Some implications for monetary policy of uncertain exchange rate pass-through

The paper uses MULTIMOD to examine the implications of uncertain exchange rate pass‐through for the conduct of monetary policy. From the policymaker's perspective, uncertainty about exchange rate pass‐through implies uncertainty about policy multipliers and the impact of state variables on stabilization objectives. When faced with uncertainty about the strength of exchange rate pass‐through, policymakers will make less costly errors by overestimating the strength of pass‐through rather than underestimating it. The analysis suggests that pass‐through uncertainty of the magnitude considered does not result in efficient policy response coefficients that are smaller than those under certainty.     

PEDAKSI: Methodology for Collecting Data about Survey Non-Respondents

The effects of unit non-response on survey errors are of great concern to researchers.However, direct assessment of non-response bias in survey estimates is rarely possible.Attempts are often made to adjust for the effects of non-response by weighting, but thisusually relies on the use of frame data or external population data, which are at bestmodestly correlated with the survey variables. This paper reports the development ofa method to collect limited survey data from non-respondents to personal interviewsurveys and a large-scale field test of the method on the British Crime Survey (BCS).The method is shown to be acceptable and low cost, to provide valid data, and to haveno detrimental effect on the main survey. The use of the resultant data to estimatenon-response bias is illustrated and some substantive conclusions are drawn for the BCS.     

An Examination of the Interaction Between Modelling and Its Relationship with Construction Kits: Lessons from the Past and for the Future

Construction kits have played a significant part in nurturing the growth and development of the minds and manipulation-based skills of children (and adults) in formal and non-formal education settings. These kits have origins rooted in the representation of the built world and now have a diversity of form and function, including technical versions with moving parts. This article examines some of the historically based ideas that lie behind the role that kits may have in terms of physical modelling. The article traces the transformation of kits from simple bricks and blocks into more complicated pieces for space-filling and achieving the transfer of forces and motion. This transformation occurred during the Victorian era when the influence of the ideas of educationalists and, perhaps rather strangely, exponents of early aviation, played major roles in determining the diversity of forms of construction kit and modelled possibilities that are now to be seen in classrooms and homes. The article ends with a review of some of the lessons from the past and present that will need to be considered in relation to concrete modelling in schools for the future. This revised version was published online in July 2006 with corrections to the Cover Date.     

Getting the Most Out of a Mandatory Subordinated Debt Requirement

Recent advances in asset pricing—the reduced-form approach to pricing risky debt and derivatives—are used to quantitatively evaluate several proposals for mandatory bank issue of subordinated debt. We find that credit spreads on both fixed- and floating-rate subordinated debt provide relatively clean signals of bank risk and are not unduly influenced by nonrisk factors. Fixed-rate debt with a put is unacceptable, but making the putable debt floating resolves most problems. Our approach also helps to clarify several different notions of “bank risk.”     

The Impact of the Implementation of Technology Education on In-Service Teacher Education in South Africa (Impact of Technology Education in the RSA)

In this article the impact of technology education, as a new learning area (subject) in the curriculum, on in-service teacher education in South Africa is described in order to ascertain the extent of the impact. The research on which this article is based draws on a variety of experiences and observations in the field at grassroots level (in particular an outreach project in rural communities). The envisaged impact of technology education on South African schools, communities, teacher educators and teachers, the range of in-service teacher education that is required, and the impacts in urban and rural areas are discussed. Finally a number of concluding remarks are made about the extent of the impact of the inclusion of technology education in the new National Curriculum Statement and whether the situation has changed since the implementation of a pilot technology education project in 1998. This revised version was published online in July 2006 with corrections to the Cover Date.