Cryptocurrencies and monetary policy. Bruegel Policy Contribution Issue n˚10 | June 2018

This Policy Contribution tries to answer two main questions: can cryptocurrencies acquire the role of money? And what are the implications for central banks and monetary policy

RELATIONSHIPS BETWEEN FACTORS AFFECTING THE TRANSFER OF VOCATIONAL SAFETY TRAINING IN THE WORKPLACE: THE CASE STUDY OF ALUMINIUM OF GREECE

ABSTRACT The purpose of this research is to present the process of the transfer of safety training in the company "Aluminium of Greece". It presents initial attempts to identify key factors affecting transfer of training and the correlation between these factors. The questionnaires were distributed in several related seminars and programs which involved 150 employees of this company. The returned completed 88 questionnaires were then analyzed. The findings show that employees place great importance on safety training. In our study, motivation for learning and transfer, the opportunity for implementation and personal ambition were associated with some and / or all factors examined (age, experience, level of education, etc.). Additionally, the researchers identified the need for evaluation of education not only immediately after its end, but overall evaluation especially some time after the training, in order to examine the value of the transfer of safety training as an investment. Keywords: transferring training, workplace, safety, evaluation, motivation Vol. 5, No.2| December 2013| ISSN 2229-8932 Journal of Technical Education and Training (JTET) |37 INTRODUCTION Nowadays, the effects of the economic crisis are present in many areas of specialty. Consequently, a way to reduce costs in many fields is essential, without this resulting in lower quality of products and services. Staff training improves the work performance through cultivating knowledge, skills and attitudes of the trainees The purpose of this research is to extend the investigation of the transferring knowledge and examine the factors which affect it. We intend to evaluate the training when the employee has returned to the workplace and not immediately after the end of the training sessions. The timing of the examination is the most significant aspect of our research, due to the fact that the issue of sustainability is the most vulnerable point of all educational methods, as knowledge and skills acquired during training programs are slowly declined by the trainees in most cases LITERATURE REVIEW Evaluation of training in the workplace The current, rapidly changing conditions of labor lead the organizations in a constant search for competitive advantage Staff training, as a business practice, is internationally recognized as the most common strategy of Human Resource Management (HRM) in order to improve work performance Transfer of training is the degree to which trainees effectively integrate the knowledge, skills and attitudes acquired during the training in their work Academic education is known for its excessive preoccupation with tests, grades and evaluation. However, in vocational education and training the postgraduate evaluation is inadequate. In a survey on 611 organizations in 1988, it was proven that only few conduct a large scale evaluation of educational programs while half of them do not carry any evaluation at all. The lack of evaluation can be perceived by participants as a sign of low-value education. Trainees know that they will not face postgraduate assessment of their learning and they will not take any responsibility for the application of new skills; this results in reduction of their incentives Without actionable and evaluable data for the provided education, instructors are unable to improve their programs and justify the choices of decision-makers Relationship between training effectiveness and transfer of learning Nowadays, managers and consultants recognize that the evaluation process provides stability and reliability in all aspects of work performance Research has shown that from the skills acquired during the educational programs 40% are transferred directly to work, 25% are maintained for a period of six months and only 15% for one year Theories on transferring training Theories related to transferring training, as they occur in the majority of the literature, are two. Both models focus on factors that relate directly to the content of education or its results. Consequently, the transfer of training is addressed in an isolated way, regardless of the factors that affect the job performance In an attempt to summarize the factors alleged to influence the transfer of training to work, the majority of researchers result in three major categories: i. Those involving the learner, ii. With regard to instructional design and iii. Related to the framework factors which affect the transfer, the training and the trainee The following characteristics of the trainee affect the transfer of training: motivation to learn and transfer skills to work, opportunity to apply the new skills, personal career goals and ambition, perception about the fulfillment of career goals through education (useful in overall career) and about attainment of direct employment objectives (useful in daily work) and the commitment to the company The instructional design is divided in the design of the content and the teaching methods. The essential requirement for those who plan educational programs about transferring training is to concentrate on the transferring needs instead of the educational needs. This simply means providing postgraduate evaluations through work plans, counseling and teaching at work According to Safety at work The year 2009 was internationally dedicated to safety at work, which is a major issue for all stakeholders: employees, employers, state, European Union etc. Many measures to prevent / reduce occupational hazards have been proposed by different authorities. Some are: protection of engines, replacement of toxic substances, ventilation, personal protective equipment and training. Practice has proved that suitable equipment and detailed procedures should be provided to all workers, improving the safety consciousness and the daily experience Vol. 5, No.2| December 2013| ISSN 2229-8932 Journal of Technical Education and Training (JTET) |41 With this research we intend to evaluate the training when the employee has returned to his/her job for some time; not immediately after the end of the training sessions, but one year later. Research Methodology 3.1 The purpose of the research This research focuses on the evaluation of safety training in the company "Aluminium of Greece" and detects possible correlations between variables that affect the transfer of learning to the workplace. Consequently, we present the main research question that will occupy us; are there any correlations between the factors which influence the transfer of safety training in the workplace? Data collection Our research took place about a year after the completion of certain training programs in order to determine whether there was actually transfer of learning and what factors affected it. Therefore it is an ex post facto research, meaning it was conducted retrospectively. One group was used for the data collection, without the selection of a control group The attempted investigation, as ex post facto, has advantages and disadvantages. On the one hand, the direct control of independent variables is impossible and experimental groups cannot be defined while subjects cannot join groups with random sampling. As a result, there is the risk of erroneous interpretation of research findings, because the interpretation of the data is conducted retrospectively. However, an important advantage of the ex post facto research is that the questions which arise are usually not investigated by the experimental method due to the fact that variables are not controllable Research tools The main research tool is the questionnaire. The collected data is divided into social and professional background of the participants. The variables are categorized into dependent and independent. The independent variables are those that the researcher can control and / or manipulate. In this research independent variables are the: age of participants, years of experience in specific post, overall experience, level of education, job description and employment field. Dependent are the variables which measure specific influence of the independent variables handled by the researcher. In our research, dependent variables are the views of trainees to apply new knowledge, attitudes and skills in the workplace. The questionnaire contains closed questions. However, we provided space for recording participants' comments about something that may deem as necessary. The combination of open and closed questions is usually an advantage The questionnaire was created after extensive research of the existing literature and it includes the main variables that affect the transfer of learning: trainee's characteristics, instructional design and business climate. The questions of the final questionnaire consists of appropriately modified previous researches' questions Validation methods and techniques The questionnaire, as a research tool, has many advantages. The questions are the same for all participants and the answers are not susceptible to different interpretations. It is also efficient regarding time and resources. An additional advantage is that the questionnaire ensures anonymity, which is important in researches conducted in the workplace. Furthermore, the questionnaire practically eliminates the possibility of bias and prejudice on the part of the interviewer The sample The company "Aluminium of Greece" was founded in 1960 in order to establish trade agreements about the extensive Greek bauxite deposits. The company employs directly 1100 people and about 400 employees of associated companies. The annual turnover is more than 2.054 billion euros, representing 1.7% of the Greek Gross Domestic Product (GDP). During the period [2008][2009], approximately 150 employees were trained on safety in the workplace in related seminars and programs. 134 questionnaires were distributed and a total of 88 were returned. The return rate of the questionnaires is 65.67%, which can be considered as satisfactory for the purposes of this research, due to its localized character. 3.6 Validity and reliability Validity and reliability are major issues in any scientific research. The tools which were used were designed in order to reduce the errors. The information we requested was known to the participants and it was safe to be revealed. Keeping in mind the above, we conducted a smallscale pilot study, with employees of the company who attended the seminars in 2007. These employees were not included in the final sample of the research. This pilot study helped the researchers in spotting any ambiguities and reviewing the recommendations according to the population / target of the research. The processing of the questionnaires was conducted using the Statistical Package for the Social Sciences (SPSS), which is among the most widely used programs for statistical analysis in social science. The processing and the analysis of the collected data included frequencies, means and descriptive variables. To investigate possible correlations of the questionnaire's variables we used ordinal regression analysis with log -log link function and significance level 95%. It is worth noting that the potential correlations which are not mentioned were not found statistically significant. The results include the statistically important or marginally significant findings of the correlations, based on the questions and variables of the research

Analysis of development in EU capital flows in the global context. Bruegel Report, 15 January 2018

The aim of this report is to analyse capital movements in the European Union in a global context. The monitoring and analysis of capital movements is essential for policymakers, given that capital flows can have welfare implications. Free movement of capital can enhance welfare if it channels savings towards productive use, but in crisis times, reliance on capital flows can also be a source of vulnerability if those flows transmit shocks across borders and disrupt local financial systems, with far-reaching spillovers into the real economy. The first two sections are devoted to the monitoring of developments in international capital flows, cross-border financial positions and exchange rates and an analysis of global capital flows. Section 2 presents trends from a global perspective, focusing on the large economies and groups of countries that are decisive for the overall picture. The authors combine up-to-date evidence from balance-of-payments statistics concerning transactions and stocks of financial assets with an analysis of policy developments and current events. Special attention is paid to potential repercussions from major recent political events, such as the UK’s Brexit referendum and the US presidential election, to the effects of monetary policy in various jurisdictions. Patterns in the banking sector are analysed, with a comparison of countries in terms of their openness to capital flows, using established indicators of financial restrictions and focus on the evolution of Chinese FDI in the EU in recent years. Section 3 focuses on Europe. Continuing to focus on the euro area because of its unique characteristics, the authors also pay more attention to non-euro area EU countries. However, instead of reporting data for all 28 EU Member States, they combine countries into five groups (euro-area creditors, the Benelux countries, euro-area debtors, northern Europe, and central and eastern Europe) to facilitate the recognition of key tendencies across the EU. This research also show data separately for France and Italy, which have specific characteristics that make them difficult to group with other countries. The authors analyse the different capital flow patterns and developments in international investment positions, including their compositions. Finally, section 4 presents the results of our in-depth analysis, which this year focuses on the resolution of non-performing loans (NPLs), in particular on the development of secondary markets for distressed assets in the EU. The main motive behind this study is the fact that the EU banking sector currently needs to address a €1 trillion stock of NPLs. This type of secondary market for loans is currently under-developed compared to the size of the NPL problem in Europe, and also compared to other jurisdictions. Developing a market for asset transfers is therefore essential to respond to this immediate priority of working out distressed loans. Such an initiative would also contribute to a broader re-balancing between banks and capital markets that is necessary in Europe

Η μορφοσυντακτική αντιπροσώπευση της όψης

Στόχος της παρούσας εργασίας είναι να ερευνήσει την αντιπροσώπευση της όψης μορφολογικά και συντακτικά. Η όψη είναι ο τρόπος με τον οποίο ο ομιλητής επιλέγει να δει και να παρουσιάσει ένα γεγονός ανεξάρτητα από την αντικειμενική του χρονική σύσταση. Συγκεκριμένα το ερώτημα που εξετάζει η εργασία είναι αν η όψη έχει την δική της ανεξάρτητη αντιπροσώπευση στην Ελληνική, αν δηλαδή αποτελεί μία ανεξάρτητη γραμματική-λειτουργική κατηγορία, όπως έχουν υποστηρίξει αρκετοί μελετητές όπως ο Xydopoulos (1996) η Alexiadou (1997) και ο Cinque (1999). Η μορφολογική ανάλυση εστιάζει στη μελέτη του τρόπου δήλωσης των κατηγοριών της όψης. Οι κατηγορίες της όψης είναι η συνοπτική, η μη συνοπτική και η συντελεσμένη. Η ανάλυση επίσης εστιάζει στη μελέτη της θέσης της όψης σε σχέση με τις γραμματικές κατηγορίες της φωνής και του χρόνου. Η μελέτη έδειξε ότι κάποιες φορές υπάρχει συγχώνευση (fusion) στις κατηγορίες της όψης και της φωνής και αυτό έχει ως αποτέλεσμα να εναλλάσσονται στη δομή μεταξύ τους και να μην υπάρχει συγκεκριμένη και σταθερή θέση για τις δύο κατηγορίες. Συντακτικά η όψη δηλώνεται μέσω των επιρρημάτων της όψης. Η συντακτική ανάλυση εστιάζει στη μελέτη της θέσης της όψης στην προτασιακή δομή και επομένως στη θέση των επιρρημάτων. Παρουσιάζονται οι μελέτες των Xydopoulos (1996), Alexiadou (1997) και Cinque (1999) οι οποίες συμβάλλουν στη βαθύτερη κατανόηση της συντακτικής αντιπροσώπευσης της όψης στην προτασιακή δομή, του ρόλου της ως λειτουργική κατηγορία, καθώς επίσης και της διάταξής της στην προτασιακή δομή σε σχέση με τις υπόλοιπες λειτουργικές κατηγορίες. Η βασική ανάλυση εστιάζει στον Cinque ο οποίος υποστηρίζει τη χαρτογραφική προσέγγιση των λειτουργικών κατηγοριών, σύμφωνα με την οποία οι προτάσεις σχηματίζονται από ένα σταθερό σύστημα λειτουργικών κεφαλών σε όλες τις γλώσσες. Ο Cinque υποστηρίζει ότι υπάρχει μια καθολική καθορισμένη και σταθερή ιεραρχία λειτουργικών κατηγοριών που επιβεβαιώνεται από την καθορισμένη σειρά των επιρρηματικών τάξεων. Κάθε επιρρηματική τάξη αντιστοιχεί σε μία λειτουργική κατηγορία. Ο Cinque προτείνει μία αυστηρή και καθορισμένη διάταξη λειτουργικών κατηγοριών η οποία, όπως υποστηρίζει, είναι καθολική για όλες τις γλώσσες. Το βασικό ερευνητικό ερώτημα είναι εάν ισχύει η διάταξη του Cinque για την Ελληνική. Τα δεδομένα απαρτίζονται από κατασκευασμένες προτάσεις η καθεμία από τις οποίες περιλαμβάνει τουλάχιστον δύο κατηγορίες επιρρημάτων. Πραγματοποιούνται κάποια τεστ με στόχο να ελεγχθεί εάν ισχύει η διάταξη του Cinque για την Ελληνική. Στο τέλος κάθε τεστ σημειώνεται αν ή όχι επιβεβαιώνεται η πρόβλεψη του Cinque για κάθε ιεραρχική διάταξη. Τα αποτελέσματα της έρευνας έδειξαν ότι κάποιες κατηγορίες της όψης δεν ακολουθούν μία αυστηρή ιεραρχική διάταξη, αλλά τοποθετούνται με οποιαδήποτε σειρά στην προτασιακή δομή. Η εξήγηση που παρατίθεται γι’ αυτό είναι ότι φαίνεται ότι κάποιες κατηγορίες της όψης συγχωνεύονται μεταξύ τους δημιουργώντας ουσιαστικά μία κεφαλή.The aim of the present paper is to investigate the representation of aspect morphologically and syntactically. Aspect is the way in which the speaker chooses to see and present an event independent of its objective temporal reference. In particular the study investigates the question if aspect has its own independent representation in Greek, in other words if aspect is an independent grammatical-functional category, as many researchers have claimed such as Xydopoulos (1996) Alexiadou (1997) and Cinque (1999). The morphological analysis focuses on the investigation of the way the aspectual categories are expressed. The aspectual categories are the perfective aspect, the imperfective aspect and the perfect aspect. The analysis also focuses on the investigation of the position of aspect in comparison with the other grammatical categories of voice and tense. The analysis showed that sometimes the categories of aspect and voice are fused and as a result they are interchanged in the clause structure which means that there is not a specific and a fixed position for the two categories. Syntactically, aspect is expressed through aspectual adverbs. The syntactic analysis focuses on the investigation of the position of aspect in the clause structure, therefore the position of adverbs. The studies of Xydopoulos (1996), Alexiadou (1997) and Cinque (1999) are presented, which contribute to a deeper comprehension of the syntactic representation of aspect, its role as a functional category and the order of aspect in the clause structure in comparison to the other functional categories. The main analysis focuses on Cinque who supports the cartographic approach of functional categories, according to which clauses are formed by a fixed system of functional heads in all languages. Cinque argues that there is a universal and fixed hierarchy of functional categories that is confirmed by the specific order of adverbial classes. Each adverbial class corresponds to a functional category. Cinque proposes a rigid and specific order of functional categories which, as he claims, is common to all languages. The main research question is if Cinque’s order applies to Greek. The data consist of constructed clauses and each of them includes at least two adverbial categories. Some tests are carried out in order to test if Cinque’s order applies to Greek. In the end of each test it is noted whether or not Cinque’s prediction for each hierarchical order is confirmed. The results of the research showed that some aspectual categories do not follow a rigid hierarchical order, but they are placed in whichever order in the clause structure. The explanation that is given for this is that it seems that some categories of aspect are fused under a head

Negotiating the postvention situation:A grounded theory of NHS staff experiences when supporting their coworkers following a colleague’s suicide

Suicide is a leading cause of death. NHS workers, especially female nurses, have heightened vulnerability. Being impacted by a colleague’s suicide can lead to increased suicidality. Postvention refers to support following a suicide. We investigated current, available postvention for NHS workers following a colleague’s suicide and the experiences of staff who deliver it (“supporters”). Twenty-two supporters were interviewed, and data were analyzed using classic grounded theory. The theory of negotiating postvention situations was developed. Supporters must negotiate enabling and disabling elements that form a “postvention situation” and impact behaviors and postvention efficacy. Postvention delivery is emotionally burdensome. Supporters need support, which they do not always receive. Postvention can lead to learning, which can better inform future postvention. The extent to which NHS workers can effectively support colleagues will depend on their postvention situation. As such, work must be done to enable supporters to offer effective postvention in the future

Isocurvature modes and Baryon Acoustic Oscillations

The measurement of Baryonic Acoustic Oscillations from galaxy surveys is well known to be a robust and powerful tool to constrain dark energy. This method relies on the knowledge of the size of the acoustic horizon at radiation drag derived from Cosmic Microwave Background Anisotropy measurements. In this paper we quantify the effect of non-standard initial conditions in the form of an isocurvature component on the determination of dark energy parameters from future BAO surveys. In particular, if there is an isocurvature component (at a level still allowed by present data) but it is ignored in the CMB analysis, the sound horizon and cosmological parameters determination is biased, and, as a consequence, future surveys may incorrectly suggest deviations from a cosmological constant. In order to recover an unbiased determination of the sound horizon and dark energy parameters, a component of isocurvature perturbations must be included in the model when analyzing CMB data. Fortunately, doing so does not increase parameter errors significantly.Comment: 23 pages, 3 figure

Characterization of urban pollution in two cities of the Puglia region in Southern Italy using field measurements and air quality (AQ) model approach

Abstract Passive air sampling (PAS) consisting of polyurethane foam (PUF) disks were deployed simultaneously over four periods of 2–5 months at four locations in urban and sub–urban sites of Bari and San Vito Taranto in Southern Italy. The purpose of the study was to characterize the urban pollution for two groups of semi volatile organic compounds (SVOCs), polychlorinated biphenyls (PCBs) and polycyclic aromatic hydrocarbons (PAHs), by using two different approaches consisting of PAS–PUF and air quality models (Flexible Air quality Regional Model, FARM). The concentrations in the air ranged from 20 to 200 pg m−3 for PCBs and from 5 to 48 ng m−3 for PAHs with the highest concentrations being detected at Bari center. PCB composition was dominated by the 3–Cl congeners (periods 1 and 2) and by 5–Cl (periods 3 and 4). PCB–28 and –37 were the most abundant congeners during the four periods. The PAHs profile was dominated by the 3–ring (70±6)%, with phenanthrene alone accounting for (49±2)%. On a seasonal basis opposite patterns were observed for PCBs and PAHs showing high PCB concentrations during the warm periods, period 3: summer and 2: spring, while PAHs were found during cool periods, period 4: autumn, and 1: winter. The results obtained from the application of the FARM model, during 2010, and limited to period 4 in this study, showed similar estimated levels for PCBs indicating a good performance for PCB modeled concentrations whilst for benzo[b]fluoranthene (B[b]F) the results showed a less better agreement. This study represents one of the few efforts at characterizing PCBs and PAHs compositions in ambient air in southern Italy and also represents one of the preliminary attempts at using PAS–PUF to give more insight into a modeling prediction in Italy. These results also provide useful information for the future development of the FARM model

Filling in the gaps:A grounded theory of the experiences and needs of healthcare staff following a colleague death by suicide in the UK

Health-workers are more likely to die by suicide than their counterparts in other occupational groups. The suicide of a staff member can be widely felt by colleagues, leading to complex emotional and cognitive responses. Exposure to suicide heightens the risk of dying by suicide. We investigated the impact of a colleague suicide on National Health Service (NHS) staff. Twenty-nine staff were interviewed; all participants were white British, and so not representative of the ethnic make-up of the NHS. Data were analyzed using grounded theory methods. A theory, “filling in the gaps” was developed. Staff experiences gave rise to needs that were not always met. Staff endeavoured to “fill in the gaps” in support; however, sometimes fell through those gaps. Organizational and professional contexts shaped their experiences and responses. Recommendations include skilled and targeted support and compassion for affected staff. Cultural change is needed to challenge suicide stigma and unhelpful narratives