more recent test of the F isher hypothesis for 6 Asian countries5 by Nusair (2008) finds fairly contradictory results. Nusair (2008) analyses quarterly data over the period 1978-2005 and uses the Engle-granger procedure, Gregory-Hansen procedure, and Dynamic OLS tests (DOLS), to identify a long-run linear relationship between nominal interest rates and expected rates of inflation. Support for the Fisher hypothesis is obtained for Korea, Thailand, Malaysia and Singapore. Using the Engle-granger methodology Nusair (2008) finds robust evidence for Thailand, and weak evidence for Korea and Malaysia. The Gregory-Hansen method also used by Nusair (2008) â€Å"accounts for an endogenously determined shift in the cointegrating vector† and shows support at the 10% level for Singapore and Malaysia, and at the 5% level for Korea. In summary, robust support for the fisher effect is only found in Korea, Malaysia and Singapore. Peng (2009) finds similar results to that of Berument Ceylan Olgun (2007) in his analys is of the Fisher effect in China. Peng (2009) uses the Johansen maximum likelihood cointegration technique to study data over the period 1993-2005, and establishes a cointegrating association between nominal interest rates and inflation. Peng (2009) also employs the error correction model to determine long and short-run fisher effects, and find insufficient proof to support a short-run fisher effect. Paul (1984) is one of the earliest studies that analyses the Fisher effect, in the context of India. His research was aimed at studying the impact of the changing rates inflation rates on nominal rates of interest over the period 1952-1977. Using both short and long-term interest rates, results of his study found that there was a positive relationship between expected rates of inflation and nominal rates of interest, supporting Fishers hypothesis. In addition, Paul (1984) found that rises in expected rates of inflation were only partially passed on to nominal rates of interest, a fin ding highlighted by Fama (1975). On the contrary, a study by Payne and Ewing (1997) found no evidence of the Fisher effect in India. Applying the Johansesen cointegration methodology they assess the hypothesis in 9 developing countries (Argentina, Fiji, India, Niger, Thailand, Malaysia, Sri Lanka, Singapore and Pakistan) but could only fully confirm the fisher effect in Sri Lanka, Pakistan and Malaysia. Other, significant studies of the Fisher hypothesis in the context of India include Nachane (1988) and Bhanumurthy and Agarwal (2002). Nachane (1988) finds that the administering of interest rates in India during the time was the reasoning behind not being able to find a one-for-one relationship between monthly interest rates and expected rates of inflation over the period 1970-1985. Bhanumurthy and Agarwal (2002) research the long-run relationship between nominal interest rates and expected inflation and utilize 3 different interest rates (Call money rate, Commercial paper and 364 d ay- Treasury bill rates) and rates of inflation. In their examination of monthly Indian data over the period 1990-2001 using an autoregressive distributed lag method, they could not find evidence to support the fisher relation. Thenmozhi and Radha (2005) also take into account the administering of interest rates in India and explore the short and long run movements of nominal interest rates and inflation. Employing cointegration techniques and error correction model, their findings reveal a long relationship between yields on 91-day treasury bills and inflation. They use the error correction model to take into account the short run alteration needed for the long run relationship. With evidence of co-movement between nominal interest rates and expected rates of inflation, they accept the Fisher hypothesis. Sathye, Canberra, Sharma and Liu (2008) examine the fisher hypothesis in emerging economies and focus on validating the fisher effect in India based on short-term nominal interest rates and inflation. They carryout Augmented Dickey-Fuller unit root tests, utilize both the Engle-Granger and Johansen-Juselius cointegration techniques, and carry out Granger causality tests with Error correction model to determine the nature of the relationship between the two variables. Using monthly data over the period 1996-2004 they do not reject the existence of the Fisher effect in India, as results from both cointegration tests indicate a cointegrating relationship between short-term interest rates and expected rates of inflation. Sathye, Canberra, Sharma and Liu (2008) also show that â€Å"expected inflation is Granger caused by nominal short-term interest rates†, conveying the positive ability of short-term nominal interest rates in predicting future inflation. Many researchers have endeavored to try and justify, why the Fisher effect may not be present, and why it cannot be proved to the same extent as first hypothesized by Fisher (1930). Sahu, Jha and Meyer ( 1990), Hsing (1997) and Olekalns (1996) observe that the contradictory nature of empirical tests of the Fisher effect is a result of variation in methodologies and data used. With the Fisher equation containing unobservable parameter estimates such as expected rates of inflation, Sahu, Jha and Meyer (1990) emphasize that the robustness of tests of the fisher effect clearly depend upon the choice of proxy used. Nusair (2009) extends his previous study by investigating reasons why previous studies have failed to show support of the Fisher effect. Nusair (2009) claims that the reasoning behind the failures is due to the assumption that adjustments between nominal interest rates and inflation occur at a constant rate, and represent a linear relationship, when this is not the case in most inflation-targeting economies. Similarly, Christopoulos and Leon-Ledesma (2007) in their analysis of quarterly US nominal interst rates and CPI inflation rate are able to find a non-linear cointegrating relationship between the two. They apply Monte Carlo simulations to the data and results indicate that the nonlinearites are a key factor in obtaining a less than one-for-one relationship in the Fisher relation. Fisher (1930) himself is unable to empirically prove his theorized ‘one-for-one relationship in his study of US nominal rates of interest and inflation, only managing to attain correlation coefficients of a little less than one, and subsequently only moderately satisfying his hypothesis. One explanation for this, relates to the theory of money illusion. Money illusion can be described as the inability of agents to differentiate between changes in real and nominal variables. In a practical context, changes to the inflationary expectations of agents would not be fully accounted for in their intertemporal decision making, and subsequently not passed on through to nominal interest rates. Another explanation is based on ideas presented by Mundell (1963) and Tobin (1965). M undell (1963) states that as the rate of inflation rises consumer purchasing power is likely to decrease, and subsequently lead to a fall in real interest rates. Tobin (1965) puts forward the idea that as inflation rates rise, there is a greater opportunity cost for agents who hold cash money, this leads to a fall in the amount of cash balances held and to a rise in the amount of holdings of real capital. The incorporation of these two school of thoughts is more widely known as the Mundell-Tobin effect, and offer an explanation as to why nominal rates of interest rise by a factor smaller than one, in response to changes in inflation. Studies by Mishkin (1992), Hawtrey (1997), and Monnet and Weber (2001) have cited that the form, strength and efficiency of a countrys monetary policy is reflected in the ability of changes to expected inflation to transmit through to nominal interest rates. With the effectiveness of monetary policy being a key motivation behind investigation of the Fi sher effect, a significant study by Soderland (2001) shows that when the combination of an inflation-targeting outline, and an active monetary policy exist, the strength of the Fisher effect is reduced. Darby (1975) and Feldstein (1976) take into account the impact of taxes on the relationship between nominal interest rates and expected rates of inflation. Darby (1975) asserts that a premium should be included to ensure constant real interest rates and emphasizes that nominal interest rates will vary in response to changes in expected inflation by a factor larger than one. Studies by Peek (1992) and Engsted (1996) find substantial support for the ‘Darby-Feldstein effect. In contrast to the ‘Mundell-Tobin and ‘Darby-Feldstein effects the concept of the ‘Inverted Fisher effect researched by Carmichael and Stebbing (1983) and Barth and Bradley (1988), also provides an alternative explanation as to why the fisher effect cannot be proven in its theoretical form . Carmichael and Stebbing (1983) extend a model where nominal interest rates extracted from financial assets are described as remaining constant, thereby indicating an inverse relationship between real interest rates and inflation. Utilising quarterly data on 3-month US and Australian Tresuary bills over 1953-1978, Carmichael and Stebbing (1983) are able to find support for the Inverted Fisher effect. However, later studies by Barth and Bradley (1988), Moazzami (1991) and Woodward (1992) fail to obtain satisfactory support for the inverted Fisher hypothesis. From our study of the literature it is clear to see that the Fisher hypothesis/effect is a key macroeconomic relationship, and its popularity is highlighted though the substantial investigations of the Fisher effect in developed countries, and to a lesser extent in developing countries. Results from US and UK studies of the Fisher effect are fairly mixed, but overall are in favour of the fisher hypothesis. With research by Mi shkin (1992), Crowder and Hoffman (1996), Granville and Mallick (2004) and Ghazali and Ramlee (2003) all showing support for the long-run fisher hypothesis. Similarly, research utilising data from Australia and a mixture of European counties such as the G7, have on the whole been able to verify the existence of the Fisher effect. This is confirmed by studies by Berument and Jelassi (2002) and Berumant Ceylan Olgan (2007) who examine a comprehensive mixture of both developed and developing countries. Surprisingly, empirical literature analysing Latin American countries with their characteristically high, and volatile levels of inflation finds that the majority of the studies reveal fairly undisputed results in favour of the fisher effect. Investigations of many East Asian countries have yielded mixed results, with many researchers looking to analyse the impact of the Asian Financial crisis on the Fisher effect such as Nusair (2008). Research of the Fisher hypothesis/effect has been relatively scarce in the context of the Indian economy. However, studies by Paul (1984), Thenmozhi and Radha (2005), and more recently by Sathye, Canberra, Sharma and Liu (2008) are all able to justify the existence of the Fisher relation in India. In contrast, the use of Johansen cointegration techniques by Payne and Ewing (1997) and the application of an autoregressive distributed lag methodology by Bhanumurthy and Agarwal (2002) in their studies reject the existence of the Fisher effect in India. The popularity of two key methodologies employed in verifying a long-run relationship between nominal rates of interest and inflation, include the Engle Granger cointegration concept and the Johansen (1988) cointegration test. Many explanations as to why the Fisher effect cannot be found in its explicit theoretical form have been developed. A key and significant finding, suggests that major differentials in methods used to test the hypothesis, and the variation in proxies used for nomina l interest and inflation variables have been the cause of such a wide variety of results. Other explanations include the ‘Mundell-Tobin and ‘Darby-Feldstein effect, in addition, the concept of the ‘Inverted Fisher effect and the effectiveness of a countrys monetary policy. CHAPTER 4 – METHODOLOGY From the analysis of the literature surrounding the Fisher Hypothesis, this study aims to study the relationship between short-term nominal interest rates and inflation in India. Fisher (1930) claimed that a one-for-one positive relationship existed between expected rates of inflation and nominal interest rates. This dissertation chooses to follow similar econometric methodologies used by Mishkin (1992), Mishkin and Simon (1995) and Sathye, Canberra, Sharma and Liu (2008) to validate the Fisher effect in the context of the Indian economy. 4.1 THEORETICAL EMPIRICAL MODEL The relationship between nominal interest rates, ‘ex-ante real interest rates and expected rates of inflation are combined in Fishers (1930) equation: = + (1.4) With: ( ) = the nominal interest rate ( ) = the ‘ex-ante real interest rate ( ) = expected rates of inflation The ‘ex-ante real interest rate can be described as the unobservable, expected rate of real interest, with ‘ex-post real rates of interests indicating the actual rate. As mentioned previously both expected rates of inflation and ‘ex-ante real rates of interest must be proxied. The theory of rational expectations signified by Fama (1975) asserts that prospective variations in future prices are created by taking into account all available information the time. Hence, realised rates of inflation can be decomposed into the expected inflation rate ( ) together with a forecast error ( ). = + (1.5) This error term can be described as being completely random and can be translated as E ( ) = 0, and for this reason is stationary. Fisher (1930) postulates that the real rates of interest are constant; subsequently the ‘ex-ante real rate of interest ( ) can be created from a constant value (a) and a stationary error ( ): = a + (1.6) Substituting (1.6) into (1.4) and rearranging: = a + This equation is representative of the relationship hypothesised by Fisher (1930). Many past studies of the Fisher effect have incorporated expected inflation rates as a dependent variable, evaluating the equation below: = + + (1.7) Citing the methodology applied in Mishkin (1992) we rewrite the above equation as: = + + (1.9) where = + . This equation can be further modified to represent a regression framework: = + (1.10) Where, = the inflation rate at time t = the nominal interest rate at time t = the sum of the two stationary components at time t Considerable correlation between nominal interest rates and actual rates of inflation is one of the key conditi ons that validate the Fisher effect, with a one-for-one relationship describing the hypothesis in its strictest form. The coefficient in the regression equation represents the extent to which the Fisher effect holds. Subsequently, a coefficient of one would represent a unit proportional relationship between nominal interest rates and inflation, and a value of zero would represent the non-existence of the Fisher effect. Considering the nonstarionary charistecs of macroeconomic time series variables However, taking into account the nonstationary nature of macroeconomic time series data such as inflation and nominal rates of interest as proposed by Nelson and Plosser (1982), suggests that the estimation of equation (1.10) would be subject to the problem of spurious regression described by Granger and Newbold (1974). This is attributed to the fact that the t-ratios (on which the evaluation of the significance of the estimated coefficient is based on) could be misleading. Consequently, this could lead to possible invalid conclusions of the statistical relationship between the variables, and could therefore lead to false acceptances of the presence of the Fisher effect within the UK.

Shirley Jacksons The Lottery - 888 Words

Symbolism is a powerful device in fiction and writers frequently turn to it in overt and subtle ways. Sometimes a time or place is symbolic of a state of being, just as ordinary objects may take on greater meaning because of what they represent: themselves, but also a condition, feeling, or manifestation of something of great importance to a character. It is also possible, however, for symbolism to expand in a way that actually provides the foundation of a work, and this is the case in Shirley Jacksons â€Å"The Lottery.† In essence, Jackson has something disturbing to say about humanity and the force of tribal ritual. To that end, she creates a world that is itself wholly symbolic, even as there are smaller elements of symbolism within it. She also develops suspense based very much on the expansive symbolism of the environment. In â€Å"The Lottery,† Jackson gives evidence of how symbolism may be utilized to make a reality entirely on its own, and present a parti cular idea. The way in which Jackson chooses to rely on symbolism as the foundation for her story is evident in the beginning of the story. Some facts are related; the date is provided, there is a time set for the lottery, and children are free from school and able to attend. These are elements of the â€Å"real world,† grounded in common knowledge and which give a sense of solidity to the scene. Whatever is happening, it is happening in a normal, American setting or community, and the normal laws of date,Show MoreRelatedShirley Jacksons The Lottery736 Words   |  3 Pagesjudge a book by its cover† could not be truer than with Shirley Jackson’s short story, â€Å"The Lottery†. Jackson’s title for the short story is in fact ironic leading the reading to assume the story to be cheerful and jolly, an assumption that could not be more wrong. â€Å"The Lottery† is about an annual lottery draw in a small town in New England. A tradition that has continued to be practiced for seventy years by the townspeople. This is not the lottery as we know it consisting of money, but the opportunityRead MoreShirley Jacksons The Lottery572 Words   |  3 PagesShirley Jacksons The Lottery   Ã‚  Ã‚  Ã‚  Ã‚  Shirley Jacksons The Lottery is an excellent example of an allegorical short story. In this story, the reader learns of a towns lottery that takes place once a year, every year. It has been a tradition in this small rural town for many years and the villagers never question these activities, they just blindly go along with it. But what the reader doesnt know is just what kind of prize the winner is going to obtain. Jacksons use of symbolism is shownRead More Shirley Jacksons The Lottery 946 Words   |  4 PagesShirley Jackson is said to be one of the most â€Å"brilliant and influential authors of the twentieth century.† â€Å"Her fiction writing is some of the most important to come out of the American literary canon.† (http://shirleyjackson.org/Reviews.html) Jackson wrote many short stories and even some books. They are more on the dark, witchlike side, however. Kelleher explains that Jackson stated in some interviews that she practiced magic. No one really knows if she was serious while practicing witchcraftRead More Shirley Jacksons The Lottery Essay947 Words   |  4 PagesShirley Jacksons The Lottery   Ã‚  Ã‚  Ã‚  Ã‚  The setting in a story helps to form the story and it makes the characters become more interesting. There are three main types of setting. The first is nature and the outdoors, second is objects of human manufacture and construction and the third is cultural conditions and assumptions. These three things help the reader to understand the characters better in Shirley Jacksons The Lottery;.   Ã‚  Ã‚  Ã‚  Ã‚  The Lottery; is started out by being described as TheRead MoreIrony In Shirley Jacksons The Lottery863 Words   |  4 PagesCaleigh Bishop English 101 October 10, 2017 Formal Essay I The Many Instances of Irony in â€Å"The Lottery† In Shirley Jackson’s short story â€Å"The Lottery,† she uses many examples of irony. Irony is the use of words that are the opposite of their usual meaning or what is expected to happen. The use of irony plays an important role in delivering Jackson’s sarcasm. The author holds our attention all throughout the story and builds our suspense by using irony with the characters and events that take placeRead MoreAnalysis Of Shirley Jacksons The Lottery954 Words   |  4 Pagesthe authors message. Shirley Jackson’s â€Å"The Lottery† displays a masterful usage of literary elements to better convey Jackson’s general purpose, such as through the deep symbolism and underlying theme; however, Jackson’s true provocation of emotion is accomplished through her quintessential use of point of view. The objective point of view is indispensable within â€Å"The Lottery† because of the creation of suspense, drama, and irony. To begin with, the first reason why Jackson’s objective point of viewRead MoreAnalysis of Shirley Jacksons The Lottery490 Words   |  2 Pages In Shirley Jackson’s â€Å"The Lottery,† the theme of the story is dramatically illustrated by Jackson’s unique tone. Once a year the villagers gather together in the central square for the lottery. The villagers await the arrival of Mr. Summers and the black box. Within the black box are folded slips of paper, one piece having a black dot on it. All the villagers then draw a piece of paper out of the box. Whoever gets the paper with the black dot wins. Tessie Hutchinson wins the lottery! Everyone thenRead MoreAnalysis Of Shirley Jacksons The Lottery1303 Words   |  6 Pagespowerful force (qtd. in AZQuotes). In Shirley Jacksons chilling story The Lottery, a town celebrates a special custom of stoning people to death every year. Jackson perfectly depicts a possible event that may occur from blindly following tra dition without evaluating the purpose or usefulness of it in the first place. Jackson’s use of plot, theme, and symbolism reveal the evil reality of blind faith, tradition, and their consequences. Initially, Jackson’s twisted plot reveals the infinite, viciousRead MoreResearch Paper on Shirley Jacksons â€Å"The Lottery†1141 Words   |  5 PagesShirley Jacksons â€Å"The Lottery† is a short story about the annual gathering of the villagers to conduct an ancient ritual. The ritual ends in the stoning of one of the residents of this small village. This murder functions under the guise of a sacrament that, at one time, served the purpose of ensuring a bountiful harvest. This original meaning, however, is lost over the years and generations of villagers. The loss of meaning has changed the nature and overall purpose of the lottery. This ritualRead MoreAnalysis of Shirley Jacksons The Lottery Essay776 Words   |  4 Pagesâ€Å"The Lottery† is a short story by Shirley Jackson, first published on June 26, 1948. The story was initially met with negative critical reception due to its violent nature and portrayal of the potentially dangerous nature o f human society. It was even banned in some countries. However, â€Å"The Lottery† is now widely accepted as a classic American short story and is used in classrooms throughout the country. Jackson’s story takes a critical look at what can result when the customs and laws that govern

A Bad Case of Inferiority Essay - 1412 Words

Although a reader cannot assume the narrator is also the author, in some instances the resemblance is uncanny. Charlotte Perkins Gilman’s short story â€Å"The Yellow Wallpaper†, drew on her own experience of undergoing the infamous Rest Cure of Doctor Silas Weir Mitchell to write her story. According to Gilman, â€Å"[The story] was not intended to drive people crazy, but to save people from being driven crazy, and it worked† (The Forerunner). Through her platform of writing Gilman successfully illustrated the inferiority women suffered. The Rest Cure led people to believe that women should â€Å"live as domestic a life as far as possible† and only be allowed to â€Å"have but two hours intellectual life a day,† (The Forerunner). These restrictions†¦show more content†¦According to the Rest Cure women were â€Å"never to touch pen, brush, or pencil again† thus emulating male dominance over female freedom in the form of artistic expr ession (The Forerunner). Within the story the narrator uses writing as an escape; however, she keeps it completely hidden from her husband. An example of the narrator’s submission to her husband’s commands would be as followed: â€Å"There come John, and I must put this away-her hates to have me write a word,† (Gilman 627). By neglecting her own self wants the narrator gives into the will of her husband. This action of compliance shows the power that men can have and how they sometimes exercise that power to make women feel inferior. The nursery, exemplifies the theme of inferiority, serves as the main setting for the story. The irony is that the â€Å"ill† person needs to be taken care of and resides in the nursery; thus, the husband is treating the narrator like a child. Through diction the reader can clearly see how the narrator is made to feel inferior. An example of inferiority would be when John calls the narrator â€Å"little girl† after she is caught walking around the house alone (Gilman 632). The phrase is most associated with little children not with grown women. By calling his wife a childish name he treats her with even less respect much like aShow MoreRelatedEssay on The Harmful Effects Of Discrimination And Segregation534 Words   |  3 Pagesprove that racism, segregation, and discrimination all have negative effects. The three most prominent effects of discrimination and segregation combined are Inferiority, fear, and anger. nbsp;nbsp;nbsp;nbsp;nbsp;Inferiority is a major issue when discussing the effects of discrimination and segregation. In the Plessy vs. Ferguson case it was ruled that there may be segregation, but the people must be equal-Separate but Equal;. After this ruling all facilities were separated according to raceRead MoreThe ghost of the plantation in my opinion is the lingering effects of what slavery did to the700 Words   |  3 Pagesopinion is the lingering effects of what slavery did to the African American people collectively. It immensely impacted their mind which in turn, carried through the generations. Akbar explains that work, property, leadership, clowning, and personal inferiority are the ghosts that still haunt African- Americans today. Akbar’s view of African- Americans and work are not a concrete argument for me because the majority, regardless of race, in my opinion, rather relax than do strenuous activities to enjoyRead MoreMy People The Sioux And The Lives Of Native Americans Essay1627 Words   |  7 Pagesnarrative that draws us deeper into the history of The United States. My People the Sioux and the life of Luther Standing Bear are both crucial in examining the positive connotations of Indian Boarding Schools and the use of education to challenge the inferiority complex surrounding Native Americans. Luther Standing Bear was born in December of 1868 and this autobiography was completed on July 25, 1927. Encompassing the end of reconstruction, the industrial revolution, and the start of the Indian BoardingRead MoreReview of Rabbit Proof Fence by Phillip Noyce Essay663 Words   |  3 Pagesmain justifications for the policy, was to educate the half-caste children so that they could fit into society. One of the main arguments against the policy was that it encouraged a sense of superiority by the whites and a sense of inferiority by the aborigines. Justifications For the Policy The Europeans, who invented and put the policy into practice, had many reasons for doing so. They thought that they were doing a good thing. Some of the reasons for this areRead MoreRacial Theory, Policies, And Popular Reaction By Aline Heig963 Words   |  4 Pagesdivided. Cuba and Argentina it was characterize by the separation of skin color. The Anglo-Saxon in Argentina and Cuba have the idea of superiority race and inferiority. However, Heig explain that the ideology of the Argentina culture is very similar because they believe in the white superiority and Indians and black inferiority. In the case of Argentina, in the nineteen hundreds they belief that a new era did arrive because of the creation of electricity and new technology. The capitalism time broughtRead MoreExamples Of I Have A Dream Speech754 Words   |  4 Pagesthe condition of the area. This factual statement is a form of logos, cleverly added in by Dr. King along with several other examples of logos, to persuade the readers with the facts of the case. The facts go on to prove the unfairness that is being distributed to the blacks in this community. Seeing how bad the situation is by looking at the information starts to get readers thinking about how to change it for the better. Dr. King’s letter has less pathos involved but what pathos it does includeRead MoreThe Presentation of Authority and Inferiority in The Tempest Essay examples997 Words   |  4 PagesThe Presentation of Authority and Inferiority in The Tempest Shakespeare has staged a play that explores the human hierarchy of the Elizabethan era. At the time dominance of one person over another was part of a system, which kept the society going. The social hierarchy consisted of the educated, kings, bishops, lords and noble men at the top of the hierarchy, with the working class peasants at the bottom. Everyone had a fixed status in society. However this is all physically Read MoreThe Effect Of Doll Tests On Brown V. Board Education Decision1052 Words   |  5 Pagescharacteristics. The white dolls were attributed as pretty and good unlike the black dolls that were given negative characteristics such as ugly and bad. It was after this test that the Doctors concluded that discrimination, segregation and prejudice led to damage of self-esteem among African American children. Moreover, it created feelings of inferiority among these children. A disturbing result was established when Doctor Kenneth conducted the doll test on black children. He did this to study self-esteemRead MorePowerful Women and Submissive Women in Njals Saga and the Bible1663 Words   |  7 Pagesand not in the dwellings of others. I’m in debt to Njal for many honours, and I’m not going to be a cat’s paw for you.† When the time comes for the men to ride to the â€Å"Thing,† Gunnar tells Hallgerd, â€Å"Behave yourself while I’m away and don’t show your bad temper where my friends are concerned.† Hallgerd, thinking that Bergthora is plotting to steal excess wood from a forest shared between Gunnar and Njal, sends her servant, Kol, to kill Svart Bergthora’s servant who is innocently collecting wood (heRead MoreThe Metamorphosis By Franz Kafka Essay1496 Words   |  6 Pagesisolation pushing some cases to the solitude. Some consider The Metamorphosis as an autobiography of the author, which tries to capture the loneliness and isolation that he felt at some point by his family due to his hard work. Kafka, was born the 3 of July of 1883 in Prague, in the bosom of a family wealthy belonging to the minority Jewish of language German. Son of a merchant that overwhelmed his existence, in a letter to his father, written in 1919, he expressed feelings of inferiority and parental rejection

Nuclear Energy Externalities free essay sample

Externalities Nuclear power is a concept that has been evolving and has become a key in the race for the newest and best source of renewable energy. Nuclear power generation involves the use of large nuclear fission reactors that generate electricity through fission reactions and heat generation. Nuclear energy has many positive externalities but in the past the technology has proven that it has major downfalls as well. For this reason only about 5% of the power in the world is generated from nuclear sources. This nuclear power is only produced in some of the richest countries due to the fact that the initial investment into producing nuclear energy is extremely high and the gains of energy are sometimes not worth the investment in the advanced technology. Nuclear power can be a good source of power, provided the country has the funds available and resources to acquire nuclear material and process it to create energy. The biggest negative externality associated with nuclear power is disasters. The Chernobyl nuclear power plant accident in 1986 was a nuclear meltdown that occurred in on of the reactors at the plant. It resulted in deadly nuclear material leaking out of the plant and into the ground and air of surrounding areas. A huge radius around the plant remains closed to this day. With the high costs associated with entering the nuclear market, and the dangers the technology pose to the public, a meltdown or related nuclear accident is an astoundingly large and dangerous negative externality. In the case of a meltdown the surrounding areas are subject to radiation and cleanup is extremely expensive and costs the nation and the population hundreds of millions. Many believe that it is just not worth the risk to integrate nuclear power into their nations and lives. The Chernobyl incident leads to the radiation poisoning death of thousands and destroyed a huge amount of land in Ukraine. It is clear the economic repercussions of such an incident are widespread and affect various members of a country. Besides the extremely dangerous materials involved in generating nuclear power, the negative externality of waste storage exists. When nuclear power is produced the waste created from the fission reactions is highly toxic and deadly. For most, the dangers and economic costs associated with nuclear power are not worth the risk for such a little reward in terms of energy. Although some think that nuclear power is extremely clean, it has many byproducts and if something goes terribly wrong, the cost will be looming for decades if not centuries to come.

Multinational Corporations, Globalization and State Sovereignty

Today, more than ever before, scholars and mainstream commentators are in agreement that a substantial component of the globalization effect is the erosion of the power of the nation state, as international actors such as multinational corporations continue to weaken and incapacitate the state from fulfilling its traditional mandate for the common good of its citizenry (Okogbule, 2008).Advertising We will write a custom report sample on Multinational Corporations, Globalization and State Sovereignty specifically for you for only $16.05 $11/page Learn More This short paper aims to illuminate the negative effects of big corporations and globalization on a country’s political and economic sovereignty. It is common knowledge that countries in developed and emerging economies are increasingly becoming dependent on multinational corporations to integrate their economies in a globalized world (Kapfer, 2006). In many instances, the bait for establishing t he dependency relationship comes in the form of foreign direct investment (FDI) and its capacity to stimulate and sustain economic development of these countries. By abdicating their roles in the international arena to non-state actors such as multinational corporations, countries soon realize that they are no longer the central actors in international relations, resulting in substantial erosion of political and economic sovereignty. The multinational corporation Coca Cola, for instance, often uses its international relations shrewdness and globalized networks to dictate to developing countries how to implement tax regimes or whom to elect into a political office. Multinational corporations are often used by the home government to interfere in the affairs of the host government for political or economic gains (Smith, 2004). Many host governments in Africa, for instance, receive focused challenges to their sovereignty from Western Countries that use multinational enterprises to press for regime changes or accommodation of more ‘democratic space.’ International newspapers have reported how multinationals such as British American Tobacco (BAT) and Barclays Plc were forced by their respective home governments to close business in Zimbabwe in a focused attempt to force the perceived ‘dictatorial’ regime of President Robert Mugabe to embrace ‘democratic’ principles.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More To date, economic globalization still remains the major bottleneck to the sovereignty and power of states owing to the fact that many multinational corporations have succeeded in moving both capital and means of production further away from state control into private ownership (Lowi, 2011). As a matter of fact, many governments in Africa and other underdeveloped countries around the world are no longer capable of controlling the economic situation within their own borders due to the effects of economic globalization. In essence, countries are being driven by market trends governed by multinational corporations without due regard to political or economic sovereignty of these countries. The 2008 financial crisis, which had its epicenter in the United States, demonstrated how economic globalization can affect state sovereignty in countries thousands of miles away from America. Nations lose their sovereignty when their cultures are infiltrated by foreign ideologies, beliefs and value systems (Kapfer, 2006). Multinational corporations, with the assistance of globalization forces, have been able to infiltrate cultures, values and belief systems of many third world countries, resulting in far-reaching negative ramifications for people as well as national institutions. The multinational corporation McDonalds has hit news headlines on numerous occasions for spreading American culture, economic imperialism and he gemony around the world (Smith, 2004). Today, many children in Africa and Asia are living with lifestyle diseases courtesy of the economic and cultural imperialism fronted by a concept labeled as â€Å"McDonaldisation.† It is unsettling to note that multinational pharmaceutical corporations such as Roche and Boots are then charged with the responsibility of supplying drugs to cure the lifestyle diseases, resulting in near total erosion of state sovereignty. There are many other instances that could be used to demonstrate the negative effects of multinational corporations and globalization on the sovereign will of a nation. However, within the context of a nation’s political and economic sovereignty, it can be safely concluded that multinational corporations and globalization effects have done more harm than good, especially in developing countries.Advertising We will write a custom report sample on Multinational Corporations, Globalization and State Sovereignty sp ecifically for you for only $16.05 $11/page Learn More References Kapfer, S. (2006). Multinational corporations and the erosion of state sovereignty. Web. Lowi, T. J. (2011). Globalization, war and withering away of the state. Brown Journal of World Affairs, 17(2), 243-256. Okogbule, N. S. (2008). Globalization, economic sovereignty and African Development: From Principles to Realities. Journal of Third World Studies, 25(1), 213-231. Smith, R. E. (2004). Private power and national sovereignty: Some comments on Multinational Corporation. Journal of Economic Issues, 58(2), 417-447. This report on Multinational Corporations, Globalization and State Sovereignty was written and submitted by user Outlaw Kid to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

How to Cite a Website in IEEE Referencing

How to Cite a Website in IEEE Referencing How to Cite a Website in IEEE Referencing With so much information available online these days, it is vital to know how to cite online sources. In this post, then, we’re looking at how to cite a website in an essay or paper using IEEE referencing. Referencing a Website with In-Text Citations In IEEE referencing, you cite sources with a number in the text. These numbers each point to a different source in the reference list: The internet relies on standardized communication protocols [1]. Number sources in the order that you first cite them. The source in the example above, for instance, would be the first source cited in the document and the first source in the reference list. And if you cite a website more than once, make sure to use the same number in each citation. As shown above, you will usually give citations at the end of a clause before terminal punctuation. However, if you name the author in your writing, you should give the citation number immediately afterwards: Rouse [1] identifies TCP/IP as key for networking devices. This clearly shows the connection between author and source. Listing a Website in an IEEE Reference List The reference list is where you provide full information for every source you use. If you cite a website, this means using the following format: [#] INITIAL(S). Surname, â€Å"Page Title,† Website Name, date of publication. [Online]. Available: URL. [Accessed Date]. In practice, then, the entry for an online source would look like this: [1] M. Rouse, â€Å"TCP/IP (Transmission Control Protocol/Internet Protocol),† SearchNetworking, Aug. 2017. [Online]. Available: https://searchnetworking.techtarget.com/definition/TCP-IP. [Accessed Sept. 19, 2018]. Usually, you will find all this information if you look closely enough. However, IEEE does supply rules for handling missing information: If a page does not name its author, use an organizational author (e.g., the publishing company or the overall website). If no organizational author is available, use the source title in its place in the reference list entry. The date of publication can be the date the page went online or when it was last updated. If neither is available, use the abbreviation â€Å"n.d.† instead. Finally, don’t forget to include a hanging indent for each line after the first in each reference list entry, as this is required in IEEE referencing. And if you need any help checking the referencing in your work, let us know.