Bob Schilling is a defense lawyer and former assistant district attorney who lives in New Bedford. His practice is now in the New Bedford District Court and in the Juvenile Court handling delinquencies and 'youthful offender' cases. He has a daughter in New York City and a son at UMass Amherst.
I first heard of Changing Lives Through Literature from Judge Robert Kane, a brilliant, experienced, tough judge in the Superior Court; I heard him gently query convicted felons about whether they had ever taken any interest in the written world of learning, imagination and entertainment.
He spoke to these hard men of the life of the mind and encouraged exploration of the world of letters. He offered them the possibility of this program. Some, who think toughness and compassion are mutually exclusive, would roll their eyes.
Three years ago, when I retired from service to the Commonwealth, I had the occasion to do a good deal of work in the New Bedford Juvenile Court as a defense attorney. Lo and behold, I heard again of CLTL through Stella Ribeiro, a dedicated probation officer who I worked with in the "Second Chance Drug Court." I told her that I would love to participate, finally, in the program.
by Ronald P. Corbett, Jr.
1995. Henderson House, Weston, MA. A meeting of judges, probations officers, and educators involved in or supporting Changing Lives Through Literature. Each participant is asked to offer a reflection on the program and its power. A probation administrator mentions how empowering it is for probationers to sit with judges and educators and get treated as equals at the discussion table.
2005. University of Massachusetts, Lowell, MA. A graduate class in criminal justice. A judge and staff from Ayer District Court discuss the workings of their drug court. The probation officer coordinating the program suggests that the attention from the judge and the heart-to-heart communications that take place each week between judge and drug court participant account for much of the program's effectiveness.


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How much moral hazard from Federal Reserve's purchase of junk bonds? [closed]
Why doesn't the Federal Reserve appear to worry Moral Hazard?
How bad's the Moral Hazard? The Fed is creating money to transfer to the balance sheets of corporations that invest in securities like junk bonds, hoping that these corporations will wake up, see credit risk and roll the cash into the stock market. Is the Fed propping the junk underlying corporations from failing even if they should? Banks, institutional investors, and the rich will buy up ownership in these companies, because they'll benefit from rising stock prices propped up by the Fed.
On June 15 2020, the Federal Reserve Board's Secondary Market Corporate Credit Facility (SMCCF) will begin buying a broad and diversified portfolio of corporate bonds to support market liquidity and the availability of credit for large employers.
I think the disconnect that you are seeing in most comments elsewhere on Reddit is that many individuals will try and apply their knowledge of equities to fixed income. Corporate bonds are in normal times a fairly illiquid market, an issue from even a large cap may only trade once a week or so. So when we have an unprecedented drop in economic activity this means far fewer dollars are flowing in to credit markets than would otherwise be doing so, at that same time there is significant and growing demand for dollars across the entire globe. While buying ETFs is a way to broadly inject liquidity in to an entire market, buying specific issues allows the Fed to target specific pockets of illiquidity without needing to over-buy others.
Just to put this out there, because I have seen many comments elsewhere on reddit written with this assumption: The Fed buying a corporation's debt poses no benefit to that corporation at that time. Liquidity helps for corporations performing capital raises but the implicit assumption seen elsewhere is that liquidity drying up is the result of fundamental concerns with respect to the underlying corporations - I don't believe that to be the case nor have I seen any major commentary discussing broad weakness in corp balance sheets.
So the question is "should the Federal Reserve "prop up" bad businesses. No, that is not their role. And there is really no reason to believe that is occurring today. Should they ensure that credit markets function properly so that businesses can borrow? Yes, for some historic perspective the Federal Reserve was created to fulfill the needs for a credit backstop in the economy during times of economic panic - the dual mandate was a secondary and over time expanding portion of their responsibilities but from day one making sure credit markets work has been squarely the responsibility of the Fed.
On May 29 2020, WSJ reported Federal Reserve Discloses Holdings of $1.3 Billion in Exchange-Traded Funds.
As part of the backstops, the Fed on May 12 began purchasing exchange-traded funds that provide broad exposure to U.S. corporate bond markets. The Fed said the "preponderance" of those holdings would be in funds whose primary investment objective was in the market for debts with investment-grade ratings, but officials said they would allow for some purchases of ETFs with exposure to junk bonds.
The decision to invest in junk debt has been controversial. Some investors have argued that the central bank risked a deeper credit freeze that would lead to higher unemployment if the central bank shunned riskier assets, while others warned that doing so would reward firms and their investors that were already vulnerable to an economic downturn before the crisis due to heavy debt burdens.
The disclosures of 158 transactions cover purchases made between May 12 and 18. Of the Fed's $1.3 billion in ETF holdings as of May 19, around 17% were in funds that invest primarily in junk debt. The funds the Fed invested in have appreciated 2.7% on average since purchases began on May 12, according to Roberto Perli of Cornerstone Macro, a research firm.
The Fed owned \$100 million in iShares iBoxx High Yield Corporate Bond ETF, which as of Thursday included small holdings of bonds issued by rental car company Hertz Global Holdings Inc., which filed for bankruptcy protection on May 22. It also included small holdings of retailers J.C. Penney Co. and Neiman Marcus Group Inc. and oil-shale driller Whiting Petroleum Corp., all of which filed for bankruptcy in recent weeks.
I cite evidence for moral hazard. On Apr 28 2020, Bloomberg published America's Credit Whale Is Already Bailing Out Levered Companies
Long before the coronavirus pandemic would bring business to a standstill all across America, Surgery Partners Inc., a sprawling network of outpatient clinics, already had its share of financial problems.
This was no secret on Wall Street. Surgery Partners's majority owner, the buyout firm Bain Capital, had loaded so much debt onto the company's books that when it went to the market last year to refinance maturing bonds, investors demanded a 10% interest rate to compensate them for the risk. The debt was rated CCC -- eight levels below investment grade.
Even a moderate downturn, it was understood, was going to raise existential questions about the company. So by late March, with the economic effects of the outbreak in full force, frantic investors braced for default, pushing the price of those bonds below 55 cents on the dollar.
But then the Federal Reserve did something it had never done before. It pledged to buy risky corporate debt as part of its emergency financing package for the economy. The move was so aggressive and sparked a rally that was so powerful and broad-based that today those bonds are all the way back up near par value, and Surgery Partners was able to raise another $120 million from loan investors earlier this month.
It all has worked out so fortuitously for the creditors and equity holders of Surgery Partners -- and those of scores of other companies with similarly shaky balance sheets -- that the Fed's actions carry a grave risk: that investors, rather than being chastened, will be emboldened to take greater chances and seek fatter returns in the future, believing that policy makers will be there to bail them out if they get in trouble.
Economists refer to this phenomenon as moral hazard, and it hasn't been this big a concern in a long time, perhaps not even during the 2008 financial crisis.
I skip some paragraphs.
"It's as if they believe the banking system no longer works," said Paul Tucker, former Deputy Governor of the Bank of England and chair of the Systemic Risk Council, a think tank of former regulators.
What's worse, according to Tucker, is that the Fed might have altered investor incentives for years to come, creating even more instability in the next downturn.
"Once you start fixing prices, the information content is lost and they no longer tell us anything about risk and reward to help allocate resources," said Peter Fisher, a professor at Dartmouth College's Tuck School of Business and former head of fixed income at BlackRock, which is managing some of the Fed lending facilities.
Even more troublesome is that the Fed had been warning for more than a year about corporate leverage buildups amid the record economic expansion.
In a financial stability report published last year, the central bank noted that the share of new loans to large corporations with debt-to-earnings ratios above 6 times had increased past peak levels previously seen in 2007 and 2014 when underwriting quality was poor.
Distorting Incentives
Srinivas Dhulipala, a former prop trader at Bank of America Corp., said he shuttered his hedge fund last year after falling behind rivals partly because he was unwilling to take outsized risks on his credit bets. He believes the Fed is distorting incentives in the marketplace.
"The Fed is saying if you were willing enough to take too much risk, then don't worry, we will bail you out," he said in an interview. "Of course the virus was a big hit," he added, but the market "was trading with absolutely no cushion for any type of a shock."
Matthew Mish, a strategist at UBS Group AG who has often highlighted risks building in corporate debt, has a more generous assessment of Powell's actions so far. He argues the central bank needed to prevent an economic crisis from turning into a financial one and that the benefits filtering through to the riskiest borrowers have so far been minimal.
"What I am concerned about is if the Fed ultimately has to expand the credit box, because the next time they expand it is going to be bailing out highly levered, private-equity owned companies," Mish said. "That would be the definition of moral hazard."
For some, that bridge has already been crossed.
"If they now provide a significant amount of support to get those firms that were heavily leveraged through this, everybody will assume that they will do it next time," said William English, the former director of the Division of Monetary Affairs at the Fed Board who is now a professor at the Yale School of Management. "They will have to be clear that they are only doing this with gritted teeth."
On Apr 9 2020, Bloomberg reported Fed to Buy Junk Bonds, Lend to States in Fresh Virus Support.
"Many of the programs we are undertaking to support the flow of credit rely on emergency lending powers that are available only in very unusual circumstances," he said in his speech. "I would stress that these are lending powers, not spending powers. The Fed is not authorized to grant money to particular beneficiaries."
"That does present some moral hazard but a lot will depend on how these programs are executed and how they're unwound," said Stephen Stanley, chief economist at Amherst Pierpont Securities. "Are they executed in a way that doesn't unduly benefit people? If the programs are devised effectively, hopefully that won't be the case."
federal-reserve
Why doesn't the Federal Reserve appear to worry about moral hazard?
In the current environment, central banks face a trade-off between macro- and micro-prudential regulations.
In deciding which firms have access to Fed/Treasury facilities directly or whose corporate debt gets purchased by the Fed, the Fed adverse-selects as well as faces a moral hazard problem. From the micro-prudential perspective, ideally one would only provide facility to otherwise viable firms which require temporary assistance and let the others fail, as well as having a mechanism ensuring funds are used efficiently by the firm.
On the other hand, from the macro-prudential perspective, the central bank's priority is to act in a timely manner to prevent a liquidity/credit crisis that would exacerbate the impact of the demand shock to the economy.
The potential cost (in time) of addressing adverse-selection and moral hazard by screening firms for eligibility for assistance/restricting purchases to investment grade bonds/etc may (and, in practice, does) conflict with the macro-prudential objective.
The actions of various central banks show that they have decided that micro-prudential considerations are second-order for the moment. The priority is to provide liquidity, at the expense of artificial inflation of asset prices---which leads to moral hazard.
How bad's the moral hazard?
Frivolous nonsensical question that cannot be answered.
To quantify the extent of moral hazard by comparing, say, some first and second-bests does not seem like a sensible question, as the second-best (ideal micro-prudential policy, whatever it may be) incurs cost along other economic and public health dimensions.
$\begingroup$ +1 because I think most of your answer is spot on but I would disagree on that "how bad's the moral hazard? " cannot be answered - at least not in principle. There are lot of studies that try to estimate potential moral hazard that this or that policy can create. On macroeconomic scale estimating moral hazard is extremely difficult, and perhaps argument could be made that we cant do it in any completely satisfactory way now, but the question itself is not non-answerable or nonsensical at least not in principle as the design policy can create stronger or weaker incentives $\endgroup$ – 1muflon1♦ Jun 3 '20 at 11:13
$\begingroup$ for risky behavior where others bear risk $\endgroup$ – 1muflon1♦ Jun 3 '20 at 11:13
$\begingroup$ @1muflon1 I would claim that quantifying moral hazard in the sense of comparison with a first best ("how bad is it") is a frivolous question, in this particular context, especially taking into account intertwined public health and economic impacts. Improvement of existing measures along micro-prudential lines---yes, of course, that is a valid issue. But, practically speaking, the bureaucratic structure and processes required to address this seem simply beyond reach at the moment, unfortunately. $\endgroup$ – Michael Jun 3 '20 at 12:45
$\begingroup$ how do you recommend rewriting "How bad's the moral hazard?" "Frivolous nonsensical question" doesn't sound very nice at all. $\endgroup$ – Nai Jun 6 '20 at 21:08
Not the answer you're looking for? Browse other questions tagged federal-reserve or ask your own question.
What does the Federal Reserve intend to do with bonds it has purchased under QE?
How much leverage has the Federal Reserve taken on today (Jan 2016)?
How much more can the US Federal Reserve spend on COVID-19?
When the federal reserve buys bonds or other assets from banks, do the banks make a profit?
How does the federal funds rate compare to the federal discount rate?
Why would banks not want to lend, under Federal Reserve's Main Street Lending Program?
Why did Federal Reserve buy already-issued corporate bonds, ETFs, and agency commercial mortgage-backed securities?

redpajama_set_name: RedPajamaCommonCrawl


Printmaking: Drypoint, Etching, Aquatint, Engraving, Color on Paper.
This is an original hand pulled, unframed drypoint and carborundum print.
It is an image of white rose wild flower.
printed on Fabriano Rosaspina Bianco 285gsm. It has rough trimmed edges around.
It is ready to frame it and put it on the wall or make it as a lovely gift ..


text:
Köyceğiz is a village in the Hayrat, Trabzon, in Black Sea Region of Turkey.

History
According to a source dating 1928, name of the village is Kalanta. Most villagers are ethnically Laz.

Geography
The village is located  away from Hayrat.

References

Villages in Trabzon Province
Laz settlements in Turkey

redpajama_set_name: RedPajamaWikipedia


The crack of your rifle. . . the whiff of your bow. The hunt is over and you just harvested a nice buck. Now the hard work begins of dressing your kill, breaking down the animal, and processing the meat into an assortment of cuts and preparations.
And then it happens. The neighbor, the friend, the co-worker, and definitely the family, all start to hover over you for some meat. We've all had that thought–go get your own!
You spent countless hours preparing for the season, you have braved the elements and laid out the best tactics to successfully harvest that animal. You've done the dirty work and the proper work to get that buck into the freezer. It is an easy inclination to guard your harvest as the fruit of your efforts. However, this would be the wrong approach and I implore my fellow hunters to think differently.
As most hunters know, hunting is not about killing. Hunting is about being in touch with our history, the land, and where our food comes from. Ever since man began serious hunting efforts, we have shared the bounty of a successful hunt. Virtually all hunting cultures have accepted the cooperative and sharing approach to the harvest–mainly as a means of providing for your tribe or community. This communal sharing of meat often took the form of intense social events that celebrated the land and the hunter. They brought the community together.
Today, we mostly don't have to hunt for preservation of our family and community. Although we live in a world that is evermore interconnected, we have somehow built fictional silos that have insulated ourselves with just an occasional social media interaction. We have advanced and sophisticated technology that connects millions of people, yet we are seemingly becoming more and more absorbed in our own circle with less cooperative sharing. That "get your own" approach to sharing the harvest is a bi-product of the isolated world we now live in.
As hunters, we intentionally strive to harken back to our roots. We embrace history and tradition. We should embrace the history and tradition of sharing the harvest. Let's reject that little voice in all of our heads that want to hoard our kill. Let's accept that our efforts should be enjoyed by others and that we are honoring the spirit of our ancestors when we give our neighbor some of that beautiful back-strap.


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DO NOT HANG UP UNTIL TOLD TO DO SO. There may be some times where the dispatcher needs to relay additional information or instructions.


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First of all, an organisation like ours needs money; for overhead costs in administering the Trust, paying public liability insurance so we can keep our sites open to the public, paying for the printing of the magazine, etc.
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text:
* * * * 1/2
JAMES B. CAMPBELL
DENNIS SANDS
VSD-5235
Artwork copyright (c) 1989 Twentieth Century Fox Film Corporation; review copyright (c) 2004 James Southall
A score of two halves
Not the easiest chap to get along with, James Cameron's movies - despite being, on the most part, "music friendly" - have not inspired the most impressive bunch of original scores. The Abyss is quite a decent movie, as a bunch of divers trying to find a lost submarine encounter aliens underwater, and Ed Harris is typically good in the lead role. The score is almost certainly the best for any of Cameron's movies, but it is very much a score of two halves.
The first half - which can take a little getting used to - sees composer Alan Silvestri writing a beautiful, balletic portrait of the deep. Skimming around other websites' reviews of this title (yes, there are other websites), it seems that most reviewers detest the first ten tracks of this album. Therefore, take what I am about to say with an appropriately-sized pinch of salt or two. For my money, it's truly gorgeous music, remarkably deep (!) for a film of this type, with Silvestri writing low-key music that certainly takes some work to appreciate on the highest level, but if you put that work in then there is a lot of reward to be had. Sometimes the music is more atmospheric than melodic - "The Pseudopod" is a good example, with shimmering strings and subtle synths but no themes - but this works just as well - and the modern, impressionist writing is similar in a way to how Jerry Goldsmith treated the alien probe in Star Trek: The Motion Picture. With the choir, "The Manta Ship" evokes John Williams's classic Close Encounters of the Third Kind, hardly a bad thing. Ironically, given that Silvestri is probably known best as a composer of action music, the action sequences here are just about the only disappointment, being rather generic and a fairly limp extension of Predator, which had come shortly beforehand; in truth, cues like "The Crane" and "The Fight" could easily be removed from the CD to make it better.
Where just about everyone agrees is that the last three tracks are outstanding, quite possibly the pinnacle of Silvestri's career so far. The choir and orchestra come together and positively soar upwards in statements of orchestral and choral majesty and magic. "Bud on the Ledge" may be the best of all, a very powerful and moving piece. Silvestri writes functional music so well, but he rarely gets a chance to tug at the heartstrings and write emotional music - well, here it is, folks. The piece everyone has heart attacks over is the "Finale", and it's not difficult to see why. It's an inspirational, terrific piece of music.
The Abyss is a fantastic album, one of Silvestri's finest, marred only by slightly thin orchestrations at times (the only thing really from keeping the best passages from rivalling things like Close Encounters) and the occasionally cheesy action music. Otherwise this is the composer at his very best, and comes highly recommended.
Main Title (1:30)
Search the Montana (1:56)
The Crane (2:00)
The Manta Ship (6:23)
The Pseudopod (5:37)
The Fight (1:46)
Sub Battle (3:18)
Lindsey Drowns (4:44)
Resurrection (1:58)
Bud's Big Dive (6:10)
Bud on the Ledge (3:13)
Back on the Air (1:40)
Finale (6:46)


text:
Thephantes clavatus är en skalbaggsart som beskrevs av Francis Polkinghorne Pascoe 1867. Thephantes clavatus ingår i släktet Thephantes och familjen långhorningar. Inga underarter finns listade i Catalogue of Life.

Källor

Långhorningar
clavatus


Reading is one of the greatest pleasures that exist: it enables us to travel, dream, learn and, above all, enjoy life. World Book Day is a wonderful opportunity to enjoy reading. Shall we share this moment?
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GODFREY – As a leader in the field of academic data analytics, Lewis and Clark Community College was recently named in two grant projects being funded by the Institute of Museum and Library Services.
Altogether, there were 73 proposals submitted to IMLS and 14 were selected for a funding total of $3,207,711.
The first grant, for $243,885, will allow the Consortium of Academic and Research Libraries in Illinois (CARLI), in partnership with the University of Illinois at Urbana-Champaign Library and Lewis and Clark Community College, to develop a continuing education immersion program that prepares librarians to make effective use of research findings on the impact of academic libraries on student success.
The second, awarded to lead institution Syracuse University, names L&C as the only community college partner. The $50,000 grant will aim to perform preliminary planning activities to pioneer the integration of library data in institutional learning analytics and develop detailed proofs of concept and models to guide academic libraries preparing to engage in this emerging and important use of data to support student success.
Other partner institutions include Syracuse University, University of Minnesota, University of Michigan, University of California – Berkeley, Susquehanna University, DePaul University, EDUCAUSE, IMS Global Learning Consortium, Association of College & Research Libraries (ACRL) and Online Computer Library Center (OCLC).
In 2014-2015, Lewis and Clark implemented a campus-wide initiative focused on increasing student retention and completion. Since then, faculty and staff have taken several steps to help students successfully complete their academic goals.
Learning analytics, which has become a major focus of the college, has played a fundamental part in those initiatives.
When students utilize library reference and instruction services at Reid Memorial Library, they check in through a technology platform that links such usage with grades and retention rates. That data is then analyzed for the purposes of understanding and optimizing student learning and learning environments.
L&C Vice President of Academic Affairs Linda Chapman said technology has been central to the dramatic shift in recent years toward using quantitative data to better understand the factors that contribute to student retention and success in college.
"At L&C, data – in the hands of curious and motivated educators – has resulted in notable increases in student success and retention," Chapman said.
L&C's technology infrastructure utilizes a data warehouse that allows the college to more quickly and accurately detect correlational trends in student behaviors than ever before.
"We are also fortunate to have an institutional culture that encourages this type of research and dedicated librarians that deeply care about the success of our students," Krieb said.
L&C data shows that a student who attends a library instruction class improves their fall-to-fall retention rate by 24.7 percent compared to a student who does not.
First generation college students who attend a library instruction class have a retention rate of 54.4 percent compared to 45.4 percent for all first-generation students. For male students, retention increases from 47.7 percent to 65.7 percent for those who ask a reference question.
Over the past few years, Lewis and Clark has been approached by several colleges and universities about the college's use of library analytics. Recent examples include DePaul University, Governors State University, Robert Morris University and Illinois Central College.
L&C's experts have also been asked to talk to new academic library directors in Illinois about using library analytics as a part of a speaker series offered through the CARLI consortium at the University of Illinois.
For more information, contact Krieb at (618) 468-4300 or dkrieb@lc.edu.


A group of female journalists and data experts are working to change the digital media landscape in Africa's most populous country by bringing greater gender diversity to the media tech community and increasing the production of data-enhanced news coverage.
Established in April 2017, the Naija Data Ladies work to produce and promote data-driven news stories on health and development issues across major newsrooms in Nigeria.
The group currently has 10 members who are affiliated with national news outlets including Daily Trust, The Nation, PUNCH, Vanguard, The Cable and the Federal Radio Corporation of Nigeria - Radio One. Other group members are Nigerian journalists working for international media outlets such as Al Jazeera and Voice of America. Their stories focus on malnutrition, maternal health, FGM, human trafficking and a range of other critical issues affecting Nigerian society.
The Data Ladies network was built under the guidance of ICFJ Knight Fellow Jacopo Ottaviani, who works as data editor at Code for Africa, a civic media organization steered by a team of ICFJ Knight Fellows with regional hubs in Kenya, Nigeria, South Africa and Tanzania.
The main goal of Naija Data Ladies is to build data journalism and digital innovation skills across the Nigerian media landscape. The initiative also aims to bring media professionals from different backgrounds together, in order to produce quality data stories that typically have a solutions journalism focus. Through Code for Africa and support from ICFJ's Knight International Journalism Fellows, the Data Ladies receive training on data journalism, as well as technology assistance and micro grants to support in-depth reporting projects.
"Code for Africa connects the Data Ladies with our Pan-African team of experts who offer training and support on issues such as data visualization, audience engagement strategies, social videos, drone journalism and more," said Ottaviani.
The Naija Data Ladies team is already producing unique reporting through its partnerships with newsrooms. A good example is the Shifting Sands project by Data Ladies team member and PUNCH journalist Bukola Adebayo, in collaboration with the Pulitzer Center on Crisis Reporting. The project, which looks at the environmental and socioeconomic impacts of unchecked mining and dredging along Lagos, Nigeria's shorelines, includes an immersive format, drone footage and data journalism elements.
Another example is the pairing of radio journalist Bunmi Yekini with 360° video and photojournalist Flourish Chukwurah. The two are working together to produce an immersive multimedia package profiling one of the largest slums in Lagos, in partnership with Radio One.
There are plans to replicate the Naija Data Ladies program across the continent, creating a Pan-African network of female journalists and data experts.
Naija Data Ladies is a growing community open to female journalists and media technologists working in national or local media outlets or as freelancers in Nigeria. Those interested in learning more about the program can reach out to Ottaviani (@JacopoOttaviani) or Code for Nigeria program lead Nkechi Okwuone (@enkayfreda).
Note: Irene Wangui is a media consultant for the International Center for Journalists.
Photo above: 360° video and photojournalist Flourish Chukwurah (center) and Radio One journalist Bunmi Yekini (right) on a Naija Data Ladies assignment in Lagos, Nigeria. Image credit Flourish Chukwurah.


text:
Mardi Dungey
Professor of Economics and Finance, Tasmanian School of Business and Economics, University of Tasmania
Mardi teaches and researches empirical macroeconomics and finance with a particular interest in small open economies. She is a member of the CAMA Shadow Board.
She has held positions at La Trobe University, ANU and the University of Cambridge as well as the Reserve Bank of Australia. Mardi Was previously Deputy Director Research of the Centre for Financial Analysis and Policy at the University of Cambridge and the Centre for Applied Macroeconomic Analysis at ANU.
Research interests concern measuring the effects international shocks on small open economies. In this stream Mardi has research interests in the transmission of financial crises and contagion across asset types and geographical borders, in the financial market microstructure and in the construction of models of small open economies.
Professor of Economics and Finance, University of Tasmania,
Deputy Director, Centre for Financial Analysis and Policy, Cambridge University,
Senior Research Fellow, Research School of Pacific and Asian Studies, Australian National University
Lecturer, School of Business, LaTrobe University
Analyst, International Department, Reserve Bank of Australia,
Australian National University, PhD
University of Tasmania, BEc(Hons)
Financial Econometrics (150202)
Financial Institutions (Incl. Banking) (150203)
Applied Economics (1402)
Time Series Analysis (140305)
Macroeconomics (Incl. Monetary And Fiscal Theory) (140212)


President Donald Trump promised to take action Wednesday on gun background checks and new school safety measures in a meeting with lawmakers at the White House.
Trump voiced support for a bill to enhance background check requirements, forwarded by Sens. Joe Manchin III (D-W.Va.) and Pat Toomey (R-Pa.).
While discussing the idea with Sen. Chris Murphy (D-Conn.), Trump agreed with Murphy that there is widespread support for a plan like Manchin and Toomey's.
He said the background check issue is one of the few that "works, people want it and we can [pass] it," but lamented that such a bill has never become law.
"But you have a different president now," Trump responded. "You went through a lot of presidents [since background checks became a legislative issue]."
Murphy said 97 percent of Americans support stronger background checks, but warned that the "gun lobby" and National Rifle Association have "veto power" over Congress.
Toomey told Trump his plan will strengthen the reporting of information into the FBI system by requiring evaluations of all buyers in commercial sales.
Manchin said that, to date, certain loopholes exist for gun show sales and those within the same state jurisdiction.
Toomey added that he wants to allow active duty military members to purchase firearms in their home states, a choice sometimes hampered by government.


text:
Isabella Rossellini is living by her Manifesto | The Honolulu Advertiser | Hawaii's Newspaper
Posted on: Thursday, August 2, 2001
Isabella Rossellini is living by her Manifesto
By Paula Rath
Advertiser Staff Writer
Isabella Rossellini doesn't consider it a compliment to hear that she looks younger than her 49 years. She has no desire to look like her teenage daughter. And she believes many other women feel the same way.
International model-actress Isabella Rossellini has taken the business path with her new line of cosmetics she named Manifesto, defined by her as a "set of beliefs and guidelines you live by." Rossellini says she tried to translate her ideas, life experiences and memories into the Manifesto scent.
Deborah Booker • The Honolulu Advertiser
Meet Isabella Rossellini
7:30-8:30 p.m. tonight, DFS Galleria, Waikiki
Rossellini, an iconic international model and actress now in the cosmetics business, rails against the media-driven stereotypes that are ubiquitous in fashion magazines, movies and television series such as "Friends" and "Sex in the City": Caucasian, rail-thin twentysomethings. Her goal is to define beauty, not by age or weight or coloring, but by elegance and sophistication.
"Elegance has to do with intelligence," she said. "It's an expressing of your brain, your point of view, your ideas. An elegant woman is somebody who, through her appearance, stimulates our admiration because she seems balanced and correct in her given circumstance." This is a definition that can apply equally to a perfectly turned-out tutu in her pressed holoku, lauhala hat and Ni'ihau shell lei or to a more conventional look: It's a matter of selecting a personal style, taking the time to put it together and then owning it and feeling comfortable with yourself.
Of course, Rossellini is genetically disposed to elegance as the daughter of Ingrid Bergman and Roberto Rossellini. But her intelligence is as apparent as her cheekbones. She admits she doesn't think much of the industry she has joined with her high-end cosmetics line, Manifesto.
"The cosmetics industry defines women in a way that I don't identify with myself," said Rossellini, who proved candid, engaging and humorous in a Honolulu interview Tuesday. "Fashion magazines have only young women in them because they assume we all dream to be 20. But I don't think that's what women dream and I don't know where that prejudice comes from."
Rossellini is often told she doesn't look her age and finds this compliment "quite insulting," analogous to telling a black person "you don't look so black." "I want to be happy because of what I am. I don't want to be happy because I disguise myself to be somebody else," she said.
The proliferation of 12- and 13-year-old models is another issue that gets Rossellini's blood pumping. (She began her own modeling career at 28.) When child actors are working, she said, they have union guidelines to protect them and ensure that they eat properly, study, are not overworked and aren't asked to do inappropriate things. These are no unions for the modeling industry, however. So young women of any age can work without restraints or controls. "The models are abandoned by the law because they are beautiful. Why do they allow it?" she asked.
"It's not easy when you're 15 to be away and living in a strange city. They make you up to look 30. And there's no mother to tell you your skirt is too short or to be sure to eat dinner."
Her advice to parents of aspiring models? "Modeling is a great thing but it happens to you. You can't really plan," she said. "So if it happens, it's great — it pays well, you get to travel all over the world. But if you get started at 18 or 19, it's soon enough."
Her own daughter, who is 18, just signed on with a modeling agency, but is more interested in pursuing her college degree at Boston University. "If the modeling comes, it comes," Rossellini said.
Rossellini decries the importance women place on weight. "We all feel fat," she said, even those who are not. "Who'd have that something as stupid as weight would have become so obsessive? Every woman you talk to says she feels bad and she has to be on a diet. It's sort of sadistic or masochistic."
This actress, model and mother of two said her decision to become an entrepeneur was driven in part by the tradition of women as the voices and faces of cosmetics companies, rather than male-dominated conglomerates: Estee Lauder and Helen Rubenstein were real women with a clearly defined style, for example. She defines the term "manifesto" as "a set of beliefs and guidelines that you live by."
Rossellini wants to be another voice, and point of view: "Right now there's just this choir with everybody saying the same thing: 'Beauty is to be younger than your age.'"
She rejects the premise that cosmetics should be corrective. "Their idea is that you start the day by looking at yourself in the mirror and seeing what's wrong with you. Then you cover it up, you conceal it. So a lot of products are conceived that way. I would like to steer away from that and create products that will be an expression of your personal taste. I want to stay away from the idea of beauty that is unattainable."
Rossellini injects a little humor into the discussion of looking younger: "Even if you shed five years out of your 50, five years later, when you're 55, you'll look 50, so it's a lost battle. What's the point?"
Like many women, Rossellini admitted that her feelings on the subject take wide swings. One day she'll say to herself, "There is technology, why not use it? The next day I wake up and ask if this is a new form of footbinding for women."
In working with those who design her cosmetics and fragrances, Rossellini said practicality, simplicity and portability come first for her. And, of course, her sense of humor. "There is something men have that I really envy and it's not what you think: It's their pockets," she said. "They can carry everything they need in them."
So she set out to design simple, multi-tasking products that fit into a pocket (or small purse):
Foundation that comes in one-time-pau capsules.
Stacking containers that screw into each other, to make a single, space-saving tower.
Tiny soaps in individual packets.
Fizzy fragrant bath tablets (she calls them "Alka Seltzers") in individual packets, pulling out like facial tissue.
Forty shades of eye-lip-cheek color, each having three uses.
A mirror on top of the lipstick case for touch-ups and transparent tops so you can see the lipstick's color through the cap.
A closure system on her perfume that reveals itself with a twist, then swivels out of sight, so there's no cap to lose.
In creating the fragrance Manifesto, Rossellini said she tried to translate her ideas, life experiences and memories into the scent, which begins with basil, an herb reminiscent of the Italian kitchens of her childhood. Working with six "noses" (scent experts) from Lancaster, the Paris-based firm that provides her with technical expertise, she underscored the peppery scent with white pepper and mandarin orange, rounded out with sweet pea, pikake and rose for a fresh, green fragrance.
Rossellini's acting career is on hold while she pursues her business interests. She recently completed a mini-series that will air in Hawai'i late next year on the Arts & Entertainment network. She plays Josephine Bonaparte, the wife of Napoleon, who is played by French actor Christian Clavier; John Malkovich also stars.
Her satisfaction in her entrepreneurial work comes in the fact that it is her own, her vision. When she's acting or modeling, the job is to interpret the ideas of others, such as the ad agency creative team or the director. "After a while, you become older, you want to say something," she said. "Manifesto is my statement. I see it as a true evolution of my career. After interpreting everybody else's ideas, this is my manifest, my manifestation."


Apink( Korean :에이핑크, Japanese :エーピンク; also written asA Pink) is a South Korean girl group formed by Plan A Entertainment (formerly A Cube Entertainment) in 2011. The group consists of Park Cho-rong , Yoon Bo-mi , Jung Eun-ji , Son Na-eun , Kim Nam-joo and Oh Ha-young . Hong Yoo-kyung left the group in April 2013 to focus on her studies.Apink made their official debut on April 19, 2011, with the mini album ,Seven Springs of Apink, along with the title track "I Don't Know". In October 2014, Apink released their first Japanese-language single, " NoNoNo ". The group has won awards at shows such as the 26th Golden Disc Awards , 21st Seoul Music Awards and 13th Mnet Asian Music Awards . Their first music program win was on M Countdown on January 5, 2012, for "My My" from their second EP Snow Pink . Apink has won more than 30 music awards and 32 music program awards. To date Apink has released seven Korean mini-albums, three Korean studio albums and three Japanese studio albums.
A Cube announced Oh Ha-young as the third member.In March, Jeong Eun-ji was introduced as the fourth member on A Cube's Twitter account through a video of her singing a rendition of Jennifer Hudson 's " Love You I Do ".Hong Yoo-kyung was similarly announced through an online video where she was playing the piano.The last two members, Yoon Bo-mi and Kim Nam-joo, were introduced through the group's reality show,Apink News.
The week before Apink's official debut, they released their first television commercial for Ceylon Tea.
on April 21 to promote their album.After several months of promoting "Mollayo", they began promoting "It Girl".Apink also recorded the song "Uri Geunyang Saranghage Haejuseyo" (우리 그냥 사랑하게 해주세요; "Please Let Us Love") for the SBS drama,Protect the Boss, the soundtrack of which was released in September 2011.
with boy band Infinite. The show followed the efforts of the two idol groups to care for abandoned and mistreated animals over the course of eight weeks.
.The promotions for "My My" included a one-day idol tea café, serving fans to raise profits for charity, where the group members prepared the food and drinks themselves. The members also auctioned off personal items for charity.
In January 2012, they received three more "Rookie Awards", at the Korean Culture & Entertainment Awards and the Golden Disk Awards held in Osaka and the High 1 Seoul Music Awards in Seoul.
Apink performed "Bubibu" at MnetM CountdownSmile Thailand Southeast Asia, 2012.
Apink Newswas continued for three seasons.For season 3, which began to air in June 2012, Apink members contributed as writers, camera operators, directors, and in other production jobs.
, which was released on May 9, 2012. The group began promotion of the album with weekly appearances on music programs to perform the title song "Hush" through June.They continued to promote the album in July with the release of their third single from the album, "Bubibu". The single was chosen by fans through a poll on Mnet's website.
In November 2013, at the 2013 Mnet Asian Music Awards , Apink received the Next Generation Global Star award.In December, Apink collaborated with Cube Entertainment acts Beast, 4Minute, BTOB , G.NA, Roh Ji-hoon , Shin Ji-hoon and Kim Kiri to release "Christmas Song".In the same month, they recorded a collaboration single with B.A.P , titled "Mini" for Skoolooks.
The song peaked at number 2 onBillboard's K-Pop Hot 100.Apink won six music show trophies for "Mr. Chu",and the song was the eighth best selling digital song in 2014, according to Gaon's year-end chart.
, Apink's fifth EP. The single "Break Up to Make Up" for the projectA Cube for Season #Sky Blue, featuring Jeong Eunji and label mate Huh Gak , was released on July 8, ranking first on Gaon's weekly digital chart.
Apink's Showtimefirst aired on August 7, 2014, and there were a total of eight episodes. The show followed Apink's daily activities.
More than 20,000 fans reportedly gathered for their debut events held in three Japanese cities.
On November 13, Apink received the Best Female Dance award at the 6th MelOn Music Awards for their video of "Mr. Chu".
BesidesThe ShowandMusic Core, they also won a triple crown onInkigayo, which only allows three wins before removing a song from competition.They finished the year by winning all the music shows in December with "Luv".On Gaon's year-end ranking, Apink was the third best selling girl group in 2014.
Apink released a Japanese version of " Mr. Chu " on February 18, 2015, which also included a Japanese version of " Hush ".It reached number 2 on Oricon's weekly singles chart, selling 54,000 copies the first week of its release.
The group also held release events in four cities, Tokyo, Sapporo , Okayama and Osaka as part of promotional event.
On August 26 the group released their first Japanese full-length albumPink Season.
At the end of 2015, Apink received Top 10 for MelOn Music Awards .The group closed the year as the second best-selling girl group of 2015 with sales of both Pink LUV and Pink Memory albums.
On April 19, Apink released a digital single entitled "The Wave", written by Park Cho-rong to celebrate their 5th anniversary along with a photobook called "Girls' Sweet Repose".
They performed in front of 20,000 fans throughout six concerts in five cities and was scheduled to release their 6th Japanese single,Summer Time, on August 3.To promote the song, Apink held release events in seven different cities, from 1 to 7 August, starting in Fukuoka , followed by events in Hiroshima , Nagoya , Osaka, Kobe , Tokyo and Niigata .
Pink Revolutionwould incorporate a new sense of Apink's growth and maturity since debut, while Eun-ji explained that Apink will begin to focus on making complex and beautiful music, rather than tracks that "are simply fun and catchy."Apink promoted "Only One" andPink Revolutionfor nearly a month, and the album has since sold 50,000+ copies in South Korea.
In November 2016, Apink began their "Pink Aurora" Asia Tour, performing at numerous destinations throughout eastern Asia including Taiwan and Singapore. Plan A Entertainment also announced Apink's 3rd Korean concert "Pink Party," which took place in Seoul on December 17 and 18. After this announcement, tickets sold out in just over two minutes. Also during this time, Apink returned to Japan to promote their upcoming second Japanese album, "Pink Doll," which is set to be released in Japan on December 21.
despite rigorous activities and promotions throughout the end of 2016. Plan A stated that the album would commend the unwavering love and invaluable support from their fans since debut.Dearhas five new original songs, three of which are duets sung and written exclusively by pairs of members. A music video for the album's title track, "Cause You're My Star," was uploaded on YouTube by 1theK and Apink's official channel. The album also included instrumentals and ballad versions of Apink's previous hits including "Mr. Chu," "NoNoNo," "Luv," and "April 19th".
On April 19, Apink released another fan song, "Always". Eun-ji's first solo concert took place on June 3-5.
topped the Gaon Album Chart , the first sincePink Luv."Five" peaked at number 4 on the digital chart.
However, with releases like 2014's " Luv " and 2015's " Remember " group deviated, and showed a more mature and sensitive side to the group while still retaining their trademark innocence.
Their 2016 title track, " Only One " is described as mature, blending in mid tempo R&B and dance-pop with subtle hip-hop beats while song like " Boom Pow Love " shows a far more urban-pop, energetic vibe with pulsing beats compared to their previous hits.
, from 2011–2012.In 2014, Apink appeared on another reality show,MBC Every1'sShowtime, and were the subject of the third season.
The group has won awards at shows such as the 26th Golden Disc Awards , 21st Seoul Music Awards , and 13th Mnet Asian Music Awards . Their first music program win was onM Countdownon January 5, 2012, for "My My" from their second EPSnow Pink.
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