Scheduling Your College Application Tasks

Here’s a list of application tasks that college-bound high school students should pencil into their calendars for the spring semester of their junior year and the fall semester of their senior year:

The SAT and ACT: The spring of your junior year is an excellent time to take the SAT Reasoning Test or the ACT. You’ll get your scores in plenty of time to use them in your college selection. If your scores match those of students who were recently admitted to your target schools, you can rest easy and turn your attention to other application tasks. If your scores fall below that mark, you’ve left yourself plenty of time to take the test a second time.

SAT Subject Tests: A number of selective schools either require or encourage applicants to submit scores from 2 or 3 SAT Subject Tests (formerly known as SAT IIs) in addition to their SAT or ACT score. Look into the requirements for your target schools now, so you’ll know what tests you need to take, and then visit the College Board website to find out what dates you can take the tests on. SAT Subject Tests are given on most, but not all, of the same test dates that the SAT Reasoning Test is given on. Not all Subject Tests are available on all test dates.

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International monetary policy: a global Taylor rule

Abstract

John Taylor’s rule for setting interest rates provides a framework for studying the global monetary policy generated by individual countries pursing their own policy goals. The study reflects the global nature of monetary policy by modeling an aggregate short-term interest rate as a function of measures of worldwide inflation and the GDP gap. Multiple specifications are estimated to correspond to past studies of the U.S. relationships between these variables. The authors find that Taylor rule is a useful tool for characterizing the global monetary environment as his equation provides a good fit to the data in every specification explored by the authors. However, the international response to inflation is slightly less robust despite claims of inflation targeting by the bulk of the larger economies in the sample. (JEL F33)

Introduction

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Independent Review of the Operation of Monetary Policy in New Zealand

In May 2000, the Government announced that the New Zealand monetary policy framework would be reviewed. Professor Lars Svensson of Stockholm University was appointed to undertake the review and to report by the end of February 2001. Professor Svensson’s report was released by the Treasurer/Minister of Finance on 28 February.

In this issue of the Bulletin, we have published the Executive Summary and recommendations of the Svensson Report, together with the terms of reference of the review. The complete report by Professor Svensson can be obtained from the New Zealand Treasury and can be accessed on www.monpolreview.govt.nz – the monetary policy review website, and on www.rbnz.govt.nz – the Reserve Bank of New Zealand’s website.

» Read more: Independent Review of the Operation of Monetary Policy in New Zealand

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