Why Adult Education?

Whether one appreciates it or not, to live is to learn on a daily basis. Unless you simply repeat what you have always done, day in and day out, you are encountering at least slightly new situations which require you to think and lean in new and possibly challenging ways. Nothing is quite the same as it was decades ago, whether it be grocery shopping, driving a car, going to the doctor, or making career decisions, financial plans or political choices. The world has changed, and you and I must change with it!

Adult education is based on the idea that there is much more change in life than might meet the eye. Among the most successful people around are those who embrace life conscientiously, learn constantly, and wrestle with life’s challenges and opportunities with an intelligent and thoughtful enthusiasm. In other words, those who “make good sense a way of life.” Some individuals have a natural curiosity and interest in ideas and things new. They enjoy learning and are easily comfortable, even happy, with change and growth. Others, however, seem to learn, grow and change only by being sort of “dragged through” life. They tend to have less of an appreciation of the somewhat exciting dynamics that growth and change present. Theoretically, adult education is good for everyone. But, only those who relish life will likely enjoy it.

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Monetary policy and the term structure of interest rates in Japan.

This paper is investigates the relationship between the Japanese yield curve and monetary policy. In the 1980s and 1990s average bond yields have risen from 5% to 8% and then fallen to 2% and the slope of the yield curve has swung from positive to negative to positive. We are interested in understanding the contribution of monetary policy to these movements in the yield curve.

One motivation for our interest is Japan’s recent experience. In spite of massive increases in monetary base and a zero nominal interest rate, economic growth has remained low and deflationary pressure has not abated. These events are raising new questions about the effectiveness of monetary policy under a zero nominal interest rate policy. Eggertson and Woodford (2003) argue that a monetary authority can still influence economic activity when nominal interest rates are zero by taking actions that affect market expectations about the future time path of variables such as interest rates, inflation or exchange rates. One way to assess the ability of a central bank to affect expectations is to look retrospectively and ascertain the extent to which previous monetary policy surprises have affected bond yields of different maturities. If monetary policy is indeed a potent tool for altering expectations then this should show up in the responses and variance decompositions of medium and long-term bonds yields to suitably identified shocks to monetary policy.

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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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