The Maastricht Inflation Criterion: "Saints" and "Sinners"

The Maastricht inflation criterion, designed in the early 1990s to bring “high-inflation†EU countries into line with “low-inflation†countries prior to the introduction of the euro, poses challenges for both new EU member countries and the European Central Bank. While the criterion has positively influenced the public stance toward low inflation, it has biased the choice of the disinflation strategy toward short-run, fiat measures—rather than adopting structural reforms with longer-term benefits—with unpleasant consequences for the efficiency of the eurozone transmission mechanism. The criterion is also unnecessarily tight for new member countries, as it mainly reflects cyclical developments.ERM2, Maastricht inflation criterion, new EU member countries.

The Monetary Transmission Mechanism in the Czech Republic (evidence from VAR analysis)

Due to significant lags between a monetary policy action and the subsequent responses in the economy, understanding the transmission mechanism is of primary importance for conducting monetary policy. This paper analyses the monetary policy transmission mechanism using VAR models - the most widely used empirical methodology for analyzing the transmission mechanism in the Czech economy. Using the VAR methodology, the paper tries to evaluate the effects of an exogenous shock to monetary policy. The results show that an unexpected monetary policy tightening leads to a fall in output, whereas prices remain persistent for a certain time. The exchange rate reaction then heavily depends on the data sample used. Although it is clear that due to the rather short time span of the data, the results should be taken with caution, they at least show that the basic framework of how monetary policy affects the economy does not differ significantly either from what would be predicted by the theory or from the results obtained for more developed economies.Impulse response, monetary policy, transmission mechanism, vector autoregressions.

Central Bank Losses and Economic Convergence

This paper discusses the issue of central bank losses, developing a framework for assessing the ability of a central bank to keep its balance sheet sustainable without having to default on its policy objectives. Compared to the earlier literature, it analyses in more depth the consequences of economic convergence for the evolution of the central bank’s balance sheet and the important role played in this process by the risk premium and equilibrium real exchange rate appreciation. A combination of a closed-form comparative-static analysis and numerical solutions of the future evolution of the central bank’s own capital is used. Applying the framework to the Czech National Bank’s case, the paper concludes that the CNB should be able to repay its accumulated loss in about 15 years without any transfer from public budgets.Balance sheet, central bank, economic convergence, monetary policy, real appreciation, risk premium, seigniorage, transition.

Supply-Side Performance and Structure in the Czech Republic (1995-2005)

In this paper, we apply the aggregate production function to approximate the path of potential output. We use a time-varying NAIRU to derive the amount of potential labour and a newly developed measure of capital services to account for the productive impact of capital. In addition, trend total factor productivity is estimated. Production functions for the key sectors (Agriculture, Industry, etc.) are also calculated, exploring the growth accounting approach and decomposition of total factor productivity growth. During 1995--2005, the growth in potential output was constrained by a gradual increase in the NAIRU, a temporary drop in investment activity and, most importantly, by only a modest rise in total factor productivity. In this period, the Czech economy also suffered from a structural burden, i.e. all growth in total factor productivity was exclusively due to better utilisation of resources, given their initial allocation, with an even negative contribution of resource reallocation. Just from 2001 onwards, we observe substantial improvements in supply-side performance, except for the functioning of the labour market.. Capital services, factor allocation and utilisation, growth accounting, NAIRU, potential output, production function, structural changes, total factor productivity.

Piękno i dramat istnienia w poetyckich obrazach przyrody Marii Czerkawskiej

The article is devoted to Maria Czerkawska’s poetry written during interwar period. Nature is the main subject of her poems. It is shown in a detailed and precise way. The good example is her book entitled Zielony cień  (1928) and subsequent volumes. Zielony cień  contains portraits of plants. Literary critics noticed several important features of these poems: versatility of observation, accuracy and concreteness of description. The same characteristics can also be observed in works of Skamander group of poets. Article focuses on the following topics: suffering observed in nature and continuous process of dying. Czerkawska’s poems tell us about transience, absurdity, horror and drama of existence. It is caused by close relation between the lyric subject and the nature. Czerkawska is trying to discover nature’s secrets. These tendencies are also present in poems of Bolesław Leśmian, Leopold Staff and Maria Pawlikowska-Jasnorzewska.The article is devoted to Maria Czerkawska’s poetry written during interwar period. Nature is the main subject of her poems. It is shown in a detailed and precise way. The good example is her book entitled Zielony cień  (1928) and subsequent volumes. Zielony cień  contains portraits of plants. Literary critics noticed several important features of these poems: versatility of observation, accuracy and concreteness of description. The same characteristics can also be observed in works of Skamander group of poets. Article focuses on the following topics: suffering observed in nature and continuous process of dying. Czerkawska’s poems tell us about transience, absurdity, horror and drama of existence. It is caused by close relation between the lyric subject and the nature. Czerkawska is trying to discover nature’s secrets. These tendencies are also present in poems of Bolesław Leśmian, Leopold Staff and Maria Pawlikowska-Jasnorzewska

Unnecessary Suffering: Definition and Evidence

Although it is possible to formulate stronger moral principles than animals should not be made to suffer unnecessarily, there are significant grounds for doubting these stronger principles. But the principle that underlies the dictum regarding unnecessary suffering is generally recognized as valid, since denial of it implies that we can do whatever we want with animals, a conclusion that is usually considered unacceptable. A determination of whether any particular instance of suffering is necessary or unnecessary must be based on an analysis of both the seriousness of the purpose of the act that involves pain in animals, and its relative avoidability, as well as more concrete concerns like costs and availability of resources for a given community. We can conclude, with reasonable certainty, that animals are suffering, by making observations of changes in physiological and behavioral factors that are similar to the changes that tell us other humans are in pain. Further, the conclusion that any animal is suffering is sound, according to scientific methodology, because this hypothesis is usually the best available explanation for the observed alterations in physiology or behavior

Unnecessary Suffering: Definition and Evidence

Although it is possible to formulate more robust moral principles than animals should not be made to suffer unnecessarily, there are significant grounds for doubting these more robust principles. But the principle that underlies the dictum regarding unnecessary suffering is generally recognized as valid since denial of it implies that we can do whatever we want with animals. This conclusion is usually considered unacceptable. A determination of any particular instance of suffering is necessary or unnecessary must be based on analysis of the seriousness of the act\u27s purpose that involves the suffering of animals and its relative avoidability, as well as more concrete concerns like costs and availability of resources for a given community. We can conclude, with reasonable certainty, that animals are suffering by observing changes in physiological and behavioral factors similar to the changes that tell us other humans are in pain. Further, the conclusion that any animal is suffering is sound, according to scientific methodology, because this hypothesis is usually the best available explanation for the observed alterations in physiolog

Anatomy of the Czech Labour Market:From Over-Employment to Under-Employment in Ten Years?

In this volume we investigate the macroeconomic aspects of labour market behaviour and its microfoundations. In the first part we deal with aggregate labour market trends and issues relevant to macroeconomic policy. The second part analyses in more detail labour flexibility, namely labour market flows, long-term unemployment and labour force deprivation. The third part addresses wage flexibility and relative wages, with special attention paid to regional unemployment elasticity of wages and returns to education. Worsening labour market performance can be seen especially in a rising NAIRU, declining labour mobility, labour deprivation due to long-term unemployment, skill mismatch and emerging signs of inflexibility in wage structures. Our conclusions are of use for both macroeconomic and labour market policies, signalling, among other messages, limitations on potential output growth stemming from deteriorated labour market performance and a need for institutional and structural changes rather than counter-cyclical policies to solve the unemployment problem in the Czech Republic.Employment, labour flows, labour force marginalisation, NAIRU, returns to education, unemployment, wage curve, wage differentials, wage inflation.

Prof. dr Hieronim Hurnik ( 1919 – 2016 ) Biografia

Prof. dr Hieronim Hurnik ( 1919 – 2016 ) Biografi

Problemy Instrumentalne i Astrometrii po roku 1945 w Obserwatorium Astronomicznym UAM

MATERIAŁY SEMINARIUM JUBILEUSZOWEGO 70–lecia Obserwatorium Astronomicznego UAM, Zielonka, 1-3.06.1989 r