The 1970s Essay Example For Students

The 1970s Essay The 1970s were a time of great change in America. Women werespeaking out for their rights. The war in Vietnam was raging. Presidentswere being impeached. African Americans were speaking out againstoppression. It seemed lie everyone was protesting everything. There weremany changes happening both good and bad. Many of the things people did inthe 60s carried over to the 70s. Protests drugs and violence were verybig very real things. First the parents of the 70s were criticized about how they raisedthe kids and new ways of parenting started to be developed. Kids wereleft alone and many were in therapy. Also women rights were just startingto blossom and many sexist business and clubs were changed to accommodatethe women of the 70s. No longer were they just supposed to take a backseat to men. Another major event of the 70s was the war in Vietnam. Many youngmen died during the war. If they were not dead however, they were crazyfrom the pain and agony of war. Many young men from America were shippedout as soon as they turned 18 and there was not one thing they could dobut go. It was a terrible war and many people for got about it. We will write a custom essay on The 1970s specifically for you for only $16.38 $13.9/page Order now Finally, President Richard M. Nixon (Tricky Dick) was impeached forthe Watergate scandal. The Watergate scandal was an event was people onthe committee to re-elect the president went into democratic head quartersand tampered with election items. This resulted in the president beingimpeached but he later resigned to lessen the embarrassment. In conclusion the 70s was a time of great change in America. Manythings happened and some were great and some were bad. But America wouldnot be what it is today without the defining time of the 1970s. America Bilingual?The question that many people are trying to answer is should America theland of opportunity be an official Bilingual Language Country. Some sayyes and others say no there is no real clear way or answer but here aresome things that may help your decision. First the reasons why America should be a bilingual country aresimple. 1) If America were a bilingual country more people would be ableto get jobs and buy homes and other items. 2) Being a bilingual countrywould make people closer and the country unite even more than now. 3)People would be able to come from other countries and communicate withAmericans. Finally more people would come to America and not be held backby the language barrier. Next here are the reasons why America should not be a bilingualcountry. 1) More people will come to America to try and find opportunityand take jobs from Americans who were here first. 2) People will need tolearn a new language witch will be hard and time consuming. 3) Lots ofthings will need to be changed to accommodate the new language. Finallymany American will refuse this idea and it will not work properly. I believe that America should become a bilingual country because most ofthe countries in the world are bilingual. Then America would look like itis more united and other countries wont think that Americans think thatthey are the best. Also more people will be able to get jobs and purchaseitems and the economy of the country will be greatly improved. It also isa way to bring Americans to gather and sew all the links that make thiscountry great together and form an unbreakable chain of brother hood thatwill keep this county going for Centuries to come.

Testing the hypothesis that monetary policy responds to stock market movements The WritePass Journal

Testing the hypothesis that monetary policy responds to stock market movements Abstract Testing the hypothesis that monetary policy responds to stock market movements AbstractIntroductionMonetary policy should or should not responds to stock market movementsSupporting the hypothesisRejecting the hypothesisTesting significant coefficientsTesting a good fitTesting autocorrelationTesting heteroskedasticityTesting misspecificationGeneralized method of moments (GMM)Interpreting resultsConclusionReferencesRelated Abstract This paper highlights a problem in using the OLS model of Taylor’s rule, including lagged value of fed funds rate and stock indexs return to address whether the monetary policy should respond to asset prices movement or not. However, to know more exactly about the direct or indirect relationship between stock prices and the monetary rules, the more efficient method of Generalized method of moments (GMM) needs to be carried out based on an instrument list of output gap, growth rate of real GDP and inflation. The combination of two above methods gives reasonable results in our empirical framework. In order to derive accuracy empirical result, two country (US 1990-2009, UK 1990-2009) data would be provided in the paper. Introduction In modern macroeconomics, there is a considerable amount of interest in understanding the question whether the central banks should response or ignore asset price volatility. This question has been a controversial issue since the Federal Reserve Chairman Greenspan sparked it, as one of irrational exuberance as early as 1996, then was followed by Bernanke and Gertler (1999), Cecchetti (2000), Adam Posen (2006) and many other authors. No agreement has been reached but what all researchers agree on is the necessity of further research on the nature of asset price movement, how they affect the economy and the effect of money policy on volatilities. This paper attempts to estimate this multilateral relationship based on ongoing researches in this field. There are several reasons why the correlation between monetary-policy framework and asset bubbles is an important issue. From the perspective of central banks, dependable estimates of the reflection of asset prices to the policy instrument plays an essential role in formulating effective policy decisions. In reality, the effect of the short-term interest rates on asset prices has caused much of transmission of inflation targeting. Moreover, the attention of financial press for the Federal Reserve performance states the significant influence of monetary on financial markets. Hence, a well-performed economy does need to have accurate estimates of the reaction of asset prices to monetary policy. In order to approach these issues, we develop an OLS estimation using simple regression Taylor Rule (1993) and apply Generalized Method of Moments (GMM) to deal with the relationship between monetary policy and asset price movements. The paper proceeds as follows. Section 2 presents the theoretical framework, in which empirical debates from recent authors including supporting and rejecting are particularly discussed. Data and Testing Method and Empirical Framework are described in section 3. Section 4, empirical framework, is going to present the descriptive statistics with testing procedures of hypothesises. Results on the responsiveness of stock prices and interest rates to monetary policy coming through all of the actual testing process from data collection are presented in section 5 and section 6. Theoretical Framework How a central bank should set short-term interest rates Taylor (1993)[1] estimated policy reaction functions and found that monetary policy can often be well approximated empirically by a simple instrument rule for interest rate setting. The following is one variant of the Taylor rule: it = r* + Ï€* + ÃŽ ²(Ï€t – Ï€*) + ÃŽ ³(yt – yN) where ÃŽ ² , ÃŽ ³ 0; r* is the average (long-run) real interest rate. Taylor (1993) found that ÃŽ ²=1.5 and ÃŽ ³=0.5: it = r* + Ï€* + 1.5(Ï€t – Ï€*) + 0.5(yt – yN) The Taylor rule is acknowledged by all to be a simple approximation to actual policy behavior. It represents a complex process with a small number of parameters. Monetary policy should or should not responds to stock market movements In recent decades, in line with the development of stock market, which provide information about the current and future course of monetary policy goal variables – inflation, employment, and output, the monetary authority should respond to equity price. A more controversial role of equity prices in the monetary policy process concerns whether the monetary policy should or should not take a direct interest in stock market. It has attracted many researchers to discuss about the usefulness and test the validity of the hypothesis that monetary policy responds to stock market movements. Those researches have created many different results of both supporting and rejecting the hypothesis. Supporting the hypothesis Some of the supporters for the hypothesis that the reaction to misalignments in stock prices would have impact on the monetary policy rules are Cecchetti et al. (2000), and Jeff Fuhrer and Geoff Tootell (2004). Cecchetti used a linear rational expectations model, focusing on the output gap and inflation expectations some primary elements in the policy rules- to support the hypothesis. Hence, the result showed that if the estimation errors are positively correlated, both inflation and misalignments with a positive coefficient increases the impact on the monetary policy. By contrast, Jeff Fuhrer and Geoff Tootell took the regression from the form of Taylor policy that used correlations among the funds rate and the gap measure, a four-quarter moving average of inflation, the real GDP and the lags of stock prices. After that, they used GMM to estimate the regression. Because the data used are ex-post, the policy actions should be taken to the stock prices movements. However, there are still some contention is that this counter-argument is not entirely valid and these come from several antagonists like Bernanke and Gertler with their predominant abstractions (1999 and 2001). Rejecting the hypothesis There have been a significant number of advocates against the responsiveness of central banks to asset price movement in their policy formulation so far. Two of the most important contributors in this field are Bernanke and Gertler with their two seminal studies (1999 and 2001). On the basis of non-optimizing models of monetary policy, where coefficients of interest rates on GDP and inflation is selected specifically, Bernanke and Gertler generated the result that inflation-targeting policymakers should not take asset prices into account other than changes in expected inflation are foreshadowed. Adam Posen (2006), likewise, has argued that central banks need not target asset prices, but would be well advised to monitor them, when those bubbles get very far out of line. By studying the correlation between periods of monetary easing and property bubbles, he found the hypothesis that quantitative easing would result in asset volatility unsupported. These results are challenged among other researchers including Roubini Nouriel (2006), Andrew Filardo (2004), especially Stephen Cecchetti (2000). Cecchetti arrived at the different results, even though one portion of the testing method he employed was the same with Bernanke and Gertler (1999). Data and testing method U.S. Data selection The data that being selected reflects the period from Q1/1990 to Q4/2009 in the U.S., including time series of Inflation: Cpi all Items City Average   /Index Number /Base year: 2005 /averages   /Cnt: United States   /Source: IMF, Wash Fed Funds Rates: Discount Rate (end of Period)   /percent per annum /stocks   /Cnt: United States   /Source: IMF, Wash Real GDP: Gdp vol 2005 Ref., Chained   /U.s. Dollars ,billions of .. /averages /constant prices (seas. /Cnt: United States   /Source: IMF, Wash SP500 stock index: Finance.Yahoo.Com, the quarterly close price index. Stock Index SP500 is chosen because it is typically weighted averages of the prices of the component stocks. Very often dividends are excluded from the return calculation of the index. The composition of most indices changes occasionally, so that a long time series will not be made up of return from a homogeneous asset. In this paper, we prefer the continuous compounded definition of using logarithm because multi-period returns are then sums of single-period returns. This could make time series of data more smoothing and increase the exactness of estimation[2]. The regressions take the form of Taylor rule, augmented to allow partial-adjustment or â€Å"interest rate smoothing†, or more simply the conclusion of a lagged fed funds rate, as discussed in Clarida, Gali, and Gertler (1998). We begin with the regression, in which the fed funds rate responds to contemporaneous observations on a â€Å"gap† measure (either the unemployment rate or a Hodrick-Prescott detrended real GDP gap[3]), a four-quarter moving average of an inflation measure, the growth rate of real GDP, and lags of a variety of stock price measures. Unit root test for f – log(fed funds rate) Possibly, there is some omitted variables causing autocorrelation. We need to use unit root tests for random variables. Null Hypothesis: F has a unit root Exogenous: Constant Lag Length: 4 (Automatic based on SIC, maxlag=11) t-Statistic   Ã‚  Prob.* Augmented Dickey-Fuller test statistic -3.380296   0.0148 *MacKinnon (1996) one-sided p-values. As might be seen from the graph, there is a downward trend of fed funds interest rates. The unit root test gives an idea that there should be an inclusion of a lagged dependent variable  Ã‚   Inflation – 100*(log(CPI)t-log(CPI)t-4) Delta_Y – 100*(log(real_gdp)t-log(real_gdp)t-1) GAP – a Hodrick-Prescott detrended real GDP gap U.K. Data selection The following covers the period from Q1/1990 to Q4/2009 in U.K, including time series of   Inflation: Cpi all Items City Average   /Index Number /Base year: 2005 /averages   /Cnt: United States   /Source: IMF, Wash Bank of England Interest Rates: Discount Rate (end of Period)   /percent per annum /stocks   /Cnt: United States   /Source: IMF, Wash Real GDP: Gdp vol 2005 Ref., Chained   /U.s. Dollars ,billions of .. /averages /constant prices (seas. /Cnt: United States   /Source: IMF, Wash FTSE 100 stock index: Finance.Yahoo.Com, the quarterly close price index. Stock Index FTSE 100 is chosen because it is typically weighted averages of the prices of the component stocks. Very often dividends are excluded from the return calculation of the index. The composition of most indices changes occasionally, so that a long time series will not be made up of return from a homogeneous asset. In this paper, we prefer the continuous compounded definition of using logarithm because multi-period returns are then sums of single-period returns. This could make time series of data more smoothing and increase the exactness of estimation[4]. The regressions take the form of Taylor rule, augmented to allow partial-adjustment or â€Å"interest rate smoothing†, or more simply the conclusion of a lagged fed funds rate, as discussed in Clarida, Gali, and Gertler (1998). We begin with the regression, in which the fed funds rate responds to contemporaneous observations on a â€Å"gap† measure (either the unemployment rate or a Hodrick-Prescott detrended real GDP gap[5]), a four-quarter moving average of an inflation measure, the growth rate of real GDP, and lags of a variety of stock price measures. Unit root test for f – log(fed funds rate) Possibly, there is some omitted variables causing autocorrelation. We need to use unit root tests for random variables. Null Hypothesis: I has a unit root Exogenous: Constant Lag Length: 1 (Automatic based on SIC, maxlag=11) t-Statistic Prob.* Augmented Dickey-Fuller test statistic -1.281177 0.6347 As might be seen from the graph, there is a downward trend of fed funds interest rates. The unit root test gives an idea that there should be an inclusion of a lagged dependent variable. Inflation – 100*(log(CPI)t-log(CPI)t-4)        Ã‚   OUTPUT_GAP   – 100*(log(real_gdp)t-log(real_gdp)t-1) Empirical Framework U.S. Data test section Methodology Following the Taylor’s rule, a regression of the model below is going to be estimated: It = a + bIt-1 + cGapt + dΔyt + zÏ€t + ∑ekst-k (1) In which: It: the quarterly average of the daily observations on the federal funds rate Gapt: the Hodrick-Prescott detrended real GDP gap Ï€t: the four-quarter moving average of the rate of inflation in the consumer price index Δyt: the quarterly percentage change in real GDP st-k: the quarterly percentage change in a stock price index, lagged as k intervals We choose this specification to begin with because it represents a simple augmentation of the canonical Taylor rule, without worrying about the potential simultaneity between the current funds rate and the current stock prices[6]. Importantly, (1) differs from (0) since we consider more lagged values of the fed funds rates (It-1) and the asset price movements (∑ekst-k). When we estimate equation (1), we set the following null hypothesi { H0: ek = 0 H0: ek # 0 If we accept the above null hypothesis, we may safely claim that monetary policy is not accepted by asset price movements. If we reject the above null hypothesis, we may safely claim that asset price movements play a role in determining monetary policy. We start estimating equation (1) by using only one lag of st and then we proceed from specific to general to decide the correct number of lags (in other words, we estimate the model again by including more lags until we meet a lagged regressor, which is not significan Eview results of estimating equation (1) using 1 lagged value of st Dependent Variable: F Method: Least Squares Date: 02/07/11  Ã‚   Time: 23:57 Sample (adjusted): 1991Q1 2009Q4 Included observations: 76 after adjustments Variable Coefficient Std. Error t-Statistic Prob. C -0.123706 0.082768 -1.494617 0.1395 F(-1) 0.852312 0.051377 16.58952 0.0000 GAP 0.010505 0.028245 0.371928 0.7111 DELTA_Y 0.129730 0.040953 3.167808 0.0023 INFLATION 0.064981 0.026331 2.467884 0.0160 S(-1) 0.010320 0.003063 3.368900 0.0012 R-squared 0.918894   Ã‚  Ã‚  Ã‚  Mean dependent var 1.194237 Adjusted R-squared 0.913101   Ã‚  Ã‚  Ã‚  S.D. dependent var 0.658791 S.E. of regression 0.194203   Ã‚  Ã‚  Ã‚  Akaike info criterion -0.364172 Sum squared resid 2.640028   Ã‚  Ã‚  Ã‚  Schwarz criterion -0.180167 Log likelihood 19.83853   Ã‚  Ã‚  Ã‚  Hannan-Quinn criter. -0.290634 F-statistic 158.6138   Ã‚  Ã‚  Ã‚  Durbin-Watson stat 1.742329 Prob(F-statistic) 0.000000 It might be noted that the coefficient to s(-1) of 0.010320 is positive and statistically significant (p-value=0.0012 much lower than ÃŽ ±=0.05).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Eview results of re-estimating equation (1) using 2 lagged value of st Dependent Variable: F Method: Least Squares Date: 02/07/11  Ã‚   Time: 23:59 Sample (adjusted): 1991Q1 2009Q4 Included observations: 76 after adjustments Variable Coefficient Std. Error t-Statistic Prob. C -0.150214 0.086749 -1.731607 0.0878 F(-1) 0.869165 0.053967 16.10563 0.0000 GAP 0.008441 0.028311 0.298142 0.7665 DELTA_Y 0.148092 0.044741 3.310002 0.0015 INFLATION 0.064308 0.026332 2.442183 0.0172 S(-1) 0.009965 0.003082 3.232900 0.0019 S(-2) -0.003290 0.003233 -1.017793 0.3123 R-squared 0.920094   Ã‚  Ã‚  Ã‚  Mean dependent var 1.194237 Adjusted R-squared 0.913145   Ã‚  Ã‚  Ã‚  S.D. dependent var 0.658791 S.E. of regression 0.194153   Ã‚  Ã‚  Ã‚  Akaike info criterion -0.352758 Sum squared resid 2.600980   Ã‚  Ã‚  Ã‚  Schwarz criterion -0.138085 Log likelihood 20.40479   Ã‚  Ã‚  Ã‚  Hannan-Quinn criter. -0.266964 F-statistic 132.4186   Ã‚  Ã‚  Ã‚  Durbin-Watson stat 1.789665 Prob(F-statistic) 0.000000 We may note that the second lag of s (s(-2) of -0.003290) is not significant (p-value of 0.3123 much higher than ÃŽ ±=0.05) whereas the first lag s(-1) is still positive and significant (p-value=0.0019 lower than ÃŽ ±=0.05). This implies that the correct choice about the number of lags implies that we need to include only the first lagged value of the stock index’s return. Testing significant coefficients The statistically significant positive coefficient to s(-1) implies that the asset price goes up Fed should increase interest rate. Inflation and real GDP growth rate are significant (p-values are 0.0023 and 0.0160 less than ÃŽ ±=0.05) whereas gap is insignificant (p-value of 0.7665 much higher than ÃŽ ±=0.05). However, there are some conflicts with the theory if the gap is removed out of the specification.   Indeed, R-squared and Adjusted R-squared show that the model explains the dependent variable more than 90%. It is necessary to examine the model by applying GMM (the generalized method of moments). Testing a good fit As we can see, R2 of 0.918894 and Adjusted R2 of 0.913101 show that the model explains above 90% changes of fed fund rates. F-statistic also depicts that all regressors are jointly significant. This seems to support the view of Cecchetti et al. (2000).                  Testing autocorrelation Durbin’s h test, with n=76, we have   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   d = 1.742329   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   h=(1-d/2)√(n/(1-n/error(b))) = 1.2559142007 z-critical = 1.96 We cannot reject H0 of Durbin’s h test and conclude that this model does not suffer from serial correlation. Breusch-Godfrey Serial Correlation LM Test: F-statistic 1.001164   Ã‚  Ã‚  Ã‚  Prob. F(4,66) 0.4134 Obs*R-squared 4.347625   Ã‚  Ã‚  Ã‚  Prob. Chi-Square(4) 0.3610 Both the LM statistic and the F statistic are quite low, suggesting that we cannot reject the null of no serial correlation (p-value of 0.3610 is much higher than ÃŽ ±=0.05). Therefore, both Durbin’s h and Breusche-Godfrey test conclude that this model does not suffer from autocorrelation. The analysis above lets us to give a positive answer to the first question we posed before. The significance of the lagged value of s implies that asset price movement plays a role in refining monetary policy. Testing heteroskedasticity Both Breusch-Pagan-Godfrey statistic (16.19839) and F statistic (3.792163) are quite high, suggesting the rejection of the null hypothesis of the heteroskedasticity test (p-values of 0.0063 and 0.0043 are much less than ÃŽ ±=0.05). As can be seen from the test results, coefficients of gap, delta_y, and s(-1) are insignificant. Contrastingly, the inflation might have certain impact on the variance of the error terms. Heteroskedasticity Test: Breusch-Pagan-Godfrey F-statistic 3.792163   Ã‚  Ã‚  Ã‚  Prob. F(5,70) 0.0043 Obs*R-squared 16.19839   Ã‚  Ã‚  Ã‚  Prob. Chi-Square(5) 0.0063 Scaled explained SS 55.18278   Ã‚  Ã‚  Ã‚  Prob. Chi-Square(5) 0.0000 With White’s test with no cross products, the p-values of both White’s statistic (0.0895) and F statistic (0.0879) are higher than ÃŽ ±=0.05 and these tests do not conclude a rejection of no heteroskedasticity. Heteroskedasticity Test: White F-statistic 2.009014   Ã‚  Ã‚  Ã‚  Prob. F(5,70) 0.0879 Obs*R-squared 9.537445   Ã‚  Ã‚  Ã‚  Prob. Chi-Square(5) 0.0895 Scaled explained SS 32.49105   Ã‚  Ã‚  Ã‚  Prob. Chi-Square(5) 0.0000 In White’s test with cross products, both White’s statistic F statistic with p-values nearly zero illustrate that there is a conclusion of a rejection of no heteroskedasticity. Therefore, there is evidence of heteroskedasticity. Intuitively, delta_y*s(-1) and inflation*s(-1) do not have a significant impact on the variance of error terms (p-values are 0.3398 and 0.2187 much higher than ÃŽ ±=0.05, respectively). This might imply that the relationship between delta_y and inflation with s(-1) should be examined in GMM application. Heteroskedasticity Test: White  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  F-statistic 7.540388   Ã‚  Ã‚  Ã‚  Prob. F(20,55) 0.0000 Obs*R-squared 55.68978   Ã‚  Ã‚  Ã‚  Prob. Chi-Square(20) 0.0000 Scaled explained SS 189.7174   Ã‚  Ã‚  Ã‚  Prob. Chi-Square(20) 0.0000 The graph of residuals also shows that the model does not fit the data precisely (there are more and more underestimates and overestimates, especially from 2000 to 2009). Testing heteroskedasticity possibly implies that the traditional view as the equation (1) might be violated by heteroskedasticity of cross products. The co-efficiencies are still unbiased and consistent. This has a wide impact on hypothesis testing neither the t statistics or the F statistics are reliable any more for hypothesis testing because they will lead us to reject the null hypothesis too often. This is possible reason to examine whether the relationship between the stock index’s return and fed funds rate is direct or indirect. Testing misspecification In Ramsey RESET test, since the p-values of 0.1056 (Likelihood ratio) and 0.1245 (F-statistic) are both higher than ÃŽ ±=0.05, we cannot reject the null hypothesis of correct specification. Notice, as well, that the coefficient of the squared fitted term is not significant (t-stat = 1.555220). Ramsey RESET Test Equation: LAG1_V Specification: F C F(-1) GAP DELTA_Y INFLATION S(-1) Omitted Variables: Squares of fitted values Value df Probability t-statistic   1.555220   69   0.1245 F-statistic   2.418708 (1, 69)   0.1245 Likelihood ratio   2.618454   1   0.1056 Generalized method of moments (GMM) We will evaluate whether the asset price movement plays a role directly or indirectly through its effects on inflation and output growth. We can do this by using a GMM estimator, which is an instrumental variable approach. By applying the forward-looking extension for Taylor rule, the instrument list of gap (a Hodrick-Prescott detrended real GDP gap), delta_y (the growth rate of real GDP) and inflation (inflation rate) will be taken to perform GMM. Dependent Variable: F Method: Generalized Method of Moments Date: 02/13/11  Ã‚   Time: 14:11 Sample (adjusted): 1991Q1 2009Q1 Included observations: 73 after adjustments Linear estimation with 1 weight update Estimation weighting matrix: HAC (Bartlett kernel, Newey-West fixed   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  bandwidth = 4.0000) Standard errors covariance computed using estimation weighting matrix Instrument specification: GAP(+1) GAP(+2) GAP(+3) DELTA_Y(+1)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  DELTA_Y(+2) DELTA_Y(+3) INFLATION(+1) INFLATION(+2)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  INFLATION(+3) Constant added to instrument list Variable Coefficient Std. Error t-Statistic Prob. C 0.111616 0.401825 0.277772 0.7820 F(-1) 0.658808 0.294358 2.238116 0.0285 GAP 0.065476 0.072798 0.899426 0.3716 DELTA_Y 0.169216 0.215013 0.787001 0.4341 INFLATION 0.050838 0.045147 1.126059 0.2642 S(-1) 0.028287 0.029343 0.964010 0.3385 Interpreting results The relationship between inflation and real GDP with fed funds rate As OLS’ result, the growth rate of real GDP and inflation affects positively the dependent variable and it is statistically significant, while the gap is not. However, it might be spurious if the gap is removed because the heteroskedasticity testing shows that the OLS model (1) is no longer the most efficient estimator[1]. The relationship between FTSE100 and Bank of England interest rate As GMM’s result, it is important to pay attention to the coefficient associated to s(-1). As OLS’ result, it is positive and significant but this time it is not statistically significant in GMM’s result. This implies that the asset price movements affect the way in which the monetary policy is set only indirectly and not directly.   Consequently, asset price movements have impact on fed funds rates indirectly. Conclusion In conclusion, the results of this project show that the hypothesis that refer to whether the volatility of the stock price would affect the monetary policy, in some mood, is proved to be indirectly impact the policy making. These results might be caused by the limitation of this project. Compare to Cecchetti et al. (2000) who focused on using some estimation of primary elements in the policy rules, including the output gap and inflation expectations to produce the hypothesis. He supposed that these elements would have to depend on some estimation of the evolution of stock prices providing that the asset prices affect the economy’s path. However, we build up two models to by OLS and GMN to test the hypothesis. For GMM, we compare the data and observe that the co-efficient are insignificant. At this time, we switch to OLS model, surprisingly found that the co-efficient of GAP is insignificant. Moreover, it is still controversial to clear about the strength of the endogeneity test for GMM estimation because we do not have another test to compare with. This is the reason why the instrument list we choose is still controversial. However, the data we estimate is enough that is perfectly applies to the line with the theory of Taylor rule that is approximately well estimated, significant of R, Two of the most important contributors in this field are Bernanke and Gertler with their two seminal studies (1999 and 2001). On the basis of non-optimizing models of monetary policy, where coefficients of interest rates on GDP and inflation is selected specifically, Bernanke and Gertler generated the result that inflation-targeting policymakers should not take asset prices into account other than changes in expected inflation are foreshadowed. Adam Posen (2006), likewise, has argued that central banks need not target asset prices, but would be well advised to monitor them, when those bubbles get very far out of line. By studying the correlation between periods of monetary easing and property bubbles, he found the hypothesis that quantitative easing would result in asset volatility unsupported. Therefore, the results of t his project may reflect the nature. It is likely that the volatility of stock price would have effect on the monetary policy. In order to meet the needs of inflation targeting which is proved by the classical economy theory that slightly inflation could stimulate the real economy, the central bank authorities do evaluate these two factors when making monetary policy decision to maintain the asset price is neither too high nor too low so does the inflation rate. References Jeff Fuhrer and Geoff Tootell. â€Å"Eyes on the Prize: How Did the Fed Respond to the Stock Market†. Federal Reserve Bank of Boston, Discussion Papers, April 2004, No. 04-2. Bernanke, Ben and Gertler, Mark. â€Å"Money Policy and Asset Volatility†. Federal Reserve Bank of Kansas City Economic Review, Fourth Quarter 1999, 84(4), pp. 17-52. Bernanke, Ben and Mark Gertler â€Å"Should Central Banks Respond to Movements in Asset Prices† American Economic Review, May 2001. Posen, Adam S. (2006) â€Å"Why Central Banks Should not Burst Bubbles†, Institute for International Economics, Washington, DC, working paper 01/06. Filardo, Andrew (2004) â€Å"Monetary Policy and Asset Price Bubbles: Calibrating the Monetary Policy Trade-Offs,† BIS working paper No.155, Basel. Roubini, Nouriel, (2006), â€Å"Why Central Banks Should Burst Bubbles†. International Finance 9, no.1 Cecchetti, Stephen ; Genberg, Hans; Lipsky, Jonhn and Wadhwani, Sushil. â€Å"Asset Prices and Central Bank Policy†. LondonInternationalCenter for Monetary and Banking Studies, 2000 Stephen J.Taylor. â€Å"Asset Price Dynamics, Volatility, and Prediction†. PrincetonUniversity Press 2005. Dimitrios Asteriou and Stephen G.Hall. â€Å"Applied Econometrics – A modern approach†, Palgrave Macmillan, revised edition 2006, 2007. H.Studentmund. â€Å"Using Econometrics: A practical Guide†. Pearson 2000, International Edition, 5th edition. Jeff Fuhrer and Geoff Tootell. â€Å"Eyes on the Prize: How Did the Fed Respond to the Stock Market†. Federal Reserve Bank of Boston, Discussion Papers, April 2004, No. 04-2. Bernanke, Ben and Gertler, Mark. â€Å"Money Policy and Asset Volatility†. Federal Reserve Bank of Kansas City Economic Review, Fourth Quarter 1999, 84(4), pp. 17-52. Bernanke, Ben and Mark Gertler â€Å"Should Central Banks Respond to Movements in Asset Prices† American Economic Review, May 2001. Posen, Adam S. (2006) â€Å"Why Central Banks Should not Burst Bubbles†, Institute for International Economics, Washington, DC, working paper 01/06. Filardo, Andrew (2004) â€Å"Monetary Policy and Asset Price Bubbles: Calibrating the Monetary Policy Trade-Offs,† BIS working paper No.155, Basel Roubini, Nouriel, (2006), â€Å"Why Central Banks Should Burst Bubbles†. International Finance 9, no. Cecchetti, Stephen ; Genberg, Hans; Lipsky, Jonhn and Wadhwani, Sushil. â€Å"Asset Prices and Central Bank Policy†. LondonInternationalCenter for Monetary and Banking Studies, 2000 Stephen J.Taylor. â€Å"Asset Price Dynamics, Volatility, and Prediction†. PrincetonUniversity Press 2005 Dimitrios Asteriou and Stephen G.Hall. â€Å"Applied Econometrics – A modern approach†, Palgrave Macmillan, revised edition 2006, 2007. H.Studentmund. â€Å"Using Econometrics: A practical Guide†. Pearson 2000, International Edition, 5th edition.

Gender Disparities and Gendered Miseries in Divakarunis One Amazing T Essay

Gender Disparities and Gendered Miseries in Divakarunis One Amazing Thing - Essay Example In One Amazing Thing, Divakaruni argues that gender discrimination produces women who are unhappy with themselves and their lives because of the gender norms and expectations that hinder them from developing their abilities and taking risks for their loved ones. Womanhood does not necessarily mean personhood, and without personhood, happiness and self-development are elusive. Gender discrimination, despite state policies that promote gender sensitivity and equality, manifests through gender norms, including son preference. In â€Å"Explaining Son Preference in Rural India: The Independent Role of Structural versus Individual Factors,† Pande and Astone studied the reasons for son preference in rural India. They concentrated on son preference as an effect of interest, and they theorized that a person’s son preference is a product of a complex process that the society, the household, and the individual factors shape. They investigate these factors that affected son preference from the late 1980s and early 1990s. Their sampling included 50,136 ever-married women. Findings showed that social norms, household and individual factors impact the decision to prefer sons over daughters. The same practice is evident in One Amazing Thing. Mohit’s parents do not want him to marry a Chinese woman, whom they think does not deserve to marry an affluen t rich Indian man. Their preference for the son superseded their preference for their son’s happiness. Gender discrimination produces unfair gender norms and expectations that delimit women’s capacity for self-development. Mrs. Pritchett wants to feel loved, but she feels it is too late for she married a self-centered man who is unaware of her needs as a woman. She has not developed her personhood because of her restrictions as a woman. Mangalam experiences sexual harassment, though this gives her power over a life of poverty. Nevertheless, her experience shows that because she  is poor and a woman, she cannot attain the kind of life she wants to have. Sexual harassment is common in patriarchal countries (Gupta 95).

MARKETING COMMUNICATIONS REVIEW Essay Example | Topics and Well Written Essays - 3000 words

MARKETING COMMUNICATIONS REVIEW - Essay Example All of a sudden, international marketing is a vital skill and knowledge for a company to have. By means of the rapid progression of information technology, as we all know, the detachment almost does not exist anymore. All intercontinental corporations have to expand international marketing strategies. so, to understand international marketing improved, a detailed understanding of the a variety of stages that a business undergoes to turn into a intercontinental business is required. Basically, there are 4 stages that a business goes during before it finally becomes a intercontinental business. These 4 stages are Domestic, International, Multinational and international. The 5th stage may be termed as Transnational. In the domestic stage of a business, the only target market of the business exists in the home country. It can be said that the whole vision of the world for the company is limited to the home country. In this stage of growth the orientation of the business is ethnocentric. The 21st century has made the cosmetic surgery business very profitable. No doubt, television reality shows have put a spin on the process by targeting daily people and marketing it as an alteration or a new beginning kind of experience. Cosmetic events can be surgical and non-surgical. Surgical methods comprise facelifts and liposuction, and are performed in a surgeon's office-based ability, an outpatient surgery center, or a hospital. It's typically done on an outpatient basis, but a few surgeons may hospitalize patients for a day when using all-purpose anesthesia. Non-surgical events include Botox injections as well as Laser Resurfacing, typically performed in a surgeon's workplace in less than an hour. Three major reasons for having a cosmetic process are changing an innate trait for instance a "nose job," the second reason is to turn back time and reduce the effects of aging, and lastly body contouring for instance liposuction as well as a breast lift. Another reason would be h aving a mutilation due to an accident or a birth defect. Marketing Role Definition: Marketing is the mainly influential weapon obtainable to a business; though, marketing is frequently confused by means of sales and advertising. It is noted that commerce need to appreciate that marketing is much more than that. Marketing, in fact, has a variety of roltes in a firm or business; initially, it connects the commerce with its target market, it provides the main link among the business and its customers. Secondly, as marketing center on the needs and needs of customers, it gives a trade direction and helps it to direct in a changing environment. Thirdly, it offers the information the commerce needs in order to modify direction or regulate its tactics by providing latest products or changing obtainable products. Fourthly, marketing helps to organize how a business can finest use its resources to please customers and attain profit targets, yet the marketing plan can really be seen as the 'blueprint' for a business's future success. The intention of this paper is to show the rising demands of cosmetic procedures, as well as how the supply is being met in dissimilar ways than just the doctor's office. First I will explain the

Policy dictating mandatory marriage classes before couples get married Article

Policy dictating mandatory marriage classes before couples get married should be introduced - Article Example The cohort, which has been found to exhibit high chances of getting divorced after few years of marriage, is the youth who fall between the ages of 25-29 years old. When these young couples take mandatory marriage classes, the causes of divorce in many marriages can be reduced or eliminated. These mandatory classes will enable the couples to understand obligations of mutual respect, fidelity and support for each other. The couples must know that they must be able to support themselves and their spouse, which also applies to biological and adopted children. The absence of such support may lead to civil actions or criminal charge for non-support of dependents (Ross 1). The couples should also know the importance of establishing themselves financially to maximize their wealth. Therefore, without proper training or counseling before marriage then a couple may not be able to identify this as something they must put in place before marriage. The couple must plan how to succeed in marriage by taking some time to look forward and to survey this field of marriage keenly by taking up mandatory marriage classes and understanding fully what marriage entails (Ross 1). Pre-marriage counseling and classes help in the making of transition from one kind of relationship to another. Through such informative sessions, couples get to understand the major issues that break marriages before engaging to marriage. In the article, Ross mentions that the change in which society and people have gone through, in turn, has led to change in the way that people view the concept of marriage. In a Christian marriage, the couple must undergo a mandatory counseling before marriage, which is conducted by Christian counselors. Ross states that most young people get divorced at a higher rate compared to the rate in which the old generation used to get divorced. It is advisable for young couples and divorcees to be taken

Periodontal Diseases In Children Health And Social Care Essay

Periodontal Diseases In Children Health And Social Care Essay Periodontics is a vast subject by itself and a pediatric dentist is called upon to use the knowledge of the same while examining and planning the treatment of children and young adults. Contrasting forms of periodontal disease affect children and adolescents with varying prevalence, severity, and extent, leading to a diverse prognosis in these age groups. For an early diagnosis and treatment of periodontal conditions in young patients, it is essential to be able to identify and classify the disease correctly at the earliest applying the basic principles along with understanding of etiology and risk factors. A pediatric dentist is in a unique position to identify and distinguish between a seemingly innocuous condition that may be a normal physiological aberration or an early sign of severe destruc ­tive periodontal disease. Although severe destruc ­tive periodontal conditions are uncommon in children, however it is essential that children receive a periodontal screening as part of their regular dental examination. Early diagnosis ensures a high likelihood of a successful therapeutic outcome primarily by reduction of etiologic factors, remedial therapy and development of an effective maintenance protocol. This prevents the recurrence and progression of disease and reduces the incidence of tooth loss. Key Words: adolescents, aggressive, chronic, gingivitis periodontitis. Clinical Relevance: Incorporation of periodontal screening in regular dental examination by pediatric dentist can help in early diagnosis and treatment of periodontal diseases. This would prevent further progression of disease and reduce the frequency of tooth loss. Objective: The reader should understand the importance of periodontal screening, early diagnosis, proper treatment planning and effective maintenance plan to prevent the progression and recurrence of periodontal disease in children and adolescents. Different forms of periodontal disease affect children and adolescents. The diseases affecting the periodontium can be limited to the gingival tissues or can be associated with destruction of the periodontal ligament and alveolar bone. There have been various attempts to classify periodontal diseases. Various classifications have been developed over a period of time.1-4 Based on the World Workshop in Clinical Periodontics in 1989,3 the American Academy of Periodontology proposed a classification of periodontitis as a) adult periodontitis b) early-onset periodontitis c) Periodontitis associated with systemic disease d) necrotizing ulcerative periodontitis and e) refractory periodontitis. Early-onset periodontitis was further classified into a) pre-pubertal periodontitis (localized and generalized) b) juvenile periodontitis c) rapidly progressive periodontitis.(Table 1) Problems associated with the 1989 classification led to 1999 international workshop on the classification of periodontal diseases.4 A new classification system was proposed in 1999 and is presently the most accepted classification system of periodontal diseases. The periodontal diseases are classified as: 1) gingival diseases (plaque induced and non plaque induced) 2) chronic periodontitis (localized and generalized) 3) aggressive periodontitis (localized and generalized 4) periodontitis as a manifestation of systemic disease 5) necrotizing periodontal disease 6) abscesses of periodontium 7) periodontitis associated with endodontic lesions and 8) developmental and acquired deformities and conditions.(Table 1) In the new classification4 adult periodontitis was changed to chronic periodontitis and juvenile periodontitis to aggressive periodontitis. These changes were made to eliminate the age-dependent criteria. Chronic periodontitis was considered less age-dependent description than adult periodontitis. The term early-onset periodontitis was discarded as this form of disease can occur in children, adolescents and adults. Localized aggressive periodontitis replaced the older expression localized juvenile periodontitis or localized early-onset periodontitis. Generalized aggressive periodontitis replaced generalized juvenile periodontitis or generalized early-onset periodontitis.(Table 2) Table 1 1989 Classification Of Periodontal Diseases 1999 Classification Of Periodontal Diseases Gingival diseases (Plaque induced and Non- Plaque Induced) Adult periodontitis Chronic periodontitis (Localized and Generalized) Early-onset periodontitis Aggressive periodontitis (Localized and Generalized). Periodontitis associated with systemic disease Periodontitis as a manifestation of systemic disease Necrotizing ulcerative periodontitis Necrotizing periodontal disease Refractory periodontitis Abscesses of periodontium Periodontitis associated with endodontic lesions Developmental and acquired deformities and conditions The categories of refractory periodontitis and rapidly progressive periodontitis were eliminated because of their heterogeneity. Prepubertal periodontitis was also eliminated as it was not perceived to be a single entity. Many severe periodontitis cases in children are caused due to presence of a systemic disease/s.5,6 (Table 2). Various studies show that gingivitis is prevalent in children and adolescents.7-11 Studies have indicated that attachment loss and supporting bone loss is infrequent in the young but that the incidence increases in adolescents aged 12 to 17 when compared to children aged 5 to 11.11-13 A study conducted on schoolchildren demonstrated that the prevalence and extent of gingivitis increased with age.14 Gingivitis starts in the deciduous dentition and reaching a peak at puberty. Gingivitis reduced during adolescence and followed by a gradual rise throughout adult life.15 The increase in gingivitis levels may be ascribed to the increase in sites at risk, plaque accumulation and inflammatory changes related with tooth eruption and the influence of hormonal factors in puberty. The decline in gingivitis in adolescence may be due to improved social awareness and enhanced oral hygiene.16 Table 2 Changes introduced in 1999 classification in comparison to 1989 Classification Of Periodontal Diseases A category of Gingival diseases (Plaque induced and Non- Plaque Induced) was introduced. Gingival diseases were not represented in 1989 classification. The term Adult periodontitis changed to Chronic periodontitis to eliminate the age-dependent criteria. The term Early-onset periodontitis was replaced by Aggressive Periodontitis to eliminate the age-dependent criteria. Localized juvenile periodontitis or localized early-onset periodontitis was replaced by Localized aggressive periodontitis. Generalized juvenile periodontitis or generalized early-onset periodontitis was replaced by Generalized aggressive periodontitis. Refractory periodontitis and rapidly progressive periodontitis eliminated because of their heterogeneity Prepubertal periodontitis was also eliminated as severe periodontitis cases in children are caused due to presence of a systemic disease/s. Prevalence of periodontitis in the deciduous dentition is difficult to estimate because of scarcity of data. Exfoliation and eruption can lead to undependable information. A low prevalence of marginal bone loss in the deciduous dentition is found in children of European origin in comparison to Asian children.17,18 The prevalence of early onset periodontitis in blacks was 2.1% 19- 2.6%.20 The prevalence rate for whites was 0.17%.20 In a survey in the United States, no significant difference was found in prevalence rates between males and females.20 Black males and white females were approximately three times more likely to have localized early-onset periodontitis than black females and white males respectively.20 Periodontitis in the deciduous dentition is generally clinically insignificant, severe generalized periodontitis may be found in young children with rare systemic diseases, such as Papillon-Lefevre syndrome, cyclic neutropenia, agranulocytosis, Downs syndrome, hypophosphatasia and leukocyte adhesion deficiency.21 Periodontal diseases that can affect young individuals include: 1) dental plaque-induced gingival diseases; 2) chronic periodontitis; 3) aggressive periodontitis; 4) periodontitis as a manifestation of systemic diseases; and 5) necrotizing periodontal diseases.22 However few other diseases like primary herpetic gingivostomatitis may also affect children.(Table 3) Table 3 Periodontal diseases affecting children and adolescents Dental plaque-induced gingival diseases Chronic periodontitis Aggressive periodontitis Periodontitis as a manifestation of systemic diseases Necrotizing periodontal diseases Dental plaque-induced gingival diseases: Definition: Plaque-induced gingivitis is defined as inflammation of the gingiva in the absence of clinical attachment loss.23 Gingivitis associated with dental plaque only: Chronic marginal gingivitis is the most prevalent type of gingival change in childhood. Dental plaque causes inflammation within the gingival tissues which manifests as clinical signs of gingivitis. The gingival diseases associated with plaque, endogenous hormonal fluctuations, drugs, systemic diseases, and malnutrition have numerous universal characteristics. The universal features of these gingival diseases include clinical signs of inflammation, signs and symptoms that are restricted to the gingiva, reversibility of the diseases by removing the etiology, the presence of bacterial plaque to initiate and intensify the severity of the lesion, and a potential role as a precursor to attachment loss.24 (Table 4). Table 4 Universal features of gingival diseases Clinical signs of inflammation Signs and symptoms that are restricted to the gingiva, Reversibility of the diseases by removing the etiology. Presence of bacterial plaque to initiate and intensify the severity of the lesion. A potential role as a precursor to attachment loss The features of plaque-induced gingivitis24 are 1) plaque present at gingival margin; 2) disease begins at the gingival margin; 3) change in gingival color;25,26 4) change in gingival contour;25,26 5) sulcular temperature change;27 6) increased gingival exudate;28 7) bleeding upon probing;25 8) absence of attachment loss; 9) absence of bone loss; 10) histological changes including an inflammatory lesion; 11) reversible with plaque removal. Subgingival levels of Actinomyces sp., Capnocytophaga sp., Leptotrichia sp., and Selenomonas sp. have been found to be increased in experimental gingivitis in children when compared to gingivitis in adults.29 Gingival Diseases Modified by Systemic Factors Associated with the Endocrine System: Hormonal changes affect the periodontal diseases, although bacterial plaque is essential to initiate gingival disease. Puberty-Associated Gingivitis: The rise in steroid hormone levels during puberty in both sexes has a transitory effect on gingivitis.30 There is an increase in gingival inflammation in circumpubertal age individuals of both sexes without a simultaneous increase in plaque levels.31-33 The predilection to develop candid signs of gingival inflammation in the presence of relatively small amounts of plaque during the circumpubertal period differentiates the disease. The incidence and severity of gingivitis in adolescents are also influenced by dental caries, mouth breathing, crowding of the teeth, and tooth eruption.34 Diabetes Mellitus-Associated Gingivitis: Diabetes mellitus-associated gingivitis is found in children with poorly controlled Type 1 diabetes mellitus (insulin-dependent diabetes mellitus or juvenile onset).35,36 The features of gingivitis associated with diabetes mellitus are similar to plaque-induced gingivitis. The level of diabetic management is an significant characteristic than plaque control in the severity of the gingival inflammation.35,36 Gingivitis is frequently associated with tooth eruption. Tooth eruption by itself does not cause gingivitis. The inflammation results from plaque accumulation around erupting teeth. Partially exfoliated, loose deciduous teeth often cause gingivitis due to plaque accumulation. The incidence and severity of gingivitis is more around malpositioned teeth because of their increased tendency to accumulate plaque.37 Periodontitis: Periodontitis irrespective of the specific classification show irreversible loss of connective tissue attachment and apical migration of the junctional epithelium and true pocket formation. The correct diagnosis of the different types of periodontitis is important as the management of periodontitis depends on the correct diagnosis. Incipient and incidental attachment loss A precursor to periodontitis: The terms incipient attachment loss38,39 and incidental attachment loss38,39 have been used to describe loss of support in adolescents. A loss of attachment >1 mm and early alveolar bone loss are prevalent and can affect a sizable proportion of adolescents.40-41 The term incipient is used to describe the initial stage of adult type periodontitis (chronic periodontitis) and a working definition is the presence of loss of attachment >2 mm that is not related to gingival recession.39 The term incidental attachment loss was used by Là ¶e Brown in relation to early-onset (aggressive) periodontitis in adolescents.20 It was suggested that it may correspond to an initial phase of an early-onset juvenile periodontitis or even be incidental to other factors. There is prevalence of attachment loss in adolescents that does not fit the categorization of localized early-onset periodontitis and/or generalized early onset periodontitis.38,42 The category of incidental attachment loss includes individuals who do not fit the criteria for diagnosis of either localized early-onset periodontitis or generalized early-onset periodontitis, but show à ¢Ã¢â‚¬ °Ã‚ ¥4 mm of attachment loss on one or more teeth.39 An epidemiological survey of early-onset periodontitis in 14 to 17 years old adolescents used attachment loss of à ¢Ã¢â‚¬ °Ã‚ ¥3 mm as the cut-off for diagnosis and found that 71% of the incidental early-onset periodontitis group had one site affected and 97% had three or less affected sites.42 The definition of incidental attachment loss can be used to classify individuals with few sites affected by abnormal attachment loss, not associated with local causes such as proximal caries or overhanging restorations. Chronic periodontitis: Definition: Chronic periodontitis is defined as inflammation of the gingiva extending into the adjacent attachment apparatus. The disease is characterized by loss of clinical attachment due to destruction of the periodontal ligament and loss of the adjacent supporting bone.43 Clinical Features:44(Table 5) 1. Chronic periodontitis is the most common form of periodontal disease in adults but can be found in children and adolescents affecting both the primary and secondary dentitions. 2. The amount of periodontal destruction is proportionate to local factors. 3. The composition of microbial plaque is complex and varies to a great extent within and between patients and subgingival calculus is a frequent finding. 4. Chronic periodontitis can be classified on the basis of extent of disease as localized when fewer than 30% of sites are affected, and generalized when this level is exceeded. 5. Chronic periodontitis can also be classified on the basis of the severity of the periodontal destruction. Disease is mild (1 to 2 mm clinical attachment loss), moderate (3 to 4 mm clinical attachment loss), or severe (à ¢Ã¢â‚¬ °Ã‚ ¥5 mm clinical attachment loss) 6. Although chronic periodontitis is initiated by microbial plaque, factors such as systemic risk factors including smoking, stress, diabetes, HIV and host factors influence the pathogenesis and progression of the disease. 7. Progression can only be confirmed by repeated clinical examinations and is considered likely to occur in diseased sites that are left untreated. It usually has slow to moderate rates of progression, but may have periods of rapid progression. Table 5 Clinical Features of Chronic periodontitis Most common form of periodontal disease in adults but children and adolescents also affected. The amount of periodontal destruction is proportionate to local factors. The composition of microbial plaque is complex and variable. Slow to moderate rates of progression with periods of rapid progression. Initiated by plaque but modified by systemic factors such as smoking, stress, diabetes, HIV and host factors. Extent of disease: Localized : 30% of sites involved. Severity of disease: Mild: 1-2mm of clinical attachment loss; Moderate: 3-4 mm of clinical attachment loss; Severe: à ¢Ã¢â‚¬ °Ã‚ ¥5mm of clinical attachment loss. Aggressive periodontitis: Definition: Aggressive periodontitis encompasses distinct types of periodontitis that affect people who, in most cases, otherwise appear healthy. It tends to have a familial aggregation and there is a rapid rate of disease progression. Aggressive periodontitis occurs in localized and generalized forms.45 Aggressive periodontitis can be classified as localized aggressive periodontitis and generalized aggressive periodontitis. Clinical Features:46 (Table 6) Primary features: Non-contributory medical history Rapid attachment loss and bone destruction Familial aggregation of disease Secondary features that are generally present but may not be present in all cases: 1) Amount of microbial deposits inconsistent with the severity of periodontal destruction. 2) Elevated proportions of Actinobacillus actinomycetemcomitans. 3) Phagocytic abnormalities 4) Hyper-responsive macrophage phenotype, including elevated production of PGE2 and interleukin-1ÃŽÂ ² in response to bacterial endotoxins. 5) Progression of attachment loss and bone loss may be self-arresting. The diagnosis may be made on historical, radiographic and clinical data. In addition to primary and secondary features common to all aggressive periodontitis patients, following features can be identified: Localized aggressive periodontitis: 1) Circumpubertal onset; 2) Localized first molar/incisor show interproximal attachment loss on at least two permanent teeth, one of which is a first molar, and involving no more than two teeth other than first molars and incisors; 3) Robust serum antibody response. Generalized aggressive periodontitis: 1) Usually affecting persons under 30 years of age but patients may be older; 2) Generalized interproximal attachment loss affecting at least three permanent teeth, other than first molars and incisors; 3) Pronounced episodic nature of destruction of attachment and alveolar bone. 4) Poor serum antibody response. Chronic and aggressive periodontitis have numerous common clinical features, but the common features are not necessarily alike in both forms of the disease. It is well recognized that both chronic and aggressive periodontitis are complex infections that occur in susceptible hosts and are caused by biofilms.47-49 In addition, host immune response to the biofilms is largely responsible for periodontal destruction.50,51 Successful management of both forms of periodontitis includes reduction of bacterial load.52 The untreated disease invariably leads to loss of tooth. Table 6 Clinical Features of Aggressive periodontitis Primary features: Non-contributory medical history. Rapid attachment loss and bone destruction Familial aggregation of disease. Secondary features: generally present but not universal: Amount of microbial deposits inconsistent with the severity of periodontal destruction. Elevated proportions of Actinobacillus actinomycetemcomitans. Phagocytic abnormalities Hyper-responsive macrophage phenotype, including elevated production of PGE2 and interleukin-1ÃŽÂ ². Progression of attachment loss and bone loss may be self-arresting. Localized aggressive periodontitis: Circumpubertal onset Localized first molar/incisor involvement with interproximal attachment loss on at least two permanent teeth, one of which is a first molar, and involving no more than two teeth other than first molars and incisors. Robust serum antibody response. Generalized aggressive periodontitis: Usually affecting persons under 30 years of age but patients may be older; Generalized interproximal attachment loss affecting at least three permanent teeth, other than first molars and incisors; Pronounced episodic nature of destruction of attachment and alveolar bone. Poor serum antibody response. Similarities and differences in clinical features of chronic and aggressive periodontitis: One of the shared clinical characteristics of chronic and aggressive periodontitis is that affected individuals have no known medical or general health conditions that might contribute to development of their periodontitis. If an individual has a systemic disease that modifies the initiation and clinical course of periodontal infections, the resulting periodontitis should be classified as periodontitis as a manifestation of systemic disease.4 Chronic and aggressive forms of periodontitis have a number of significant clinical differences including: (i) age of onset; (ii) rates of progression; (iii) patterns of destruction; (iv) clinical signs of inflammation and (v) amount of plaque and calculus. The clinical differences are the primary basis for classifying individuals into one of the categories of periodontitis. A diagnosis is a summary statement of the clinicians best estimate regarding the disease or condition detected in a given patient. It is derived from a thorough analysis of all information collected during a review of relevant data from medical à ¢Ã‚ Ã¢â‚¬Å¾ dental histories, the results of diagnostic tests, and findings from a careful clinical examination.53,54 A diagnosis should be a short and concise statement that gives an idea of disease present in a specific patient. It provides a foundation about appropriate treatment approaches. The diagnosis may not precisely be according to the classification system. The exact definition of case is not a main issue in the management of specific patients in clinical practice, as the diagnosis is tailor-made for the individual.55 The clinical distinction between chronic and aggressive periodontitis may be difficult sometimes. This distinction becomes insignificant from a treatment viewpoint as anti-infective therapies are successful for bot h forms of the disease.55 Periodontitis as a manifestation of systemic diseases: Systemic diseases that predispose patients to highly destructive disease of the primary teeth, the diagnosis is periodontitis as a manifestation of systemic disease. This group is classified as:56(Table 7) Associated with hematological disorders: 1) Acquired neutropenia; 2) Leukemias; 3) Others. Associated with genetic disorders: 1) Familial and cyclic neutropenia; 2) Downs syndrome; 3) Leukocyte adherence deficiency syndrome; 4) Papillon-Lefà ¨vre syndrome; 5) Chediak-Higashi syndrome; 6) Histocytosis syndromes; 7) Glycogen storage disease; 8) Infantile genetic agranulocytosis; 9) Cohen syndrome; 10) Ehlers-Danlos syndrome (Types IV and VIII); 11) hypophosphatasia. Not Otherwise specified. Not otherwise specified includes diseases like osteoporosis and estrogen deficiency which have shown to affect periodontium but data regarding their effect requires confirmation. It was emphasized in the consensus report that other systemic conditions may be added after the evidence is available. Defects in neutrophil and immune cell function associated with these diseases may play an important role in increased susceptibility to periodontitis and other infections. Periodontitis as a manifestation of systemic disease in children is a rare disease that frequently begins between the time of eruption of the primary teeth up to the age of 5.57,58 In the localized form, affected sites exhibit rapid bone loss and minimal gingival inflammation.57 Quantitative (agranulocytosis or neutropenia) or qualitative (chemotactic or phagocytic) leukocytic deficiencies show evidence of severe annihilation of the periodontal tissues. Quantitative deficiencies are generally accompanied by destruction of the periodontium of all teeth, whereas qualitative defects are often associated with localized destruction affecting only the periodontium of certain teeth.59 Neutropenia. Patients present with a diverse periodontal manifestations. In the malignant form there is ulceration and necrosis of the marginal gingiva. Bleeding from gums is generally present and attached gingiva may get involved.60 In cyclic, chronic, and familial benign neutropenia the lesions show deep periodontal pockets and extensive, generalized bone loss involving the permanent dentition.61-63 Bone resorption may be seen in the deciduous dentition.64,65 Leukemia. Periodontal lesions have been frequently observed in patients with leukemia, particularly those with an acute form. Generalized gingival enlargement was apparent in 36% of the individuals with acute and in 10% of those with chronic forms.66 Gingival swelling due to infiltration by leukemic cells is a feature of acute monocytic leukemic.67 Gingival bleeding is also a common sign of the disease in both acute and chronic leukemia and may relate to the associated thrombocytopenia.68 Downs Syndrome. Patients with Down syndrome show a generalized early periodontitis, which commences in the deciduous dentition69,70 and continues into the adult dentition. The prevalence and severity of periodontal disease in individuals with Down syndrome is exceedingly high in comparison to their siblings71 or other mentally subnormal persons.70 Several studies have reported increased prevalence and severity of periodontal disease in children of older age groups.69,70 The periodontal destruction is most commonly seen around the incisor and molar teeth.69 The short roots of the mandibular incisors72 and the bone loss in the mandibular anterior region, can lead to the premature loss of these teeth.70 Leukocyte Adhesion Deficiency Syndrome. Defects in numbers of cell-cell adhesion receptors on the neutrophil surface may lead to increased inclination to periodontitis and other infectious diseases in conditions such as leukocyte adhesion deficiency syndrome.73 Young patients with leukocyte adhesion deficiency syndrome present with severe inflammatory periodontal disease.74-76 Leukocyte adhesion deficiency syndrome is a rare autosomal recessive disease. The disease is generally fatal and children with deficiencies in expression of the leukocyte function associated family of adhesins suffer from severe periodontal infections.73 Papillon-Lefà ¨vre Syndrome. Papillon-Lefà ¨vre syndrome is a disease with autosomal recessive inheritance.77 The disease shows signs of diffuse palmar-plantar keratosis with a severe generalized periodontitis, usually seen before puberty with early loss of deciduous and permanent teeth.78-80 A frequency of 1 in 4 million in the general population has been reported.80 25% have been reported to have an increased susceptibility to infection, and 33% have a history of consanguinity.79 Teeth are normally lost in the order of eruption.79 Haim Munk syndrome is also characterized by presence of palmoplantar hyperkeratosis and severe early-onset periodontitis. Genetic studies of the diseases exhibiting palmoplantar keratosis and early-onset periodontitis suggested that the gene defect in Haim Munk syndrome is not genetically linked to the more common forms of palmoplantar keratosis.81 It has been reported that there is a high degree of consanguinity in these families and that they are most likely part of the similar syndrome.82 Chediak-Higashi Syndrome. Chediak-Higashi syndrome is as an autosomal recessive disease associated with severe periodontitis.83,84 The people suffering from this disease are extremely susceptible to bacterial infections Neutrophil chemotaxis and bactericidal functions are abnormal in these patients. Generalized, severe gingivitis, extensive loss of alveolar bone, and premature loss of teeth are features commonly seen.85 Histiocytosis Syndromes. This group of diseases includes may affect infants, children, and adults. The periodontal lesions may clinically resemble necrotizing ulcerative periodontitis lesions. The lesions are punched-out necrotic ulcers with considerable granulation tissue, tissue necrosis, and marked bone loss. Biopsy of the granulation tissue can help in diagnosing the condition.86 Skeletal surveys and chest radiographs will assist in determining the extent of the disease. Glycogen storage disease. This is an autosomal recessive condition associated with defective carbohydrate metabolism. Clinical features include reduced neutrophil numbers, impaired neutrophil function and periodontal disease.87,88 Infantile genetic agranulocytosis. This disease presents with severe neutropenia and has been linked with periodontitis similar to the early-onset form. This is a rare autosomal recessive disorder.89,90 Cohens syndrome. This is also an autosomal recessive condition is characterized frequent and extensive alveolar bone loss.88 The patients also suffer from non-progressive mental and motor retardation, obesity, dysmorphia, and neutropenia.91 Ehlers-Danlos Syndrome. The Ehlers-Danlos syndrome is autosomal dominant disorder. Ehlers-Danlos syndrome is classified into 10 types and is characterized by defective collagen synthesis. Types IV and VIII have an increased susceptibility to periodontitis.92 Type VIII is linked with fragile oral mucosa and blood vessels. It is also associated with severe generalized periodontitis with manifestation of generalized early-onset periodontitis.93 Ehlers-Danlos syndrome type VIII has clinical similarity to the early-onset form, causing premature loss of permanent teeth.94 Hypophosphatasia. Patients present with decreased serum alkaline phosphatase levels. There is severe loss of alveolar bone and premature loss of the deciduous teeth.95-97 Premature loss of deciduous dentition primarily involves anterior region.97 Table 7 Periodontitis as a manifestation of systemic diseases Associated with hematological disorders: Acquired neutropenia; Leukemias; Others. Associated with genetic disorders: Familial and cyclic neutropenia; Downs syndrome; Leukocyte adherence deficiency syndrome; Papillon-Lefà ¨vre syndrome; Chediak-Higashi syndrome; Histocytosis syndromes; Glycogen storage disease; Infantile genetic agranulocytosis; Cohen syndrome; Ehlers-Danlos syndrome (Types IV and VIII); Hypophosphatasia. Not Otherwise specified Necrotizing periodontal diseases: Necrotizing periodontal disease

Ants :: essays research papers

Ants belong to an order of insects called Hymenoptera; this group also includes bees, wasps, and sawflies. They belong to the insect family Formicidae meaning ‘ant family’. There are over 60 genre existing in North America comprising hundreds of different species on this continent alone. There are many different kinds of ants all over the world. Some kinds of ants among the best known are: fire ants, army ants, carpenter ants, driver ants, harvester ants, weaver ants, fungus- gardening ants, aphid- tending ants, honeypot ants, and acacia ants. Ants can be found in many places such as soil, leaf litter, rotting wood and dead trees. Ants live all over the world, except for the Arctic and Antarctic and some islands, also on the coldest mountain tops. They are most abundant in the tropical rainforests and other tropical regions. All ants are social. In fact they are the only insects in which all species are social. Large groups of ants live in colonies or communities together. In the majority of ants, colonies are families or groups of related families. These groups consist of one or more queens, who rule the colony, and males, whose only job is to fertilize the queen and then die soon after. The workers in the colony are only females. These workers are divided into several working classes including: enlargement and repair of the nest, taking care of the larvae, tending to the queen, defending the colony, and foraging for food. The shape of the ant head can be oval shaped, spherical, triangular or even rectangular; it differs among species. All ants have an opening in the back of their head, through which the beginning of the digestive tract, nerves and blood pass through. Inside the mouth are three different parts. The mandibles, or jaws, are long and broad and are toothed, or serrated. Ants use their mandibles for collecting and carrying food, digging, building nests, cutting and fighting. The maxillae, or lower jaws, are used to extract liquids from foods. Ants use their tongues for sucking up the liquid food. Also two pairs of slender palpi are inside the mouth, that resemble antennae, and play an important role in eating. Ants have two compound eyes each are made of light-sensitive compartments called ommatidia. Other types of ants have three simple eyes called ocelli on the tops of their heads. Different species have developed sight, but some are completely blind.

North and South as the civil war began Essay

As the Civil War began, each side had certain advantages and disadvantages. The North had great advantages in manpower, material, and organization. It had more than twice the population of the South, and many more factories to produce war supplies. The U.S. government had been functioning well for many decades, and the national level had sufficient powers under the Constitution to wage war effectively. The South had some advantages as well. Most Southern men were experienced in riding horses, hunting, and shooting. Its military leaders were experienced and effective, while the Northern armies struggled to find good leadership. Southerners were fighting to defend their own land, and thus had a strong incentive to fight well. The political organization of the Confederacy, however, was a disadvantage to the South from a military point of view. The CSA constitution created a loose association of the individual states, and it was sometimes difficult to get all of them to work together smoothly. The North used its advantages well as the war moved past the first year. It blockaded the South with a long line of ships to stop trade with Europe. It took control of the Mississippi River, thus dividing the South in two. It attacked deep into the heart of the South, winning control of large areas. With the victories at Gettysburg and Vicksburg in 1863, even many Southerners sensed that the days of the Confederacy were numbered.

Getting casual at work

Title: Acquiring CASUAL AT WORK1. AbstractThis paper seeks to set up the effects and deductions of acquiring insouciant within the work environment of Bank of America. The Bank of America being the largest bank ( by assets ) , it is known for its high degrees of professionalism and its workers ‘ formal frock codification. This paper will therefore discourse the bank ‘s service bringing to its clients while at the same clip foregrounding the facets of effects of possible causal attacks that may be employed by the bank employees in dispatching their responsibilities. This treatment will be done consistently with particular accent on different subdivisions that will consist of a tabular array of content, debut, literature reappraisal, method of analysis, consequences of analysis, the decisions and recommendations made, a list of the mentions used in the aggregation of the information and eventually a list appendices demoing the extra stuff used in this treatment.2. Introduct ionThe Bank of America Corporation is based in Charlotte which is in North Carolina, it is considered to be one of the largest fiscal establishments that offer fiscal services, it is besides considered to be the largest bank in the assets class ( it ahs the highest plus value ) .The bank is besides the largest commercial bank by sedimentations. It is besides ranked as the 2nd largest bank on the footing of market capitalisation in the United States. The bank ( company ) is known to keep about 12.2 % of the entire U.S sedimentations. It besides holds the figure one place of subventioning the planetary high output debt, it is considered to be the 3rd largest investment banker of planetary equity. The Bank plays a really of import and critical function as an advisor to the planetary amalgamations and acquisition ( it is hence placed at the 9th place as an advisor on planetary amalgamations and acquisitions. The entire Numberss of clients served by the Bank of America originate from more than 150 states from across the universe. It has the highest per centum of relation with the U.S Fortune 500 companies ( this per centum stands at 99 % ) .Its relation with the luck Global 500 bases at 83 % ( of these companies ) .The bank is a really of import constituent of the Dow Jones Industrial Average ( DJIA ) and besides an influential member of the Federal Deposit Insurance Corporation ( FDIC ) .The bank demonstrated its ability to endure the 2007 recognition crisis and emerged as the healthiest fiscal establishment during that period. It subsequently plunged in market value after incurring heavy losingss as a consequence of buying the Merrill Lynch. The 2009 first one-fourth net incomes were valued at 4.2 billion with 3.7 billion holding originated from the Merrill Lynch.Professional frock.Before prosecuting in an enlightening treatment on the possible impacts of insouciant dressing at the work topographic point or any other associated facets of insouciant attitude in the work environment, it is of import to understand the construct of professional dressing and its significance in the professional universe of concern. Professional dressing has a batch of significance particularly in the Financial sector ( which the Bank of America is portion of ) .There is great significance that is attached to the colour of the professional frock, this is mostly due to the different significances expressed by the different type of colours.For illustration, deep and dark colourss are associated with wealth.Nuetral and the basic colourss are most appropriate for concern garb. In the Bank of America most senior directors frock in Dark colored suits which is a symbol of authorization, the dark colourss besides symbolize power. Blue is a colour that conveys self-respect. Green has been labeled as a really inappropriate colour for a male suit ; this is because it is a common colour for many hotel uniforms has can non populate up to the position demanded by the professional universe. Gray is a common colour that represents success and trustiness. The female employees have realized that the black colour is an of import and is able to complement many of their professional frocks. They hence need to take their apparels carefully based on solid colourss that can easy intermix with every bit many colourss as possible. Female employees can ever soften the basic colourss for their professional frocks like brown and black by adding gem tones, these normally demonstrates their assurance and energy, which is much needed by clients they serve in the professional environment of Bank of America. The corporate and professional criterions must be respected during the choice of the Professional frocks ; the colour of these frocks is a cardinal factor to doing a good a choice. The type of cloth is besides a factor in the choice procedure merely because it is symbolic ( For illustration the natural fibres like linen, wool, cotton and silk are a symbol of position. The most preferable type of cloth for both male and female employees in the Bank include 100 % pure wool. It is the most appropriate cloth for the professional frocks, followed by cotton. The likes of suede, leather, velvet and satin are cloths that are inappropriate for professional frocks. There have been different readings for the significance of professional dressing in America ( different provinces have their readings, for illustration the Texas and some Western provinces believe that a concern adult male can have on polished cowpuncher boots and their concern suits and remain professional ) .Florida and California has a more insouciant dressing standard compared to New York. There are States that have remained really conservative with their dressing manner ( intending they tend to dress professionally more frequently than non ) these provinces include D.C, Atlanta, Boston, and Chicago ) .It is common cognition that professional dressing has its of import significance, in the sense that it builds assurance of the employees and besides helps to construct a professional environment within the Bank environment which is a asset to the image of the Bank of America. It necessary that the clients or the Bank clients invariably feel that they are covering with professionals who will at all tomes give them professional advice to assist them protect the investings and besides give them sound fiscal advice. It is interesting that professional dressing helps to construct this environment. A good professional image for the male employees within the bank is to guarantee that they wear good quality suits that are solid and have dark colourss. These suits should be complimented with good quality ties. They need to keep a conservative manner of dressing, merely because Bank of America as explained in this debut is an international bank and has clients all over the universe and hence employees within the American Branch have a high potency of functioning clients from all over the universe and must stay professional if they are to manage such clients who invariably need confidence that the bank is professional and has safely kept their sedimentations.Casual dressing at workThe major possible causes of the emerging tendency of the insouciant dressing tendency in the fiscal sector with specific involvement in the Bank of America include ; the demand to return to a province of elegance as a new at tack of showing professionalism and decelerate but progressive alteration from the formal frock codification. This paper will therefore will turn to the history or beginning of the insouciant dressing and its possible effects within the Bank of America. Some of the insouciant dressing tendencies besides adopted by other banking establishments or concerns include the insouciant Fridays and the dress-down yearss.3. LITERATURE REVIEWBackground/historyThis subdivision of the paper will concentrate on the corporate history of the bank in an effort to follow the grounds for the Bank ‘s dress codification policy in relation to the type of clients or clients that they serve. It must be noted that the term ‘getting insouciant at work ‘ does non specifically refer to the dressing codification but can be loosely discussed in the context of the employee behaviour within the bank ; this behaviour could besides be referred to as being informal be it in the hierarchical degree or towards the bringing of services to clients. The Bank of America does non truly hold an highly rigorous type of frock codification but insists on smart concern insouciant or any other dressing manner that excludes jeans-shirts or in appropriate dressing, suits are non really common within the Bank ( this is with mention to the junior employees who are non portion of the direction squad ) . There are different types of insouciant dressing which include: Smart insouciant, Business Casual and athleticss wear. The most normally used insouciant dressing manner is the concern insouciant followed by the smart casual.Definition of the insouciant wearsSmart casual: This type of froc k codification is slackly defined and is really distinguishable compared to the concern casual. The lone challenge is that its definition is non really precise and many confuse the term smart insouciant with the term concern insouciant, this definition of smart insouciant contains dress pants even though other definitions include jean pants. It besides includes long sleeve frock shirt, idlers, tie ( is optional ) , a belt, a athletics coat. For female employees this could intend a skirt ( either long or short ) , a stylish belt, a jacket, a jumper that complements the frock that the employee has worn. The adult females are free to have on jewellery that regards there type of dressing. It must be noted that this type of dressing is largely appropriate in academic circles that majorly involves events where the said expert or professional speaks in forepart of an audience during talks.Business casualThis is a frock codification that emerged in many white neckband occupations in a figure of western states ; this tendency emerged in the early 1970 when there was the energy crisis. During this period the authorities had decided to raise the thermoregulator puting which so led to many directors authorising their employees to make manner with ties and jackets. The popularity of the concern casual had surpassed the concern formal garb wear. There are different definitions with respect to the concern insouciant wear, intending there is no by and large accepted definition for this sort of wear, every organisation defines this type of wear harmonizing to their reading which is majorly structured to accommodate the aims or the involvement of the organisation. A definition give n by the New York Times cites occupation hunt engine Monster.com states that a concern insouciant wear means dressing professionally and looking neat while at the same clip staying pulled together. Business insouciant for female employees comprises of a skirt of sensible length or even full length bloomerss of non denims stuff. This can be complimented with a top. The concern insouciant wear for work forces is considered as a combination of a collard shirt, belt and places ( e.g. idlers ) with socks. The cervix ties and cufflinks are by and large non recommended for concern insouciant wear.A brief corporate history of the Bank of AmericaAmadeo Giannini founded the Bank of Italy in the twelvemonth 1904 in San Francisco. The chief map of this bank was to provide to immigrants. Amadeo was brought up by the Fava household ; this happened after his lost his male parent, who was shot seeking to roll up a debt. Opportunity knocked at Amedeo ‘s door measure when the San Francisco temblor struck in the twelvemonth 1906.He was able to deliver all his financess from the bank ‘s edifice which was ruined. He so used the reclaimed financess to loan out to persons who were willing to reconstruct. He got his lucks in the ulterior twelvemonth after all his debitors paid up their loans. He used his money to get down the bank of America and Italy in the twelvemonth 1922 ( this was in Italy where he had bought Banca dell'Italia Meridionale which had been established in the twelvemonth 1918 ) .In the twelvemonth 1927 Amadeo consolidated his Bank of Italy which already had 101 subdivisions with the Liberty bank of America which had 175 subdivisions. This resulted into the Bank of Italy National Trust & A ; Savings Association which had a capital of $ 30,000,000 and had resources deserving $ 115,000,000.It was subsequently in 1928 that he merged with Bank of America Los Angeles, he subsequently renamed his Bank of Italy to Bank of America in the twelvemonth 1930.The Merger was completed in the twelvemonth 1929 and resulted into BANK OF AMERICA.The function played by the ClothingThere is great importance pegged to the dressing manner in the corporate universe and this includes the Bank of America. It is common for executives within the bank to be associated with Business suits which normally symbolize the executive position. This merely means that the dressing styles acts as a codification of distinguishing the employees within the bank. In instances where the corporate organic structure has a corporate uniform, there is increased easiness of employee designation by the clients ( this greatly helps to advance the corporate image ) .Since there is ne'er a 2nd opportunity to do a permanent feeling to the clients, it is of import for the employees to recognize that the appropriate vesture for a given function within the bank can assist better the image of that employee within that function or even potentially help the employee win other functions within the bank. There is an interesting fact about vesture and the function it plays in puting persons within a given societal order. It is undeniable that there are different societal orders that exist within the Bank of America, and these societal orders are characterized by the dressing manners that are adopted by the employees ( this normally happens whether they are cognizant or non ) .It is advisable for the employees to place the type of function that they want to play and so dress the portion. Status is another function played by the type of vesture chosen by a bank employee. A museum specializer called Barbara Dickstein argued that vesture was the major thing that represented an single as opposed to the jewellery they might have. Wallach besides stated in the twelvemonth 1991 that vesture was a manner of saying the position, the function of an person in life and his societal place.Role of vesture ( illustrations ) . Blue velvet represented or symbolized the Gallic aristocracies ( this was in the 17th century ) .The European tribunal functionaries in the past wore apparels that were royal blue and purple in colour. In Germany, vesture that were red in colour were merely designated to the members of the upper category. The ‘casual revolution ‘ begun in the twelvemonth 1990, it was noted that during this period many employees including the company Managers were easy following this emerging tendency of insouciant wear. Apart from bank of America the tendency was mostly noticeable in downtown fiscal territories, concerns and corporate suites in America. The feature of the tendency is that employees would be casually dressed but look really presentable at the same clip. As mentioned in the debut there are different types of insouciant wear, the most common being the concern wear ( It is a really interesting dressing manner in the sense that it allows the employee to experience comfy piece at the same keeping his or her professional image ( illustrations include cotton shins, jumpers, and khaki bloomerss. Care must be taken during the choice of the insouciant wear, merely because some of them are in appropriate for an office environment. Many employees have ignored the fact that insouciant does non connote that one should dress in a sloppy mode, illustrations of inappropriate insouciant wear include sleeveless shirts, armored combat vehicle tops and athleticss wear. It is appropriate for the female employees to avoid apparels that are uncovering as these autumn under inappropriate dressing. The chief ground given by many accounting houses like Delloite and Touche and KPMG is that the insouciant wears affect the professional image of these professional companies that are ever expected by their clients to keep a corporate and professional image. John Molloy who authored the book ‘Dress for Success ‘ mentioned in his book that ‘Rulers of the Corporate and Political America wear suits-always have and ever will, ‘ There are some big American companies that have besides embraced the construct of insouciant dressing, illustrations of these companies include General motors and the Ford ( they have come up with insouciant frock policies that cover the full hebdomad as shown by Rothenberg, 1995.Another noteworthy illustration is the Chrysler auto company, where the employees at the central offices are to dress as they please, twice in a hebdomad, there is a possibility of this tendency wholly taking over the dressing policy of the company. The client outlook is an indispensable factor when it comes to taking the most appropriate type of dressing. The direction squad of the Bank of America strongly believes that the frock codification could impact the perceptual experience of the clients towards the company e.g. inappropriate or unprofessional dressing severely dents the professional image of the company. The Human Resource Manager of Price Water House Coopers ( Pat Cooper believes that â€Å"Appro priate frock reflects good judgement and clients experience person who has good judgement will give good advise† ( Walker, 1993 ) .There is demand for clear frock policy within the bank to help with the definition of the insouciant wear that is acceptable to the clients and the bank finally.The different beginnings of insouciant dressingThe current tendency of insouciant wear within the Bank can non be traced to one peculiar beginning but can be attributed to the classless motion in the concern and industrial environment in the early 1980.This besides brought with it the thought of authorization and teamwork which aimed at cut downing the differentiations that resulted from category. The frock codifications are greatly influenced by the client and employee demands. The bank merely recommends really insouciant dressing for those events that are considered charitable.Consequences of Casual wearPositive effectsThis subdivision of the paper will research the different facets of in souciant wear with regard to their impact on employee behaviour towards clients and even the Bank direction squad. It can be argued that appropriate insouciant dressing brings with it positive effects. These positive effects benefit both the employer and the employee. If the direction squad of Bank of America would dress more casually so they would be more comfy and hence expression accessible to the other employees and this could in a great manner encouragement interaction with the direction squad which could ensue into sharing of thoughts that would otherwise non be shared.There is a turning popular realisation that companies can vastly derive from more comfy and flexible employees, it is an interesting fact that insouciant wear normally creates a more relaxed environment therefore doing the employees to hold sense of freedom. If this sort of environment was enhanced through positive control, so the productiveness degree of employees within the Bank of America can be improved grea tly. The insouciant ware besides has its secondary impact in the vesture industry. The emerging tendency of insouciant wear has led to an increased gross revenues volume for many insouciant wear clothing houses ; hence they have experienced positive growing in footings of net income borders. The manner houses have besides engaged in extended runs to promote the houses to follow the insouciant wear for their employees. Departmental shops like Jacobson ‘s have realized that they can advance the tendency and in bend boost their gross revenues volume in the long tally. They have opted to taking the run to the door stairss of these fiscal establishments or Banking corporations by giving them free seminars on the type of insouciant dressing that can be adopted.Negative impacts of insouciant dressingIt is undeniable that the concern insouciant wear and many other types of insouciant wear which were popular in the early 1990 have sent daze industry across the fiscal establishments that had adopted them. The focal point of this paper will be on the negative impacts of this insouciant on the Bank of America. The treatment will therefore gaining control both facets of the term of ‘getting insouciant at work ‘ . The facets in this instance will mention to the concern insouciant frocks used by the employees and the insouciant attitude adopted by the employees towards dispatching their responsibilities. The current statistics show that this once popular tendency is on the diminution after the Bank realized that this peculiar type of dressing was projecting an image that was perceived by the Bank clients as unprofessional therefore gnawing the assurance of the clients in the bank. The issue that alarmed the Bank is the statistics that showed that employees who dressed more casually at work tended to be more insouciant at the topographic point of work in the sense that they discharged their responsibilities more casually. This meant serious deductions for the Bank. The insouciant garb was the largest subscriber to the damaging of the corporate image, it besides led to insouciant interaction among the employees for illustration it encouraged slacking off in the work productiveness. The employees tended to jest more often, engage in non productive treatments through remarks that encouraged coquettish behavior therefore making an environment that could promote sexual torment within the work topographic point. This straight meant that the bank could potentially lose skilled employees through tribunal instances and tribunal punishments. It besides posed the hazard of dragging the Bank ‘s image into these tribunal instances ( this could dent the Bankss image ) .It besides led to the loss of manpower hours. Evidence from a study conducted by a jurisprudence house farther supports this fact. There study which was conducted in 1,000 companies revealed that 50 % of these companies had noticed an addition in absenteeism and tardiness after implementing a insouciant frock policy.30 % of these companies besides realized that coquettish behaviour had risen. Another challenge that faced the insouciant frock was the fact that there was no clear definition of what insouciant concern garb should imply. Many employees interpreted the insouciant wear as what they normally put on at place ( some even walked around in the office without places. This had the potency of doing the work environment non contributing. Molloy ‘s research showed that adult females who were seeking to acquire in front in the corporate universe found it increasing disputing to be taken earnestly when they were casually dressed. The concern insouciant wear in the bank sent a strong subtextual message to the clients who interpreted the message to intend that the Bank employees were traveling to manage their fiscal demands including their difficult earned moneys in a really insouciant mode. This signal sent to the clients was non the message the Bank would at any one point want to direct to its clients and clients, therefore insouciant wear sends a contrary message to what the bank wishes to direct to its clients and clients. A critical reappraisal of the insouciant dressing policy reveals that the policy has more disadvantages than the advantages the Bank would desire to accomplish at the terminal of the twenty-four hours. Hence the Bank has become really disbelieving of the proposed advantages the concern insouciant wear would convey to the Bank environment. The bank bases its statement on the far making effects the insouciant wear would hold on its clients who are the Banks figure one precedence.4. METHODS OF ANALYSISThe following techniques were used in the analysis of informations and information that was collected in this research paper: Case survey, this involved conducting enquiries in order to look into the phenomenon of ‘getting insouciant at work Ã¢â‚¬Ë œ within its existent life context, this was done on intent because the boundary between the phenomenon and the context was non really apparent. It involved the extended usage of qualitative informations that was drawn from interviews and observations. It hence was used to pull a clear apprehension of the construct of acquiring insouciant at work. It involved the scrutiny of studies that were conducted in companies that had the insouciant wear policies and its chief focal point was on the Bank of America. The 2nd technique used was the Experimental Design, which is an fact-finding technique that provided maximal control. It enabled the relationship between the insouciant attitude and dressing at the work topographic point and its possible impacts to the Bank of America in footings of employee productiveness and client relation, to be isolated and so step accurately in a carefully controlled experimental environment ( where there is the experiment and the control )Methods of roll upi ng DataThe type of informations that was collected in this instance was qualitative informations which was structured ; this sort of information was produced through closed inquiries. This involved the usage of questionnaires, which made the procedure of informations analysis easier and more efficient. The questionnaires were administered to the employees, clients, and even directors of the Bank of America. It of import to observe that the questionnaires can merely let the prescribe inquiries and restricted responses. The design of the questionnaire was mostly influenced by the type of informations analysis. Interviews were besides used to roll up the information, in this peculiar instance the structured interview attack was used to acquire information straight from the bank employees, clients and directors.Consequences of AnalysisThese will presented through the usage of charts and graphical tabular arraies5. Decision AND RECOMMENDATIONSThis paper has demonstrated that ‘getti ng insouciant at work ‘ poses a possible menace to the image of the Bank of America and can therefore the insouciant wear can non be adopted as a possible frock codification for the bank, this is mostly due to the fact that the disadvantages the insouciant wear holds outweighs the advantages of this construct of ‘getting insouciant at work ‘ . It is of import for the bank employees to keep a professional image by keeping or seting on professionally recognized frocks. The female employee can dress in the upper category type of concern wear that are largely of natural fibres and respect cultural criterions.6. ReferenceButton, G. ( 1995, November 6 ) . No bathrobes, please. FORBES, 130. Davies, R. ( 1992, September ) . Pull offing by listening. Nation ‘s Business, 6. Himelstein, L. ( 1996, April 1 ) . Levi ‘s vs. the frock codification Business Week, 57. Rothenberg, A. ( 1995, June ) . What to have on? Ward ‘s Auto World, 32-33.7. Appendixs