THE CONCEPT OF NEUTRAL INFLATION AND ITS APPLICATION TO THE EU ECONOMIC GROWTH ANALYSES

The prospects of economic growth in the Euro area depend, to a large extent, on the way in which its participants will solve the problems of economic stabilisation; they depend on whether the conceptual dogmas will prevail in the stabilisation policy or the tendency to make the stabilisation policy instruments more flexible and adjustable to changes in the economic situation. The system of restrictions imposed upon the EU countries by the Maastricht Treaty and the Stability and Growth Pact fulfilled its tasks in the sense that it enabled the indispensable co-ordination of the economic policies of these countries and introduction of the common currency. It seems now that the framework is too rigid and singlemindedly aimed at persuing one goal only (i.e. price stability) and, therefore, in the long run, it cannot be a useful tool of integration and creation of favourable conditions for the development in the Euro area countries. Hence it seems that the reform of the system is inevitable and it should rely on using the opportunities offered by both - monetary and fiscal policy.

THE CONCEPT OF NEUTRAL INFLATION AND ITS APPLICATION TO THE EU ECONOMIC GROWTH ANALYSES

Interest rate policy is one of the oldest and at the same time most controversial tools with which central bank affects the economy. In fact, it comes down to the central bank initiated changes in the levels of the so-called official interest rates (discount rate, rediscount rate, lombard rate, and others) or influencing the market interest rates through open market operations. A frequent paradox which appears in the historical approach to interest rates is questioning of the causative role of interest rate changes introduced by central banks with reference to dynamics of the so-called real sphere as well as frequent use of this stabilization instrument. In the last few decades, several turnabouts occurred in economic policies (especially, monetary policies) of the industrialized countries. Each time, a new interpretation of interest rate policy was responsible for that. One of the trends which appeared in the discussion was an attempt to return to classical roots of the interest rate theory. The concept of the natural rate of interest became the focus of attention. This paper refers to this concept and is an attempt to present the author’s own interpretation of it. The final part of the paper presents a study case of the natural interest rate policy of the National Bank of Poland (NBP) in the years 1999-2003. It shows that finding an optimum rate of interest in the transforming economy can be even more difficult than it appears from purely theoretical discussions.

Influence of the drece process of severe plastic deformation on the mechanical properties of the ultra-low carbon interstitial free steel

This research paper shows the influence of a repeated SPD (Severe Plastic Deformation) plastic forming with the DRECE technique (Dual Rolls Equal Channel Extrusion) on hardening of low carbon IF steel. The influence of number of passes through the device on change of mechanical properties, such as tensile strength TS and yield stress YS, of tested steel was tested. The developed method is based on equal channel extrusion with dual rolls and uses a repeated plastic forming to refinement of structure and improve mechanical properties of metal bands [1-2]. For the tested steel the increase of strength properties after the DRECE process was confirmed after the first pass in relation to the initial material. The biggest strain hardening is observed after the fourth pass.Web of Science6342100209

On the waves of the Amur – fascination with Russian songs, gusts of feelings and poetics transformations of Jonasz Kofta

Автор рассматривает разные виды трансформаций, которым подвергаются словесно-музыкальные тексты в процессе введения в другую культуру. Материалом для анализа стали произведения Йонаша Кофты, базирующие в основном на русских мотивах, музыке и текстах песен. Оказывается, что польский вариант необязательно является переводом, он может быть и пародией, и совсем новым произведением, и даже мистификацией.The author examines various types of transformations which a musical texts undergoes when it is introduced into a different culture. As the material for the analysis served poems of Jonasz Kofta, relying strongly on Russian motifs, Russian music and song lyrics. It turns out that the Polish version is not necessarily a translation: it may also be a parody, a completely new text or even a mystification

"Nieskończona jest rola dźwigacza sensu" : o znaczeniu ruchu w twórczości Brunona Schulza

The word and the image - these two important aspects of Bruno Schulz's works are worth discussing. How does one influence the other? Which of them appeared as the first inspiration in the writer's mind? Schulz is not only a prose writer, but also a painter. For this reason it can be assumed that he thinks through both pictures and words. Both categories entail the sign. The sign leads us to the field of semiotics and poetics. We should look for answers on these two levels of language. A "metaphor" means a movement of sense. It can concern the past, the present and the future. Consequently, a metaphor means the complete expression. We might say that words give us the best possibility to express our thoughts and the image loses the battle with the word. The inadequacy of the word can be endorsed as well by the Peirce's theory of sign, which perceives the image as an index relating exclusively to the present. No progress may be achieved without the metaphor and movement. In Schulz's view, the image kills its object, depicting it as motionless. That is why the writer had to take a pen in his hand. Only through words could he look for the true sense

Tomasz Strzembosz, Saga o „Łupaszce" ppłk. Jerzym Dąmbrowskim 1889-1941, Warszawa 1996

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The Tradition of the Epoch and the Individual Features of the Translator’s Style: Ivan Bunin as the Translator of Adam Asnyk’s “Asters”

Автор статьи рассматривает стихотворение «последнего польского романтика» Адама Асныка в переводе Ивана Бунина на русский язык. В ходе рассуждений учитываются тра- диции перевода, польское и русское социокультурное пространство, а также подход Бунина к переводу. В итоге автор приходит к выводу, что литературная традиция «романтическо- го перевода» и связь русского поэта с пушкинской традицией способствовали нарушению семантических полей подлинника, одновременно способствуя расширению семантического пространства перевода.The author analyzes a poem of ‘the last Polish Romantic’ Adam Asnyk in the Russian translation by Ivan Bunin. Aspects taken into consideration include the traditions of translation, Polish and Russian sociocultural spaces, as well as Bunin’s approach to translation. The author concludes that the literary tradition of ‘Romantic translation’ and the connection of the Russian poet with Pushkin’s tradition were factors leading to the disturbance of semantic fields of the original, at the same time contributing to the expansion of the semantic space of the translation

Igor Severyanin’s poetry in translation into Polish. Tradition and innovation (two examples)

The article considers the translation of two poems by Igor Severyanin into Polish. In the first case a translational analysis of the source and the target text is offered. The second case is an example of a pre-translation analysis followed by an attempt to make a translation. What is taken into account is the issue of the old combining with the new, the innovative with the traditional in the works of the poet (on the level of vocabulary, imagery and form) and the task of reproducing this fusion in translation. The analysis indicates examples of the translator’s compensations for certain lost elements of the source texts.В статье рассматривается перевод двух стихотворений Игоря Северянина на польский язык. Первая пара стихов (подлинник и перевод) была подвергнута переводческому анализу. Вторая является примером предпероводческого анализа и попыткой выполнить перевод. В центре нашего внимания оказалась проблема сочетания старого и нового, новаторского и традиционного в произведениях поэта (на уровне лексики, образов и формы) и воспроизведение этого сочетания в переводе. Анализ указывает примеры компенсирования переводчиком утраченных элементов исходного текста