The Information Content of Inflationary Expectations Derived from Bond Prices in Israel

In this paper we analyze the information content of data on inflationary expectations derived from the Israeli bond market. The results indicate that these expectations are unbiased and efficient with respect to the variables considered. In other words, we cannot reject the hypothesis that these expectations are rational. The existence of continuous data of this type, which is unique to the Israeli economy, enables us to test a number of hypotheses concerning the nature of price adjustment. The study found that expected inflation is a primary factor in the explanation of current inflation. This result is in agreement with the neo-Keynesian approach according to which the adjustment of prices is costly and as a result price increases in the present are determined primarily by expectations of future price increases. It was also found that inflation in Israel is better explained by the neo-Keynesian approach than by the Classical approach or the 'lack of information' approach according to which current inflation is determined by past, rather than current, inflationary expectations. Another issue examined in this study is whether inflationary inertia existed in Israel during the 1990s. From conventional estimation of an inflation equation (i.e. using future inflation as proxy for expectations) one can get the impression that there was strong inflationary inertia during this period. However, when data on inflationary expectations from the bond market were used in the estimation, this inertia (i.e. lagged inflation) became negative (and insignificant). This finding raise the possibility that inflationary inertia that is found elsewhere is not a structural phenomenon but an outcome of lack of reliable data on inflationary expectations.Inflation; Rational Expectations;

The Information Content of Inflationary Expectations Derived from Bond Prices in Israel

In this paper we analyze the information content of data on inflationary expectations derived from the Israeli bond market. The results indicate that these expectations are unbiased and efficient with respect to the variables considered. In other words, we cannot reject the hypothesis that these expectations are rational. The existence of continuous data of this type, which is unique to the Israeli economy, enables us to test a number of hypotheses concerning the nature of price adjustment. The study found that expected inflation is a primary factor in the explanation of current inflation. This result is in agreement with the neo-Keynesian approach according to which the adjustment of prices is costly and as a result price increases in the present are determined primarily by expectations of future price increases. It was also found that inflation in Israel is better explained by the neo-Keynesian approach than by the Classical approach or the 'lack of information' approach according to which current inflation is determined by past, rather than current, inflationary expectations. Another issue examined in this study is whether inflationary inertia existed in Israel during the 1990s. From conventional estimation of an inflation equation (i.e. using future inflation as proxy for expectations) one can get the impression that there was strong inflationary inertia during this period. However, when data on inflationary expectations from the bond market were used in the estimation, this inertia (i.e. lagged inflation) became negative (and insignificant). This finding raise the possibility that inflationary inertia that is found elsewhere is not a structural phenomenon but an outcome of lack of reliable data on inflationary expectations

The Information Content of Inflationary Expectations Derived from Bond Prices in Israel

In this paper we analyze the information content of data on inflationary expectations derived from the Israeli bond market. The results indicate that these expectations are unbiased and efficient with respect to the variables considered. In other words, we cannot reject the hypothesis that these expectations are rational. The existence of continuous data of this type, which is unique to the Israeli economy, enables us to test a number of hypotheses concerning the nature of price adjustment. The study found that expected inflation is a primary factor in the explanation of current inflation. This result is in agreement with the neo-Keynesian approach according to which the adjustment of prices is costly and as a result price increases in the present are determined primarily by expectations of future price increases. It was also found that inflation in Israel is better explained by the neo-Keynesian approach than by the Classical approach or the 'lack of information' approach according to which current inflation is determined by past, rather than current, inflationary expectations. Another issue examined in this study is whether inflationary inertia existed in Israel during the 1990s. From conventional estimation of an inflation equation (i.e. using future inflation as proxy for expectations) one can get the impression that there was strong inflationary inertia during this period. However, when data on inflationary expectations from the bond market were used in the estimation, this inertia (i.e. lagged inflation) became negative (and insignificant). This finding raise the possibility that inflationary inertia that is found elsewhere is not a structural phenomenon but an outcome of lack of reliable data on inflationary expectations

Electronic Human Resource Management: A Literature Analysis of Drivers, Challenges, and Consequences

There have been significant changes in how human resources (HR) are managed in the last decade. Electronic Human Resource Management (e-HRM) systems are implemented to support the HR organization digitally. However, e-HRM projects fail frequently. This requires attention as e-HRM systems are essential for organizations to drive the digitalization of HR and thereby ensure competitiveness. The reasons for project failure are unclearly defined project drivers and improperly handled challenges. Furthermore, the consequences of e-HRM are often not well understood and communicated. Therefore, we assume a lack of comprehensive understanding of drivers, challenges, and consequences of e-HRM concerning the organization and the individual. Thus, we analyze the last ten years of e-HRM research and use a structured way to identify eleven drivers, twelve challenges, and twenty consequences of e-HRM. We cluster these findings in an e-HRM synthesis and contribute to e-HRM research by providing avenues for future research on e-HRM success

Hypothesis and theory: Do trees “release the tension” in rainwater? Surface tension reduction in throughfall and stemflow from urban trees

Knowledge of the processes and impacts associated with the canopy’s partitioning of rainfall into stemflow (water that drains to the base of tree stems) and throughfall (water that drips through gaps and from canopy surfaces) has expanded in recent years. However, the effect of canopy interactions on the fundamental physical properties of rainwater as it travels through the canopy to the soil, particularly surface tension, remains understudied. To discuss specific hypotheses within this context and their relevance to ecohydrological theory, the surface tension of rainwater samples was examined directly. Over a period of 9 months, open rainwater, throughfall and stemflow samples were collected during 20 storms from 12 study trees located in Secrest Arboretum (about 2.5 km outside Wooster, Ohio). Study trees were selected to highlight a range of canopy characteristics, with each tree being from a unique deciduous species. Surface tension was measured using pendant drop goniometry, and measurements were analyzed for variation across study trees and correlation with event air temperature and rain intensity. In general, surface tension was reduced in throughfall and stemflow compared to measurements made for event rainwater, with median surface tension changes of −0.446 mN m−1 and −0.595 mN m−1 for throughfall and stemflow, respectively. The extent of this reduction varied among study trees (with changes as great as −6.5 to −5.5 mN m−1), and storm event characteristics were directly and indirectly correlated with surface tension changes in select cases. Hypothetically, a number of mechanisms may account for the observed reduction (and variation in this reduction) in surface tension, including differences in tree surface properties, canopy microenvironments, and microbiomes, and each warrant further research. Testing these hypotheses may advance broader ecohydrological theory as surface tension changes will influence wetting, absorption, and solute exchange processes within the canopy which, in turn, may affect related surface processes

The effects of ditch dams on water‐level dynamics in tropical peatlands

A significant proportion of tropical peatlands has been drained for agricultural purposes, resulting in severe degradation. Hydrological restoration, which usually involves blocking ditches, is therefore a priority. Nevertheless, the influence of ditch blocking on tropical peatland hydrological functioning is still poorly understood. We studied water-level dynamics using a combination of automated and manual dipwells, and also meteorological data during dry and wet seasons over 6 months at three locations in Sebangau National Park, Kalimantan, Indonesia. The locations were a forested peatland (Forested), a drained peatland with ditch dams (Blocked), and a drained peatland without ditch dams (Drained). In the dry season, water tables at all sites were deeper than the Indonesian regulatory requirement of 40 cm from the peat surface. In the dry season, the ditches were dry and water did not flow to them. The dry season water-table drawdown rates — solely due to evapotranspiration — were 9.3 mm day−1 at Forested, 9.6 mm day−1 at Blocked, but 12.7 mm day−1 at Drained. In the wet season, the proportion of time during which water tables in the wells were deeper than the 40 cm limit ranged between 16% and 87% at Forested, 0% at Blocked, and between 0% and 38% at Drained. In the wet season, water flowed from the peatland to ditches at Blocked and Drained. The interquartile range of hydraulic gradients between the lowest ditch outlet and the farthest well from ditches at Blocked was 3.7 × 10−4 to 7.8 × 10−4 m m−1, but 1.9 × 10−3 to 2.6 × 10−3 m m−1 at Drained. Given the results from Forested, a water-table depth limit policy based on field data may be required, to reflect natural seasonal dynamics in tropical peatlands. Revised spatial designs of dams or bunds are also required, to ensure effective water-table management as part of tropical peatland restoration

SUSTAINABILITY OF THE PENSION SYSTEM IN THE REPUBLIC OF CROATIA

Analiza održivosti hrvatskog mirovinskog sustava provedena je kako bi se predočilo stvarno stanje mirovinskog sustava, od samog početka uvođenja socijalne države sve do danas. U tom sustavu sudjeluje više od milijun umirovljenika i članova njihovih obitelji zbog rizika starosti, smrti članova obitelji ili fizičkih oštećenja te dobivanja profesionalne pomoći zbog invalidnosti. Kroz rad su definirane osnovne značajke sustava, uvođenje mirovinskih stupova (I., II., i III. mirovinski stup) te su navedene promjene s godinama. Na osnovu procjena kretanja demografske strukture, gospodarskih kretanja te zakonskim propisima rade se procjene i moguće perspektive mirovinskih fondova. Demografska kretanja prikazuju utjecaj gospodarske krize (koja je nastala zbog rata, tranzicije, loše oblikovanog mirovinskog sustava) i njezinih problema koji su izazvali neravnotežu mirovinskog sustava. Kroz analizu je istaknut udio zaposlenog stanovništva u Republici Hrvatskoj, udio broja aktivnih osiguranika i umirovljenika te deficit, odnosno manjak prihoda u odnosu na rashode koji utječe na stanje proračuna države. Analizom podataka definirani su rezultati istraživanja, tj. smjernice za unaprjeđenje postojećih strategija reforme mirovinskih fondova na tržištu u Republici Hrvatskoj. Postoji niz djelovanja za postizanje uravnoteženog mirovinskog sustava, u kojima su osim mirovinskog osiguranja i države, ključni i građani. Uvođenje novog i strožeg mirovinskog sustava te veća odgovornost samih građana mogli bi u budućnosti doprinijeti boljoj gospodarskoj slici hrvatskog mirovinskog sustavaThe analysis of sustaining pension system was done to show the real state of it, from the beginning stages of introducing a social state until today. Within this system, more than a million retirees and the members of their families establish social security considering the risks that come with old age, disabilities or deaths of the provider in the family. This paper defines the essential characteristics of the system, introduction of the retirement pillars (the first, second and third retirement pillars), and finally the listed changes with age. Based on the evaluation of the movements in the demographic structure, economy and the laws, the possible prospect of the retirement fund is predicted. The demographic movements show/indicate the influence of the economic crisis (caused by the war, the transition, and the poorly shaped pension system) and related problems which caused the imbalance of the pension system. The analysis indicated the share of employed citizens in the Republic of Croatia, the share of active insured and retired people and the deficit, i.e. the lack of income compared to the expense, which affects the state of the state budget. As the height of pension compared to common pay (income) and savings on the side of expenses decreases, so will the deficit. The analysis of the data defines the guidelines for improvement of existing strategies of reform of the pension funds in Croatia. There is a series of action to achieve a balanced pension system in which, besides the pension security and the state, the citizens also matter. The introduction of a new and stricter pension system and greater responsibilities of the citizens themselves could eventually lead to a better economic image of the Croatian pension system

USE OF A POLICE SERVICE DOG IN THE SLOVENIAN AND FOREIGN POLICE

V diplomski nalogi je opisana uporaba službenega psa kot prisilnega sredstva v slovenski policiji in policijah Hrvaške, Nemčije in Velike Britanije. Narejena je primerjava in prikazani so pogoji uporabe službenega psa kot prisilnega sredstva v Sloveniji in tujini. Posebna pozornost je posvečena načinu uporabe policijskega psa, predvsem v smislu uporabe z nagobčnikom in brez njega. Prav tako je proučeno, na katerih področjih je službeni pes kot prisilno sredstvo največkrat uporabljen pri nas in v tujini. V teoretičnem delu diplomskega dela je opisana kratka zgodovina uporabe službenega psa v policiji in pasme psov, ki se uporabljajo za splošno in specialistično uporabo v policiji. Opisani in opredeljeni so ključni pojmi za uporabo policijskega psa ter definicija službenega psa kot prisilno sredstvo. Sledi primerjava slovenske in tuje zakonodaje, ki se nanaša na uporabo psa v policiji. V empiričnem delu diplomske naloge je opravljen intervju z vodnikom službenega psa in vodjo Oddelka za šolanje službenih psov policije. V intervjuju smo poskušali izvedeti, s katerimi problemi in dilemami se največkrat srečujejo vodniki službenih psov pri svojem delu, katere so prednosti opravljanja policijskih nalog s pomočjo psa in kakšne so morebitne izkušnje v sodelovanju z vodniki službenih psov iz tujine. V empiričnem delu je narejena tudi analiza podatkov, s katero smo raziskali, kolikokrat je bil službeni pes kot prisilno sredstvo uporabljen v slovenski policiji v obdobju med letoma 2005 in 2010. Na podlagi teoretičnega in empiričnega dela diplomske naloge so na koncu opredeljeni pravni in dejanski problemi ter dileme, ki se pojavljajo pri uporabi službenega psa kot prisilnega sredstva. Z uporabo prisilnega sredstva pod zakonsko določenimi pogoji policisti namreč zelo globoko posegajo v človekove pravice in temeljne svoboščine, pri tem pa morajo paziti na človeško dostojanstvo. Uporaba službenega psa kot prisilnega sredstva pomeni še toliko bolj specifično obliko, saj je predmet sile pes, ki mora biti pod neposrednim nadzorom in obvladovanjem vodnika, da ne pride do prekoračitve pooblastil ter povzročitve nepotrebne škode.The graduation paper describes the use of a police dog as an auxiliary instrument of physical force in the Slovenian, Croatian, German and British police. We also made a comparison and illustrated the conditions under which the police dogs are used in Slovenia and in foreign countries. We dedicated most attention to the method of usage of a police dog, above all the usage of a dog with and without a muzzle. Another important mater I described is in which areas Slovenian and foreign police use police dogs as an auxiliary instrument of physical force. The theoretical part of the paper describes a short history of the police dog usage and the police dog breeds, which are used for the general or specialized police work. Described and defined are the main notions for the usage of a police dog, as well as the definition of the police dog as an auxiliary instrument of physical force. The next part of the paper is a comparison of the Slovenian and foreign legislation regarding the usage of a police dog as an auxiliary instrument of physical force. The empirical part contains an interview with a police dog trainer and chief of the Department for training police dogs. Through the interview we tried to display problems and dilemmas the police dog trainers mostly face when they carry out their work, which are the advantages of using a police dog as an auxiliary instrument of physical force and which are the eventual working experiences with foreign police dog trainers. The empirical part of the paper also contains an analysis of data, which illustrates how often a police dog was used as an auxiliary instrument of physical force in the Slovenian police in the period from 2005 to 2010. On the basis of the theoretical and empirical part of the paper we defined the legal and actual problems and dilemmas, which arise with use of a police dog as an auxiliary instrument of physical force. We have to emphasize that with the use of physical force a policeman intervenes deeply in the human rights and fundamental privileges, and at the same time has to pay attention to human dignity. The use of a police dog as an auxiliary instrument of physical force means that the dog is the instrument of force and has to be under control and command of the dog trainer to prevent crossing of authorization and eventual unnecessary damage