Anne Juliana Gonzaga became a Servant of Mary following the death of her husband, Ferdinand II, Archduke of Austria in 1595, after receiving a vision of the Madonna, to whom her parents had prayed to cure her of a childhood illness? Gary Lee Bauer (born May 4, 1946) is an American politician notable for his ties to several evangelical Christian groups and campaigns.
The Eastport Pram by CLC and the Nutshell Pram are two others that I have tried out that I liked. Ha ha, well it's certainly easy enough to build but I wouldn't call it a great rower or a great sailer.
My son, Edward, and I went to the Lyme Regis Boat Building autumn lauchings a while back, and we were both very impressed by the Oughtred Auk. Good depth of hull, the helmsman boatbuilder seemed to be able to abuse her sitting in all the wrong places and she sailed just fine choose where he sat. I have a built PDR and I think it's a nifty design and sails well for a box where I really think it shines is in capacity, I've sailed with three adults in a pd which is something I probably wouldn't do in another sub-8 design. Brian, do you think that the Auk will overall be a better boat tan the Humble Bee for pottering around, both sailing and rowing, and in handling choppy conditions? Mila Kunis, James Franco and Paul Haggis chat on the street to discuss filming preperations for their film 'The Third Person.' The group then parts ways and Mila walks off with a male crew member. Cuban model and new face Ivan Cardenas [YULI Group], is spotlighted in this editorial themed 'African Sunset' which was shot by fashion photographer Eran Levi for Fashionably Male.
Bern Nadette Stanis (born December 22, 1953) is an American actress best known for her role as the strong-willed Thelma Evans on the CBS sitcom, Good Times. Actress Bernadette Stanis from the hit 1970's TV show, Good Times, has become an ambassador to fight Alzheimer's Disease.
Yes, that’s how I remember it, but after watching Howard tell her story on TV One’s “Unsung” I realized this heavenly body went through hell on her sisters played by Kelita Smith and Bernadette Stanis. Ben Powers, best known for his role as Keith Anderson on the Good Times sitcom that aired on CBS in the middle to late 1970s, has died. Due to the adoption of inflation targeting and floating exchange rates, and the elimination of capital controls, exchange rate pass-through – the transmission of exchange rate movements to changes in the domestic price level – has become an increasingly important issue in developing and emerging market economies. The interest in exchange rate pass-through (ERPT) in developing and emerging market (DEM) countries has burgeoned in the last two decades. The adoption of inflation targeting by many DEM countries in the past two decades, with its reliance on inflation forecasting, has probably enhanced the interest in ERPT.
ERPT refers to the degree to which exchange rate variations influence trade prices and, through them, other domestic prices. ERPT may be measured in both the short run and long run, but even in the long run, the pass-through may not be ‘complete’ in that the change in the exchange rate may not be fully passed through to prices.1 ERPT in practice often displays significant asymmetries (though commonly it is assumed linear and symmetric), for instance when exchange rate depreciation elicits a price response of a different magnitude to an appreciation, or when smaller changes elicit a different proportionate response from larger changes. For all its policy importance, the measurement and interpretation of ERPT measures is a complex and highly technical affair.
Small, open, and trade-dependent economies embody special features that can make it especially difficult to obtain reliable estimates of ERPT.
Faced with a plethora of reported ERPT measures in the empirical literature, the discerning policymaker needs to ascertain by which method these were calculated, which controls and restrictions were applied, and the time frame and stability of the estimates. First, many multi-country studies ignore the country heterogeneity (except in country fixed effects) that arises from different levels of development and trade regimes, different monetary policies and histories of inflation, and differences between commodity exporters and commodity importers. Thus, before restrictions are imposed that ERPT coefficients are the same across all countries in the sample, these restrictions should be tested.
A second common error, particularly in multi-country studies, is to specify a highly restricted bivariate relationship between, for instance, import prices and the nominal effective exchange rate when the relationship is likely multivariate (i.e. The assumption of short lags and the omission of domestic unit labour costs (which though slow to adjust to shocks do eventually respond to imported inflation) could result in long-run ERPT being substantially underestimated.

This leads to the fourth frequent misspecification, which is to ignore the potential endogeneity of the exchange rate and of domestic cost variables (when included).
Active anti-inflationary monetary policy may cause an initial exchange rate shock to be partly offset by an interest rate adjustment. Changing monetary policy regimes causes a fifth potential misspecification, linked with the importance of such nonlinearities in DEM economies.
Generally it is assumed that there are constant (unchanging) parameters in the ERPT models. There are some indications that higher exchange rate volatility may be associated with higher ERPT in the DEM countries with floating currencies – possibly because exchange rate changes are viewed as more permanent or because invoicing in DEM currencies is discouraged by volatility. A high priority for research on aggregate time-series data for DEM countries is to incorporate domestic costs in the form of unit labour costs. For wary DEM country policymakers, ‘forewarned is forearmed’ when it comes to the interpretation of ERPT results.
Acknowledgements: This research was supported the British Academy, by grants from the Open Society Foundation and the Oxford Martin School. Aron J, G Farrell, J Muellbauer and P Sinclair (2014),"Exchange Rate Pass-through to Import Prices, and Monetary Policy in South Africa", Journal of Development Studies, Taylor & Francis Journals, vol.
Castle, J L, J A Doornik, and D F Hendry (2012), “Model Selection when there are Multiple Breaks”, Journal of Econometrics, 169: 239–246. Taylor, J B (2000), “Low Inflation, Pass-Through, and the Pricing Power of Firms”, European Economic Review, 44: 1389–1140. 1 For correcting trade imbalances, a high level of pass-through to import prices and to wholesale prices to induce expenditure-switching is helpful, but a low subsequent pass-through to retail prices (e.g. 2 This issue is by no means settled – see Dale (2011) on the underestimation of ERPT to import prices in 2009 in the UK.
Bauer received a bachelor's degree from Georgetown College in Georgetown, Kentucky and a law degree from Georgetown University. To get WoodenBoat delivered to your door or computer, mobile device of choice, etc, click WB Subscriptions.
Ed has some lovely pictures of her, including one on the beach where she looks just like a 30' until you notice the champagne bottle giving her scale. In a tender one usually has to be careful where you sit, yet the experienced sailor who built her seemed to be sitting anywhere he like as he tested her out at the new launching party. Credit: Courtesy Everett Collection Powers' character was the football player husband of Thelma Evans (BerNadette Stanis) from 1978 to 1979. Bern Nadette Stanis (Born Bernadette Stanislaus on December 22, 1953) is an American actress best known for her role as the strong-willed Thelma Evans on the CBS sitcom, Good Times. This column discusses recent research on this topic, and highlights the frequent misspecifications that produce unreliable empirical estimates.
By contrast, in the earlier comprehensive empirical survey of ERPT by Menon (1995), the majority of studies covered industrialised countries – largely the US, Japan and European countries – with only a handful of less developed countries, mainly reported in a single cross-country study.
Understanding the nature of the adjustment of aggregate import prices to exchange rate changes, and through import prices eventually to other aggregate domestic prices, is important for anticipating inflationary developments and monetary policy responses. Many published estimates, especially for the DEM countries, are misleading in being from misspecified models; and different published measures are often not comparable.
Reported ERPT estimates from different methodologies are not directly comparable as the underlying assumptions differ.
Barhoumi (2006), unusually in this literature, tests and soundly rejects this restriction of homogeneous ERPT across countries.
In countries where powerful unions create domestic wage-push shocks that depreciate the exchange rate, there is a risk of overestimating the impact of the exchange rate on domestic inflation when neglecting domestic labour costs.

This would lead to a negative feedback from exchange rate shocks, and reduce the longer-term inflationary impact of the initial shock.
Given pervasive empirical misspecifications in the literature on ERPT in DEM countries (see evidence in Aron et al. However, in countries with occasionally shifting currency pegs, which tend to have lower exchange rate volatility, ERPT appears to be higher – probably again because exchange rate changes are viewed as more permanent. Such data for the aggregate economy are often unavailable, but for many countries there are data on wage rates – at least for some sectors of the economy – and on productivity growth – even if only annual data. This exposes them to speculative pressures, contagion, and easily reversible capital flows.
Also, the rising share of emerging markets in world trade has been implicated in lowering global inflation (see Figure 1) through the pricing behaviour adopted by many emerging market (especially Asian) exporters, aimed at enhancing their market share. Our survey (with Ronald MacDonald) of recent research in DEM countries on ERPT (Aron et al.
We are unaware of studies for emerging markets combining a systems approach with tests for structural breaks (these potentially could occur anywhere in the equation system).
2014), one can ask which stylised empirical facts emerge, apart from the obvious ones that short-run ERPT is smaller than long-run ERPT, that ERPT diminishes down the distribution chain from import prices at entry to consumer prices, and that there is considerable heterogeneity among countries. Unit labour costs could be replaced by hourly or per-person wage or earnings data and the productivity trend, without enforcing the restriction:  But this needs to be studied in at least a three-equation system, in which domestic prices, wages, and the exchange rate are treated as endogenous, and where for small economies, foreign prices (including oil prices) are taken as exogenous.
Monetary policymakers in small, open economies may face challenges with greater imported inflationary pressures and exchange rate volatility. 2014) categorises and compares the heterogeneous methodologies used to extract ERPT rates to different prices (with detailed typology tables), and it considers what meaning a policymaker could attach to such estimates.
The implication is that equation systems are needed to develop a deeper understanding of ERPT. The possibility of structural breaks explains why many researchers work with quarterly or monthly differences of data in VAR models or single equations. One important fact is that there appears to be little systematic difference between advanced countries and DEM economies as a whole, once inflation history is controlled for. Similarly, evidence on trade openness (import penetration) analysed using (endogenous) trade flows is ambiguous, though lower trade barriers measured using tariff measures appear to increase ERPT. Where highly disaggregated micro-data are available, studies of heterogeneous ERPT can generate insights into the effect of market structure and the economics of inflation. We highlight the frequent misspecifications that produce unreliable ERPT estimates in empirical applications.
Differencing the data is likely to improve robustness for estimation of short-run ERPT or for short-run forecasting. This is consistent with the view that ERPT has declined with more stable, anti-inflationary monetary policy regimes (see Taylor 2000). The greater uncertainty facing DEM economic agents also raises the relevance of nonlinearities from threshold effects (menu, hedging, and other transactions costs). Our survey heavily reinforces Menon’s concern that choice of data and methodology significantly affects the reliability of published ERPT estimates. But to estimate medium-term ERPT robustly – and this is arguably the time frame of most interest to monetary policymakers – model selection strategies that test and control for regime breaks are needed (see Castle et al.
Not unless the selection criteria include bang for the buck and bang for the hour spent building.

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