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Abstract

We consider fiscal and monetary policy interactions in a monetary unionunder monetary leadership, when the common central bank is concerned with theaverage fiscal stance of the union. We use a static two-country monetary unionmodel to investigate the policy-mix problem under different regimes of non-cooperation, cooperation, and enforced cooperation among fiscal authorities.We find that fiscal policy is unambiguously countercyclical, a feature that ismore pronounced under fiscal policy cooperation. Monetary policy can be eithercountercyclical or procyclical. A central bank concerned about the aggregatefiscal stance is effective in stabilizing output and central budget, but at theexpense of inflation stabilization.

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Authors and Affiliations

Georgios Chortareas
Christos Mavrodimitrakis
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Abstract

This paper presents a numerical method for determining heat transfer coefficients in cross-flow heat exchangers with extended heat exchange surfaces. Coefficients in the correlations defining heat transfer on the liquid- and air-side were determined using a nonlinear regression method. Correlation coefficients were determined from the condition that the sum of squared liquid and air temperature differences at the heat exchanger outlet, obtained by measurements and those calculated, achieved minimum. Minimum of the sum of the squares was found using the Levenberg-Marquardt method. The uncertainty in estimated parameters was determined using the error propagation rule by Gauss. The outlet temperature of the liquid and air leaving the heat exchanger was calculated using the analytical model of the heat exchanger.
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Authors and Affiliations

Dawid Taler
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Abstract

Sedimentological study of the three geographically separated outcrops of bottom− sets of a single lava−fed delta (Pliocene) in the James Ross Island (Antarctica) allows recognition of six lithofacies. Deposits of traction currents, deposits of volcaniclastic debris flows and products of such flows transformations (both l ow− and high−density turbidity currents) and glacigenic deposits (subaqueous de bris flows and traction/turbidity currents) were all recognised. Existence of submarine proglacial environment formed prior to formation of volcaniclastic deposits partly covering the subaqueous slopes of volcano is supposed. The principal role of mass flow processes was recognised and explained by relative steep slopes of the lava−fed delta. The distribution of lithofacies significantly differs in the individual outcrops. These variations in sedimentary succession an d also in thickness of volcaniclastic deposits of “bottomsets” of the single lava fed delta suggest principal role of local conditions and paleogeography for development and preservation of this part of delta depositional system. Moreover proximal and distal setting can be followed and direct vs . more distant relation to over−riding lava−fed delta supposed. The sedimentary succession terminated by foresets of hyaloclastite breccia.
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Authors and Affiliations

Slavomír Nehyba
Daniel Nývlt
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Abstract

There are reasons researchers may be interested in accounting for spatial heterogeneity of preferences, including avoiding model misspecification and the resulting bias, and deriving spatial maps of willingness-to-pay (WTP), which are relevant for policy-making and environmental management. We employ a Monte Carlo simulation of three econometric approaches to account for spatial preference heterogeneity in discrete choice models. The first is based on the analysis of individual-specific estimates of the mixed logit model. The second extends this model to explicitly account for spatial autocorrelation of random parameters, instead of simply conditioning individual-specific estimates on population-level distributions and individuals’ choices. The third is the geographically weighted multinomial logit model, which incorporates spatial dimensions using geographical weights to estimate location-specific choice models. We analyze the performance of these methods in recovering population-, region- and individual-level preference parameter estimates and implied WTP in the case of spatial preference heterogeneity. We find that, although ignoring spatial preference heterogeneity did not significantly bias population-level results of the simple mixed logit model, neither individual-specific estimates nor the geographically weighted multinomial logit model was able to reliably recover the true region- and individual-specific parameters. We show that the spatial mixed logit proposed in this study is promising and outline possibilities for future development.
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Authors and Affiliations

Wiktor Budziński
1
ORCID: ORCID
Mikołaj Czajkowski
1
ORCID: ORCID

  1. University of Warsaw

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