Barriers to expansive fiscal policy against the background of the macroeconomic situation of the euro area

Aim: In the article, the Author analyses the possibilities of instituting an expansive fiscal policy in individual euro zone countries. In addition, barriers to effective transmission of fiscal expansion to the level of real output in the euro zone economy will be identified against the background of economic theory.Results: The Author also show how the implementation of different strategies of monetary policy and exchange rate policy affect the effectiveness of the growth of the budget deficit in its impact on the economic growth rate

Wpływ polityki fiskalnej i pieniężnej państw strefy euro na tempo wzrostu gospodarczego w warunkach wysokiego długu publicznego i niskich stóp procentowych

In recent years the euro area has been characterised by a very low rate of economic growth (in some years there was even a real reduction in the volume of production). This has launched a debate among economists about the instruments to be applied in public policy to bolster the economy. In this article the author analysed the possible effects of fiscal and monetary policy on economic growth when economic stagnation in the euro area is accompanied by a high level of public debt as a percentage of GDP and a very low level of the interest rates set by the central bank as well as market interest rates. On the basis of economic theory the author considers whether expansionary fiscal policy will contribute to the growth of real output, or merely enlarge the public debt and increase the risk of sovereign debt default and currency crisis. The author also introduced the concept of quantitative easing as an instrument of expansionary monetary policy.W ostatnich latach strefa euro odznacza się bardzo niskim tempem wzrostu gospodarczego (w niektórych latach zanotowano nawet zmniejszenie realnej wielkości produkcji faktycznej). Uruchomiło to dyskusję wśród ekonomistów na temat instrumentów, jakie powinna zastosować polityka publiczna w celu ożywienia gospodarki. W niniejszym artykule autor przeanalizował możliwości oddziaływania polityki fiskalnej i polityki monetarnej na wzrost gospodarczy, w sytuacji gdy stagnacji gospodarczej w strefie euro towarzyszy wysoki poziom długu publicznego jako % PKB, a także bardzo niski poziom stóp procentowych banku centralnego oraz rynkowych stóp procentowych. Autor na gruncie teorii ekonomii rozważył, czy ekspansywna polityka fiskalna przyczyni się do wzrostu realnej produkcji, czy też jedynie powiększy dług publiczny i zwiększy ryzyko niewypłacalności państwa i kryzysu walutowego. Autor przedstawił także koncepcję ilościowego luzowania jako instrumentu ekspansywnej polityki monetarnej

Barriers to expansive fiscal policy against the background of the macroeconomic situation of the euro area

Aim: In the article, the Author analyses the possibilities of instituting an expansive fiscal policy in individual euro zone countries. In addition, barriers to effective transmission of fiscal expansion to the level of real output in the euro zone economy will be identified against the background of economic theory.Results: The Author also show how the implementation of different strategies of monetary policy and exchange rate policy affect the effectiveness of the growth of the budget deficit in its impact on the economic growth rate.</p

Problematyka podmiotowości prawnej zwierząt na przykładzie koncepcji utylitaryzmu Petera Singera

The purpose of this article is the analysis of Peter Singer's concept of animal legal personality. Although it is an ethical idea, some doctrine representatives refer to it and prove that legal personality of animals is a necessity. Peter Singer's concept is based on the utilitarianism of preferences although it also refers to classical utilitarianism. His followers strongly criticize the current model of animal legal protection. It turns out, however, that the foundation of animal and human being protection is timeless and must be based on animals nature and a human being as a person. Whereas, the analysis of Peter Singer's concept leads to the conclusion that it is based on cognitive mistakes, concerning mostly human nature. In consequence, Peter Singer's concept of utilitarianism not only does not help better animal protection, but is also a threat to human rights protection.Przedmiotem artykułu jest analiza koncepcji upodmiotowienia zwierząt Petera Singera. Jakkolwiek jest to koncepcja etyczna, to jednak niektórzy przedstawiciele doktryny powołują się na nią i dowodzą, że we współczesnym świecie upodmiotowienie zwierząt jest już koniecznością. Koncepcja P. Singera opiera się na utylitaryzmie preferencji, choć odwołuje się również do utylitaryzmu klasycznego. Zwolennicy Singera bardzo zdecydowanie krytykują aktualnie obowiązujący model prawnej ochrony zwierząt. Okazuje się jednak, że przywołując źródła prawnej ochrony zwierząt oraz źródła ochrony praw człowieka, odkrywamy ich ponadczasową wartość, która wynika z właściwego rozpoznania natury zwierząt  i człowieka jako osoby. Natomiast analiza koncepcji upodmiotowienia zwierząt, którą prezentują P. Singer i jego zwolennicy, prowadzi do wniosku, że opiera się ona na błędach poznawczych, dotyczących przede wszystkim natury człowieka. W konsekwencji, koncepcja P. Singera nie tylko nie daje gwarancji lepszej ochrony zwierząt, ale jest także zagrożeniem dla ochrony praw człowieka

Trailing and smooth-seeded wild beans: native annual warm season legumes for Texas

Last updated: 10/22/201

Epichloë (formerly Neotyphodium) fungal endophytes increase adaptation of cool-season perennial grasses to environmental stresses

Many cool-season grass species have evolved with asexual, nonsymptomatic fungal endophytes of the genus Epichloë (formerly Neotyphodium) of the family Clavicipitaceae. These associations range from parasitic to mutualistic and have dramatic effects on grass host chemistry, increasing resistance to abiotic (drought, soil mineral imbalance) and biotic (vertebrate and invertebrate herbivory, nematodes, plant pathogens, plant competition) stresses. Native endophyte strains produce a range of bioprotective alkaloid and other nonalkaloid secondary compounds, several of them known to have detrimental effects on grazing animals. In the past two decades, epichloid endophyte strains have been selected with marginal or no capacity of producing ergot and/or lolitrem alkaloids. These novel endophyte strains have been introduced to several grass cultivars with the idea to increase grass host resistance to abiotic stresses without hindering grazing livestock, and abiotic stresses to ensure high competitive ability of symbiotic grass cultivars. In this presentation, we discuss mechanisms underlying the competitiveness of epichloid endophyte/grass associations and consequences of endophyte infection for grassland ecosystem functions

Psoriasis is an independent predictor of increased risk of allergic reaction during percutaneous coronary interventions. Big data analysis from the Polish National PCI Registry (ORPKI)

Background: The presence of psoriasis is currently considered by the European Society of Cardiology cardiovascular prevention guidelines of 2016 as one possible cardiovascular risk factor. Patients with psoriasis and concomitant coronary artery disease treated by means of percutaneous coronary interven­tion (PCI) are a fairly large subgroup of patients that have been usually omitted in mainstream research. The aim herein, was to identify the incidence of psoriasis, baseline characteristics and periprocedural outcome with a special focus on procedural complications in patients undergoing percutaneous coronary procedures. Methods: All consecutive patients who had either coronary angiography or coronary angiography with immediate PCI in Poland in 2014 and 2015 were included. Patients were assigned to two groups based on previous diagnosis: with psoriasis and without psoriasis. Clinical outcome was defined as any periprocedural death. Results: There were 405,078 patients included in this analysis. Psoriasis (moderate or severe) was di­agnosed in 1507 (0.4%) of them. Psoriasis was an independent predictor of allergic reaction occurrence (odds ratio [OR] 6.02; 95% confidence interval [CI] 1.44–25.22; p = 0.014). After propensity score adjustment, psoriasis remained a significant predictor of allergic reaction (OR 5, 95% CI 1.2–20.7; p = 0.0245). There were no differences in rates of periprocedural deaths in patients with or without psoriasis (death: 0.95% vs. 0.62%, p &gt; 0.05). Conclusions: Severe or moderate psoriasis is an independent risk factor for the occurrence of allergic reaction during percutaneous coronary procedures. There were no differences in periprocedural mortal­ity and complications in patients with versus those without psoriasis

Endophyte Status in Summer-Dormant Tall Fescue in the Southern Great Plains of USA

Non-toxic fungal endophytes provide persistence-related benefits to summer-active, continental-type tall fescue (Festuca arundinacea Schreb.), as well as reduced animal toxicosis compared to toxic endophytes. However, the benefits of fungal endophytes to summer-dormant, Mediterranean-type tall fescue persistence or production are unclear. Summer-dormant tall fescue has potential to replace traditional, annual small grain graze-out systems in the Southern Great Plains region of the USA. This region is characterized by severe water deficits accompanied by extreme heat in summer, and by relatively mild, rainy winters (Malinowski et al. 2009). Summer-active tall fescues are better suited to high rainfall areas (\u3e 900 mm annual average rainfall (AAR)) east of the 97° longitudinal meridian, while summer-dormant tall fescues are best adapted to lower rainfall areas (600 to 900 mm AAR) between the 97° and 99° longitudinal meridian (Butler et al. 2011). The objective of this field study was to determine the effects of the ‘novel’ endophyte strain AR542 on persistence of summer-dormant tall fescue ‘Flecha’ in the Southern Great Plains of the USA. Two field experiments were conducted to evaluate the effect of the novel endophyte AR542 on the survival of Flecha