Anne Frank and Fredrick Dougalss Essay Example For Students

Anne Frank and Fredrick Dougalss Essay Anne Frank and Frederick Douglass Everyone has hope in something whether it is possible or seemingly impossible. Anne Frank and Frederick Douglass, among many differences and similarities, both had hope in something others may not have believed to be possible. They never gave up their hope that they so desperately clung to when they were in bondage. Anne Frank and Frederick Douglass were both held in bondage, each in a different way. Frank was kept from the public eye for fear she would be caught and killed by the Germans. Even before she went into hiding she had to abide by so many restrictions that she had no freedom at all. On the other hand, Douglass was born a slave and had never known what it was like to be free, kept in bondage by his master. Despite everything they both kept their hopes that they would be free one day and people would no longer discriminate against them. Also, while Frank and Douglass were in bondage they had several people who helped them along the way. They couldnt have made it without these helpers. Douglass had his masters wife and the young white boys who helped him learn his alphabet and his basic reading. He also had the Underground Railroad abolitionist to help him on the road to freedom. Frank also had help from some friends of her dad, Kraler and Koophuis. They helped hide them and bring food and supplies to Frank and her family. In addition to having helpers, Frank and Douglass both were good writers. Even though Douglass basically had no education at all, and Frank had a very good education they both had the same desire to write. Anne Franks diary and Douglass Narrative are examples of their excellent writing skills. Douglass longed to be able to read and write for the hope that one day it would help him to become free. In contrast, Franks education was just part of her life as a school girl. Being able to write benefited both Frank and Douglass and helped them get through their troubles by letting Frank express herself in the secret annex and by helping Douglass reach the north. Although Frank and Douglass both had hope they had hope in different things. On one hand, Frank hoped that one day she would become a famous writer and that the war would end and peace would return. if I look up into the heavens, I think that it will all come right, that this cruelty will end, and that peace and tranquility will return again. On the other hand, Douglass hoped that one day he would be a free man. When talking about running away to the north Douglass said I consoled myself with the hope that I should one day find a good chance. Meanwhile, I would learn to write. In the end Douglass finally got to see his hope for freedom become a reality. He escaped to the north and became a free man. Unfortunately, Frank died a few months before the war ended and never got to see her hope for peace become truth and even though Frank didnt know she would be a famous writer like she hoped her diary is what made her dream come true. In conclusion, Frank and Douglass led very different lives but were tied together by a hope that discrimination would be abolished even when everything around them told them it wouldnt happen. Discrimination has come a long way in the short time from Douglasss day and World War II, and needs to continue on this path to extinguish it. .

The Anthropocene Extinction(2015) by Cattle Decapitation free essay sample

Yes, we will be covering these guys again. Why not? I mean its time to release another review for a new album. I do believe I have some catching up to do as well so I might as well start now while I have the chance. If you dont know already, Cattle Decapitation is a Grindcore/Deathgrind band that always have one thing on their minds, to ridicule the human nature of eating other animals or using them for other domestic reasons. Yes, when the band first began, every member was a vegitarian and well, didnt want to eat meat for the reasons Ive stated above. Despite all that, they are highly respected in the metal community as a whole. This album includes a total of 12 tracks with just over 45 minutes this time around and doesnt mess around like their previous releases. This time however, they have some extra tricks up their sleeves, they have more of a melodic feel to this album especially in tracks like Plagueborne or Ave Exitum. We will write a custom essay sample on The Anthropocene Extinction(2015) by Cattle Decapitation or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This doent really detract from the brutallity you get from this album surprisingly enough mostly due to the constant blast beats and they still hit you hard, possibly harder than they ever had. The album cover is actually supposed to symbolize something too, though I cant remember what at the moment other than we will be living in eternal wastelandor something along those lines. We start the album with Manifest Extinct, the single from this album, and right from the get-go you get nothing but barrages of constant chugging and blast beats. Travis Ryan seems to have also learned some new vocal techniques for this album, or at least went to perfect it more. Those cleans you hear often throughout the album are what Im talking about here and its more like him making a nazelly growl and where he places it could ultimately affect what atmosphere this has, and he knows where to place them too. The instruments also do a good job mixing with each other pretty well for an admittedly unorganize d genre. At one point it seems like it takes the high road and gives you a bit of breathing room(mostly in the choruses of each track) and then it goes into breakdown mode with chugging that can give Bullet For My Valentine or Suffocation a run for their money(ones metalcore and ones death metal by the way). Its gross when it needs to be, its grimy when it needs to be and in general, it just does everything to try to make your neck fall off while not making it sore. It is really good. I give this album a 10/10. I am the Grim Reaper, signing off.

Devin Getachew Essays

Devin Getachew Essays Devin Getachew Essay Devin Getachew Essay What observed was that mall sees were more likely to get hypertension than females. Blood pressure tends to rise with age. About 65 percent of Americans aged 60 or older have High blood pressure. One of the most common forms of high blood pres sure in older adults is chronic hypertension. Chronic hypertension occurs when the systolic blood pressure is high. About 66. 7% people over age 60 with high blood pressure have Chronic hyper tension. Men and women are equally likely to develop HIP during their lifetimes. However, beef re age 45, men re more likely to have HIP than women (Gibbons). Smoking, being overweight HTH or obesity, lack of physical activity, too much salt in the diet, too much alcohol consumption on, stress, older age, and genetics. A person with chronic hypertension are more likely to develop pop heart and blood vessel disease. This increases your risk of a heart attack, stroke, heart failure, or kidney disease. There was an article that related to my hypothesis, and proved my hypothesis to be accurate to some extent. The article said that men before the age of 55 are ore common to contract chronic hypertension than women, however after age 55 women are get chronic hypertension. The reasons for gender differences in blood press ere are not known and several laboratories are still researching. Some studies demonstrated that t women tend to have higher heart pump output and lower blood vessel resistance, thereby mi missing blood vessel injury (Chosen). However my hypothesis is still accepted. My research I s valid because I collected the data of 10 women and 10 men from the website www. Meme. Com . Therefore my tat is valid to some extent because its been taken from the website, but its n tot real live data from 10 subjects that know. That is 1 weakness of my data. Another would b e the fact that my histogram looks misleading. Evaluation Factor Effect on Experiment Improvement Subjects were computer generated didnt receive health data from actual subjects. It would be better to randomly select 10 subjects in the older age range.

How to Get a Job in Another State

How to Get a Job in Another State Maybe your partner or your spouse is being transferred. Maybe you’re just graduating from a far-off college and want to live and work closer to home. Or maybe you just need a change of scenery. For most people, the most stressful and important part about moving is finding employment in a new city. Unless you work remotely, this can be tricky. Here are 6 ways you can make potential employers confident in hiring you as an out-of-state applicant.1. Ditch your home address.At best, your home address is irrelevant to your qualifications for the job. At worst, it could turn off hiring managers who don’t want to pay relocation expenses, or aren’t sure about your commitment or ability to move and start in a timely fashion.If you absolutely need a home address, you can get yourself a local mailbox that will forward to you through Mailboxes, Etc. If your phone number is holding you back, you can get a Google phone number with the area code of your target state.2. Do your r esearch.The more you know about the place you want to go the better. What are the major industries? What does the job market look like? Figure out through the Chambers of Commerce and the state or city’s Office of Economic Development which jobs are hot and therefore easier to land. If you don’t know where exactly you want to move, research instead what states and cities are best for the field you want to work in. Finally, see if it feels like a place where you would really want to live.Check out the following:Top 5 Jobs in the WestTop 5 Jobs in the NortheastTop 5 Jobs in the SouthwestTop 5 Jobs in the MidwestTop 5 Jobs in the Southeast3. Grow your network.Tap into your existing network to mine for contacts who might be able to help you get your foot in the door somewhere else- particularly your alumni network. Ask for email introductions to local companies or contacts. Visit if you can. No matter what, start building your own network there through social media sites a nd LinkedIn. Join a local meet-up or LinkedIn group for updates.4. Take care of your own moving logistics.To avoid missing out on opportunities with companies that don’t want to pay to help you move, there are ways to let them know you’re willing to handle the move logistics and expenses yourself. A line in your cover letter addressing the issue works. You could always make it clear that you are already living in the city, staying with a friend or subletting, pending your job search.If you can be there physically, it’s never inappropriate to mention when you’ll be there and available for an interview. Employers will be much more eager to hire you if they don’t have to pay for relocation.5. Be smart about money.Figure out the logistics of your financial situation in your new state before you get there. Bone up on the relative cost-of-living, the average salary range for your industry and role, how far your money will go when you live there, and how much you require. Figure out your target state’s tax code to assess your liabilities.6. Assure them you  will be moving.Remember, no potential employer wants to hear you waffling. Be willing to talk about it- and when you do, be honest. Don’t make promises to interview if you cannot make it. Ask instead for a Skype interview, if possible. But do make sure to make it clear that you are moving, not just that you’re considering it. Make them know you’re as safe a bet as someone already living down the street.

An Investigation of the Impact of Oil Price Changes on the Gulf Dissertation

An Investigation of the Impact of Oil Price Changes on the Gulf Council Countries (GCC) Stock Markets - Dissertation Example According to the report any fluctuation in oil prices does not go unnoticed. However an increase or decrease in oil prices does not have a uniform effect worldwide. Some countries gain and some suffer the consequences. This paper seeks to identify and analyse the relationship of oil prices to the stock markets of the GCC, which stands for Gulf cooperation council.From this paper it is clear that the most general assumption is that the changes in the oil prices have an indirect impact on the stock market. This theory is applicable as it is believed by most economists, commentators and journalists. This relationship between oil prices and the stock market can be easily justified by the most famous headline of the Wall Street Journal that says â€Å"Oil Spikes Pummels Stock Market†. Also, the Financial Times also captured the attention of the investors regarding oil prices impact on the stock market by displaying headline which says â€Å"U.S. Stocks Rally as Oil Prices Fallâ₠¬ . According to the research, the relationship between of oil prices and the stock market is quite unpredictable and is very strange than it is assumed by most investors. No one makes this negative relationship as a thumb of rule but most of the time these both variables move in opposite directions. This means that as the oil prices goes up it shows a negative impact on the stock market. On the other hand, as the price of the oil goes down it results in a positive impact on the stock market.... It is needed for ?guaranteeing the economy’s as well as modern industries development. The fluctuation in prices ?of oil is considered to be an indicator of the global or worldwide economy. Each change in oil ?price is discussed as a hot topic both generally as well as in economic and the political circles of ?every country. There are various factors that may affect the oil prices and cause them to ?fluctuate. Major of these are the balance shifts in demand and supply of oil market, exchange rate ?fluctuation of dollar, Opportunistic Practices and instability of geopolitical factors/. These factors jointly work for bringing change in the oil prices and this change tends to have an impact upon the stock exchange performances of different countries as well. The dissertation aims to investigate the impact of oil price fluctuation upon the stock market index of the GCC countries over the last five years. The dissertation examines and analyses the data for last five years using the linear regression model and it has been unveiled from the calculation of the data using the model that the GCC countries’ stock exchanges have always responded strongly towards the changes in oil fluctuation and the oil prices changes occurred during the last five years have also altered the stock exchanges indexes of the GCC countries. Table of Content Acknowledgements Declaration 1. Chapter one: Introduction †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦.8 1.1. Aim and Objectives of the study †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦.14 1.2. Methodology and data†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦.15 1.3. The structure of the

Leases (Accounting) Essay Example | Topics and Well Written Essays - 1500 words

Leases (Accounting) - Essay Example The proposed changes have come to address this concern wherein structuring the amount presented in the transaction is reduced to achieve a desired accounting outcome. Also, to decrease complexity, to improve transparency and comparability, and to have more complete financial statements, the IASB and US FASB had published a joint proposal to change the existing standard of lease accounting. The scope of the proposed improvement involves US - SFAS 13 and IFRS - IAS 17 wherein the aim is to develop a new single approach instead of the previous operating and finance lease approaches (ACCA 2009). In the proposed ‘right-of-use’ mode, investors and other users of financial statements need not to make necessary adjustments because all assets and liabilities are now being recognized in the statement of financial position. In this paper, the advantages and disadvantages of the proposed changes from the board exposure draft will be recognized. Also, the impact of the new single approach on the financial statements will be given an appropriate analysis. The exposure draft has been published to solicit comments from the public either positive or negative. The board thinks that the advantages of creating a consistent approach will decrease complexity and at the same time increase comparability of financial statements that will outweigh the disadvantages (FASB 2010 p.93). Advantages. Providing a complete presentation of financial reporting information for users of financial statements will increase transparency, and this is one of the major advantages of the proposal (IFRS 2009 p.4). A ‘complete presentation’ in the sense that the understated assets and liabilities arising from all lease contracts will now be identified. All of the company’s leasing activities either in a form of an assets or liabilities will now be

Implications Of The Policy Ineffectiveness Proposition Economics Essay

Implications Of The Policy Ineffectiveness Proposition Economics Essay The Phillips Curve states that inflation depends on expected inflation, cyclical unemployment and supply shocks. It is given by the following equation: The inflation expectations can be either adaptive or rational. Early New Classical Economics was largely based the assumption of adaptive expectations, which assumes that people form their expectations of future inflation based on recently observed inflation. This assumption implies that in absence of cyclical unemployment or supply shocks, inflation will continue indefinitely at its current rate. It also implies that past inflation influences the current wages and prices that people set. If we suppose that the stock of money in the economy increases, the adjustment towards the long run equilibrium takes time. In each period that agents find their expectations of inflation to be wrong a certain proportion of their forecasting error would be incorporated into expectations. This means that the long run equilibrium in the economy would only be reached asymptotically. The government would then be able to maintain employment above its natural level. Rational Expectations: However, many economists disagree with the assumption of adaptive expectations. New Classical Theory replaced the assumption of adaptive expectations with that of rational expectations. Under this assumption, anticipated monetary policy would have no effect on economic activity. However, stochastic shocks to the economy could have short run effects on economic activity. This theory known as the Policy Ineffectiveness Proposition was proposed in 1976 by Thomas J. Sargent and Neil Wallace. According to the proposition monetary authorities cannot affect the output if the changes are anticipated. Under this proposition, the only way monetary authorities can affect the real economy is by making monetary policy less predictable. However, this would increase the variability of output around its natural rate and is hence not a desirable policy aim. Policy Ineffectiveness Proposition and the Sacrifice Ratio: An important implication of the Policy Ineffectiveness Proposition is that the monetary authorities can reduce inflation without any output or employment cost. If policymakers announce a reduction in money growth, rational agents will lower their inflation expectations proportionately. This is known as the Costless Disinflation Proposition. This in turn implies that the sacrifice ratio, which is basically the loss in output for a reduction in inflation by one percentage point, should be equal to zero. Empirical Evidence: Estimates of the cost of disinflation vary widely. These estimates measured in terms of the sacrifice ratio have extreme values. While some economists argue that a sound monetary policy can reduce inflation without any costs, others estimate that sometimes the sacrifice ratio may have very high values. Sargent (1982) examined the measures that brought extreme inflation under control in several European countries in the 1920s including Austria, Hungary, Germany, and Poland. According to him, in each case the inflation stopped abruptly rather than gradually. He studied these countries because of the dramatic change in their fiscal policy regime, which in each instance was associated with the end of a hyperinflation. He also noted the rapid rise in the high-powered money supply in the months and years after the rapid inflation had ended. For Austria he suggested that currency stabilization was achieved very suddenly, and with a cost in increased unemployment and foregone output that was comparatively minor. From the data for Hungary, he inferred that immediately after the stabilization, unemployment was not any higher than it was one or two years later. He posited that this could be because the stabilization process had little adverse effect on unemployment. For Poland, he noted that the stabilization of the price level in January 1924 was accompanied by an abrupt rise in the number of unemployed. Another rise occurred in July of 1924. He argued that while the figures indicated substantial unemployment in late 1924, unemployment was not an order of magnitude worse than before the stabilization. The Polish zloty depreciated internationally from late 1925 onward but stabilized in autumn of 1926 at around 72% of its level of January 1924. At the same time, the domestic price level stabilized at about 50% above its level of January 1924. The threatened renewal of inflation has been attributed to the governments premature relaxation of exchange controls and the tendency of the central bank to make private loans at insufficient interest rates. The stabilization of the German mark was accompanied by increases in output and employment and decreases in unemployment. While 1924 was not a good year for German business, it was much better than 1923. From the figures, he couldnt find much convincing evidence of a favourable trade-off between inflation and output, since the year of spectacular inflation, 1923 was a very bad year for employment and physical production. According to the data, there was an evident absence of a trade-off between inflation and real output. However he suggested that the inflation and the associated reduction in real rates of return to high powered money and other government debt were accompanied by real over-investment in many kinds of capital goods. He concluded his findings by stating that the essential measures that ended hyperinflation in each of Germany, Austria, Hungary, and Poland were, first, the creation of an independent central bank that was legally committed to refuse the governments demand for additional unsecured credit and, second, a simultaneous alteration in the fiscal policy regime. These measures had the effect of binding the government to place its debt with private parties and foreign governments which would value that debt according to whether it was backed by sufficiently large prospective taxes relative to public expenditures. In each case that he studied, once it became widely understood that the government would not rely on the central bank for its finances, the inflation terminated and the exchanges stabilized. He further saw that it was not simply the increasing quantity of central bank notes that caused the hyperinflation, since in each case the note circulation continued to grow rapidly after the exc hange rate and price level had been stabilized. According his findings for the four countries, one may conclude that his studies supported the costless disinflation proposition. However there have been other studies that do not support this proposition. In his paper What determines the sacrifice ratio?, Laurence Ball investigated à ´Ã¢â€š ¬Ã‚ Ã‚  Considers several OECD countries. à ´Ã¢â€š ¬Ã‚ Ã‚  Finds that the cost of ending moderate inflations can be high. Sacrifice ratio = cumulative output lost due to the permanent reduction in the inflation rate associated with the disinflationary policy. à ´Ã¢â€š ¬Ã‚ Ã‚  Average sacrifice ratio = 0.77%: each p.p. reduction in inflation is associated with a 0.77 p.p. loss of output. à ´Ã¢â€š ¬Ã‚ Ã‚  Sacrifice ratio larger when disinflation slower, and in countries with greater nominal wage rigidity. à ´Ã¢â€š ¬Ã‚ Ã‚  Does not support costless disinflation proposition The New Keynesian Stanley Fischer (1977) applied the insights of Franco Modigliani to the model employed by Sargent and Wallace. Fischer therefore introduced the assumption that workers sign nominal wage contracts that last for more than one period, wages are sticky. The outcome is that government policy can be fully effective since although workers rationally expect the outcome of a change in policy, they are unable to respond to it as they are locked into expectations formed when they signed their wage contract. It is not only possible for government policy to be used effectively but its use is also desirable. The government is able respond to random shocks to the economy to which agents are unable to react, and so stabilise output and employment. Since it was possible to incorporate the rational expectations hypothesis into macroeconomic models whilst avoiding the stark conclusions that Sargent and Wallace reached, the policy ineffectiveness proposition has had less of a lasting impact on macroeconomic reality than first may have been expected. This applies much more generally. Any consistent set of government policies will be learned and anticipated by a population with Rational Expectations. Since they are anticipated, they will not come as a surprise. Instead, people will shift their short-run aggregate supply curves in such a way that production will be back at the NAIRGDP and unemployment at the NAIRU. If the policies are designed to move the economy away from the NAIRGDP, then they will be ineffective regardless what mix of fiscal and monetary policies they are. This leads to the general Policy Ineffectiveness Proposition. Policy Ineffectiveness Proposition Any consistent government policies designed to influence the economy to a level of production other than the NAIRGDP will be ineffective if the population have rational expectations The essential measures that ended hyperinflation in each of Germany, Austria, Hungary, and Poland were, first, the creation of an independent central bank that was legally committed to refuse the governments demand for additional unsecured credit and, second, a simultaneous alteration in the fiscal policy regime.37 These measures were interrelated and coordinated. They had the effect of binding the government to place its debt with private parties and foreign governments which would value that debt according to whether it was backed by sufficiently large prospective taxes relative to public expenditures. In each case that we have studied, once it became widely understood that the government would not rely on the central bank for its finances, the inflation terminated and the exchanges stabilized. We have further seen that it was not simply the increasing quantity of central bank notes that caused the hyperinflation, since in each case the note circulation continued to grow rapidly after the exchange rate and price level had been stabilized. Rather, it was the growth of fiat currency which was unbacked, or backed only by government bills, which there never was a prospect to retire through taxation. The changes that ended the hyperinflations were not isolated restrictive actions within a given set of rules of the game or general policy. Earlier attempts to stabilize the exchanges in Hungary under Hegedus,38 and also in Germany, failed precisely because they did not change the rules of the game under which fiscal policy had to be conducted.39 In discussing this subject with various people, I have encountered the view that the events described here are so extreme and bizarre that they do not bear on the subject of inflation in the contemporary United States. On the contrary, it is precisely because the events were so extreme that they are relevant. The four incidents we have studied are akin to laboratory experiments in which the elemental forces that cause and can be used to stop inflation are easiest to spot. I believe that these incidents are full of lessons about our own, less drastic predicament with inflation, if only we interpret them correctly. Costless immediate disinflation is not possible in an economy with long- term labor contracts. This paper sets out a simple contracting model of wage and output determination and uses it to calculate sacrifice ratios for a disinflation program, under the assumption that announced policy changes are immediately believed. Under this assumption disinflation with a structure of labor contracts like those of the United States would be less costly than typically estimated. The model is then modified to allow for the slow adjustment of expectations of policy to actual policy; sacrifice ratios then approach the ranges typically estimated. The sacrifice ratio for the current disinflation is calculated in the last section: the current disinflation was somewhat more rapid and less costly than previous estimates suggested. The calculated sacrifice ratio is consistent with the predictions of the simple contracting model. Inflationary expectations and aggregate demand pressure are two important variables that influence inflation. It is recognized that reducing inflation through contractionary demand policies can involve significant reductions in output and employment relative to potential output. The empirical macroeconomics literature is replete with estimates of the socalled sacrifice ratio, the percentage cumulative loss of output due to a 1 percent reduction in inflation. It is well known that inflationary expectations play a significant role in any disinflation program. If inflationary expectations are adaptive (backward-looking), wage contracts would be set accordingly. If inflation drops unexpectedly, real wages rise increasing employment costs for employers. Employers would then cut back employment and production disrupting economic activity. If expectations are formed rationally (forward2 looking), any momentum in inflation must be due to the underlying macroeconomic policies. Sargent (1982) contends that the seeming inflationoutput trade-off disappears when one adopts the rational expectations framework. The staggered wage-setting literature provides evidence that even if expectations are formed rationally, wage and price determination will have backward-looking and forward looking elements. The backwardlooking element reflects last years contracts on this years prices whereas the forward-looking element reflects next years contracts on this years prices. Taylor (1998) presents a detailed account of the staggered wage and price setting literature, and the exercise will not be pursued here. Calvo (1983) shows that in a world of stochastic contract length, the costless disinflation result extends to a world of staggered wage contracts with forward-looking expectations. Stopping inflation is then a matter of a resolute commitment on part of the government to a credible disinflation program. In this literature, the costless disinflation result extends to a world of staggered wage contracts with forward-looking expectations. Stopping inflation is then a matter of a resolute commitment on the part of the government to a credible disinflation program. It is likely that in an economy there are both forward- and backwardlooking elements in inflationary expectations. Chadha, Masson, and Meredith (1992) (henceforth CMM), provide a unified framework to test for expectations formation in a single specification. CMM use a Phillips curve framework to consider two benchmark cases: a Phelps-Friedman adaptive expectations model which places a weight of unity on past inflation (complete inflation stickiness) and a rational staggered contracts model based on Calvo (1983) that places a weight of unity on expected inflation (inflation is independent of past inflation). These two extremes are nested in one specification where current inflation is a weighted average of past and expected future inflation.