Monetary policy rules and a normative approach to the central bank’s objective function

This study attempts to explain in an understandable manner that the central bank’s effort to keep inflation low is not an end in itself, but ultimately serves the interests of social welfare. We attempt to substantiate this argument on the basis of economic theory, based on the logic of New Keynesian models, by describing loss functions that contain welfare relevant variables and interest rules that minimise them. By using this framework, we point out that – taking into account the limits of measurability, learning and potentially non-rational expectations – decision-making rules that give considerable weight to a departure from the inflation target and take into account real economy considerations generally perform well in terms of welfare and may be considered robust in New Keynesian-type models with forward looking agents. Finally, we argue that through the strategy of inflation targeting the normative implications of the above framework can be put into practice.New_keynesian model, inflation targeting, normative approach.

Adjustment of global imbalances: Illustrative scenarios for Hungary

In this study we examine the impact on Hungary of a possible correction of global imbalances. We distinguished four different channels of the global adjustment process, which are widely referred to in the literature (fiscal tightening in the U.S.; housing price correction in the US; an increase in the risk premium of dollar assets; increase in domestic demand in the Asian region) and analyzed them through model simulations. We constructed global scenarios using the NIGEM model, while we captured the domestic impacts using the Quarterly Projection Model (NEM) of the Magyar Nemzeti Bank. According to our results, both the global and domestic effects differ significantly with respect to whether the correction originates from the U.S. or Asia and whether it is a result of policy or market processes. We found that a possible global correction will pass through to Hungary mainly through the Eurozone countries, thus its main impact will be relatively dampened. The responses of domestic macroeconomic variables depend on our assumptions on the reaction of monetary policy and the developments in the risk premium on forint denominated assets.monetary policy, global inbalalnces, forecasting, simulation.

Thermo-Analytical Technique to Analize the Quality of Paper for Packaging

To identify the suitable paper quality for packaging structures is an element process in the packaging industry. Though the testing of paper based packaging has got difficulty. The testing methods such as CCT, RCT, FCT, COBB, bursting etc. are supported by statistical technique and do not provide accurate results. The reason is the deviation of testing results. The same problem can be defined at the classification of different paper materials and qualities. This paper describes a new possible testing method to analyze the chemical and thermo-analytical nature of papers. This method can be used to specify effectively the limits of a given paper quality using in packaging industry and can help to ensure the exact traceability of paper identification. The results show that the this method on the one hand can be helpful to testing the paper during packaging producing process on the other hand after using as a packaging. To the testing a DSC measurement device was used as a thermo-analytical method to observe new specifics of paper based packaging

Consolidating The Control of Previously Automated Homes

Nowadays, the number of smart homes is increasing steadily. People tend to try anything for better comfort for their family, or simply for themselves. We spend roughly half of our lives at home, so it’s only logical to focus and pursue higher comfort levels for our homes. This phenomenon opens enormous potential for automation, whether it is automatic garage doors, motorized shutters, access control systems, HVAC systems, or anything else that serves our well-being. This project looks at the implementation of some automation tasks, using a PLC (Programmable Logic Controller). This approach is different from conventional automation, thanks to the ability of the PLC to control everything in a building thus condensing three, or even four floors into one central unit

Meglévő automatizált épületek integrációja

Napjainkban az „okos” épületek száma egyre jobban gyarapszik. Az ember mindent megtesz a maga, s családja kényelméért. Az emberek nagyjából életük felét otthonaikban töltik, így teljesen érthető, logi-kus az az igény, hogy az minél kényelmesebb és komfortosabb legyen. Ez viszont az automatizálásnak nyit nagy teret. Automatizált garázskapuk, automatizál redőnyök, beléptető rendszerek, világítás, hűtés-fűtés és még megannyi kényelmünket szolgáló dolog. A projektben jó pár automatizálási feladatot oldottam meg egy PLC-vel (Programmable Logic Controller). Ez a megoldás eltérő a meglévő automatizált épületekétől abban, hogy egy vezérlő irányít mindent. Egy nagy épület automatizálásához 3, akár 4 szint is lehet a vezérlésben. A legalsó a DDC (Direct Digital Control) amelyek kommunikálnak egymással is

Investigation of an Electrostatic Discharge Protective Biodegradable Packaging Foam in the Logistic Chain

"jats:p" Since the beginning of the 20th century, logistics has undergone a huge technological development, which has, however, resulted in many negative effects as well. The industry, particularly in the packaging industry has been a massive waste producer, although recently it has forced the use of new materials and it started to focus on environmentally friendly technologies. During the transportation of finished and semi-finished Electrostatic Discharge (ESD) sensitive products, the product packaging system has a vital role. These kind of packaging materials must be suitable to both logistic (protection against mechanical and environmental stresses) and special ESD protection requirements. During the transportation of printed-circuit electronic products, ESD defense is then of primary significance. However there is a huge disadvantage for the use of various shield bags. Namely, this kind of associated packaging is particularly pollutant, it causes a lot of inconvenience in the form of waste. In order to rule out these materials from the packaging system, new innovative solutions have to be found. The investigated TPS (thermoplastic starch biodegradable foam) is subjected to a validation, a long process to certify that this material unites properties of two types of packaging materials at the same time. On the one hand, this packaging foam has to meet the requirements product defense. On the other hand, the material must be anti-static under the logistic stress effects. In case it is found suitable, it can be an alternative of the conventional materials. In this article, we investigate the ESD characteristic of TPS foam. As this material sensitive for environmental parameters during transportation, we make the relevant Surface Resistance (Rs) tests on different temperature and humidity conditions. Based on result, the decision of the application can be done, as an ESD packaging material. Document type: Articl

Investigation of an electrostatic discharge protective biodegradable packaging foam in the logistic chain

Since the beginning of the 20th century, logistics has undergone a huge technological development, which has, however, resulted in many negative effects as well. The industry, particularly in the packaging industry has been a massive waste producer, although recently it has forced the use of new materials and it started to focus on environmentally friendly technologies. During the transportation of finished and semi-finished Electrostatic Discharge (ESD) sensitive products, the product packaging system has a vital role. These kind of packaging materials must be suitable to both logistic (protection against mechanical and environmental stresses) and special ESD protection requirements. During the transportation of printed-circuit electronic products, ESD defense is then of primary significance. However there is a huge disadvantage for the use of various shield bags. Namely, this kind of associated packaging is particularly pollutant, it causes a lot of inconvenience in the form of waste. In order to rule out these materials from the packaging system, new innovative solutions have to be found. The investigated TPS (thermoplastic starch biodegradable foam) is subjected to a validation, a long process to certify that this material unites properties of two types of packaging materials at the same time. On the one hand, this packaging foam has to meet the requirements product defense. On the other hand, the material must be anti-static under the logistic stress effects. In case it is found suitable, it can be an alternative of the conventional materials. In this article, we investigate the ESD characteristic of TPS foam. As this material sensitive for environmental parameters during transportation, we make the relevant Surface Resistance (Rs) tests on different temperature and humidity conditions. Based on result, the decision of the application can be done, as an ESD packaging material

Értelmezési hézagok az Eurocode 3 szabvány előírásainak alkalmazása során

Az acélszerkezetekre vonatkozó Európai szabványok jelentős szerepet töltenek be a tartószerkezetek helyes és tudatos tervezése során. A statikai tervező programok nagy része már ezen szabványok előírásainak figyelembevételével dolgozik, és ennek tudatában „rábízzuk” az általunk megkérdőjelezhető, néhol csak zavarosan értelmezhető problémák megoldásait. A jelen dokumentumban példaként szolgál az Eurocode 3 szabvány, amely néhány lényeges döntésben nem kínál egyértelmű útmutatást, valamint amelyben a felhasználó számára nehezen kapcsolhatók össze a részletekben megoldott problémák