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

Visualization of Network Security Events

Tato práce se zabývá vizualizací síťových bezpečnostních událostí pomocí moderních webových technologií. Byly studovány různé technologie pro tvorbu moderní webové aplikace podporující vizualizaci velkého množství dat. Aplikace vyvinutá v rámci této práce byla navržena pro monitorovací systém NEMEA a umožňuje vizuální analýzu velkého množství bezpečnostních událostí. Vizualizované události navíc umožňují analýzu shora dolů. Aplikace pracuje s daty uloženými v IDEA formátu, který je využíván dalšími službami z oblasti síťové bezpečnosti a aplikace je tím pádem přenositelná i na ně. NEMEA Dashboard byl testován na cílové skupině síťových správců akceptačními testy.This thesis focuses on visualization of network security events via modern web technologies. Multiple technologies for creating modern web application supporting visualising large volume of security events were studied. The application was designed for NEMEA system which thanks to this thesis acquired graphical user interface allowing big data visual analysis. Visualized events allow drill-down analysis. The application operates on security events stored in IDEA format which is used among other network security services and the application is therefore transferrable to them. NEMEA Dashboard has been tested on the target group of network administrators using acceptance tests.

Overlaps between inflection and derivation: about the so-called gender derivation in Spanish

This article discusses the possible derivative functioning of the vocalic morphemes -o and -a, traditionally considered as gender endings, but interpreted, in certain uses (from the gender inflection of animate nouns to the formation of deverbative nouns, such as gasto, paga), as derivative suffixes. Our objective is to demonstrate, through a detailed analysis of the different functions that can be performed by these morphemes in question, that the diversity of opinions about their inflectional or derivative nature reflects, in this case, the existence of a zone of transition between inflection and derivation, whose degrees we also attempt to determine. </p

Communication Strategy of Company

Tato diplomová práce se zabývá návrhem komunikační strategie pro brněnskou lékárnu U lázní. Úkolem je posoudit současný stav a na základě výsledků analýzy navrhnout vhodná opatření, která povedou ke zlepšení a zefektivnění komunikační mix podniku. Součástí práce je také vyhodnocení informací aplikací fuzzy logiky.This thesis deals with the design of communication strategy for Brno pharmacy U lazní. The task is to assess the current status and on the results of the analysis suggest appropriate measures in order to improve and streamline communication mix of the company. A part of this thesis is the evaluation of information with application of fuzzy logic.

Usage of Rapid Prototyping Technology for Visualisation of Architectural Objects

Tato bakalářská práce se zabývá využitím technologie Rapid Prototyping při vizualizaci architektonických objektů. Součástí práce je konstrukce 3D modelu objektu v ArchiCAD aplikaci a popis dostupných technologií Rapid Prototyping. Výroba architektonického objektu byla realizována na 3D tiskárně uPrint s využitím metody Fused Deposition Modeling a porovnána s jinými dostupnými metodami.This batchelors thesis deals with usage of Rapid Prototyping technology for visualisation architectonic structures. A part of thesis is construction of 3D model in ArchiCAD aplication and description of availible Rapid Prototyping technologies. Production of architectonic structure was implemented in 3D printer uPrint with usage of metod Fused Deposition Modeling and compared with another availible technologies.