Roman Essay Example | Topics and Well Written Essays - 750 words

Roman - Essay Example r for the blue faction is thought to have started racing at the age of 13 years or even younger (4) bringing in the question of whether the game was a reserve of adults or was open to everybody. This game was so well organized to an extent of associating rules of the game with religion. †sometimes the chariots would be called back to the starting line and the race would be started over, this may have been in response to the mistakes in religious rituals.’’(Footnotes (1)). Even though there is no specific reason for each charioteer being called back, the reasons are summed up to religious factors or foul play a test for which all of them failed. This alone shows earlier religious life of the charioteers as well as all the participants. Apart from unavailable family attachments of the gamers, it is also evident as a common factor among all the charioteers that their lives ended earlier than normal for those whose details are documented about the year of death. This plus other factors points to the question of whether the lives of the charioteers was had a commonality. From the documented facts from all the sources, the motivation seemed not only to be the prices but also the national recognition. Some even went ahead to build and inscribe monuments by themselves while still alive. Publius Aelius Gutta who is also known to have won a sixteen chariot race four from each color and with a documented father built his own monument while still alive (10). His life just like the rest of the charioteers was riddled with races with many victories, recalls, first runner-up and third runner-up positions. For others who did not build their monuments while still alive, had them built by other people. Their characters, poems as well as victories were written on their tomb and an altar built on their names for any passer-by to read and get to know them (6). A good example is that of Fuscus whose competition was praised even after his death. It is not indicated whether he

Evaluating The Validity Of The PPP Hypothesis A Time Series Analysis Dissertation

Evaluating The Validity Of The PPP Hypothesis A Time Series Analysis Of The US-UK Exchange Rate - Dissertation Example Although significant coefficients in this regression seems to indicate that variations in the price level differential lead to changes in the exchange rate, deeper inspection of the stationarity properties of the relevant series establishes that we actually fail to find any evidence to support that PPP holds for the two countries under question. However since the time period covered is only of a short duration of 37 years, we conclude that this evidence should not be taken to be conclusive. It could still be the case that PPP holds in the long run but what has been examined in this paper covers only the short run and during this period the exchange rate is at a perturbed state. Introduction The exchange rate is one of the most important macro variables that have significant implications for policy of any open economy. It is therefore of primary importance to identify what determines the long run real exchange rate between two currencies for either of the countries involved. Additiona lly, given the state of other macro variables what should be expected of the medium and long term dynamics of the exchange rate for any given economy? That is, should it be expected to appreciate or depreciate over time? How does the nominal exchange rate affect inflation? These are all critical questions can be answered using the Purchasing Power Parity (PPP) theory. It is therefore critical to evaluate its empirical validity. The vital notion of the PPP hypothesis is that the real rate of exchange between the currencies of any two countries is determined essentially by the ratio of the price levels of the countries in question. ... This is essentially the implication of the law of one price which postulates that the same good should sell at the same price in all markets because if different prices are charged then arbitrage will arise until the prices are equalized. Alternatively, the theory suggests that changes in real exchange rates are essentially driven by relative price level changes (Froot and Rogoff, 1995). Now, there are absolute, relative and weak versions of the hypothesis and these are distinguished as follows. When the exchange rate is simply equal to the relative price level ratio absolute or strong PPP is said to prevail. If the variability of the exchange rate is caused by variations in the relative price levels, then we say that relative PPP holds. And finally, weak PPP is known to hold whenever changes in the relative price levels significantly affect the exchange rate. The reason that this theory has motivated a large number of studies and keeps on motivating new pursuits of empirically evalu ating the PPP theory lies in the strong potential of the theory to have strong bearing on various policy aspects. For instance, an economy which has newly become independent can utilize this theory to ascertain its exchange rate. Forecasting macro-dynamics is critical for effective policy and this theory can be utilized to forecast the medium and long term exchange rates if it is found to be a valid determinant of the exchange rate. With this as the basic premise, in the present paper, we shall evaluate the validity of the PPP hypothesis as in its capacity of predicting real exchange rates. In particular, we want to evaluate whether the PPP hypothesis