Wyniki wyszukiwania - Biblioteka Nauki

1

A global perspective on inflation and propagation channels

100%

Gattini L. , Pill H. , Schuknecht L.

Journal of Banking and Financial Economics

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2015

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nr 1(3)

50-76

EN

This paper revisits the evidence on monetary policy transmission. It extends the existing literature in three dimensions. First, we attempt to internalise potential international channels of transmission by taking a global perspective. More specifically, we explore global aggregates covering a broader set of countries (ca. 70% per cent of the world economy) and a longer time span (from 1960 to 2013) than previous studies. Second, we broaden the set of transmission channels considered, notably by exploring interactions among monetary variables, inflation and asset prices (including residential property prices). Third, we look at the potential role of public debt in driving price developments, on the grounds underpinned by fiscal theories of the price level. On the basis of a VAR analysis, we find that: (1) global money demand shocks affect global inflation and global commodity prices (which, in turn, impact on inflation); (2) global asset price dynamics respond to financing cost shocks and (very modestly) to shocks to global money demand; and (3) positive house price shocks exert a significant influence on inflation. From a global perspective, the study suggests that an understanding of inflation requires recognition of the externalities that global commodity and asset price developments exert over domestic inflation.

2

Analysis of experimental results obtained by ESR and VAR process for special steels

89%

Zaman F. , Iorga G. , Ionescu M. , Petrescu A. , Carciumareasa D.

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2008

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tom Vol. 53, iss. 2

629-632

EN

The paper presents the results regarding quality of special steels for aero industry, obtained by two different processes: Electro Slag Remelting (ESR) and Vacuum Arc Remelting (VAR) on pilot experiments. The main object of these trials was obtaining super clean steels (oxygen <20 ppm, hydrogen <1 ppm, nitrogen <20 ppm, sulphur <50 ppm, phosphorus <100 ppm) and a controlled solidificated structure of steel semis. The experiments took off the benefits of vacuum arc remelting process, for decreasing gaseous content of steels versus electro slag remelting process which can improve the decreasing of sulphur content of steel. In order to analyse the influence of a double vacuum process VIM – VAR (Vacuum Induction Melting and Vacuum Arc Remelting) on quality of steel, some trials were also performed.

PL

Artykuł przedstawia wyniki dotyczące jakości stali specjalnych stosowanych w przemyśle lotniczym, uzyskane z dwóch różnych procesów: elektrożużlowego przetapiania stali i przetapiania w próżni na podstawie badań pilotażowych. Głównym przedmiotem badań było uzyskanie super czystych stali (tlen <20 ppm, wodór <1 ppm, azot <20 ppm, siarka <50 ppm, fosfor <100 ppm) i kontrola struktury bliźniaków w krzepnącej stali. W doświadczeniach wykorzystano korzyści płynące z odgazowania stali w procesie próżniowym, naprzeciw możliwościom elektrożużlowego przetapiania, które poprawia odsiarczanie stali. Wykonane zostało również kilka prób, aby przeanalizować wpływ procesu VIM – VAR na jakość stali.

3

Badanie zależności pomiędzy handlem zagranicznym a PKB z wykorzystaniem modelu VAR oraz przyczynowości Grangera

88%

Pisarski M.

Econometrics. Ekonometria. Advances in Applied Data Analytics

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2013

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nr 4(42)

103-116

EN

The main goal of this paper is to examine relationships between GDP and inter-national trade (exports and imports). Foreign trade channels which can affect national in-come have been listed and the impact of trade on GDP was described. Differences between a closed and an open economy are shown. The autoregression vector (VAR) model was used as well as Granger causality test. Quarterly dataset for the USA, the period from 1997:Q1 to 2013:Q3 was used. The results of Granger causality test led us to the conclusion that export causes GDP and also GDP and import affect each other (in Granger causality).

4

Analiza przyczynowości pomiędzy cenami węgla koksowego, koksu i stali w latach 2003–2010

88%

Śmiech S. , Papież M.

Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie

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2012

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nr 878

57-71

EN

Using quarterly data for the years 2003–2010, the authors describe the coking coal, coke and steel markets to determine whether there is a correlation between the market prices of coke, coking coal and steel. Coke, coking coal and scrap are all used to produce steel, and therefore the price of steel should depend on these raw materials. The price of steel also depends mainly on economic conditions. Vector autoregression models (VAR) are employed in the analysis.

5

THE LONG TERM MODELING OF RESIDENTIAL PROPERTY PRICES IN POLAND

88%

Zbyrowski R.

Metody Ilościowe w Badaniach Ekonomicznych

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2017

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tom 18

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nr 1

143-156

EN

The main purpose of this article is to describe a dependence between prices of flats and index of creditworthiness in Poland. In the empirical part of this paper the author tests mentioned relations according to Engle-Granger's procedure. Moreover the long time relation had been verified by Johansen's procedure and a VAR model. This case leads to the examination and estimation cointegration with testing lags between very important variables on real estate market in Poland. The database used in the research contains monthly observations from the middle of 2010 to the beginning of 2014.

6

THE RATIONAL EXPECTATIONS HYPOTHESIS OF THE TERM STRUCTURE AT THE POLISH INTERBANK MARKET

88%

Blangiewicz M. , Milobedzki P.

Przegląd Statystyczny

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2009

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tom 56

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nr 1

23-39

EN

The authors use a three-variable VAR including the yield spread, the change in the short rate and the excess holding period yield to test for the validity of the rational expectations hypothesis (REH) at the Polish interbank market. In doing so they utilize the set of monthly sampled WIBORs (Warsaw Interbank Offered Rates) for maturities of 1, 3, 6, 9 and 12 months from the period January 1999-December 2007. Although the yield spread Granger-causes future changes in the short rate for all maturities the other testing results are somewhat ambiguous. They find the restrictions set on the VAR that the one-period excess holding period return is not time varying should be rejected for all maturities. So should be the restrictions stating the actual spread equals the theoretical spread, except for 12 month WIBOR. Nevertheless, the estimates of conventional VAR metrics such that correlation coefficients between the actual and the theoretical spread and their variance ratios to some extent support the REH in its pure form (PREH). The first are all very close to unity and the latter are less than two standard deviations from unity for 3 month maturity. The conclusions in favour of the PREH for 9 and 12 month maturities are reached upon the bootstrapping experiment in which we have estimated the 95 per cent confidence intervals for the variance ratios. The estimates of the other VAR metrics suggest that a relatively large piece of variation in the unexpected return is due to news about future short rates and not due to news about the future average term premium.

7

Cost reduction of TiAl by alternative production and integration of TiAl scrap recycling - concepts and vacuum-metallurgical equipment

75%

Lochbichler C. , Friedrich B. , Jarczyk G. , Scholz H.

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2007

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tom Vol. 7, nr 4(14)

81-88

EN

Due to high corrosion resistance and low density titanium aluminides show a great potential as material for structural applications in the aerospace and automotive industry. However the high actual production costs for semi-finished products slow down a break through to mass production of TiAl. Current research projects at IME, Aachen funded by AIF "Otto von Guericke" and BMBF aim on cost reduced production methods of TiAl and on the minimisation of downgrading TiAl scrap. This article presents firstly the state of the art of TiAl production by vacuum arc (re)melting (VAR) or induction skull melting (ISM). A comparison of new process routes under special consideration of recycling issues will follow. Innovative processing and equipment concepts are shown by intelligent combination of well known vacuum melting and remelting processes such as vacuum induction melting, specialized using ceramic lining and deoxidisation with e.g. electro slag re-melting (ESR). For each process step and accordingly equipment the metallurgical opportunities are pointed out and the way to make use of them within the process route is described. Requirements on input material and final metal quality addicted to the processing route and refining techniques with their adjustment in respect to TiAl are mentioned. Selected results of laboratory and pilot scale experiments done at IME in Aachen and equipment needs therefore are shown.

8

Cost reduction of TiAl by alternative production and integration of TiAl scrap recycling - concepts and vacuum-metallurgical equipment

75%

Lochbichler C. , Friedrich B. , Jarczyk G. , Scholz H.

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2008

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tom Vol. 8, nr 1(15)

67-74

EN

Due to high corrosion resistance and low density titanium alum in ides show a great potential as material for structural applications in the aerospace and automotive industry. However the high actual production costs for semi-finished products slow down a break through to mass production of TiAl. Current research projects at IME, Aachen funded by AIF "Otto von Guericke" and BMBF aim on cost reduced production methods of TiAl and on the minimisation of downgrading TiAl scrap. This article presents firstly the state of the art of TiAl production by vacuum arc (re)melting (V AR) or induction skull melting (ISM). A comparison of new process routes under special consideration of recycling issues will follow. Innovative processing and equipment concepts are shown by intelligent combination of well known vacuum melting and remelting processes such as vacuum induction melting, specialized using ceramic lining and deoxidisation with e.g. electro slag remelting (ESR). For each process step and accordingly equipment the metallurgical opportunities are pointed out and the way to make use of them within the process route is described. Requirements on input material and final metal quality addicted to the processing route and refining techniques with their adjustment in respect to TiAl are mentioned. Selected results of laboratory and pilot scale experiments done at IME in Aachen and equipment needs therefore are shown.