The Stabilizing Effects of Publishing Strategic Central Bank Projections

Expectations are among the main driving forces for economic dynamics. Therefore, managing expectations has become a primary objective for monetary policy seeking to stabilize the business cycle. In this paper, we study whether central banks can manage private-sector expectations by means of publishing one-period ahead inflation projections in a New Keynesian learning-to-forecast experiment. Subjects in the experiment observe these projections along with the historic development of the economy and subsequently submit their own one-period ahead inflation forecasts. In this context, we find that the central bank can significantly manage private-sector expectations and that this management strongly supports monetary policy in stabilizing the economy. Moreover, published central bank inflation projections drastically reduce the probability of a deflationary spiral after strong negative shocks to the economy.

Double materiality and the shift from non-financial to European sustainability reporting: review, outlook and implications

PurposeThis paper outlines the development of the principle of materiality in the European accounting framework, from the Modernization Directive (2003/51/EC) to the NFI Directive (2014/95/EU) and on to the proposals for a Corporate Sustainability Reporting (CSR) Directive (2021/0104 (COD)). The authors highlight how the requirements for corporate reporting in terms of sustainability matters have changed, underlining the main issues that require further attention by practitioners, researchers and legislators.Design/methodology/approachThis paper is based upon a historic analysis of European Union (EU) regulations in the field of non-financial and sustainability reporting and how these have changed over time. A conceptual comparison of different reporting concepts is presented, and changes in their relevance to the EU accounting framework are discussed as part of the historic analysis. Implications from corporate practice are derived from previous empirical findings from the EU Commission's consultations.FindingsThe proposed change from non-financial to sustainability reporting within the EU affects more than simply the terminology used. It implies that a different understanding is needed of both the purposes of company reporting on sustainability matters and the aims of carrying out such reporting. This change was driven by the need and desire to appropriately interpret the principle of materiality set forth in the NFI Directive. However, the recent redefinition in the shift within the EU Commission's proposals presents considerable challenges–and costs–in practice.Research limitations/implicationsFuture research on the conceptualization and operationalization of ecological and social materiality, as well as on the use of this information by different stakeholder groups, is necessary in order to (a) help companies that are applying the reporting requirements in practice, (b) support the increased harmonization of the reports published by these companies and (c) fully assess the costs and benefits associated with the increase in reporting requirements for these companies.Practical implicationsCompanies have to establish relevant reporting processes, systems and formats to fulfil the increasing number of reporting requirements.Originality/valueThis paper outlines the historic development of the principle of materiality regarding mandatory non-financial or sustainability reporting within the EU. It outlines a shift in rationales and political priorities as well as in implications for European companies that need to fulfil the reporting requirements. In consequence, it describes appropriate interpretations of this principle of materiality under current and upcoming legislation, enabling users to apply this principle more effectively.

Some Features of the Lexicon of the Russian Language Personality

The article deals with the process of modern Russian linguistic personality vocabulary enrichment as a result of cultural-historic development of Russia in concert with the Russian language. The purpose of the article is to describe and analyze semantically-structural features of lexical units being the most relevant and widely used in the modern Russian linguistic personality vocabulary; to characterize the «linguistic personality» term based on the native and foreign linguist scientific studies; to interrelate active vocabulary enrichment of modern linguistic personality with cultural-historic development of language, nation, country. The following linguistic investigation methods were used: method of observation, method of description, method of content analysis, method of scoring. As the result of study 5 lexical units, the most relevant and significant from national history and modern geopolitics viewpoint, used in speech of contemporary native speakers of Russian living both in Russia and outside, were discovered, described and analyzed: «alphabet», «satellite», «Sputnik V», «the Trans-Siberian Railroad», and «the Baykal-Amur Mainline» words. Conclusion. Cultural-historic development of nation and country encourages evolution of language system lexical level which leads to vocabulary enrichment of linguistic personality using this language as means of communication.

The Equality Act (2010)-pre- and post-pandemic historic development on equality and discrimination issues for employers: review of literature

Purpose This paper is aimed to fulfil two purposes. First, this paper aims to review the literature and examine step by step evolution of the Equality Act 2010. Second, this paper will reflect on the guidelines issued for employers by the Equality and Human Rights Commission to address how to manage the risks arising during the current crisis and as organisations continue with planning for eventual return to the workplace and for those who are currently working remotely. Design/methodology/approach This paper has incorporated an integrative literature review reviews approach that aimed to synthesises secondary data about the literature to serve the aims of the paper in an integrated way. Findings The introduction of the Equality Act (2010) has made it much more difficult to discriminate against individuals as its coverage is much wider in comparison to any previous legislation. At that point, there were still many exceptions, which permitted discrimination and unequal treatment towards others. Over time, however, the law has become much more strict and developed to counter any discrimination in its attempt to try and eliminate it. Originality/value This paper has reflected on both pre- and post-covid developments of The Equality Act (2010) – and discrimination issues for employers.

The Priorities of EU Energy Policy

The article deals with the evolution, development conditions and characteristics of implementation of the EEU/EU key energy policy goals in the 1960‒2010s. The authors apply historical analysis to consider the goals of the EEU in the energy sector in the 1960‒1980s and proceed to the EU energy policy goals in the 1990‒2010s. They explore the challenges that had brought these goals to the top of the EU energy policy list and the traditional hierarchy of the EU energy policy goals. Seen through the prism of historic development, security was the first and most acute goal, integrated energy market – the second, and ecology – the third. The authors raise a question if one should expect changes in the priorities of the energy policy goals under the conditions of the ongoing ecological and climate turn in the long-term development strategies of the EU. Until 2019 security had dominated the list of the EU major energy policy goals. However, after 2020 ecology may replace security as an «umbrella goal». It has already become one of the key drivers of energy sector reform and makes the EU members give up their sovereignty in favour of the EU institutions.

Optimization of a Primary Heat Exchanger for FLiBe Molten Salt Nuclear Reactor With sCO2 Power System

One of the concepts being investigated for Generation IV nuclear reactors is the Molten Salt Reactor (MSR), with designs utilizing molten salts as both fuels and/or coolants. Historic development focused on large reactors, but contemporary efforts are likely to be small and modular, with this analysis considering 30 MWth per reactor unit For both cases, the use of a supercritical carbon dioxide (sCO2) Brayton cycle is being considered for power conversion. Compatibility of sCO2 power cycles with high turbine inlet temperature among several other advantages allows for several nuclear applications. This paper sought to optimize heat exchange between an MSR heat source and an sCO2 power cycle by thermalhydraulically optimizing a salt-heat exchanger sCO2 (HEX). This is accomplished using a one dimensional (1D) heat transfer code that solves for the geometry of a single pass shell-and-tube HEX, as well as pressure loss. Input to the HEX code are derived from a MSR technology assessment and from an optimized recuperated recompression (RRC) sCO2 power cycle. The HEX designs comprise of single shell and tubes with molten salt 2LiFBeF2 (FLiBe) flowing in the shell and sCO2 in the tubes. Hastelloy N is chosen for HEX material due to its tested compatibility with in nuclear application with FLiBe. Shell diameter and number of tubes are varied to optimize length of the HEX. Initial estimate for the weight of the HEX is then compared against the heat transfer area to further converge on an optimized design.

Approaches, challenges, and recent advances in automated bee counting devices – a review

For nearly 100 years, electronic bee counters have been developed using various technologies to track the foraging activity of mostly honey bee colonies. These counters should enable remote monitoring of the hives without disturbing natural flight behavior while generating precise scientific data. Today, however, there are not many counters on the market, that are able to fulfill this task. One main challenge is the lack of standardized methods to validate a counter’s precision, but validation is crucial to categorize and judge the data produced by the counter, especially for scientific purposes. Another challenge is the interpretation of flight data to measure the effects of environmental or anthropogenic sources. Nevertheless, recent developments in the field are promising. This review describes the historic development of automated bee flight measurement and critically compares validation methods to encourage their improvement. Lastly, to increase the comparability of future analyses with bee counters, current advances in data interpretation are also presented.

Piespiedu servitūtu nodibināšana pret atlīdzību

This article deals with the historic development of the legal framework related to the establishment of coercive servitude in Latvia and the understanding of the so-called “coercive servitude” institute in the existing law in Latvia, as well as the regulation of analogous legal institutes in the law of other states that are a part of the Germanic legal system (Germany, Switzerland, Austria), with the main focus on the establishment of coercive way servitude or the so-called “way of necessity” institute and the preconditions associated with its establishment, as well as the right of the owner of the encumbered (serving) immovable property to receive an adequate remuneration for establishing such limitation, which, by way of legal analogy, should also be recognized in the practice (judicature) of the Senate of the Supreme Court.

Advances on marine-derived natural radioprotection compounds: historic development and future perspective

Natural extracts and compounds from marine resources have gained intensive scientific and industry attention for radioprotective activities in the past ten years. However, the marine-derived radioprotectants have been studied against UV-rays, gamma (γ)-rays and X-rays for more than 30 years. This review aims to identify key marine-derived extracts/compounds and their modes of action studied for radioprotective activities from 1986 to 2019. A comprehensive survey was conducted to establish the trend in terms of the publications each year and the countries of origin. A total of 40 extracts and 34 natural compounds showing radioprotective activities against UV-rays, gamma (γ)-rays and X-rays were identified from a range of marine plants and animals. These extracts and compounds are broadly categorized into polysaccharides, phlorotannins, carotenoids and mycosporine-like amino acids (MAAs). Macroalgae and microalgae were found to be the dominant sources of polysaccharides, phlorotannins and carotenoids. MAAs were mainly identified in algae, sponges, sea cucumber and corals that showed significant UV-absorbing activities. A number of radioprotective mechanisms were shown by these compounds, predominantly free radicals scavenging, inhibition of apoptosis, UV-ray absorption and DNA damage-repair signaling pathways. While these bio-discoveries warrant further investigation and development of radioprotective therapeutics, however, the lack of clinical studies is a major obstacle to be tackled in the future.