Tracking monetary-fiscal interactions across time and space

The long-term fiscal outlook of most high-income countries is grim. Should independent central bankers be afraid of an unpleasant monetarist arithmetic, i.e., fiscal imbalances spilling over to monetary policy and jeopardizing price stability? To provide some insights, this paper tracks the interactions between fiscal and monetary policies in the data since 1980 for Australia, Canada, Japan, Switzerland, the United Kingdom, and the United States. In doing so it uses a combination of time-varying parameter vector autoregression with sign, magnitude, and contemporaneous restrictions identification. Unlike conventional approaches, this can capture changes in monetary and fiscal behavior that are gradual and differ across the two policies. Our results show that in the United States the degree of monetary policy accommodation of fiscal shocks (debt-financed government spending) increased gradually between the late 1980s and the 2008 crisis, i.e., over the whole tenure of Chairman Greenspan. In contrast, it seems to have decreased over this period in the United Kingdom, Australia, Switzerland, and Canada. Our benchmark analysis and several robustness checks show that legislating numerical inflation targets may account for some of the country differences, presumably because they may shift the strategic power from fiscal to monetary policy. We conclude by considering the implications of our results for the long-term likelihood of an unpleasant monetarist arithmetic in the six countries.Web of Science14322716

Welfare Improving Coordination of Fiscal and Monetary Policy

Should independent monetary and fiscal policies coordinate their actions and/or targets? To examine this question the paper considers a simple reduced-form model in which monetary and fiscal policies are formally independent, but still interdependent—through their mutual spillovers. The analysis shows that the medium-run equilibrium levels of inflation, deficit, and output depend on the two policies’ (i) potency (elasticity of output with respect to the policy instruments), (ii) ambition (the level of their output target), and (iii) conservatism (inflation vs. output volatility aversion). What matters is however the relative degrees of these characteristics across the two policies rather than the absolute degrees for each policy. This implies that coordination of monetary and fiscal policy is superior to non-cooperative Nash behaviour. In particular, we find that ambition-coordination is more important than conservatism-coordination in terms of avoiding medium-run imbalances due to a tug-of-war betw een the policies. For this reason, and perhaps surprisingly, ambition-coordination can be welfare improving even if the policymakers’ objectives are idiosyncratic, and their coordinated output targets differ from the socially optimal value.Coordination, interaction, monetary policy, fiscal policy, central bank, government, inflation, deficit

Route diversity analyses for free-space optical wireless links within turbulent scenarios

Free-Space Optical (FSO) communications link performance is highly affected when propagating through the time-spatially variable turbulent environment. In order to improve signal reception, several mitigation techniques have been proposed and analytically investigated. This paper presents experimental results for the route diversity technique evaluations for a specific case when several diversity links intersects a common turbulent area and concurrently each passing regions with different turbulence flows

Negative Electrode for Lithium-Ion Batteries

Dizertační práce se zabývá výzkumem elektrodových materiálů pro lithno-iontové akumulátory. Hlavní směr výzkumu byl zaměřen především na materiály pro záporné elektrody, které pracují na principu interkalace lithných iontů do jejich struktury. Předmětem zájmu jsou materiály na bázi uhlíku, především jejich grafitické struktury jako hostitelé pro lithné ionty za vzniku sloučeniny LiC6. Výsledkem výzkumných prací je zlepšení vlastností těchto materiálů, především z pohledu stability, vratné kapacity a dalších parametrů. Výzkum těchto materiálů jsou jednou z důležitých oblastí základního výzkumu pro zlepšení vlastností budoucí generace lithiových akumulátorů. Práce taktéž řeší otázku bezpečnosti lithium-iontových akumulátorů spolu s kompatibilitou záporných elektrodových materiálů s aprotickými elektrolyty.The dissertation thesis deals with investigation of electrode materials for Lithium-ion batteries. The main aim of investigation was focused to materials for negative electrode of Litihum-ion batteries. These negative electrode materials operate on intercalation principle. Object of interest are carbonaceous materials, especially their graphite forms. Graphite plays host role in lithium ion – graphite interactions that provides LiC6 compound. As a result of that investigation can be considered improving of graphite materials from stability, irreversible capacity and other parameters points of view. This kind of investigation takes an important part in field of elementary investigation work engaged to the next generation of Lithium-ion batteries. The work also describes the fire safety issue of Lithium-ion batteries along with compatibility of negative electrode materials and aprotic electrolytes.

Monetary and fiscal policy interaction with various degrees of commitment

Well before the global financial crisis, the long-term trend in fiscal policy had raised concerns about risks for the outcomes of monetary policy. Are fears of an unpleasant monetarist arithmetic justified? To provide some insights, this paper examines strategic fiscal-monetary interactions in a novel game-theory framework with asynchronous timing of moves. It generalizes the standard commitment concept of Stackelberg leadership by making it dynamic. By letting players move with a certain fixed frequency, this framework allows policies to be committed or rigid for different periods of time. We find that the inferior non-Ricardian (active fiscal, passive monetary) regime can occur in equilibrium, and that this is more likely in a monetary union due to free-riding. The bad news is that, unlike under the static commitment of Sargent and Wallace (1981), this may happen even if monetary policy acts as leader for longer periods of time than fiscal policy. The good news is that under some circumstances an appropriate institutional design of monetary policy may not only help the central bank resist fiscal pressure and avoid the unpleasant monetarist arithmetic, but also discipline excessively spending governments. By acting as a credible threat of a costly policy tug-of-war, long-term monetary commitment (e.g. a legislated inflation target) may induce a reduction in the average size of the budget deficit and debt, and move the economy to a Ricardian (passive fiscal, active monetary) regime. More broadly, this paper demonstrates that our game-theoretic framework with dynamic leadership can help to uniquely select a Pareto-efficient outcome in situations with multiple equilibria where standard approaches do not provide any guidance.Web of Science64129

The Multigenre Voyage. Genology and Genetics of the Voyage to the Holy Land from Naples (Podróż do Ziemi Świętej z Neapolu) by Juliusz Słowacki

This paper concerns the relation between genology and genetics in the digressive romantic poem Voyage to the Holy Land from Naples (Podroż do Ziemi Świętej z Neapolu) by Juliusz Słowacki. It is perhaps one of his most underestimated works, often treated as a prelude to the popular Beniowski. Voyage to the Holy Land was created during Słowacki’s journey to the East. The whole work took several years to write, which was a time of increased artistic productivity for its author. The poem was developed in a notebook, along with numerous notes, drawings, and journey expenses written down in its margins. For this reason, the author of the article does not focus on the content of the poem, but on its form, and indicates that the chronological development of the text is strongly correlated with the numerous possibilities of interpretation encoded in the various genres that inspired the creation of the poem. For instance, he presents Słowacki’s poem as a silva rerum — a book filled with many kinds of notes and memorabilia, kept by the nobility during the Baroque Period — and a romantic travelogue. The author aims to present the most compelling genological aspects of the poem and in order to do so, he references, among others, genetic criticism, and a methodology that derives from literary anthropology and describes the physical medium which carries the text along

Energy consumption of milking pump controlled by frequency convertor during milking cycle

ArticleThe article deals with selected parameters affecting the energy consumption of a vacuum pump in a milking system during the whole milking cycle in variants with and without regulation by a frequency convertor. When put into practice, the latest research of creation, control and stabilization of vacuum in milking devices allows dairy farmers to obtain a vacuum system that ensures maximum stability of milking pressure, which is a basic requirement affecting the health of dairy cows. The choice of vacuum system prioritizes in particular high performance, maximum operational reliability, minimum maintenance, long service life, environmental friendliness and economy. The vacuum pump was a Roots vacuum pump with a rotary piston which is typical for this use. Use of a frequency convertor significantly affected the efficiency of this pump for control of vacuum pressure level and pump performance by varying the rotation frequency according to the actual airflow requirement. Using this control system, only as much vacuum pressure is produced as necessary. By measurement of an experimental setup, it was found that the average power requirement of a setup with a control valve was 3.8 kW compared to 1.7 kW in the case of the variant with frequency convertor. Measurements and calculations have shown that this system is capable of saving more than 50% of electric energy

Thermomechanical Stress of Lead Free Solder Joint

Tato diplomová práce se zabývá spolehlivostí bezolovnatých pájených spojů v různých propojovacích strukturách. Cílem je návrh zkušebního obrazce pouzdra BGA (FC) pro testování pevnosti bezolovnatých pájených spojů při střihovém namáhání ve spojení s návrhem metodiky měření střihové pevnosti při izotermálním stárnutí bezolovnatých pájených spojů. V návaznosti se střihovým namáháním je prověřován vliv materiálové a procesní kompatibility, tj. povrchových úprav pájecích ploch, materiálu pájky a integrálu tepla dodaného při zapájení, na pevnost bezolovnatého pájeného spoje BGA vývodu.This diploma thesis deals with the reliability of lead-free solder joints at a different interconnection structures. The first goal is to design the test cases shape BGA (FC) for testing the strength of lead-free solder joints at shear test in link with design of measuring method to detection shear strength during isothermal aging of lead-free solder joints. Following this shear stressing is investigating influence material and process compatibility, ie. pads finishing, material of solder and integrate of temperature (this mean thermal energy supplied during soldering) to lead-free solder joint strength.

ML PCB with Microvia - Production Line Design

Tato bakalářská práce se zabývá výrobou desek plošných spojů a to především typu HDI s mikropropoji. Jejím cílem je navrhnout a realizovat výrobní linku na výrobu vícevrstvých DPS přesněji čtyřvrstvých DPS s využitím moderních technologií. Tento návrh byl realizován pro podnik zabývající se výrobou DPS. Projekt (bakalářská práce) byl uskutečněn ve spolupráci s firmou ČEMEBO BLANSKO s.r.o.This Bachelor thesis deals with the production of Printed Circuit Boards(PCBs), especially of the High Density Interconnection(HDI) type with microconnections. The aim of my thesis is to design and implement an technology equipments for the production of multilayer PCBs, more precisely four-layer PCBs, with the use of modern technology. The design was carried out for the company dealing with the production of PCBs. The Bachelor thesis was done in cooperation with ČEMEBO BLASNKO s.r.o.

„Dziękuję za niepokój”. Odnalezione juwenilia Leo Lipskiego – próba lektury

The article offers a tentative discussion of Leo Lipski’s early and yet unpublished workswhich were discovered in the archives of the Józef Czechowicz Museum of Literature inLublin. One of them is a longer short story entitled O niepokoju i śmierci [On Anxiety andDeath], only parts of which have been published, and three unique ‘poems’, entitled Na wiosnę [In the Springtime], Do papieru [For Paper] and Na pożegnanie dziewczyny [On a Farewell to a Girl]. The authors of the article introduce the recently discovered texts from theeditorial perspective and discuss both the historical and biographical context in which theywere created. Moreover, the authors offer an interpretation of these works and attempt to situate them in the context of Lipski’s pre-war writing. They also throw into relief the relations between Lipski’s early works and his novel Niespokojni [The Unsettled]. The article is published with the works under discussion, which are preceded by a brief editorial commentary.Artykuł jest wstępnym omówieniem niepublikowanych dotychczas juweniliów Leo Lipskiego, odnalezionych w archiwum „Kameny”, w Muzeum Literackim im. Józefa Czechowicza w Lublinie. Utwory te to dłuższe opowiadanie pod tytułem O niepokoju i śmierci, które ukazało się jedynie we fragmentach, a także trzy egotyki: Na wiosnę, Do papieru i Na pożegnanie dziewczyny. Autorzy dokonują opisu odkrytych tekstów z perspektywy edytorskiej, zarysowując biograficzno-historyczny kontekst ich powstania. Podejmują próbę interpretacji utworów i wpisania ich w przedwojenną twórczość Lipskiego, zwracają też uwagę na relacje, które łączą te teksty z powieścią Lipskiego Niespokojni. Szkic towarzyszy edycji omówionych utworów, którą poprzedzono krótkim komentarzem edytorskim