Invasive Species

Abstract Some pests and weeds are considered by the Australian government to be of national significance. Most of these species were introduced from other countries and continents. Red fox (Vulpes vulpes) and the Alligator Weed (Alternanthera Philoxeroides) are some of the invasive species which threaten the ecology and several sectors of the Australian economy.Advertising We will write a custom report sample on Invasive Species specifically for you for only $16.05 $11/page Learn More This document discusses why and how these species were introduced in Australia, factors which ensured their successful establishment in the country, as well as, their ecological and economic impacts. Finally, it examines the advantages and disadvantages of the control methods used to manage them. Introduction Numerous invasive species have been introduced in Australia over the years. These species are considered pests and have become a serious threat to biodiversity as well as agriculture in the country. Generally, pests have a direct effect on the environment/ecosystem as well as on human life wherever they exist. Their rate of reproduction is high making it difficult to control them. Most of them were introduced either deliberately or by accident, including some brought in to assist with the control of other nuisance species. Among the animal pests in Australia is red fox (Vulpes vulpes) also known as the European red fox was introduced in Australia in 1855 from Europe (Department of Sustainability, Environment, Water and Communities 2010). Since its introduction in Australia, it has spread across most parts of the country, although it is no longer found in the tropical north as well as some off-shore islands (Tasmanian Department of Primary industries, Parks, Water and Environment, 2010). Vulpes vulpes is classified as a serious invader to native animals as it kills them. On the other hand, one of the weed species which has invaded the ecological s ystem of Australia is the Alligator Weed (Alternanthera Philoxeroides). It was also introduced from Parana River region, South America (Everitt, Little Lonard, 2007, 55).Advertising Looking for report on biology? Let's see if we can help you! Get your first paper with 15% OFF Learn More They have spread in Queensland, Victoria, Western Australia, New South Wales, Northern Territory, Tasmania and South Australia. According to Bonila and Gunasekera (2001, 17) Alternanthera Philoxeroides is among the top 20 weeds posing serious threats and therefore causes significant concern in Australia. How and why the species were introduced in Australia According to Cuthbertson and Parsons (1992, 155) Alternanthera Philoxeroides was first introduced in Newcastle, New South Wales from South America and has since spread to all states in Australia. It has viable seed which aids its dispersal. As a result it spread from South America through pieces of mud which it used to attach itself to ships which sailed from South America. It was first introduced in this region during in 1946 when ship ballast was abandoned near New Castle (Cuthbertson and Parsons 1992, 155). According to the Rural Industries Research and Development Corporation (2011) Alternanthera Philoxeroides was introduced to Newcastle, New South Wales as a culinary herb. Red fox which has also greatly contributed to serious breakdown of Australian ecology was first introduced in the country from 1855 (Cowan Tyndale-Biscoe 1997, 31). They were first released in Melbourne, Victoria. They were deliberately introduced to the country for recreational hunting. European red fox was hunted by humans beginning 1865. Hunting had started back in 1839 in Australia as people sought after kangaroos, rabbits and dingoes. Factors which contributed to their successful establishment The weed has the ability to survive in terrestrial, Aquatic as well as semi-aquatic habitats in temperate, tropical plus in sub-tropical reg ions. All the regions in Australia where the weed has spread all have the characteristics of these climatic regions. The existence of rivers, wetlands and river tributaries provided the optimum condition for their survival. Red fox can survive in various habitats which include alpine, urban, as well as, arid areas (Pearson Pyres 1998, 87). It can also live in lightly wooded regions, and grasslands. Australia has wooded areas which are found in the country’s agricultural landscapes. This offers a wide range of food and shelter for the fox. The fox can also survive in a cleared farming land which has some livestock such as lambs which it can prey on.Advertising We will write a custom report sample on Invasive Species specifically for you for only $16.05 $11/page Learn More Besides, the fox can eat almost anything including small animals, insects and fruit (Larivià ¨re Pasitschniak-Arts 1996, 6). In each environment, red fox is at the apex of the food chain. This enables it to survive even when its preferred prey, small animals, is less available during the summer seasons. Australia has all types climates which the fox can survive in, and due to this, red fox has established itself firmly across the country. On the contrary, native animals of Australia have not yet evolved to protect themselves against the fox because of the circumstances in which red fox was introduced. The fox was introduced so suddenly that the native animals were killed to feed the young foxes. This helped sustain the population of the red fox, which has since become the head of the food chain. Ecological effects Red foxes have had several long-term effects on the Australian environment. One major effect is the decline of biodiversity. Predation by red fox has contributed significantly to the decline of native species in the country and still continues to undermine the efforts of the Australian community to conserve the threatened species which includes the night parrot, malleefowl, as well as, the bridled nail-tail wallaby. The fox has greatly contributed to the reduction in populations of ground-nesting birds, reptiles like the green turtle, as well as, small-to-medium sized mammals like the greater bilby. The fox often loots loggerhead turtle nets. Furthermore, it eats eggs in nests found on the beach. Loggerhead turtles are protected at Mon Repos Conservation Park in Queensland since they are endangered. If these foxes are allowed to continue to breeding, as well as remain among the wild animals for much longer period, the fragile ecology of Australia will be destroyed. This means that it will be difficult to recover this unique environment. In addition, they are carriers of rabies. The spread of rabies could destroy the fragile Australian ecosystem. The disease affects both human beings and animals. Thus eradicating it would be very difficult.Advertising Looking for report on biology? Let's see if we can help you! Get your first paper with 15% OFF Learn More Red foxes normally eat berries in summer seasons when their favourable food resources are not available. In addition, the fox competes alongside native predators which include eagles. In the past, the fox has competed against Tasmania Devils which were once abundant across the mainland; however, it is now found in Tasmania only. Others included Tasmania Tiger, Thylacine, and Tasmania Wolf which are now extinct in the country. Even though the red fox endangers the existence of many native animals, it is itself endangered by some animals. These animals include the Western Quoll, Red-Tailed Phascogale, Numbat, as well as, Brush-Tailed Bettong which are majorly found in South-Western Australia. These animals are poisonous to the red fox since they eat Gastrolobium, as well as, Oxylobium plants, which are poisonous to animals especially the red fox (Cowan Tyndale-Biscoe 1997, 31). These plant species have flouroacetate which is the chemical used to make the poison baits used in 1080 (Co wan Tyndale-Biscoe 1997, 31). On the contrary, these animals considered to be dangerous to the fox have developed immunity to the chemical, and therefore they store the poison in their flesh. When the red fox eats the animal, it dies. Alligator weed disrupts the aquatic environment by covering the surface and therefore hindering penetration of light into the water or soil (Groves, Richardson Shepard 1995, 07). This adversely distresses aquatic fauna as well as flora. Economic impacts Economic Impacts Alligator weed has impacts on several sectors of the economy. The plant has increased the would-be costs to irrigation farming (Groves, Richardson Shepard 1995, 10). It is expected that should the alligator weed not be controlled, then, the Barren Box Swamp infestation will cost about $250 million annually (Department of Sustainability, Environment, Water and Communities 2010). It is also threatening the sustainability of the turf industry in the Sydney Basin. The vegetable industry in the Hawkesbury-Nepan region is also threatened; the industry is estimated to be worth $150 million a year (Department of Sustainability, Environment, Water and Communities 2010). Other than the vegetable industry, there is the extraction industry in the same region, which also under threat. Should these resources be contaminated with the alligator weed, then the resources will have to be restricted. Moreover, it also threatens soy bean as well as sugar cane industries in the Richmond region (Groves, Richardson Shepard 1995, 11). Alligator weed also interferes with livestock farming. The plant contaminates grazing pastures and causes cancerous lesions in cattle. At some point, they become so dense that they deny livestock access to drinking water. This also implies that it limits access to, as well as, use of water. It can also block and damage pumps. In Warragamba Dam in Sydney, the weed causes sedimentation and therefore its major water supply, as well as, storage system (Depar tment of Sustainability, Environment, Water and Communities 2010). It obstructs stream flow of water and as a result leads to sedimentation. This contributes to flooding of the region, and structural damage to infrastructure. Red foxes have significant impacts on the Australian economy. It threatens the existence of native species as well as ecological communities. This impacts on the national heritage as it reduces species population (wildlife resources) in the country. The night parrot, malleefowl, as well as, the bridled nail-tail wallaby are some of the species which have been identified as threatened by red fox (Department of Sustainability, Environment, Water and Communities 2010). Red fox also causes losses to farmers especially those who keep livestock. The fox preys on the kid goats, poultry, as well as, newborn lambs. Moreover, they can also pass rabies on to livestock as well as native mammals. This costs the Australia economy millions of dollars per year since they kill livestock as well as by being a pest to farmers. Advantages of the methods used to control red fox Among the methods the government and the Australian community has employed is the prevention of the spread of red foxes to new regions which includes islands. Protection of the islands has been major priority in controlling red fox population. Islands have often been used as refugee habitats for species which are not available on the mainland any more. This has been effective in eradicating red fox from high-conservation-value islands. Adoption of poison baits on fences has also been successful in reducing the population of red foxes. This has been applied in south-west Western Australia and Eastern Australia. It has enabled native mammals to start to recover, and as a result, return to their former habitats. This method has also reduced the pressure on native species threatened by the red fox. It helps promote the maintenance, as well as, recovery of native animals together with the e cological communities which have been affected by red fox predation. Demerits of the methods used to control red fox Although the Australian community has adopted payment of bounties to encourage people to remove red foxes from among the wild animals, reduction of damages from the fox has not been effective (Tasmanian Department of Primary industries, Parks, Water and Environment, 2010). Again, hunting has not been able to achieve significant or long-term impact red fox population as well as the damage they cause. The application of poison baits in controlling red fox could have effects on other animals which are the target for elimination. Poison baits may also have similar effects on other animals, and therefore lead to their decline in areas where they are used. Besides, poison baits are very expensive and requires much resources to maintain them indefinitely. In south-west Western Australia, a large scale 1080-poison baits is used to control red fox. Advantages of the methods us ed to control alligator weed There are several methods which have been applied in Australia to control alligator weed. These control methods include physical, chemical and biological controls, and through legislation. Physical control method which involves the manual digging and burying of the alligator weed after having applied herbicides which kills any above-underground plant growth. This ensures immediate eradication of the alligator plant (NSW Department of Primary Industries 2008). It has successfully reduced floating mats which grow in Georges River as well as parts of Hawkesbury-Nepean region. Disadvantages of the methods used to control alligator weed One of the methods which have been applied in managing alligator weed is the adoption of alternative vegetable as part of the eradication program. The most notable alternative vegetable that has been adopted is the lesser joy weed which is scientifically known as Alternanthera denticulata (Bonila and Gunasekera 2001, 19). Howe ver, this does not help eliminate alligator weed as most of it grows wildly. Wetlands and river habitat where the weed grows is not affected by this program. Chemical control method applied in Australia is not effective as it takes long to eradicate the weed. Alligator weed can tolerate most herbicides. This means that application of these herbicides may only suppress the weed. Consequently, this method may take as a long as 6 years to completely eradicate the weed since in some cases, the herbicides are applied annually. Again, since the alligator weed is tolerant to most of these herbicides (NSW Department of Primary Industries 2008), it implies that large quantities are used in process. This can be dangerous to other plant species and could lead to their death. This means that chemical control method may lead to further loss of biodiversity. Application of chemicals could also lead to the death of soil micro-organisms which play key role in breaking and enriching the soil. Physic al control on the other hand, cannot be adopted in large and extensive alligator coverage areas. It is difficult to carry out deep manual digging for burying the weed that covers a wide area. Besides, applying herbicides to prevent above-underground plant growth could affect many plant and animal species which were not intended. Conclusion Red fox and alligator weed are among the invasive species which are of great significance to Australia. Both of them cause great damage to the environment, which in turn affects the country’s economy. If they are not carefully controlled, then they may cause reduction of population of various species and even lead to their extinction. Thus, it is important to devise better and more environmentally friendly ways of managing them and their impacts. This means that more research has to be done to enable the Australian community understand their impacts and develop more advanced ways of controlling their population and impacts on the ecology, o ther species and human life. It is also important to understand that these species also play vital roles in the ecosystem, and therefore the control measures adopted should not aim at eliminating them, but also protecting them. Finally, the local community should be involved in controlling these pests and weeds in order to achieve sustainable environmental management. Reference List Bonila, J., Gunasekera, L., 2001, Alligator weed: Tasty vegetable in Australian backyard. Journal of Aquatic Plant Management, 39: 17-20. Burgman, M., Lindenmayer, D., 1998, Conservation biology for the Australian Environment. Sydney: Surrey Beatty Sons. p. 83. Cowan, P. E., Tyndale-Biscoe, C. H., 1997, Reproduction, fertility development: Australia and New Zealand mammal species considered to be pests or problems. CSIRO, 9: 27-35. Cuthbertson, E., Parsons W., 1992, Noxious weeds of Australia. Plant Protection Quartely, 3: 154–157. Department of Sustainability, Environment, Water and Communi ties, 2010, European red fox (vulpes vulpes). Canberra ACT: Commonwealth of Australia. Everitt, J. H., Little, C. R., Lonard, R. L., 2007, Weeds in South Texas and Northern Mexico. Lubbock: Texas Tech University Press. pp. 55. Groves, R., Richardson, R., Shepard, R. 1995, Biology of Australian weeds, Vol. 1. Taipei City: Kluwer Academic Publishers. pp. 1–12. Larivià ¨re, S., Pasitschniak-Arts, M., 1996, Vulpes vulpes. Mamallian Species, 537: pp. 1-11. National Land Water Resources Audit, 2008, Assessing invasive animals in Australia 2008, NLWRA, Canberra./SEWPaC (2010). Web. NSW Department of Primary Industries, 2008, Alligator weed control manual: Eradication and suppression of alligator weed in Australia. Orange: NSW Department of Primary Industries. Pearson, J., Pyres, G., 1998, Ecosystem of Australia: Deserts. Port Melbourne: Heinemann Library. p. 87. Tasmanian Department of Primary industries, Parks, Water and Environment, 2010, Locations of fox activity inTasmania . Web. This report on Invasive Species was written and submitted by user Kamille Riley 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.

Elizabeth Keckley, Mary Lincolns Dressmaker and Friend

Elizabeth Keckley, Mary Lincolns Dressmaker and Friend Elizabeth Keckley was a former slave who became the dressmaker and friend of Mary Todd Lincoln and a frequent visitor to the White House during the presidency of Abraham Lincoln. Her memoir, which was ghost-written (and spelled her surname as Keckley though she seemed to have written it as Keckly) and published in 1868, provided an eyewitness account to life with the Lincolns. The book appeared under controversial circumstances, and was apparently suppressed at the direction of Lincolns son, Robert Todd Lincoln. But despite the controversy surrounding the book, Keckleys accounts of Abraham Lincolns personal work habits, observations on the everyday circumstances of the Lincoln family, and a moving account of the death of young Willie Lincoln, have been considered reliable. Fast Facts: Elizabeth Keckley Born: About 1818, Virginia.Died: May 1907, Washington, D.C.Known for: Former slave who opened a dressmaking business in Washington, D.C., before the Civil War and became a trusted friend of Mary Todd Lincoln.Publication: Wrote a memoir of life in the White House during the Lincoln administration which provided unique insight into the Lincoln family. Her friendship with Mary Todd Lincoln, though unlikely, was genuine. Keckleys role as a frequent companion of the first lady was depicted in the Steven Spielberg film Lincoln, in which Keckley was portrayed by actress Gloria Rueben. Early Life of Elizabeth Keckley Elizabeth Keckley was born in Virginia in 1818 and spent the first years of her life living on the grounds of Hampden-Sydney College. Her owner, Col. Armistead Burwell, worked for the college. Lizzie was assigned work, which would have been typical for slave children. According to her memoir, she was beaten and whipped when she failed at tasks. She learned to sew growing up, as her mother, also a slave, was a seamstress. But young Lizzie resented not being able to receive an education. When Lizzie was a child, she believed a slave named George Hobbs, who belonged to the owner of a another Virginia farm, was her father. Hobbs was allowed to visit Lizzie and her mother on holidays, but during Lizzies childhood the owner of Hobbs moved to Tennessee, taking his slaves with him. Lizzie had memories of saying goodbye to her father. She never saw George Hobbs again. Lizzie later learned that her father was actually Col. Burwell, the man who had owned her mother. Slave owners fathering children with female slaves was not uncommon in the South, and at the age of 20 Lizzie herself had a child with a plantation owner who lived nearby. She raised the child, whom she named George. When she was in her mid-twenties, a member of the family who owned her moved to St. Louis to begin a law practice, taking Lizzie and her son along. In St. Louis she resolved to eventually buy her freedom, and with the help of white sponsors, she was eventually able to obtain legal papers declaring herself and her son free. She had been married to another slave, and thus acquired the last name Keckley, but the marriage did not last. With some letters of introduction, she traveled to Baltimore, seeking to start a business making dresses. She found little opportunity in Baltimore, and moved to Washington, D.C., where she was able to set herself up in business. Washington Career Keckleys dressmaking business began to flourish in Washington. The wives of politicians and military officers often needed fancy gowns to attend events, and a talented seamstress, as Keckley was, could obtain a number of clients. According to Keckleys memoir, she was contracted by the wife of Senator Jefferson Davis to sew dresses and work in the Davis household in Washington. She thus met Davis a year before he would become president of the Confederate States of America. Keckley also recalled sewing a dress for the wife of Robert E. Lee at the time when he was still an officer in the U.S. Army. Following the election of 1860, which brought Abraham Lincoln to the White House, the slave states began to secede and Washington society changed. Some of Keckleys customers traveled southward, but new clients arrived in town. Keckley's Role In the Lincoln White House In the spring of 1860 Abraham Lincoln, his wife Mary, and their sons moved to Washington to take up residence in the White House. Mary Lincoln, who was already gaining a reputation for acquiring fine dresses, was looking for a new dressmaker in Washington. The wife of an Army officer recommended Keckley to Mary Lincoln. And after a meeting at the White House on the morning after Lincolns inauguration in 1861, Keckley was hired by Mary Lincoln to create dresses and dress the first lady for important functions. There is no question that Keckleys placement in the Lincoln White House made her a witness to how the Lincoln family lived. And while Keckleys memoir was obviously ghost-written, and is no doubt embellished, her observations have been considered credible. One of the most moving passages in Keckleys memoir is the account of the illness of young Willie Lincoln in early 1862. The boy, who was 11, became sick, perhaps from polluted water in the White House. He died in the executive mansion on February 20, 1862. Keckley recounted the sorrowful state of the Lincolns when Willie died and described how she helped prepare his body for the funeral. She vividly described how Mary Lincoln had descended into a period of deep mourning. It was Keckley who told the story of how Abraham Lincoln had pointed out the window to an insane asylum, and said to his wife, Try to control your grief or it will drive you mad, and we may have to send you there. Historians have noted that the incident could not have happened as described, as there was no asylum within view of the White House. But her account of Mary Lincolns emotional problems still seem generally credible. Keckley's Memoir Caused Controversy Elizabeth Keckley became more than an employee of Mary Lincoln, and the women seemed to develop a close friendship which spanned the entire time the Lincoln family lived in the White House. On the night Lincoln was assassinated, Mary Lincoln sent for Keckley, though she did not receive the message until the following morning. Arriving at the White House on the day of Lincolns death, Keckley found Mary Lincoln nearly irrational with grief. According to Keckleys memoir, she remained with Mary Lincoln during the weeks when Mary Lincoln would not leave the White House as Abraham Lincolns body was returned to Illinois during a two-week funeral which traveled by train. The women stayed in touch after Mary Lincoln moved to Illinois, and in 1867 Keckley became involved in a scheme in which Mary Lincoln tried to sell some valuable dresses and furs in New York City. The plan was to have Keckley act as an intermediary so buyers would not know the items belonged to Mary Lincoln, but the plan fell through. Mary Lincoln returned to Illinois, and Keckley, left in New York City, found work which coincidentally put her in touch with a family connected to a publishing business. According to a newspaper interview she gave when she was nearly 90 years old, Keckley was essentially duped into writing her memoir with the help of a ghost writer. When her book was published in 1868, it attracted attention as it presented facts about the Lincoln family which no one could have known. At the time it was considered very scandalous, and Mary Lincoln resolved to have nothing more to do with Elizabeth Keckley. The book became hard to obtain, and it was widely rumored that Lincolns oldest son, Robert Todd Lincoln, had been buying up all available copies to prevent it from achieving wide circulation. Despite the peculiar circumstances behind the book, it has survived as a fascinating document of life in the Lincoln White House. And it established that one of the closest confidantes of Mary Lincoln was indeed a dressmaker who had once been a slave. Sources: Keckley, Elizabeth. Behind the Scenes, Or, Thirty Years a Slave and Four Years In the White House. New York City, G.W. Carleton Company, 1868. Russell, Thaddeus. Keckley, Elizabeth.  Encyclopedia of African-American Culture and History, edited by Colin A. Palmer, 2nd ed., vol. 3, Macmillan Reference USA, 2006, pp. 1229-1230.  Gale Virtual Reference Library. Keckley, Elizabeth Hobbs.  Encyclopedia of World Biography, 2nd ed., vol. 28, Gale, 2008, pp. 196-199.  Gale Virtual Reference Library. Brennan, Carol. Keckley, Elizabeth 1818–1907.  Contemporary Black Biography, edited by Margaret Mazurkiewicz, vol. 90, Gale, 2011, pp. 101-104.  Gale Virtual Reference Library.

Easiest Colleges to Get Into

Easiest Colleges to Get Into SAT / ACT Prep Online Guides and Tips Applying to colleges is stressful, and you often don't know whether you've gotten in until well after you've submitted your application.It's therefore useful to have safety schools as a backup. These are colleges that you're almost certain you'll get into if you apply. We've compiled a thorough guide of the easiest colleges to get into in the United States. Find out which schools have the highest admissions rates, which schools give you guaranteed admissions if you meet absolute requirements, and which schools have the lowest average SAT/ACT scores. What an "easy college to get into" usually depends on your specific circumstances and application. If you scored a perfect 2400 on the SAT or 36 on the ACT, most colleges will be easy to get into. For below average students, schools that have high admission rates and low requirements will be easy colleges to get into. Whatever your personal situation, having "safety schools" is critical to your college application strategy. You don't want to end up with zero admissions offers in your senior spring, so it's important to have a few schools that you're almost certain will accept you if you apply. Thus, we've compiled three collections of schools that are easy to get into in their own way. First, we'll discuss schools in the US with the highest admission rates, which means nearly all the people who apply to them get admitted. Next, we'll find schools withguaranteed admissions - if you meet their requirements, they will guarantee you a spot, no matter what. Finally, we'll discuss schools with thelowest average SAT/ACT scores - if you're performing a bit below average, these schools are a good bet for you. Colleges with the Highest Admissions Rates (Top 100) The hardest schools to get into have admissions rates below 10% - Harvard, for example, has an admissions rate of 5.9%. Out of 1000 students who apply, only 59 get in. In contrast, the easist colleges to get into have nearly 100% admissions rates - if you apply, you can almost certainly get in. Unlike community colleges (which also have 100% admissions rates), the below schools are usually affiliated with state university systems. Here's a list of the 100 colleges with the highest admissions rates: School City State Admissions Rate Bismarck State College Bismarck ND 100% City University of Seattle Seattle WA 100% CUNY - College of Staten Island Staten Island NY 100% CUNY - Medgar Evers College Brooklyn NY 100% Daytona State College Daytona Beach FL 100% Dixie State College of Utah Saint George UT 100% Granite State College Concord NH 100% Indian River State College Fort Pierce FL 100% Jarvis Christian College Hawkins TX 100% Metropolitan State University St. Paul MN 100% Missouri Western State University St. Joseph MO 100% New Mexico Highlands University Las Vegas NM 100% Oklahoma State University - Oklahoma City Oklahoma City OK 100% University of Maryland - University College Adelphi MD 100% University of Pikeville Pikeville KY 100% University of the Potomac Washington DC 100% Utah Valley University Orem UT 100% Wayne State College Wayne NE 100% Weber State University Ogden UT 100% Western International University Tempe AZ 100% Cameron University Lawton OK 99.80% Lewis-Clark State College Lewiston ID 99.80% University of Texas - El Paso El Paso TX 99.80% Brigham Young University - Idaho Rexburg ID 99.60% Wilmington University New Castle DE 99.50% Lyndon State College Lyndonville VT 99.30% Montana State University - Billings Billings MT 99.30% Kendall College Chicago IL 99.20% Virginia Intermont College Bristol VA 99% Ottawa University Ottawa KS 98.90% Wayland Baptist University Plainview TX 98.60% Utah State University Logan UT 98.50% Pfeiffer University Misenheimer NC 98.30% Washburn University Topeka KS 98.20% East Central University Ada OK 98.10% Midland University Fremont NE 98% Walden University Minneapolis MN 98.00% Colorado Christian University Lakewood CO 97.60% Saint Mary-of-the-Woods College St. Mary-of-the-Woods IN 97.50% Huntington University Huntington IN 97.30% Missouri Southern State University Joplin MO 97.30% Evergreen State College Olympia WA 97.10% Ohio Christian University Circleville OH 97.10% Benedictine College Atchison KS 97% University of Sioux Falls Sioux Falls SD 97% University of St. Francis Fort Wayne IN 96.80% Indiana Wesleyan University Marion IN 96.70% Nyack College Nyack NY 96.70% University of Akron Akron OH 96.50% Wright State University Dayton OH 96.30% Martin Luther College New Ulm MN 96.20% Kansas State University Manhattan KS 95.90% Wichita State University Wichita KS 95.80% University of Montana Missoula MT 95.70% Hodges University Naples FL 95.60% University of Wyoming Laramie WY 95.50% Victory University Memphis TN 95.50% Colorado State University - Pueblo Pueblo CO 95.40% University of Maine - Augusta Augusta ME 95.40% Carlow University Pittsburgh PA 95.20% University of Houston - Downtown Houston TX 95.10% Bethel University St. Paul MN 94.90% Lubbock Christian University Lubbock TX 94.90% Bellarmine University Louisville KY 94.80% Berkeley College Woodland Park NJ 94.70% Concordia University Texas Austin TX 94.60% Wiley College Marshall TX 94.40% Shepherd University Shepherdstown WV 94.30% Berkeley College New York NY 94.20% Neumann University Aston PA 94% Trinity International University Deerfield IL 93.90% Marygrove College Detroit MI 93.80% Walla Walla University College Place WA 93.80% Southern Wesleyan University Central SC 93.70% Clarion University of Pennsylvania Clarion PA 93.50% Judson University Elgin IL 93.40% St. John's College Santa Fe NM 93.40% Northern State University Aberdeen SD 93.30% Tennessee Technological University Cookeville TN 93.20% University of the Incarnate Word San Antonio TX 93.10% Virginia Wesleyan College Norfolk VA 92.90% Franklin Pierce University Rindge NH 92.70% Mary Baldwin College Staunton VA 92.50% Southern Oregon University Ashland OR 92.50% Grand View University Des Moines IA 92.30% Mansfield University of Pennsylvania Mansfield PA 92.30% Regis University Denver CO 92.30% Western Kentucky University Bowling Green KY 92.30% Western State Colorado University Gunnison CO 92.30% Bard College at Simon's Rock Great Barrington MA 92.20% Linfield College McMinnville OR 92.20% Iona College New Rochelle NY 92.10% University of Central Arkansas Conway AR 92.10% Freed-Hardeman University Henderson TN 92% South Carolina State University Orangeburg SC 92% South Dakota State University Brookings SD 91.90% Davenport University Grand Rapids MI 91.70% Lee University Cleveland TN 91.70% Loyola University Chicago Chicago IL 91.40% Northern Arizona University Flagstaff AZ 91.40% These are definitely some of the easiest schools to get into. Applying to any of these schools will give you a great shot at getting in. For schools that have less than a 100% admissions rate, you should still create a target SAT score or target ACT score so you can figure out what minimum SAT/ACT score you need to get in. Colleges with Guaranteed Admissions Some colleges have policies that grant youautomatically grant you admission once you fulfill their academic criteria. The school will usually require a minimum GPA and/or a minimum SAT/ACT score. If you exceed these guidelines, you're in! What's the difference from the 100% colleges above?These schools are actually typically more selective for the overall population. For example, University of Texas at Austin has a 40.2% acceptance rate, but if you're a Texas resident and are in the top 10% of your class, you'll automatically be admitted. These schools are therefore more competitive (and usually have a better reputation) than the schools in the list above, so if you qualify, these are good bets for safety schools. Each school has different criteria, but we've done the hard work of gathering all the schools in one list for you - just click on the school to see their exact admissions policies. California State University Central Washington University Mississippi State University North Dakota State University Oklahoma State University South Dakota School of Mines and Technology Southern Illinois University Truman State University University of Arkansas University of Denver University of Iowa University of Kansas University of Las Vegas University of Mississippi University of Southern Mississippi University of St Francis University of Texas If you pick one, this might be the easiest college to get into for you. Colleges with the Lowest SAT/ACT Scores Aside from the schools listed already, some schools have very low SAT/ACT score averages. If you score above the average, you're very likely to be admitted. These represent some of the colleges that are easy to get into. Some of these schools have already appeared above, but here we show their 25th percentile and 75th percentile SAT scores (their ACT scores will be similar when you convert the SAT to the ACT). School 25th %ile 75th %ile Northern State University 790 20 Union College 880 40 Rust College 970 60 North Park University 935 68 University of Louisiana at Lafayette 940 90 University of South Dakota 890 1200 Livingstone College 950 1210 University of Louisiana Monroe 940 1220 Charles R Drew University of Medicine and Science 1066 1233 Saint Pauls College 800 1260 University of Michigan Dearborn 968 1260 Paine College 1010 1280 Chowan University 1040 1290 Marietta College 940 1290 Lincoln Christian University 40 1291 Pine Manor College 990 1300 Edward Waters College 1050 1310 Kentucky State University 1016 1318 University of Missouri Kansas City 1000 1330 Virginia State University 1090 1335 School of the Art Institute of Chicago 900 1340 Fayetteville State University 40 1350 University of Arkansas at Pine Bluff 1018 1353 Elizabeth City State University 50 1360 Missouri Valley College 90 1360 Texas Southern University 00 1360 Grand View University 40 1370 Savannah State University 40 1370 North Carolina Central University 60 1380 What to Do Next Even if you're applying to the nation's easiest colleges to get into, you'll still need to take the SAT or ACT. Figure out what your SAT Target Score or ACT Target Score ought to be, for the schools you're applying to. Find out what the best SAT and ACT test dates are and how to organize your testing schedule. Aiming high? Find out what it takes to get a perfect SAT score. Even if you feel your chances at college are low right now, we still heavily encourage you to try to improve your SAT or ACT score.Increasing your SAT score by 120 points or your ACT score by 3 points will completely change the quality of school that you can get into. This can have a huge impact on your salary after graduation. At PrepScholar, we've built the leading online SAT/ACT prep program. It's special because it customizes your prep program to you - you'll improve the most by spending the least time studying. Best of all, we offer a score improvement guarantee - if you don't improve your SAT score by 160 points or your ACT score by 4 points, we give all your money back. Sign up for our 5-day free trial today: Have friends who also need help with test prep? Share this article! Tweet Allen Cheng About the Author As co-founder and head of product design at PrepScholar, Allen has guided thousands of students to success in SAT/ACT prep and college admissions. He's committed to providing the highest quality resources to help you succeed. Allen graduated from Harvard University summa cum laude and earned two perfect scores on the SAT (1600 in 2004, and 2400 in 2014) and a perfect score on the ACT. You can also find Allen on his personal website, Shortform, or the Shortform blog. Get Free Guides to Boost Your SAT/ACT Get FREE EXCLUSIVE insider tips on how to ACE THE SAT/ACT. 100% Privacy. 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Introduction to Organisations and Management Assignment - 5

Introduction to Organisations and Management - Assignment Example Management: Managerial Style /Structure in Relation to Watson and H&M Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..pg5 5. Organizational Structure of the two Companies: Focus on System Theory and its Relevance†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. pg6 6. Motivation: A focus on Maslow’s Motivational Theory†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦pg6 7. Group and Team: Belbin’s Team Roles Theory and its Application to Watson and H&M Consulting†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦8 8. Human Resources Management: A focus on Rational Decision Making Theory in the Context of Watson and H&M Consulting Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦pg10 9. Leadership-Power and its Relevance in Management: A focus on Watson and H&M Consulting†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.pg11 10. Technology†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦pg12 11. Summary: SWOT analysis of H& M Consulting†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.pg13 12. ... Various models have been developed to conceptualize management, yet managers and business owners experience dilemma trying to cope with profit creation or motivation of employees, choosing predominantly the former (Golan 2005). Therefore, some are involved in bullying other employees in the lower ranks (Bernadi 2001) External Environment Business External Environment can be analyzed using PESTEL. Botton and Harris (2008) affirm that PESTEL encompasses Political, Economic, and Social, Technological as well as Environmental and Technological (PESTEL) situations about a company. Accordingly, PESTEL can be used to analyze a company’s external environment. The external environment of Watson seems to be in bad light, since even investors are not comfortable with investing in the company. The company is in a dilemma associated with external business environment (Economic variance of PESTEL). Car manufacturers (Watson’s customers) are facing bottlenecks due to globalization and competition, an issue which has a trickledown effect on the company. The contracts that the company has traditionally enjoyed are as s result reducing. Other effects are associated with reduced transport cost, and manufactures are taking advantage of this to look for cheap supply from far locations. On the other hand H & M Consulting seems to enjoy positive media and thus investing in the company is an issue which many investors would immediately jump into. The company hand is networked across the globe. It deals with both the private and public sector and thus has a good reputation externally which attracts tenders/contracts. For example in 2006, the company achieved a rating of 8.2 out of the 10 for responding to customers’ needs. Organizational

Global Retail and the Transfer of Management Knowledge Case Study

Global Retail and the Transfer of Management Knowledge - Case Study Example There was much friction to be overcome if convenience stores were to be successful in Japan. This was mainly because of the overwhelming presence of small shops in the area. A lot of laws and regulations were put into place to try to protect these small shop owners, such as laws restricting large retailers-such as department stores-from certain activities (Bernstein, 2008). The company was brought to Japan mainly because of Toshifumi Suzuki. The company which he represented, Ito-Yokado, did not support the idea of bringing the convenience store to Japan as a franchise. However, Suzuki did support the idea and claimed that not only could profits be generated by convenience stores, but that the concept could also result in lessened friction between stores of different sizes. The number of small stores in the country was seen to Suzuki as an opportunity rather than a challenge. His idea was to build a franchise system of convenience stores and, in exchange for a cut of their profits, offer them managerial expertise and other guidance. He obtained knowledge from Southland with regards to how to operate a franchising system. Eventually, Suzuki was able to convince Masatoshi Ito to at least look into the idea (Bernstein, 2008). There were quite a few right moves by the company that led to it being such a large success in Japan. The company sent its amateurs for training in the United States. They knew to avoid price competition with supermarkets. They utilized Southland's accounting system. The setup of the store itself was perceived to the Japanese as being foreign, which had an appeal of its own. Ito-Yokado had such a great market power that Seven-Eleven Japan was able to leverage it to acquire wholesalers. The company positioned its stores in urban areas to attract individuals who only wanted a few items and were in a hurry. They carried a broad array of items for sale (Bernstein, 2008). When the model was re-exported to the United States, the Japanese had learned what mistakes to avoid by observing Southland's slow demise. They used some of the techniques that they utilized in their own country in order to make the convenience store change successful in the United States. One of the biggest keys to doing this was through adapting the latest in information technology. Since that concept had been so successful in Japan, the Japanese figured it could only do the same for the United States. In conclusion, this was a relatively unforeseen event-at least of its scope-in Japanese history. Japanese companies in the retailing industries were not seen worldwide as being efficient. Their distribution systems were archaic at best, and large retail giants such as Wal-Mart were few and far between. Using the skills they learned from Southland and their own parent company, Seven-Eleven Japan was very successful (Bernstein, 2008). Why did 7-Eleven thrive while Southland declined and eventually went bankrupt' Why, more in general, are there so many successful global retailers of non-US origin' 7-Eleven thrived not only because of the reasons discussed above, but also because of several other key factors. These include its franchise system and market dominance strategy, the rationalization

Healthy People Essay Example for Free

Healthy People Essay 1. What is the mission of Healthy People 2020? They strive to identify nationwide health improvement priorities. They strive to increase public awareness and understanding of the determinants of health, disease, and disability and the opportunities. They strive to provide measurable objectives and goals that are applicable at the national, State, and local levels. They strive to engage multiple sectors to take action to strengthen policies and improve practices that are driven by the best available evidence and knowledge. They strive to identify critical research, evaluation, and data collection needs. 2. List five new topic areas for Healthy People 2020? Older Adults Preparedness Disease Sleep Health Early and Middle Childhood 3. Select one topic area from Healthy People 2020. What is the goal of the topic? What is one objective of the topic? Why is this topic and objective important? Increase public knowledge of how adequate sleep and treatment of sleep disorders improve health, productivity, wellness, quality of life, and safety on roads and in the workplace. Increase the proportion of persons with symptoms of obstructive sleep apnea who seek medical evaluation Increase the proportion of persons with symptoms of obstructive sleep apnea who seek medical evaluation The topic and objective is important because we all need sleep and if we cannot sleep then we need to find out  why we can’t sleep. 4. What part of the website did you find most useful? The topics and objectives 5. What resources located on this website would you consider using in the future? All of them because the site is very help for everything. 6. Which part of the website did you find to be the most interesting? The about me section cause I found what the site was about and how useful it will be. How Much Am I Actually Eating? For many people, the most difficult part about following a diet is understanding what constitutes a serving size. How many servings of meat are you actually getting in that double cheeseburger? The dietary guidelines are relatively easy to follow once you establish a frame of reference for serving sizes. Do your definitions of serving size differ from those of your friends, the restaurant around the corner, or your dining hall? Do you need to make some adjustments? Learning to do so goes a long way toward helping one live a healthful life. Go to the following website to examine your visual reality about serving sizes: http://www.nhlbi.nih.gov/chd/visualreality/visualreality.htm. Follow the instructions and check your visual reality. You will learn to read food labels and eventually be able to determine standard serving sizes simply by looking at them. After completing the visual reality exercise, answer the questions below. How well did you do? Were you generally in agreement with the quiz? I did okay. Somewhat I was in agreement with the quiz.

Critical Analysis Of The Eagle By Lord Tennyson :: Poetry Analysis

Critical Analysis of "The Eagle" by Lord Tennyson The name of the poem I am writing about is called â€Å"The Eagle† by Alfred, Lord Tennyson. It is in figurative language form. The poem is divided into 2 Stanza's with 3 lines each. And there are an average of 9 feet a line. The rhyme scheme is every last word in each stanza rhyme's. Some of the imagery is with sight and sound. For sight they are â€Å"Close to the sun†, â€Å"Azure world†, azure mean the blue color in a clear daytime sky. â€Å" Wrinkled sea beneath†, and â€Å"mountain walls†. The only one that was imagery of sight & sound was â€Å"like a thunderbolt he falls†. The figures of speech are â€Å"wrinkled sea†, which means the waves in the ocean. And one simile is â€Å"like a thunderbolt he falls†, it is saying how fast a eagle dives. The poems theme is how an eagle can fly so high and dive so fast.

It301 Unit 5

Jason Combs Unit 5: Comparison of Quality Philosophies IT301: Project Management I Professor Cyntia Glenn Cotton October 23, 2012 Unit 5: Comparison of Quality Philosophies Philosophy Matrix Dimension| Deming| Juran| Crosby| PMI|Quality Definition| Needs of customers| Fitness for use| Comply to the requirements| Conformance to requirements| Quality System| 14-pt Philosphy-A recipe for total quality| Trilogy-Optimize the process| Plan the quality| Prevention| Performance Standard| PDCA/PDSA Deming Wheel| SuccessFormula| Quality assurance| Zero Defects| Quality Measurement| Kaizen| Excellence to Process Perato Principles| Cost of quality| Cost of non-conformance| Role of Top Management| Consistently improve quality| Speaks in the language of dollars| Leadership| Leadership and participation| Role of the Worker| Self improvement| Speak in the language of things| Participation| High level involvement| In the world of quality, there are three great contributors that helped revolutionize a nd evolve the quality movement. These three gentlemen were W. Edwards Deming, Joseph Juran, and Philip Bayard Crosby. All three of them concentrated on quality in the manufacturing and industrial businesses, yet each of their philosophies are dissimilar.Their contributions to the quality movement can also be applied to other business sectors, such as the information technology field. In order to discuss quality, we will need to explore each of their philosophies and how they relate to one another and additionally, how they contrast with one another. While there are indeed three great contributors, this paper will focus primarily on Philip B. Crosby's philosophies, and thus, be biased towards him. Quality Defined One of the contributors, Joseph Juran, wrote a publication called Quality Control Handbook. Juran's definition of quality is â€Å"fitness for purpose† (Juran, 2010). Fit for purpose means every service and/or product from a company must satisfy the customer’s need with little to no failure.Juran’s vision on quality was based on the concept of implementing quality initiatives and quality management being defined by the consumer. This philosophy is similar to W. Edwards Deming's point of view as organizational â€Å"transformation† for quality. This process led to Juran dividing this concept into two categories: Product features that meet customer needs and freedom from deficiencies, which defines quality as reducing costs and improving standards. Therefore, Juran defines quality by implementing continuous improvement workers need to have training in proper methods of a regular basis, being understood from the perspective of the customer.Similar to Juran, Deming emphasized on prevention rather than fixing as the key to quality. Quality System Similar the philosophies of Juran and Deming, Philip B. Crosby utilized a principle he called DIRTFT (Doing It Right The First Time). Just like Juran and Deming's prevention philosophies , DIRTFT prevented problems by simply doing it right to begin with. Crosby defined quality as conformance to requirements (which are both the product requirements and the customer's requirements). This was a part of the quality system that Crosby developed, which had four parts. The first part is described above, which is how he defined quality. The second part is that the system of quality is prevention.The third part is that the performance standard is zero defects, as is related to the requirements. The fourth and last part is the measurement of quality is the price of nonconformance. Crosby's belief was that a business that had a quality system in place would see savings returns that paid off the cost of the system itself, or more simply, â€Å"quality is free. † The system that Juran came up with consisted of the Quality Trilogy, which involved three main parts. These parts are quality planning, quality control, and quality improvement. In these three areas, the system i nvolved identifying, developing and optimizing, and demonstrating continuous improvements.Deming, on the other hand, had a system he established using a fourteen point formula which recognized the purpose toward improvement, leadership, and training, as well as taking actions to ensure a successful process improvement. Standards of Performance Crosby's performance standard consisted of having a zero defect approach, which meant everyone involved (supplier and customer included) must understand. Crosby defined zero defect as not being a literal zero defect (as that is not always possible), but rather producing goods or services within agreed upon tolerances and requirements for quality and costs. Juran had a four step formula when it came to performance standards: establish goals to be reached, establish plans for these goals, meet the goals, and rewards based on results achieved.Deming had a process called the Deming Wheel, which was an adaptation of the PDCA (Plan, Do, Check, and A ct) Problem Solving Cycle. To break it down, Plan involved designing components to improve results, Do employed the plan, Check evaluated the measurements, and Act made decisions based on the changes needed to improve the process. Quality Measurements Juran's perspective on quality was based on five general measures, the measures being the cost of poor quality, defects, product/process features, customer needs, and customer behavior. Deming's measurements were based on the Kaizen approach, which involved the evaluation of each operation including performance, the raw materials used, processes (manual and machine) and the output(s).Kaizen is an objective to attain improvement continuously. Cosby's philosophy of do it right the first time enforces consumers to spend more money on preventing failure and less on fixing failures. His quality measurements are based on the Cost of Quality, which has just two components: the cost of good quality versus the cost of poor quality. While it cos ts money to achieve quality, it costs even more money when that quality is not achieved. Management's Role Juran viewed the role of management to encompass all processes, especially in services versus products. His focus on quality improvement was in three parts, the first being a program to address random problems.The second part was a program to address chronic or reoccurring issues, and the third part was an emphasis on annual quality programs. Deming's philosophy was that all employees within a business are responsible for quality management and improvements. The management must adapt to quality, and lead the company towards improvement as well as be involved in all aspects of the quality improvement processes. Crosby, meanwhile, viewed the role of management at the top, and had a strong emphasis on increasing profits through quality improvement. His concept reflected in his fourteen step quality improvement program, which begins with Step One: Management Commitment. Therefore, management must be commited towards quality from the top down. Workers' RoleJuran believes that the role of the workforce is to be involved in quality improvement teams. Deming believes that all workers need to be educated on quality techniques, and they need to have responsibility to prevent defects. Crosby's concept in the workers' role deals with just a small amount of responsibility. However, workers should take pride in having quality workmanship and still assume responsibility for their quality. Conclusion Juran's quality philosophy falls in line with the Project Management Institute, which involves similar actions in regards to planning, assurance, and control (PMBOK, 2008). Deming emphasizes quality through statistical process control.Crosby's model of quality was always directed at creating a zero defect mentality which establishes an atmosphere of pride in workmanship while assuming responsibility for quality. References Institute, P. M. (2008). A Guide to the Project Mana gement Body of Knowledge. (4th edition). Newtown Square: Project Management Institute Project Management Institute. A Guide to the Project Management Body of Knowledge(PMBOK-Guide)– Fourth Edition (2008). Juran, Defeo â€Å"Quality Control Handbook. † (2010). Retrieved 10/23/2012 from http://books. google. com/books? id=JPCz0LoMnLsC&pg=PA5&lpg=PA5&dq=joseph+M+Juran+-+%22fit+for+use%22&source=bl&ots=968XivvXtO&sig=eNbFuq-Ztkn8ULZwK7bfJw5y7aM&hl=en&ei=ubul

Different Between Adaptive and Rational Expectation

Working Paper No. 00-01-01 Are Policy Rules Better than the Discretionary System in Taiwan? James P. Cover C. James Hueng and Ruey Yau Are Policy Rules Better than the Discretionary System in Taiwan? James Peery Cover Department of Economics, Finance, and Legal Studies University of Alabama Phone: 205-348-8977 Fax: 205-348-0590 Email: [email  protected] ua. edu C. James Hueng Department of Economics, Finance, and Legal Studies University of Alabama Phone: 205-348-8971 Fax: 205-348-0590 Email: [email  protected] ua. edu and Ruey Yau Department of Economics Fu-Jen Catholic University Taiwan Phone: 619-534-8904 Fax: 619-534-7040 Email: [email  protected] csd. edu Correspondence to: C. James Hueng Department of Economics, Finance, and Legal Studies University of Alabama, Box 870224 Tuscaloosa, AL 35487 Phone: 205-348-8971 Fax: 205-348-0590 Email: [email  protected] ua. edu Are Policy Rules Better than the Discretionary System in Taiwan? ABSTRACT This paper investigates whether th e central bank of Taiwan would have had a more successful monetary policy during the period 1971:1 to 1997:4 if it had followed an optimal rule rather than the discretionary policies that were actually employed.The paper examines the use of two different instruments—the discount rate and the monetary base—with several different targets — growth of nominal output, inflation, the exchange rate, and the money growth. The results show that most of the rules considered would not have significantly improved the performance of the Taiwanese economy. The only rule that is clearly advantageous is one that targets inflation while using the interest rate instrument. Keywords: monetary policy rule, small open economy, dynamic programming JEL classification: E52, F41 1.Introduction How well has the Central Bank of Taiwan implemented monetary policy during the past three decades? With the exception of two inflationary episodes during periods of oil-price shocks (1973-1974 and 1979-1981), as far as inflation is concerned, the historical record suggests that monetary policy in Taiwan has been very successful. Figure 1 shows that during other periods the rate of inflation in Taiwan typically has been relatively low, nearly always being between 2% and 7% per year. But could the Central Bank of Taiwan have performed much better than it actually did?That is, could it have achieved a lower and less variable rate of inflation at little or no cost in terms of lost output? Because Taiwanese monetary policy has been discretionary, rather than based on a formal rule, there is a strand of macroeconomic theory that suggests the answer to this question must be yes. If the structure of the Taiwanese economy is such that an unexpected increase in the rate of inflation causes output to increase, then policy makers have an incentive to increase inflation. This implies that a discretionary monetary policy will have an inflationary bias [Kydland and Prescott (1977) and Barr o (1986)].The existence of this inflationary bias makes it difficult for policy makers to lower expected inflation without first earning a reputation for price stability. If the only way to earn this reputation is through actually achieving low inflation, then the cost of reducing inflation is a significant loss of output. A solution to this reputation or credibility problem is for the monetary authority to follow an explicit formal rule that eliminates its discretion to inflate. It therefore follows that a monetary policy implemented according to a rule will achieve lower inflation than a discretionary monetary policy.For example, Judd and Motley (1991, 1992, 1993) and McCallum (1988) have examined the empirical properties of nominal feedback rules and find that the use of simple feedback rules could have produced price stability for the United States over the past several decades without significantly increasing the volatility of real output. 1 This paper examines whether the cent ral bank of Taiwan would have had a more successful monetary policy if it had followed an explicit rule rather than the discretionary policies it actually implemented.Of the rules considered here, only one yields both an output variance and an inflation variance appreciably lower than those actually realized by the Taiwanese economy. Hence this paper concludes that the discretionary policies implemented by the central bank of Taiwan were very close to being optimal. Svensson (1998) divides proposed rules for monetary policy into two broad groups, instrument rules and targeting rules. Instrument rules require that the central bank adjust its policy instrument in response to deviations between the actual and desired value of one or more variables being targeted by the monetary authority.Examples of this type of rule are those proposed by both Taylor (1993) and McCallum (1988). A rule that requires the Fed to raise the federal funds rate (its instrument of monetary policy) whenever the growth rate of nominal GDP is unexpectedly high (the rate of growth of nominal GDP being the target variable) regardless of other information available to the Fed is an example of an instrument rule. But because instrument rules do not use all information available to the monetary authority, as shown by both Friedman (1975) and Svensson (1998), they are inferior to monetary policy rules that do use all available information.If a monetary policy rule minimizes a specified loss function while allowing the monetary authority to use all available information, then Svensson (1998) calls it a targeting rule. If the monetary authority is following a targeting rule, then it will respond to all information in a manner that minimizes its loss function. The loss function formalizes how important the monetary authority believes are deviations of its various target variables from their optimal values. The policy rule is derived from the optimal solution of the dynamic programming problem that m inimizes the loss function subject to the structure of the economy.The resulting rule expresses the growth of the policy instrument as a function of the predetermined variables in the model. That is, the policy instrument responds not only to the target variables but also to all other variables in the model. Hence a targeting rule would not 2 always require the Fed to raise the federal funds rate when the growth rate of nominal GDP is unexpectedly high because other information might imply that the relatively high rate of growth of nominal GDP is the result of an increase in the growth rate of real GDP (rather than an increase in inflation).Although there appears to be a growing consensus that price stability should be the central long-run objective of monetary policy, there are still continuing debates about the proper selection of the policy instrument and the best target variables. But clearly the choice of the best policy instrument and the best target(s) is an empirical issue. Furthermore, the best choices can vary from country to country because the controllability of any particular policy instrument and the effectiveness of each target most likely vary across countries.Therefore, this paper examines two different policy instruments and several targets to search for the best policy rule for Taiwan. The rest of this paper is organized as follows. Section 2 discusses the instrument and the targets of monetary policy that this paper considers. Section 3 describes the method used to derive the policy rules and conduct the simulations. Section 4 describes the data and presents the simulation results, while Section 5 offers some conclusions. 2. Instruments and Targets of Monetary Policies In discussing how monetary policy should be implemented it is helpful to draw a istinction between the instruments and the targets of monetary policy. The targets of monetary policy are those macroeconomic variables that the monetary authority ultimately desires to influence through its policy actions [Friedman, 1975]. For this reason Svensson (1998) prefers to call target variables only those variables that are important enough to be included in the monetary authority's loss function. The targets of monetary policy therefore are a way to formalize the overall objectives of a monetary authority.On the other hand, the instrument of monetary policy is the variable that the monetary authority chooses to control for the purpose of meeting its overall objectives, i. e. minimizing its loss function. 3 Monetary policy instruments basically fall into two categories: the monetary base and short-term interest rates. Proponents of using the monetary base as the instrument of monetary policy argue that the base is the variable that determines the aggregate level of prices, and therefore is a natural instrument for the control of inflation [McCallum (1988)].But most central banks, including the central bank of Taiwan, use a short-term interest rate as their instrume nt of monetary policy. Proponents of an interest rate instrument point out that it insulates the economy against instability in the demand for money, that interest rates are a part of the transmission channel of monetary policy, and that no useful purpose is served by wide fluctuations in interest rates [Kohn (1994)]. This paper presents simulation results using both types of instruments. The results support the central bank of Taiwan's decision to use an interest rate instrument.This paper examines four target variables: a monetary aggregate, the exchange rate, nominal income and the rate of inflation. 1 The targeting of a monetary aggregate often is advocated by those who believe that business cycles largely result from changes in the growth rate of a monetary aggregate [Warburton (1966), M. Friedman (1960)]. Another reason for choosing a monetary aggregate as the target variable for monetary policy is its ability to serve as a nominal anchor that can prevent policies from allowin g inflation to increase to an unacceptable level.Although this allows a monetary aggregate to communicate long-run policy objectives to the general public, as Friedman (1975) points out, it is by its very nature an inferior choice as a target variable because the monetary authority is only concerned with monetary aggregates to the extent that it provides them with information about inflation and output growth. 2 1 Recent For a more complete discussion about different target variables, see Mishkin (1999). That is, monetary aggregates are intermediate targets rather than true targets of monetary policy. Friedman (1975) shows that the use of intermediate targets is not optimal. Although Svensson's (1998) idea of using forecasts of the target variable as a synthetic intermediate target is implicit in Friedman's (1975) discussion. 4 instability in the velocity of money for the time being has ended any possibility that a monetary aggregate will be used as a target for monetary policy in t he United States. McKinnon (1984) and Williamson and Miller (1987) argue that monetary policy should target the exchange rate in an open economy.For example, the exchange rate has been the sole or main target in most of the EMS countries. Pegging the domestic currency to a strong currency prevents changes in the exchange rate from having an effect on the domestic price level. But exchange rate targeting results in the loss of an independent monetary policy. The targeting country cannot respond to domestic shocks that are independent of those hitting the anchor country because exchange rate targeting requires that its interest rate be closely linked to that in the anchor country.McCallum (1988) suggests a nominal GDP targeting rule because of its close relationship with the price level. The nominal GDP target has intrinsic appeal when instability in velocity makes a monetary target unreliable. As long as the growth rate of real GDP is predictable, there is a predictable relationship between nominal GDP and the price level. However, recent studies on the time series properties of real GDP raise questions about the predictability of real GDP.If real GDP does not grow at a constant rate, then a constant growth rate for nominal GDP does not guarantee a stable price level. Recently there has been a great upsurge of interest in direct inflation targeting, a policy that has been adopted by the central banks of New Zealand, Canada, the United Kingdom, Sweden, Finland, Australia, and Spain. Although this policy has been implemented with apparent success in the above countries, there are theoretical concerns with inflation targeting.One problem with inflation targeting is that the effect of monetary policy actions on the price level occurs with considerably more delay than its effects on financial variables. The use of a financial variable such as monetary aggregates or exchange rates as the target would provide an earlier signal to the public that policy has deviated fr om its goals. In addition, attempts by the central 5 banks to achieve a predetermined path for prices may cause large movements in real GDP, but only if the price level is sticky in the short run.But the apparent success of inflation targeting, where it has been tried, suggests that these concerns are misplaced. 3 Also, because the effect of monetary policy on long-term trends in output and employment is now considered to be negligible, many economists are now advocating that monetary authorities should use only inflation (or the price level) as the sole target for monetary policy. According to this view the main contribution that monetary policy can make to the trend in real output is to create an environment where markets are not distorted by high and volatile inflation.The central bank of Taiwan appears to have accepted this position. It has repeatedly stated that its number one priority is price stability and the reaction function estimated by Shen and Hakes (1995) confirms that it has behaved as if price stability is an important policy goal. So what combination of policy instrument and target variable would result in the best rule for monetary policy in Taiwan? Would the adoption of such a rule have improved Taiwanese monetary policy during the past three decades?To answer these questions this paper experiments over two policy instruments (monetary base and interest rate) and four target variables (the rate of inflation, the growth rate of nominal GDP, the growth rate of the monetary base, and the change in exchange rate) in an attempt to find what would have been the best targeting rule for Taiwan during the period 1971:1-1997:4. The historical performance of the Taiwanese economy is then compared with the performance predicted by the â€Å"best† targeting rule to evaluate how good Taiwanese monetary policy has been.This comparison is made by comparing the volatility of the relevant variables resulting from the proposed rules with those from the historical data. 3 A careful reading of Friedman (1975) and Svensson (1998) also suggests that these concerns are misplaced. 6 Although, as noted above, by their very nature targeting rules are superior to instrument rules. Hence this paper emphasizes targeting rules. But just how much better targeting rules are than instrument rules is an empirical question of some practical importance because instrument rules are more transparent than targeting rules.Hence, for completeness, this paper also presents results for instrument rules using the rate of interest and the monetary base as instruments and the rate of inflation as the target variable. 3. The Model and Methodology 3. 1 The instrument rule An instrument rule adjusts the growth of the policy instrument in response to deviations between the actual and desired value of the target variable. That is, ? It = (? xt-1 – ? xt-1*), (1) where It represents the policy instrument, ? xt is the target variable, the superscript * denot es the target value desired by the central bank, and ? efines the proportion of a target miss to which the central bank chooses to respond. In this paper, variables are expressed as deviations from their own means. Therefore, there is no cost in terms of generality to set the targeted growth rate desired by the central bank to zero. The economy is characterized by an open-economy VARX model which includes five variables: the growth rate4 of real income (? yt), the rate of inflation (? pt), the change in the logarithm of the exchange rate (? et), the growth rate of the monetary base (? mt), and the change in the interest rate (? rt).Since the purpose of this paper only requires a model that fits the Taiwanese economy well during the sample period, we use a general VARX model with a 4 Growth rates in the empirical work are calculated by taking log-first differences. 7 maximum lag length of four and adopt Hsiao’s (1981) method to determine the optimal lags for each variable. 5 S pecifically, the general VARX model can be written as: ? Xt = A0 + A1? Xt-1 + A2? Xt-2 + A3? Xt-3 + A4? Xt-4 + i =0 ? ai ? I t ? i 4 + ? t, (2) where ? Xt is the 4? 1 vector that contains variables other than the growth of the policy instrument.The policy instrument has immediate effects on other variables if the 4? 1 vector a0 is not zero. For example, if the instrument is rt and the target is ? pt, then Xt = [ yt, pt, et, mt ] and equations (1) and (2) can be written as: ? rt = ? ?pt-1, ? Xt = A0 + A1? Xt-1 + A2? Xt-2 + A3? Xt-3 + A4? Xt-4 + (1)’ i =0 ? ai ? rt ? i 4 + ? t. (2)’ Previous studies such as Judd and Motley (1991, 1992, 1993) and McCallum (1988) estimate equation (2) and assume that the economy faces the same set of shocks that actually occurred in the sample period.The estimated equation, the historical shocks, and the policy rule (1) are used to generate the counterfactual data. Statistics calculated from the counterfactual data are then compared to the historical experiences. In these studies, the response parameter ? is arbitrarily set and the results from different ? ’s are compared. However, given linearity of the model and the variance-covariance matrix of historical shocks, one can analytically solve for the value of ? that minimizes the variance of the inflation rates. Specifically, substituting (1) into (2) yields a VAR(5) in ?Xt. For convenience, the VAR(5) system can be written as a more compact expression: 5 We tried to adopt Ball's (1998) open-economy Keynesian type model to Taiwan, but this model was not supported by the Taiwanese data. 8 ?Wt = B0 + B1? Wt-1 + ? t, (3) where Wt = [ Xt, Xt-1, Xt-2, Xt-3, Xt-4 ] and ? t = [? t, 0] are both 20? 1. Assume that ? Wt is stationary. Denote V? W as the variance-covariance matrix of ? Wt and V? the variance-covariance matrix of ?t. Equation (3) implies V? W = B1 V? W B1†² + V?. (4) Given the regression results of (2), the variance of ? t is a function of ? only. Th erefore, the value of ? that minimizes the variance of ? pt, given historical shocks, can be calculated. The advantages of an instrument rule include its simplicity, transparency to the public, and the fact that it is always operational. The central bank responds to observed deviations from the target and does not need to base its policy actions on forecasts that require knowledge of the structure of the economy. However, as noted above, instrument rules are not optimal in the sense that they do not use all available information.The policy instrument only responds to the target variables, which is usually inefficient compared to rules that allow the instrument to respond to all the variables in the model. The following section uses an optimal control problem to derive the optimal policy rule, instead of specifying the rule in advance. 3. 2 The targeting rule A targeting rule is derived from the minimization of a loss function. This loss function reflects the policymaker’s des ired path for the target variable. A commonly used one is a quadratic loss function which penalizes deviations of the target variable from its target value.The policymaker’s optimization problem can be solved with the knowledge of the dynamics of the economic structure, which is equation (2). That is, equation (2) is used as the constraints in the dynamic programming problem. To simplify analysis, equation (2) is written as a first-order system, Zt = b + B Zt-1 + C ? It + ? t, (5) 9 where Zt = [? Xt, ? Xt-1, ? Xt-2, ? Xt-3, ? It, ? It-1, ? It-2, ? It-3]. The constant vector b is 20? 1, B is 20? 20, C is 20? 1, ? t is 20? 1, and their arguments should be obvious. Therefore, the central bank's control problem is to minimize a stream of expected quadratic loss function: T 1 E0 ?Zt ‘ K Zt, T t =1 (6) subject to Zt = b + B Zt-1 + C ? It + ? t, (5) where the expectation E0 is conditional on the initial condition Z0. Again, without loss of generality, the target value is set t o zero since all the variables are expressed as deviations from mean. The elements in the matrix K are weights that represent how important to the central bank are deviations of the target variables from their target values. For example, if the central bank wants to target the inflation rates, then the [2,2] element of K is 1 and the other elements are all zeros.The loss function is equivalent to (1/T) E0 ?t =1? pt 2 . T If the central bank wants to target the nominal GDP, then the 2? 2 block on the upper left corner of K is a unity matrix and the other elements are all zeros. The loss function in this case is (1/T) E0 ?t =1(? yt + ? pt ) 2 . T Now the problem is to choose the policy instrument ? I1, . . . , ? IT that minimizes (6), given the initial condition Z0. By using Bellman's (1957) method of dynamic programming the problem is solved backward. That is, the last period T is solved first, given the initial condition ZT-1.Having found the optimal IT, we solve the two-period prob lem for the last two periods by choosing the optimal IT-1, contingent on the initial condition ZT-2, and so on. Letting T > ? , the optimal policy rule can be expressed as [see Chow (1975, ch. 8) for derivation details]: ? It = G Zt-1 + f , with (7) 10 G = -(C ‘ HC) ? 1 (C ‘ HB), f = -(C ‘ HC) ?1 C ‘ (Hb-h), H = K + (B+CG) ‘ H (B+CG), and h =[I-(B+CG) ‘ ] ?1 [- (B+CG) ‘ Hb]. The rule defines the policy instrument as a function of the predetermined variables in the model. The economy is assumed to face the same set of shocks that actually occurred in the historical period.Therefore, the estimated equations, the policy rule, and the historical shocks are used to generate the counterfactual data. The resulting statistics are compared. Even though it is usually more efficient to let the instrument respond to all the relevant variables than to let it respond only to the target variables, the ad hoc instrument rules are more widely discussed in th e literature. The reason for the preference for simple instrument rules may be that the targeting rule is more sensitive to model specifications. For example, the assumption of full information is generally maintained for the computation of an optimal rule.This tends to make the targeting rule less robust to model specification errors than are the simple instrument rules. In addition, the optimal rule may require larger adjustments of the instrument because it responds to more variables. This would in turn yield undesired higher volatility of the other variables such as output growth. Therefore, again, the choice between the instrument rule and the targeting rule cannot be determined by theory alone and is an empirical issue. 4. Empirical Results 4. 1 Data This paper uses Taiwanese national quarterly time series data for the period 1971:11997:4.The sample starts in 1971:1 because of data availability. All data are taken from two databanks: the National Income Accounts Quarterly and the Financial Statistical Databank. 11 The rediscount rate is used as rt because it indicates the policy intentions of the central Bank of Taiwan most directly. The monetary base mt is defined as the reserve money. The exchange rate target is the NT/US dollar rate. The variable yt is real GDP in millions of 1991 NT dollars, and pt is defined as the GDP deflators. Except interest rates, all variables are in logarithms. All variables are in first-difference form and expressed as deviations from their means.The Augmented Dickey-Fuller (ADF) test is used to ensure that the variables are transformed into stationary processes6. The top row of Table 1 presents the historical standard deviations of the variables in the model in order to allow comparison with the values obtained from the simulations. 4. 2 Estimation results under instrument rules Panel A in Table 1 presents the standard deviations obtained using an instrument rule with inflation as the target variable. The first row of Panel A presents simulation results under an interest rate instrument, while the second row presents results under a monetary base instrument.The simulations using an interest rate instrument yielded standard deviations for output growth, the change in the exchange rate, and money growth that are only slightly higher than those for the historical data, while the standard deviation of inflation is slightly lower than its historical value. The only standard deviation in the first row of Panel A that differs substantially from the historical data is that for the change in the interest rate, which is much lower in the simulation.These results indicate that actual policy in Taiwan achieved results almost as good as those that would have been obtained under an optimal interest-rate instrument rule with the 6 The lag lengths in the ADF regressions are determined by the Akaike Information Criterion (AIC) and the Schwartz's (1978) criterion. The maximum length is set to 12. A time trend is includ ed in the yt, pt, and mt regressions. All results indicate that the original time series are integrated of order one. The results of the tests are available from the authors upon request. 12 xception that the optimal rule would have yielded a more stable rate of interest. The simulation using the monetary base as the instrument yielded slightly higher standard deviations for all variables except the rate of inflation. Those for output growth, the change in the exchange rate, and the rate of interest were only slightly higher than the historical values, while the standard deviation of the growth rate of the monetary base was much higher than its historical value. The standard deviation of the inflation rate is slightly lower than the historical value but is higher than that in the interest rate instrument rule.These results suggest that the discretionary policy implemented in Taiwan was superior to an optimal monetary base instrument rule. They also indicate that an instrument rule u sing the rate of interest would have been superior to one employing the monetary base as instrument, though not by a large margin. 4. 3 Estimation results under targeting rules Panel B of Table 1 presents standard deviations of the variables under the various targeting rules considered here. The first four rows of Panel B present results obtained using an interest rate instrument.In the first row of Panel B the standard deviation of nominal GDP is minimized; in the second row the standard deviation of inflation is minimized; etc. The last three rows of Panel B present results under a monetary base instrument. Notice that for both instruments, if nominal GDP is the target, then the standard deviations of all variables are higher than their historical values. This implies that the growth rate of nominal GDP would not have been a suitable target variable for Taiwan. Furthermore, notice that for all targets under the monetary base instrument the standard deviation of output growth is mu ch higher than its historical value.This effectively rules out consideration of the monetary base as the instrument of monetary policy under a targeting rule for Taiwan. Now notice from the fourth row of Panel B that if the monetary base is the target under an interest rate instrument, the standard deviations of output growth and inflation are both higher 13 than their historical values. This effectively rules out the use of the monetary base as an appropriate target for monetary policy in Taiwan. Finally, by comparing rows â€Å"? pt Target† and â€Å"? t Target† of Panel B, one sees that if the rate of inflation is the target, then the standard deviations of output growth and inflation are lower than if the exchange rate is the target. Also, if inflation is the target, the standard deviations from the simulations for inflation and output are lower than their historical values. Hence it is concluded that Taiwanese monetary policy would have been better than its histor ical performance if it had used an optimal targeting rule with the rate of interest as instrument and inflation as the target. 5. Conclusion Taiwan has been very successful in using discretionary monetary policies.This paper attempts to see whether there exist policy rules that can improve the Taiwanese economy for the past several decades. This paper evaluates several monetary policy rules using Taiwanese quarterly data from 1971:1 to 1997:4. Two types of policy rules are examined. Instrument rules adjust the growth of the policy instrument in response to deviations between the actual and desired values of the target variable. Unlike those in the previous studies where arbitrary instrument rules are proposed, this paper solves analytically for the optimal instrument rules that minimize the standard deviation of the rate of inflation.Targeting rules are derived from the solution to the dynamic programming problem that minimizes a loss function subject to the structure of the economy . The rule expresses the growth of the policy instrument as a function of all the predetermined variables in the model. Two policy instruments (interest rate and monetary base) and four targets variables (nominal GDP growth, inflation rate, changes in exchange rates, and money growth rate) are examined in the paper. Simulations of a simple VARX model and the policy rules suggest that, 14 ompared to the historical policy, the use of a policy rule in Taiwan would not have reduced substantially the volatility of inflation rate. The only policy rule that would appeal to the authority is the direct inflation targeting rule with the interest rate as the instrument. This rule would have reduced the standard deviation of the inflation rate in Taiwan by 0. 7% while maintained similar volatility of the other variables to those in the historical data. 15 References Ball, L. (1998), â€Å"Policy Rules for Open Economies,† NBER Working Paper 6760. Barro, Robert J. (1986). Recent Developme nts in the Theory of Rules Versus Discretion,† The Economic Journal Supplement, 23-37. Bellman, R. E. (1957), Dynamic Programming, Princeton, N. J. : Princeton University Press. Chow, G. C. (1975), Analysis and Control of Dynamic Economic System, John Wiley & Sons Press. Friedman, Benjamin (1975), â€Å"Rules Targets, and Indicators of Monetary Policy,† Journal of Monetary Economics, 1, 443-73. Friedman, Milton (1960), A Program for Monetary Stability. Fordham University Press, New York. Hsiao, C. (1981), â€Å"Autoregressive modelling and money-income causality detection,† Journal of Monetary Economics, 7, 85-106.Judd, J. P. and B. Motley (1991), â€Å"Nominal feedback rules for monetary policy,† Federal Reserve Bank of San Francisco Economic Review (Summer), 3-17. Judd, J. P. and B. Motley (1992), â€Å"Controlling inflation with an interest rate instrument,† Federal Reserve Bank of San Francisco Economic Review 3, 3-22. Judd, J. P. and B. Motley (1993), â€Å"Using a nominal GDP rule to guide discretionary monetary policy,† Federal Reserve Bank of San Francisco Economic Review 3, 3-11. Kohn, D. L. (1994), â€Å"Monetary aggregates targeting in a low-Inflation economy–Discussion,† in J. C.Fuhrer, ed. , Goals, Guidelines, and Constraints Facing Monetary Policymakers, 130135. Federal Reserve Bank of Boston. Kydland, F. E. and Prescott, E. C. (1977), â€Å"Rule rather than discretion: The inconsistency of optimal plans,† Journal of Political Economy 85, 473-491. McCallum, B. T. (1988), â€Å"Robustness properties of a rule for monetary policy,† CarnegieRochester Conference Series on Public Policy 29, 173-204. 16 McKinnon, Ronald (1984). An International Standard for Monetary Stabilization, Washington: Institute for International Economics. Mishkin, F. S. (1999). International experiences with different monetary policy regimes,† NBER Working Paper #6965. Schwartz, S. G. (1978), â€Å"Est imating the Dimension of a Model,† Annals of Statistics 6:461-464. Svensson, Lars E. O. (1998), â€Å"Inflation Targeting as a Monetary Policy Rule,† NBER Working Paper #6790. Shen, C. H. and Hakes, D. R. (1995), â€Å"Monetary policy as a decision-making hierarchy: The case of Taiwan,† Journal of Macroeconomics 17, 357-368. Taylor, John B. (1993). â€Å"Discretion versus Policy Rules in Practice,† Carnegie-Rochester Conference Series on Public Policy, 39: 195:214.Warburton, Clark (1966), â€Å"Introduction,† Depression, inflation, and Monetary Policy: Selected Papers, 1945-1953. Johns Hopkins Press, Baltimore. Williamson, John and Miller, Marcus (1987). Targets and Indicators, Washington: Institute for International Economics. 17 Table 1:Standard Deviations of the Variables (in Percentage) Output Growth ? yt Historical Data: Simulated Data: (A) Instrument Rules: Interest Rate Instrument: ? pt Target Monetary Base Instrument: ? pt Target (B) Targeti ng Rules: Interest Rate Instrument: ? (yt + pt) Target ? pt Target ? et Target ? t Target Monetary Base Instrument: ? (yt + pt) Target ? pt Target ? et Target 5. 346 3. 862 3. 798 4. 964 1. 972 3. 449 2. 767 5. 950 2. 139 14. 63 27. 781 6. 794 0. 185 0. 198 0. 159 4. 348 2. 993 3. 047 4. 446 4. 314 2. 092 3. 064 6. 880 3. 076 2. 469 2. 361 2. 771 5. 421 4. 473 4. 281 4. 058 0. 485 0. 175 0. 332 0. 431 -2. 38 3. 308 2. 748 2. 718 6. 540 0. 178 3. 185 Inflation Rate ? pt 2. 793 Change in Exchange rate ? et 2. 415 Monetary Base Growth ? mt 4. 315 Change in interest rate ? rt 0. 162 Optimal ? : 0. 0133 3. 201 2. 633 2. 601 4. 454 0. 035The sample period is from 1971:1 to 1997:4. The variable ? yt is real GDP growth rate, ? pt is inflation rate, ? et is change in exchange rates, ? mt is monetary base growth rate, and ? rt is change in interest rates. All data are from the National Income Accounts Quarterly and the Financial Statistical Databank data banks. The response parameter ? in the instrument rules defines the proportion of a target miss to which the central bank chooses to respond. 18 Figure 1 Inflation Rate (annual rate %) 70 60 Inflation Rate (% per year) 50 40 30 20 10 0 -10 70 74 78 82 Year 86 90 94 98 19