Which kind of transparency? On the need for clarity in monetary policy-making

In most of the existing academic literature the notion of transparency in monetary policy is defined in too simple terms to be of practical relevance. This paper suggests a conceptual framework, which distinguishes different - and potentially conflicting - aspects of transparency. When there are frictions in communication or imperfections in the processing of information, greater 'openness' (i.e. more information) need not always enhance the 'clarity' of central bank communication. In this perspective transparency primarily hinges on a shared mode of interpretation ('common understanding') between the central bank and its audience. JEL Classification: E42, E52, E58, F58communication, monetray policy strategy, transparency

On prosperity and posterity: the need for fiscal discipline in a monetary union

We show how in a Blanchard-Yaari, overlapping generations framework, perfect substitutability of government bonds in Monetary Union tempts governments to exploit the enlarged common pool of savings. In Nash equilibrium all governments increase their bond financed transfers to current generations (prosperity effect) at the expense of future generations (posterity effect). The resulting deficit bias occurs even if one assumes that before Monetary Union countries had eliminated their deficit bias by designing appropriate domestic institutions. The paper provides a rationale for an increased focus on fiscal discipline in Monetary Union, without the need to assume imperfect credibility of existing Treaty provisions or to refer to extreme situations involving sovereign default. We draw on existing empirical evidence to argue that the degree of government bond substitutability within the European Monetary Union is an order of magnitude larger than in the global economy. JEL Classification: D62, E61, E63bond market integration, common pool, European Monetary Union, fiscal discipline, fiscal rules, fiscal spillover effects, overlapping generations

Der Dichter als Idiot – Zur Poetik des Außenseiters in Botho Strauß’ «Lichter des Toren»

Being an idiot isn’t that bad. Although persons who are called idiots live a life on the margins of society, they possess a special gift of insight and sensitivity, as well as a knowledge of hidden truths and experiences. Strauß revalues the figure of the idiot by approximating it to that of the poet. Both of them use alternative cognitive processes, a vicinity to transcen­dence and secret lore which is inherent to the solitude they have to bear for their alternative existence. In Lichter des Toren Strauß carries to extremes his thoughts on the figure of the idiot, exposes the roots of the word and introduces a personal poetics of the idiot

A precast prestressed public library building

Thesis (M.Arch)--Massachusetts Institute of Technology, Dept. of Architecture, 1963.Accompanying drawings held by MIT Museum.Includes bibliographical references (leaves 37-38).by Bernhard Carl Winkler.M.Arc

Combined automotive safety and security pattern engineering approach

Automotive systems will exhibit increased levels of automation as well as ever tighter integration with other vehicles, traffic infrastructure, and cloud services. From safety perspective, this can be perceived as boon or bane - it greatly increases complexity and uncertainty, but at the same time opens up new opportunities for realizing innovative safety functions. Moreover, cybersecurity becomes important as additional concern because attacks are now much more likely and severe. However, there is a lack of experience with security concerns in context of safety engineering in general and in automotive safety departments in particular. To address this problem, we propose a systematic pattern-based approach that interlinks safety and security patterns and provides guidance with respect to selection and combination of both types of patterns in context of system engineering. A combined safety and security pattern engineering workflow is proposed to provide systematic guidance to support non-expert engineers based on best practices. The application of the approach is shown and demonstrated by an automotive case study and different use case scenarios.EC/H2020/692474/EU/Architecture-driven, Multi-concern and Seamless Assurance and Certification of Cyber-Physical Systems/AMASSEC/H2020/737422/EU/Secure COnnected Trustable Things/SCOTTEC/H2020/732242/EU/Dependability Engineering Innovation for CPS - DEIS/DEISBMBF, 01IS16043, Collaborative Embedded Systems (CrESt

How to establish and maintain outsourcing relationships between Logistics Service Providers and their clients?

Abstract Purpose: What influences collaboration between LSPs and their clients in the midst of uncertainty lies in the analysis of supply chain collaboration between logistics service providers (LSPs) and their clients, with a main focus set on communication, coordination, and technological issues, (i.e. rational measures to achieve defined goals), resulting interdependencies and complexity as well as organizational coordination principles and mechanisms. Qualitative interviews with experts from leading LSPs on how they establish and maintain outsourcing relationships operationally were conducted and analyzed by open, axial and selective coding, following a grounded theory approach methodology. Coordination as a precondition for collaboration is based on communication between LSPs and their clients. The more complex and/or interdependent processes reveal themselves to be in an outsourcing relationship, the more intense coordination efforts have to be established and maintained for outsourcing operations to reduce uncertainty. Furthermore, collaboration level between LSPs and clients is influenced by several factors, such as strategic importance of the client, general contract size and transaction frequency, a common understanding of the mutual dependency arising from collaboration, trust, the depth of the comfort level in interpersonal relations and, finally, the degree of standardization of communication on the operational level. Moreover, it indicates that operational coordination efforts seem to be limited to standardization of input, output and work processes. Otherwise, coordination costs would rise considerably. This leads to the conclusion that the interdependency of outsourced processes is to be reduced, which goes hand-in-hand with lower and controllable uncertainty and subsequently lower risks