Monetary and fiscal policies interactions in a monetary union with country-size asymmetry

Within a country-size asymmetric monetary union, idiosyncratic shocks and national fiscal stabilization policies cause asymmetric cross-border effects. These effects are a source of strategic interactions between noncoordinated fiscal and monetary policies: on the one hand, due to larger externalities imposed on the union, large countries face less incentives to develop free-riding fiscal policies; on the other hand, a larger strategic position vis-à-vis the central bank incentives the use of fiscal policy to, deliberately, influence monetary policy. Additionally, the existence of non-distortionary government financing may also shape policy interactions. As a result, optimal policy regimes may diverge not only across the union members, but also between the latter and the monetary union. In a two-country micro-founded New-Keynesian model for a monetary union, we consider two fiscal policy scenarios: (i) lump-sum taxes are raised to fully finance the government budget and (ii) lump-sum taxes do not ensure balanced budgets in each period; therefore, fiscal and monetary policies are expected to impinge on debt sustainability. For several degrees of country-size asymmetry, we compute optimal discretionary and dynamic non-cooperative policy games and compare their stabilization performance using a union-wide welfare measure. We also assess whether these outcomes could be improved, for the monetary union, through institutional policy arrangements. We find that, in the presence of government indebtedness, monetary policy optimally deviates from macroeconomic to debt stabilization. We also find that policy cooperation is always welfare increasing for the monetary union as a whole; however, indebted large countries may strongly oppose to this arrangement in favour of fiscal leadership. In this case, delegation of monetary policy to a conservative central bank proves to be fruitful to improve the union’s welfare.

The role of Lifelong Learning in the creation of a knowledge-based society for Europe: european policies

Link do editor: http://www.igi-global.com/chapter/role-lifelong-learning-creation-european/13314

Constructing Cultural Policies in Romania. A possible model for communicating the national value system

The premise of this paper is that a model for communicating the national value system must start from a strategy aimed at the identification, the cultivation and communication of values that give consistency to the value system. The analysis concentrates on the elements of such strategies and on the implications of applying a value communication program on the identity architecture of the community. The paper will also discuss the role of the national value system in the context of the emerging global culture, where the individual has the power to create his/her own hybrid cultural model.

Environmental policies in an international mixed duopoly

The purpose of this paper is to study the effects of environmental and trade policies in an international mixed duopoly serving two markets. We suppose that the firm in the home country is a welfare-maximizing public firm, while the firm in the foreign country is its own profit-maximizing private firm. We find that the environmental tax can be a strategic instrument for the home government to distribute production from the foreign private firm to the home public firm. An additional effect of the home environmental tax is the reduction of the foreign private firm's output for local consumption, thereby expanding the foreign market for the home public firm.

Vision-Based Assisted Teleoperation for Inspection Tasks with a Small ROV

It is well-known that ROVs require human intervention to guarantee the success of their assignment, as well as the equipment safety. However, as its teleoperation is quite complex to perform, there is a need for assisted teleoperation. This study aims to take on this challenge by developing vision-based assisted teleoperation maneuvers, since a standard camera is present in any ROV. The proposed approach is a visual servoing solution, that allows the user to select between several standard image processing methods and is applied to a 3-DOF ROV. The most interesting characteristic of the presented system is the exclusive use of the camera data to improve the teleoperation of an underactuated ROV. It is demonstrated through the comparison and evaluation of standard implementations of different vision methods and the execution of simple maneuvers to acquire experimental results, that the teleoperation of a small ROV can be drastically improved without the need to install additional sensors.

Structured Light System for Underwater Inspection Operations

In this work we propose the development of a stereo SLS system for underwater inspection operations. We demonstrate how to perform a SLS calibration both in dry and underwater environments using two different methods. The proposed methodology is able to achieve quite accurate results, lower than 1 mm in dry environments. We also display a 3D underwater scan of a known object size, a sea scallop, where the system is able to perform a scan with a global error lower than 2% of the object size.