Interest premium, sudden stop, and adjustment in a small open economy

We study the adjustment process of a small open economy to a sudden worsening of external conditions. To model the sudden stop, we use a highly non-linear specification that captures credit constraints in a convenient way. The advantage of our approach is that the effects of the shock become highly conditional on the external debt position of the economy. We adopt a two-sector model with money-in-the-utility, which allows us to study sectoral asymmetries in the adjustment process, and also the role of currency mismatch. We calibrate the model to the behavior of the Hungarian economy in the 2000s and its crisis experience in 2008-11 in particular. We also calculate four counterfactuals: two with different exchange rate policies (a more flexible float and a perfect peg), and then these two policy regimes with smaller initial indebtedness. Overall, our model is able to fit movements of key aggregate and sectoral macroeconomic variables after the crisis by producing a large and protracted deleveraging process. It also offers a meaningful quantification of the policy tradeoff between facilitating the real adjustment by letting the currency depreciate and protecting consumption expenditures by limiting the adverse effect of exchange rate movements on household balance sheets

The Effect of Layer Thickness and Orientation of the Workpiece on the Micro- and Macrogeometric Properties and the Machining Time of the Part during 3D Printing

3D printing technologies have developed significantly over the last 30 years, with a major impact on all segments of today's industry. With the introduction of additive manufacturing, product development time can be greatly reduced and printing functional parts directly is also a viable option. Another advantage of additive manufacturing is that it allows greater design freedom than traditional manufacturing technologies. This makes it possible to print products with complex geometries and even different material qualities. In this paper, the authors investigated the effects of printing time, the layer thickness and the orientation on the surface roughness and cylindricity of the printed parts. The aim is to find the combination of layer thickness and part orientation which causes the best results in terms of surface roughness and cylindricity as a function of printing time

Nominal growth of a small open economy

Abstract will be soon availabletwo-sector growth model, household portfolios, q-theory, real effects of nominal shocks, equilibrium real exchange rates

Az eperjesi evangélikus kollégium tanárainak egyetemjárása a 19. század közepéig

University Studies of Professors at the evangelical Colleg of Presov up to 19th century. Evangelical College in Presov, as one of the most important evangelical schools in Hungary, considered the high quality education of its teachers to be very important since its establishment, and as a rule, the positions of professors were occupied by the graduates of German universities. Before establishment of the College, the Town Council likewise had seen to it that the humanistic „gymnasium” had been lead by rectors with high quality university education. This paper aims at creating a portrait of studies of professors at Evangelical College in Presov, and at its predecessor – the Municipal Lutheran Gymnasium over a period of three centuries, from the half of the 16 th to the half of the 19 th centuries whereby the data about its rectors, conrecors and subrectors were used as a source. In the period of these three centuries 111 Presov Evangelical rectors, conrectors and subrectors acquired their education at 26 universities or colleges. Most of them, 34, studied at Wittenberg (30%), followed by Jena (11), Tübingen (7), Thorn (6), Halle (4), Vienna (4) and Frankfurt (4). Three of them graduated from the University in Altdorf, two in Greifswald and the Reformed College in Sarospatak and by one in Rostock, Prague, Gdansk, Graz, Strassburg, Helmstädt, Erfurt, Giessen, Erlangen, Rinteln, Paris, Vratislav, Dresden and Göttingen. Other 16 professors studied at unknown places, eventually did not obtained higher education. 20 professors obtained their education at more than one university or college, most of them (7) in the first period of existence of the College (1667–1711), and least of them (2) in the first half of the 19 th century