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

Romer - Essay Example This alternative prevents the disparity between real and nominal interest and inflation against the price level. Simultaneity is reduced by simplifying the analysis of monetary policy and similarly provides a simplified dynamics that makes aspects of the exchange rate more credible. Extensive discussion was provided where Romer identified 11 advantages of the alternative model. The IS-LM model has not been without criticisms as many regard it as overly straightforward in determining economic intricacies. But the same had been found to be efficient in explaining fluctuation, especially short-term. The most common version of explaining the model is through the relationship of interest rate and output. In a good market economy, an increase in the interest rate will reduce demand at certain income brackets. The same effect can be seen in the demand for investments and general consumption. In an open economy that has floating exchange rates, net exports plummet because the demanded output quantity is equivalent to production. The negative relationship of interest rate to output is called the IS curve. Money market is another definitive relationship in understanding the IS-LM model. This shows that the demand for liquidity increases as income rises while the interest rate concurrently decreases. Equilibrium in the money market is determined by the money supplied and liquidity preference. If the supply of money by the central bank is fixed and there is a simultaneous increase in aggregate income this results in the demand for liquidity. The interest rate rises to an extent that supply is met by the demand for money. This is the relationship depicted in the LM curve (Romer, 2000, pp.150-151). An important assumption by Romer is that real interest rather than nominal interest, is a more important consideration for the central bank. This falls upon the Federal Reserve to set interest rates in order to control the IS and LM curves. In this

Special Interest Tourism Report Essay Example | Topics and Well Written Essays - 2500 words

Special Interest Tourism Report - Essay Example Furthermore, the site defines tourism in various concepts in order to evaluate the preferences of the travellers. Moreover, the three prime elements associated with tourism, namely, consumer, product and supplier are discussed and classifications are provided where relevant. In addition, the site provides certain measures which should be taken care of by the tour operators especially while conducting adventurous tours such as wildlife tourism. Thus, the discussion can provide valuable insight to certain pertinent aspects related to wildlife tourism. Reference details: Allman, T. L. & et. al. 2009, ‘Exploring the motivations of base jumpers: extreme sport enthusiasts’, Journal of Sport & Tourism, vol. 14, no. 4, pp. 229-247. Source: Journal article. Access to item: Easy – Journal held on campus. Relevance to this form of Special Interest Tourism: The article will evaluate the motivational factors which persuade an individual’s desire to participate in advent urous sports. The researchers approached the participants of ‘Base jumping’ for evaluating the motivational factors. The sport includes activities such as parachuting from buildings, bridges and high cliffs, in which the participants’ lives are at risks. In other words, they voluntarily take risks in performing the activities. The study will thus evaluate the tendencies of the participants in taking such life-challenging risks. Furthermore, due to the nature of the sport, the findings will help to analyse the factors which influence people to take up wildlife tours which are also adventurous. Reference details: Bentley, T. A. & et. al. 2010, ‘Adventure and ecotourism safety in Queensland: operator experiences and practice’, Tourism Management, vol. 31, pp. 563-571. Source: Journal article. Access to item: Easy – Journal held on campus Relevance to this form of Special Interest Tourism: Although, wildlife tourism is adventurous and thrilling, c ertain amount of risks is involved with regards to safety. Therefore, the article focuses on identifying the probable injuries and safety management practices which could prevent the travellers. The authors have collected valuable information from the tour operators in order to implement safety practices in the future from preventing injury. The survey revealed that a low level of incidents occurred compared to slips or falls which are common in these types of wildlife tours. However, the tour operators stated that risk factors were not associated with physical injury, fluctuating climatic conditions and behavioural skills are the most considered risks factors. Thus, the article will provide a clear understanding of the safety practices which are useful in wildlife tourism. The safety measures will help to evaluate effectively the risk management practices which can be utilised to prevent physical injuries to the travellers. Reference details: Buckley, R 2009, Adventure tourism mana gement, Routledge, United Kingdom. Source: Book. Access to item: Easy – Book available on Internet. Relevance to this form of Special Interest Tourism: The study will identify the results attained by ecotourism in respect of environmental issues. Furthermore, the article consists of a framework which includes four types of mechanism; firstly, which has the ability to generate positive effects, secondly, factors reducing negative effects, thirdly, which have the potentials for increasing negative effects and lastly, the challenging issues that include scaling and mainstreaming. Moreover, the