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In this chapter, we apply an efficient subset of vector error correction model (VECM) using the forgetting factor to examine the cointegration under climate change of the…
In this chapter, we apply an efficient subset of vector error correction model (VECM) using the forgetting factor to examine the cointegration under climate change of the time series of the gross domestic product (GDP) and the industrial production and that of the utilization and consumption of important metals such as copper and steel in some important OECD countries as well as some selected newly industrialized Asian and Latin American countries. Both the long-term and the short-term dynamic relations among these variables are examined and the implications are discussed.
Vector error-correction models (VECMs) have become increasingly important in their application to financial markets. Standard full-order VECM models assume non-zero…
Vector error-correction models (VECMs) have become increasingly important in their application to financial markets. Standard full-order VECM models assume non-zero entries in all their coefficient matrices. However, applications of VECM models to financial market data have revealed that zero entries are often a necessary part of efficient modelling. In such cases, the use of full-order VECM models may lead to incorrect inferences. Specifically, if indirect causality or Granger non-causality exists among the variables, the use of over-parameterised full-order VECM models may weaken the power of statistical inference. In this paper, it is argued that the zero–non-zero (ZNZ) patterned VECM is a more straightforward and effective means of testing for both indirect causality and Granger non-causality. For a ZNZ patterned VECM framework for time series of integrated order two, we provide a new algorithm to select cointegrating and loading vectors that can contain zero entries. Two case studies are used to demonstrate the usefulness of the algorithm in tests of purchasing power parity and a three-variable system involving the stock market.
This chapter describes the impact of a multicultural curriculum transformation assignment on the consciousness and pedagogy of pre-service and in-service educators…
This chapter describes the impact of a multicultural curriculum transformation assignment on the consciousness and pedagogy of pre-service and in-service educators preparing to teach and lead within diverse U.S. P-12 schools. Highlighting how two university faculty leveraged a mosaic of critical theories and pedagogies to engage action research exploring the inquiry, How might the application of an assignment grounded in an instructional framework comprised of theories in educational leadership, critical multicultural education, and critical pedagogy inspire and motivate pre- and in-service educators to teach, lead, and serve for social justice beyond their program of study?, It provokes us to consider how best to prepare educators with the knowledge, skill, and will to teach and lead employing a praxis situated in equity and justice. Findings contribute to scholarly conversations and school-based practices focused on culturally responsive teaching and leadership, and prove relevant for P-12 educators, teacher educators, those in educational leadership, and educators advocating equity and justice for historically marginalized and minoritized students attempting to learn in unjust classroom and school spaces.
Housing activity is an important indicator of general economic activity, and house price movements are an important variable in international financial markets. In this…
Housing activity is an important indicator of general economic activity, and house price movements are an important variable in international financial markets. In this chapter we utilise vector autoregressive models to examine how the interrelationship between housing activity and general economic activity has evolved in four OECD countries. Our results provide support for the hypothesis that the relationship between housing activity and general economic activity has changed in many OECD countries. For Australia, however, no such evidence was found. These results suggest that caution needs to be exercised when using previous experience to forecast both housing cycles and general economic activity.
Research studies have documented the proliferation of partnerships between universities and school districts in the Unites States. University faculty members in the School…
Research studies have documented the proliferation of partnerships between universities and school districts in the Unites States. University faculty members in the School of Education at a small regional campus located in the Midwest have partnered with one of the largest school districts in its service area to provide professional development (PD) to school staff on building Cultural Proficiency and providing Culturally Responsive Instruction. To date nearly 200 teachers, counselors, and administrators have attended PD workshops designed collaboratively with targeted school and district personnel and facilitated by university faculty. This chapter will chronicle the development of this partnership including PD topics, feedback from participants, and the future needs of the school district, pre-service and in-service teachers, and School of Education faculty.
Conventional methods to test for long-term PPP based on the theory of cointegration are typically undertaken in the framework of vector error correction models (VECM). The standard approach in the use of VECMs is to employ a model of full-order, which assumes nonzero entries in all the coefficient matrices. But, the use of full-order VECM models may lead to incorrect inferences if zero entries are required in the coefficient matrices. Specifically, if we wish to test for indirect causality, instantaneous causality, or Granger non-causality, and employ “overparameterised” full-order VECM models that ignore entries assigned a priori to be zero, then the power of statistical inference is weakened and the resultant specifications can produce different conclusions concerning the cointegrating relationships among the variables. In this paper, an approach is presented that incorporates zero entries in the VECM analysis. This approach is a more straightforward and effective means of testing for causality and cointegrating relations. The paper extends prior work on PPP through an investigation of causality between the U.S. Dollar and the Japanese Yen. The results demonstrate the inconsistencies that can arise in the area and show that bi-directional feedback exists between prices, interest rates and the exchange rate such that adjustment mechanisms are complete within the context of PPP.
This book provides a deeper understanding of what it means to promote social justice and equity work in schools and communities around the world. Throughout this book, narratives describe how authors continue to reshape the agenda for educational reform. They remind us of the significance meaningful relationships play in promoting and sustaining reform efforts that address the injustices vulnerable populations face in school communities. Their voices represent the need for engaging with obstacles and barriers and a resistant world through a web of relationships, an intersubjective reality (see Ayers, 1996). As authors engaged in thinking about addressing injustices, they describe how their thoughts transformed into actions moving beyond, breaking through institutional structures, attempting to rebuild and make sense of their own situations (see Dewey, 1938).