How effective were Jim Crow Laws Assignment Example | Topics and Well Written Essays - 750 words

How effective were Jim Crow Laws - Assignment Example In fact, freedom that the black population had once obtained meant practically nothing with such a system in law. Jim Crow laws were elaborated as a system of segregation and discrimination of African Americas, practiced in the southern states and some of the border states. These were laws which separated people of color from the white population and restricted contacts between them in various public places, schools, jobs, and housing. They were totally based on the supremacy of whites. If to talk about the origin of the name of the laws, it comes from a minstrel character Jim Crow, popular in the early 1800s. This is still unclear how, but the characters name Jim Crow became widely associated with the laws, customs and etiquette, which promoted segregation of African Americans from the 1870s to the 1960s (Pilgrim, 2012). Jim Crow laws turned to be especially effective if to take electoral system into consideration. The key idea was to decrease the number of black voters. First of all, it is worthy to mention poll taxes, which required people to pay a fee to register for voting. A lot of poor people could not afford this, which is why most African Americans  and  Native Americans  had no opportunity to vote, as well as poor whites. Blacks were also denied the right to vote on the basis of grandfather clauses. This right was restricted only to those blacks whose ancestors had voted before the Civil War (Pilgrim, 2012). One more device for restricting voting rights was literacy tests. For instance, such a task: ‘Name all the Vice Presidents and Supreme Court Justices throughout America’s history’ (Pilgrim, 2012). Not so many people could cope with it. Finally, white primaries, established by the Democratic Party in the southern states. According to them, only white voters were permitted to participate in elections. This is true that such a strategy turned to be really effective. In Mississippi, for instance, fewer

Models for Forecasting Exchange Rates Essay Example | Topics and Well Written Essays - 2000 words

Models for Forecasting Exchange Rates - Essay Example is a function of sample size = N M = N/log N Schwartz criterion Consistent estimate of lag length Akaike lag length Minimum mean square prediction errors criterion of the dependent variable Similar to AR Weight (W) is assigned arbitrarily W = 0.95 Random Walk model Current spot rate is a predictor of the future spot rate; Basic model Requires no estimation With a drift parameter Mean monthly (logarithmic) exchange rate change These methods minimize criteria based on squared deviations; but it will be ineffective when the fluctuations in foreign exchange rates is unusual - and not as based on reasons established in various studies of fluctuations. Multivariate Time Series Models - Unconstrained Vector Auto regression (VAR).(1. MEESE, Richard A.; ROGOFF; Kenneth) Under VAR model, "contemporaneous value of each variable is regressed against lagged values of itself and all the other variables. The exchange rate equation is st = a i i s - 1 + a l z s t - 2 +"" a i n s f - n + BilXt - 1+ 2 X t - 2 +"" B'iX,- + ui where X,_j is a vector of the explanatory variables in the earlier equation, lagged jperiods." (1. MEESE, Richard A.; ROGOFF; Kenneth) VAR yields better forecasts since it does not restrict any variables and is better equipped to tackle the estimation problems that plague the structural models. Theoretical Models - Purchasing Power Parity Condition (PPP) , Sticky price monetary model of Dornbusch and Frankel , Balassa- Samuelson model based on productivity differentials, uncovered interest rate parity (UIP) (2. Cheung, Yin-Wong ; Chinn, Menzie D. ; Pascaul, Antonio Garcia) Model Assumption / Determination Purchasing Power Price indices...Richard A. MEESE, Kenneth ROGOFF) These methods minimize criteria based on squared deviations; but it will be ineffective when the fluctuations in foreign exchange rates is unusual - and not as based on reasons established in various studies of fluctuations. Theoretical Models - Purchasing Power Parity Condition (PPP) , Sticky price monetary model of Dornbusch and Frankel , Balassa- Samuelson model based on productivity differentials, uncovered interest rate parity (UIP) (2. Cheung, Yin-Wong ; Chinn, Menzie D. ; Pascaul, Antonio Garcia) "Let s be the log exchange rate, m and y be log domestic money stock and output and m* and y* be log foreign money stock and output. Following Mark, the money stock variables are constructed as four quarter moving averages, to eliminate seasonality. The fundamental value of the log exchange rate predicted by the monetary model is: f1 = (m-m*)-(y-y*)" "This model states that the nominal exchange rate is determined by home-foreign differentials in the monetary fundamentals used above as well as short-term interest rates, expected inflation rates, and cumulated current account balances." There is no evidence to suggest that exchange rate forecasts obtaine