Asset Prices and Assymetries in the Fed's Interest Rate Rule : a Financial Approach

Financial Newspapers have for long suggested that the Fed tends to provide additional Liquidity when the Stock Market thumbs. We provide a theoretical Explanation for this Behaviour that builds on the Methodology developed by Romaniuk (2008) for a central Banker with two main Goals, Output and Price stability. In this Paper, the Policymaker behaves as a Portfolio Manager who aims at stabilizing Output, Goods Prices, as well as Asset Prices. An optimal, Time-varying Interest Rate Rule is obtained as the Merton's (1971) continuous Time Solution to the Portfolio Manager's Problem. In a second Step, we infer the optimal Interest Rate Rule of a central Bank that can react differently to positive and negative Variations in the Stock Market.Optimal Interest Rate Rule; Portfolio Choice; Fed; Asset Prices; Options Theory

Środki obrazowania wydarzeń rewolucji godności na Ukrainie (na podstawie publikacji "Мистецький Барбакан: Трикутник 92: Антологія")

Imaging the events of the Ukrainian Revolution of Dignity (based on the anthology Mystets’kyĭ Barbakan: Trykutnyk 92: Antolohiia) The source of the analysed material is the anthology Mystets’kyĭ Barbakan, only 300 copies of which have been printed. It is a collection of works of literature, journalism, and art from the period of the Ukrainian Revolution of Dignity (the so-called Maĭdan) of 2013–2014. We focus on the works of art containing both words and images and we combine approaches from language and cultural studies: the imaging devices used in these selected works have been analyzed using the tools of poetics of literature and media, as well as linguistic methodology.   Środki obrazowania wydarzeń rewolucji godności na Ukrainie (na podstawie publikacji Мистецький Барбакан: Трикутник 92: Антологія) Źródłem materiału do badania jest antologia Mystećkyj Barbakan, która ukazała się nakładem zaledwie 300 egz. Jest zbiorem tekstów literackich i publicystycznych, a także dzieł artystycznych z okresu rewolucji godności (tzw. Majdanu) na Ukrainie w latach 2013–2014. Analiza wybranych utworów artystycznych zawierających dwa składniki – słowo i obraz – została dokonana w oparciu o podejście lingwistyczno-kulturoznawcze: sposób obrazowania w wybranych pracach przeanalizowany został za pomocą narzędzi poetyki literatury i mediów, a także metodologii badań językoznawczych

Implementation of sugar-sweetened beverages tax and its perception among public health stakeholders. A study from Poland

BackgroundOne of tools to tackle growing problem of overweight and obesity are the taxation mechanisms applied to sugar-sweetened beverages, which are expected to influence the common eating behaviors, but also they have impact on the market and public finances. The solution is therefore highly entangled in the complex of social and intersectoral interests generating a number of opportunities and threats affecting its feasibility.AimsThe study aims to depict the views of Polish stakeholders on the implementation of the sugar tax in Poland, particularly the perception of success determinants, barriers, as well as views on the features of the implemented solutions and possible alternatives.MethodsWe used semi-structured interviews with 18 individuals representing key public health stakeholders in Poland. The interview consisted of four parts, where first concentrated on the advantages and disadvantages of the SSB tax, the second part explored stakeholder involvement and stances, third concerned the feasibility of the project, and in the fourth part respondents were asked for suggestions for decision-makers regarding the content of the project and its implementation process. To reconstruct position of 4 main political parties we applied desk research. We used MAXQDA v2020 to analyse the collected data.ResultsStakeholders tend to expressed conflicting views on the effectiveness, relevance and socio-economic impact of the SSB tax. All of them agreed that the tax may appear severe for the poorest groups, children and adolescents, while disagreeing about the economic impact of the levy. The allocation of additional tax revenues was raising doubts, with stakeholders believing that the fiscal aim is the basic reason for implementing the tax, while these resources should be primarily dedicated to health promotion intervention and prevention of diet-related diseases. On the other hand, the political debate on the tax was highly superficial with strong populism arising of the presented positions.ConclusionsThere is a need to conduct a thorough public debate and improvements in terms of public communication to increase social awareness, sealing and refining the implemented solutions. Close cooperation with market players and non-governmental organizations is highly recommended

Current advances in~information quantum technologies - critical issues

This article reviews chosen topics related to the development of Information Quantum Technologies in the major areas of measurements, communications, and computing. These fields start to build their ecosystems which in the future will probably coalesce into a homogeneous quantum information layer consisting of such interconnected components as quantum internet, full size quantum computers with efficient error corrections and ultrasensitive quantum metrology nodes stationary and mobile. Today, however, the skepticism expressing many doubts about the realizability of this optimistic view fights with a cheap optimism pouring out of some popular press releases. Where is the truth? Financing of the IQT by key players in research, development and markets substantially strengthens the optimistic side. Keeping the bright side with some reservations, we concentrate on showing the FAST pace of IQT developments in such areas as biological sciences, quantum evolutionary computations, quantum internet and some of its components

Seventeen years of prenatal magnetic resonance imaging at the Institute of Mother and Child in Warsaw

Purpose: The purpose of this paper is to summarise and to present the experience of the main Polish centre for prenatal magnetic resonance imaging (MRI) and to discuss the place and role of MRI in antenatal diagnosis, management, and counselling. Material and methods: Retrospective analysis of the examinations performed in the years 2001-2017. Results: In total, 1221 medical records and/or image files were collected. The full documentation of ultrasonography and MRI referrals, reports, and images was not available in every case. During the first three years 98 pregnant women were examined (approximately 33 per year, one study per fortnight). After purchase of own MR scanner, the number of examinations grew constantly, reaching 208 in 2017, which means almost one per day, and the highest number was eight in one day. We examined 45 pairs of twins, including three pairs of conjoined twins. Conclusions: MRI at our Institute is a practically used second-line foetal imaging tool, necessary to confirm, complete, or correct sonographic diagnoses, with important impact on clinical decisions concerning management of pregnancy and of the neonate, termination of pregnancy, choice of the time, place, and mode of delivery, and neonatal care, as well as on counselling. In experienced hands, MRI is to date the last and the best non-invasive method of diagnosis in utero. It is frequently requested by the interdisciplinary team for foetal diagnosis and therapy and routinely performed in everyday practice

A new approach for modelling and understanding optimal monetary policy

The coefficients of Taylor's [Taylor, J.B., 1993. Discretion versus policy rules in practice. Carnegie Rochester Conference Series on Public Policy 39, 195-214] monetary policy rule can be seen as portfolio weights. Their optimal values are derived by adapting Merton's [Merton, R.C., 1971. Optimum consumption and portfolio rules in a continuous-time model. Journal of Economic Theory 3, 373-413] asset allocation model.