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There has been a growing interest in economic policies and their impact within a country among the real estate economics research community in recent years. After the economic crisis of 2008, an unconventional monetary policy was created, and it has been called quantitative easing (QE), an instrument of economic policy applied through central banks to boost the economy in periods when conventional monetary policy is not satisfactory. As with the economic challenge brought by COVID-19, many central banks had to implement unconventional monetary plans. This thesis aims to discover the impact of quantitative easing (QE) and its opposite quantitative tapering (QT) on the housing prices of the US real estate market. In order to deal with this problem, this research performs time-varying rolling correlations, which are correlations between two-time series on a rolling window. The window for this research will be monthly and subject to historical data points from a 280-month period of the USA metropolitan price housing and the Federal Balance sheet between 1998 and 2022. The results show there is a positive correlation between the different US housing markets and the US Federal Balance Sheet in the majority of the US markets analyzed and finds a high positive correlation between the different regional house price indices and US National Home Price Index and finally the existence of spillover effect between the cities in the high tier (e.g., Los Angeles and Miami) and low-tier (e.g., Chicago and Atlanta) cities, such that rising trends in one city are mirrored by the following changes in the other city in the equivalent tier and vice versa. / Under de senaste åren har det funnits ett växande intresse för ekonomisk politik och dess inverkan inom ett land bland den fastighetsekonomiska forskarvärlden. Efter den ekonomiska krisen 2008 har en okonventionell penningpolitik skapats och den har kallats kvantitativa lättnader (QE); ett ekonomiskt politiskt instrument som tillämpas genom centralbanker för att stärka ekonomin i perioder då den konventionella penningpolitiken inte är tillfredsställande. Liksom i fallet med den ekonomiska utmaning som covid-19 orsakade, var många centralbanker tvungna att genomföra okonventionella monetära planer. Denna avhandling syftar till att upptäcka effekten av kvantitativ lättnad (QE) och dess motståndare kvantitativ nedtrappning (QT) på bostadspriserna på den amerikanska fastighetsmarknaden. Som ett sätt att hantera detta problem utför denna forskning tidsvarierande rullande korrelationer som är korrelationer mellan två tidsserier på ett rullande fönster, fönstret för denna forskning kommer att vara månadsvis och föremål för historiska datapunkter från 280-månadersperioden i USA storstadspriserna bostäder och den federala balansräkningen mellan 1998 och 2022. Resultaten visar att det finns en positiv korrelation mellan de olika amerikanska bostadsmarknaderna och den amerikanska federala balansräkningen på majoriteten av de analyserade amerikanska marknaderna och finner en hög positiv korrelation mellan de olika regionala husprisindex och US National Home Price Index och slutligen förekomsten av spridningseffekter mellan städerna i städerna på hög nivå (t.ex. Los Angeles och Miami) och lågnivå (t.ex. Chicago och Atlanta), så att stigande trender i en stad speglas av följande förändringar i den andra staden i motsvarande nivå och vice versa.

Master of Arts / Department of Economics / William F. Blankenau / The financial crisis that began in the summer of 2007 has greatly tested the abilities of central banks to counter financial instability and economic slowdown through traditional monetary policy. This paper will examine in detail the monetary response of both the Federal Reserve Bank of the United States (Fed) and the Bank of England to the turmoil in the financial markets. The Bank of England, which adopted inflation targeting after the Black Wednesday crisis in 1992, and the Fed, which has no such stated policy, allows us to compare two different monetary regimes in the aftermath of a crisis. To counter the financial crisis the Bank of England resorted to unconventional monetary policies that included expansion of liquidity easing operations and a policy of quantitative easing through purchase of debt securities. The Fed also made use of both traditional tools as well as more innovative measures to combat liquidity concerns in the financial market. A multitude of new programs was initiated by the Fed to supply liquidity to susceptible lending institutions and lower the spreads on commercial loans and securities. Overall, we find that the actions of the Bank of England and the Fed were effective in restoring stability to financial markets and preventing a prolonged economic depression. Further, the Bank of England's inflation targeting framework did not hinder its ability to respond to the crisis and there was no major divergence in the policy actions of the two central banks.

Master of Science / Division of Biology / Brett K. Sandercock / Grassland birds have experienced population declines worldwide from habitat degradation caused by conversion to agriculture and recent intensification of land use, including increased use of fertilizer, fossil fuels, and irrigation. The U.S. Department of Agriculture, Conservation Reserve Program (CRP) includes initiatives targeting wildlife enhancement to mitigate ongoing declines in grassland bird populations. The newest CRP practice, State Acres for Wildlife Enhancement (SAFE), was designed to restore vital habitats for high priority wildlife species throughout the United States. Our objective was to assess the potential benefits of SAFE for upland gamebirds and grassland songbirds in Kansas. We monitored lands enrolled in SAFE to estimate bird density based on field scale and landscape scale characteristics. Our study was conducted in three ecoregions: Smoky Hills (4 counties), Flint Hills (3 counties), and the High Plains (3 counties). We surveyed 121 SAFE fields and 49 CRP fields from 2012 – 2013. Northern Bobwhite density was negatively associated with percent litter within survey fields. Ring-necked Pheasant density differed among ecoregions, and was positively associated with percent bare ground in the High Plains, but negatively associated with field age in the Smoky Hills. Mourning Dove density differed among ecoregions, and was negatively associated with percent forb in the High Plains, and positively associated with percent grassland in the Smoky Hills. In the Flint Hills, Mourning Doves were negatively associated with CRP fields and large fields. Brown-headed Cowbirds were positively associated with percent forbs. Amount of CRP surrounding survey locations was positively associated with bird density through the entire range for Grasshopper Sparrows, Dickcissels, and Lark Buntings, and in the High Plains for Western Meadowlarks. Percent woodland had negative effects on Western Meadowlarks in the Smoky Hills, whereas percent cropland had negative effects on Eastern Meadowlarks statewide. CRP positively affected abundance of four of our species, whereas percent cropland and woodland negatively affected others. Thus, the amount of set-aside lands enrolled in SAFE could be important for grassland bird populations. SAFE and CRP supported equal numbers of Northern Bobwhites and Ring-necked Pheasants, suggesting SAFE provides benefits for target species of upland gamebirds.

Following the construction of the Pongolapoort Dam in 1974, the potential impacts on the lower Phongolo River and floodplain due to alterations in the natural flow regime have caused concerns. Fish communities and population structures are directly influenced by these alterations. The only protected section of the Phongolo River is a 15 km reach and its associated pans that flow through the Ndumo Game Reserve. Historic data shows that the community and population structure of the fish in the Phongolo Floodplain has changed as a result of irregular flood releases. The Ndumo Game Reserve plays an important role in the conservation of many ecologically and economically important species as the pans inside the reserve serve as a refuge area in which these species can breed to replenish the fish numbers in the Phongolo River. The fish diversity inside the Ndumo Game Reserve is also higher when compared to outside. During the high flow period fish move into the floodplain pans as a result of the higher water level. Oreochromis mossambicus, the most common species found in this area, utilize Nyamiti Pan for breeding but the health of this species is under pressure due to severe infestations of Lernaea cyprinacaea and nematode parasites. Lernaea cyprinacaea is a parasitic copepod associated with the introduced exotic fish species Cyprinus carpio which is found in large numbers in various pans inside Ndumo Game Reserve. The presence of this alien species in the refuge area raises concerns as it competes for the same resources as the economically important native fish species. Nyamiti Pan is largely populated by adult cichlid species between the ages of six and ten years old. The importance of flood releases which simulate natural flow regime is emphasised by the negative impacts irregular floods have on fish health, community and population structure. / MSc (Environmental Sciences), North-West University, Potchefstroom Campus, 2015

Following the construction of the Pongolapoort Dam in 1974, the potential impacts on the lower Phongolo River and floodplain due to alterations in the natural flow regime have caused concerns. Fish communities and population structures are directly influenced by these alterations. The only protected section of the Phongolo River is a 15 km reach and its associated pans that flow through the Ndumo Game Reserve. Historic data shows that the community and population structure of the fish in the Phongolo Floodplain has changed as a result of irregular flood releases. The Ndumo Game Reserve plays an important role in the conservation of many ecologically and economically important species as the pans inside the reserve serve as a refuge area in which these species can breed to replenish the fish numbers in the Phongolo River. The fish diversity inside the Ndumo Game Reserve is also higher when compared to outside. During the high flow period fish move into the floodplain pans as a result of the higher water level. Oreochromis mossambicus, the most common species found in this area, utilize Nyamiti Pan for breeding but the health of this species is under pressure due to severe infestations of Lernaea cyprinacaea and nematode parasites. Lernaea cyprinacaea is a parasitic copepod associated with the introduced exotic fish species Cyprinus carpio which is found in large numbers in various pans inside Ndumo Game Reserve. The presence of this alien species in the refuge area raises concerns as it competes for the same resources as the economically important native fish species. Nyamiti Pan is largely populated by adult cichlid species between the ages of six and ten years old. The importance of flood releases which simulate natural flow regime is emphasised by the negative impacts irregular floods have on fish health, community and population structure. / MSc (Environmental Sciences), North-West University, Potchefstroom Campus, 2015

Master of Arts / Department of Economics / Lance J. Bachmeier / This thesis examines the properties of two short-term interest rates: the federal funds rate and the rate of return on 90-day Treasury securities (T-Bills). Findings indicate strong evidence of cointegration among the two series. This result leads us to consider whether future movements in T-bill returns are predictable using the same methods used to predict the target federal funds rate. The “Taylor Rule,” introduced by Taylor (1993), assumes the Federal Reserve considers inflation and the output gap in their deliberation of how to adjust the federal funds target rate. We do an in-sample analysis followed by an out-of-sample forecasting comparison. Findings show that, in addition to inflation and the output gap, the unemployment rate and stock market contain valuable information for forecasting future T-bill rates.

Thesis (MBA)--Stellenbosch University, 2006. / ENGLISH ABSTRACT: The National Payment System is currently dominated by uncompetitive banks and there is growing resistance by the South African public over the current fees being charged. The legislature is proposing a new Bill which aims at creating a new category of banks, namely Dedicated Banks. These Dedicated Banks will have lower capital requirements, thus making it more attractive to establish a Dedicated Bank. The aim of the Dedicated Banks Bill is to bring banking services to the masses. The Dedicated Banks may provide banking services to consumers at much more competitive fees. The aim of this study is to determine whether Dedicated Banks will be allowed to participate in the National Payment System as clearing and settlement banks. A detailed review is conducted of the current National Payment System, the framework in which it operates and incentives currently underway to guide the modernisation of the National Payment System. A critical analysis of the legal framework of the National Payment System in conjunction with the Dedicated Banks Bill is undertaken to determine whether there is any legislative scope for allowing Dedicated Banks to participate in the National Payment System. An assessment of the competitive environment of the National Payment System is given to determine whether regulators may consider allowing Dedicated Banks their participation as clearing and settlement banks. The arguments presented are confirmed by the Reserve Bank's 2010 vision for the National Payment System which confirms the conclusions reached that Dedicated Banks may indeed participate in the National Payment System as clearing and settlement banks. The risk which participants may introduce into the National Payment System is investigated in order to determine whether this may pose as an additional barrier to Dedicated Banks' participation as clearing and settlement banks. / AFRIKAANSE OPSOMMING: Die Nasionale Betalingstelsel word huidiglik gedomineer deur onmededingende banke en daar is groeiende weerstand deur die Suid-Afrikaanse publiek oor die huidige fooie wat gevra word. Die wetgewer het 'n nuwe konsep wet voorlê wat daarop gemik is om 'n nuwe kategorie van banke daar te stel, naamlik Toegewyde Banke. Hierdie Toegewyde Banke sal laer kapitaal vereistes he, wat dit aantrekliker sal maak om 'n Toegewyde Bank op die been te bring. Die doel van die konsep wet is om bankdienste aan die massas te bring. Die Toegewyde Banke mag moontlik bankdienste aan kliente bied teen meer mededingende fooie. Die doel van hierdie studie is om vas te stel of Toegewyde Banke toegelaat gaan word om deel te neem aan die Nasionale Betalinstelsel as verrekeningsbanke. 'n Omvattende ondersoek word onderneem van die huidige Nasionale Betalingstelsel, die raamwerk waarbinne dit werksaam is en huidige pogings wat onderweg is vir die modernisering van die Nasionale Betalingstelsel. 'n Kritiese analiese van die regsraamwerk saam met die konsep wet word vervat om sodoende vas te stel of daar enige wetlike weg is om Toegewyde Banke toe te laat om deel te neem aan die Nasionale Betalingstelsel. 'n Vasstelling van die mededingende omgewing van die Nasionale Betalingstelsel word weergegee om vas te stel of die regulatoriese instansies dit mag oorweeg om Toegewyde Banke toegang te verleen as verrekeningsbanke. Die argumente wat voorgele word, word ondersteun deur die Reserwebank se 2010 visie vir die Nasionale Betalingstelsel wat die konklusies wat gemaak word ondersteun, naamlik dat Toegewyde Banke wel mag deelneem aan die Nasionale Betalingstelsel as verrekeningsbanke. Die risiko wat deelnemers aan die Nasionale Betalingstesel mag bring word ondersoek om sodoende vas te stel of dit enige verdere hindernis vir Toegewyde Banke se deelname as verrekeningsbanke mag bring.

This dissertation is dedicated to study the modeling of drift control in foreign exchange reserves management and design the fast algorithm of statistical inference with its application in high dimensional data analysis. The thesis has two parts. The first topic involves the modeling of foreign exchange reserve management as an drift control problem. We show that, under certain conditions, the control band policies are optimal for the discounted cost drift control problem and develop an algorithm to calculate the optimal thresholds of the optimal control band policy. The second topic involves the fast computing algorithm of partial distance covariance statistics with its application in feature screening in high dimensional data. We show that an O(n log n) algorithm for a version of the partial distance covariance exists, compared with the O(n^2) algorithm implemented directly accordingly to its definition. We further propose an iterative feature screening procedure in high dimensional data based on the partial distance covariance. This procedure enjoys two advantages over the correlation learning. First, an important predictor that is marginally uncorrelated but jointly correlated with the response can be picked by our procedure and thus entering the estimation model. Second, our procedure is robust to model mis- specification.

Thesis (MScConEcol)--Stellenbosch University, 2013. / ENGLISH ABSTRACT: The confinement of many elephant (Loxodonta africana) populations in southern Africa to fenced reserves has made the management of such reserves difficult as elephants are a keystone species. Elephants are also water-dependent; therefore the availability of water affects the location, extent and intensity of elephant impacts on vegetation. Majete Wildlife Reserve (Malawi) has undergone reform, during which it was fenced, artificial waterholes (AWPs) were created and wildlife reintroduced, including 220 elephants. Concerns have arisen as to the impact elephants may be having on the vegetation. In this thesis, two studies were conducted, along with a review of literature on elephant interactions with surface water. Woody vegetation changes in Majete were assessed by comparing woody vegetation cover datasets (based on remote-sensed vegetation classifications) of the reserve for 1985, 1990, 2000 and 2010. Woody cover loss was high between 2000 and 2010, therefore points of woody cover loss were further analysed in a spatial analysis. Using spatial and non-spatial environmental data, the effects of rainfall, fires, terrain (altitude, aspect, slope, hill and valley characteristics) and proximity to perennial water on woody vegetation cover were tested. Data analyses indicated that woody cover loss may have been caused by differing combinations of drought and herbivory or fire in different areas of the reserve. Where woody cover loss was attributed to herbivory, points of loss were not associated with proximity to perennial water. It was suggested that this is due to high perennial water availability in Majete, which would not limit herbivore foraging ranges in the dry season. Woody cover loss could not, however, be attributed to elephants in this study and further information on their use of and impacts around perennial water points was required. In a further study, the hypothesis tested was that different water point types (rivers, AWPs and springs) would be used at different intensities by elephants, and that perennial rivers would experience the most use. Elephant usage (including visits to water points, browsing levels and path use around water points) of selected perennial water points in Majete was monitored in the wet and dry season. The effects of season, water point characteristics (type, size and water quality) and habitat context (surrounding vegetation type, elevation and proximity to other water points) on elephant water point use were then tested. Elephant water point use was affected by season, as well as water point altitude and surrounding vegetation type. In areas of high perennial water availability, elephant browsing around water points did not decrease with increasing distance. It was suggested that this too could be because elephant browsing activity is not limited by water availability in Majete. Based on the findings of both studies, recommendations for water, elephant and fire management in Majete were proposed and discussed. / AFRIKAANSE OPSOMMING: Die beperking van baie olifantpopulasies tot omheinde reservate in Suider-Afrika bemoeilik die bestuur van hierdie parke omdat olifante (Loxodonta africana) as 'n hoeksteenspesie beskou word. Olifante is ook water-afhanklik en daarom word die plek, omvang en intensiteit van olifante se impak op plantegroei deur die beskikbaarheid van water beïnvloed. Die Majete Wildlife Reserve (Malawi) het hervorming ondergaan waartydens dit omhein is, kunsmatige waterpunte (AWP‟s) geskep is en wilde diere, insluitend 220 olifante, hervestig is. Kommer het ontstaan rondom die moontlike impak wat olifante op die plantegroei mag hê. In hierdie tesis word twee studies sowel as ʼn literatuurstudie aangaande olifantinteraksies met oppervlakwater uitgevoer. Houtagtige plantegroei veranderinge in Majete is geassesseer deur data van plantegroei-bedekking (op afstandswaarnemings van plantegroeiklassifikasies gebaseer) vanuit 1985, 1990, 2000 en 2010 met mekaar te vergelyk. Die verlies van houtagtige-bedekking tussen 2000 en 2010 was hoog en gevolglik is hierdie areas verder deur ʼn ruimtelike analise ontleed. Deur die gebruik van ruimtelike en nie-ruimtelike omgewingsdata, kon die effek van reënval, brande, terrein (hoogte, aspek, helling, heuwel- en vallei-eienskappe) en nabyheid aan standhoudende water op houtagtige plantegroei getoets word. Data-analise het aangedui dat verlies van houtagtige-bedekking deur verskillende kombinasies van droogte, herbivooraktiwiteit of brande in die verskillende dele van die reservaat veroorsaak word. Waar verlies van houtagtige-bedekking toegeskryf kon word aan herbivore, was die punte van verlies nie geassosieer met nabyheid aan standhoudende water nie. Daar is voorgestel dat hierdie waarneming verband hou met die hoë beskikbaarheid van water in Majete, wat gevolglik nie herbivoorbeweiding in die droë seisoen beperk nie. Hierdie studie kon dus nie die verlies van houtagtige-bedekking aan olifantteenwoordigheid toeskryf nie en verdere inligting rondom die verbruik en impak van olifante op standhoudende waterpunte word benodig. In 'n verdere studie is die hipotese dat verskillende tipes waterpunte (riviere, AWP‟s en fonteine) teen verskillende intensiteitsvlakke deur olifante benut word, en dat standhoudende riviere die meeste verbruik sou ervaar, getoets. Verbruik van geselekteerde standhoudende waterpunte deur olifante (insluitend besoeke aan waterpunte, beweiding en paadjiegebruik rondom waterpunte) in Majete is gedurende die nat- sowel as droë seisoene gemonitor. Die effek van seisoen, waterpunt-eienskappe (tipe, grootte en watergehalte) en habitatkonteks (omliggende plantegroei, hoogte bo seespieël en nabyheid aan ander waterpunte) is op die waterpuntverbruik van olifante getoets. Die waterpuntverbruik van olifante word deur seisoen, hoogte bo seespieël en omliggende plantegroei beïnvloed. In gebiede met hoë beskikbaarheid van standhoudende waterpunte, het olifantbeweiding rondom waterpunte nie met toenemende afstande afgeneem nie. Daar is voorgestel dat hierdie waarneming ook toegeskryf kan word aan die feit dat olifantbeweiding nie deur die beskikbaarheid van water in Majete beperk word nie. Gebaseer op die bevindinge van beide studies, word daar aanbevelings vir water-, olifant- en brandbestuur in Majete voorgestel en bespreek.