Deflation and the Fisher equation
So, according to Irving Fisher, one reason to worry about deflation is that the federal funds rate is expected to be held near zero as the economy grows out of this recession.
Suspicious Estimates of Ex Ante Real Interest Rates: Evidence of Macroeconomic Malpractice?
The ex ante real rate of interest is an important concept in economics and finance. These disciplines treat Irving Fischer’s theory of interest as canonical; it is used universally. In the world as we know it, the Fisher theory requires positive ex ante real interest rates. Consequently, empirical estimates of the ex ante real interest rate derived from the Fisher theory of interest should also be positive. Virtually all estimates of the ex ante real interest rate published in economic journals and/or used in macroeconomic models and policy discussions for the past 35 years, however, contain negative values for extended time periods. These negative ex ante real interest rate estimates would thus seem to be theoretically flawed. Moreover, it was shown more than 30 years ago that the procedures generally used to estimate ex ante real interest rates produce biased estimates. We document this problem, explore why it exists, and assess alternative approaches for estimating the ex ante real interest rate.
The Common European Framework of Reference for Languages, the European Language Portfolio, and language learning in higher education
Abstract This article explains the relevance of the Common European Framework of Reference for Languages (CEFR) and the European Language Portfolio (ELP) to language learning in higher education, especially as regards the definition of aims and learning outcomes and the promotion of students' capacity to manage their own learning. After providing some historical background, the article expounds the CEFR's action-oriented approach, explores it conceptualisation of progression in language learning and its implications for language teaching, and suggests how it can be applied to the design, implementation and assessment of language learning programmes in higher education. It then introduces the ELP, explains how it can be used in conjunction with the CEFR to support coherent programme delivery while promoting reflective learning and student autonomy, and concludes by considering the role of self-assessment in the university's assessment framework. The article ends with a cautionary tale.