Suchergebnisse

A standard labour contract has two important components,
agreed upon wage from principal and efforts that in return is provided
by agent. On one hand both principal and agent have full knowledge of
wage, while information on provided effort level is always incomplete
due to its abstract nature. Principal can only observe output of agent,
which is joint function of effort, skill level and work environment
[Green (1992)]. Assuming economic agents strictly follow their material
gain, the game theoretic model predicts that agent will utilise minimum
possible effort level. Similarly, the principal will pay minimum wages,
since additional wages cannot extract additional effort. In contrast,
the gift exchange model (GEM) is based on the critical assumption that
reciprocal behaviour creates a positive relationship between wages and
workers' effort levels [Akerlof (1982, 1984)]. Workers are assumed to
reciprocate higher wage levels from firms by increasing their effort
(positive reciprocity) and /or by decreasing their effort in retaliation
for low wage (negative reciprocity). In labour market as partial gift
exchange, the loyalty of workers is exchanged for higher wage, and this
loyalty then can be translated to higher productivity through effective
management. Experimental evidence has supported the reciprocity
hypothesis both in laboratory [Fehr and Falk (2008); Fehr, et al.
(1993); Fehr and Tougareva (1995); Fehr and Falk (1999); Fehr, et al.
(1998); Fehr, Gächter, and Kirchsteiger (1997)] and in the field [Falk
(2007); Henning- Schmidt, et al. (2005); Bellemare and Shearer
(2007)].

Confronted with the challenges of climate change, the ECB adopted a Climate Change Action Plan in July 2021 and thereby joined forces with Member States and EU institutions to support Europe's green transition to a CO2-neutral environment. The measures in the Action Plan aim to internalize climate risks, integrating sustainability-linked bonds into the monetary policy framework and hint at an even more active climate policy by way of preferential green bond purchases. This article analyses to what extent the mandate of the ECB allows for such a green monetary policy, focusing on the admissibility of monetary policy measures containing a "green bias" that discriminate against environmentally unsustainable or carbon-intensive economic activities. The ECB uses the principle of market efficiency to defend preferential green bond purchases. According to the ECB, as long as market participants do not yet adequately price in the costs of climate change and unsustainable economic activities, the ECB should step in and correct these market dysfunctionalities to ensure an efficient allocation of resources.This is a contested novelty in euro area monetary policy, since the ECB has so far adhered to the principle of market neutrality with regard to the allocation of its bond purchases.
ECB, central banking, mandate, monetary policy, climate change, institutional balance, sustainable finance

Abstract
The conflict between the Russian Federation and Ukraine has again raised the problem of neutrality in the light of the massive shipment by Western States of military assets to Ukraine and the restrictive measures (sanctions) against the Russian Federation. The resolutions by the UN General Assembly and the qualification of the Russian Federation as an aggressor have induced to consider the relationship between neutrality and the UN Charter. This article examines the problem of neutrality according to recent practice and argues that neutrality is still alive, notwithstanding its transformation from its origin. The notion of non-belligerency is also in conformity with international law. Neutrality is no longer an institution of jus in bello but belongs to jus ad bellum and the principle of equality of belligerents should not be applied, except for those rules that have purely humanitarian nature. Permanent neutrality is still a valid institution as the practice shows. Lastly, this article deals with neutrality and non-international conflicts, concluding that the recognition of belligerency, that is the mechanism allowing the application of neutrality to this category of conflict, is almost obsolete.

In 2019 the doctrine, called "Modern Monetary Theory" (MMT), broke into the political Olympus. Political, academic and financial circles in the USA, the United Kingdom and Australia are actively discussing what was previously unthinkable: the budget deficit does not matter, the money printing is able to close the gap between government spending and taxes without inflation pressuring and other well-known ideas presented in a new light. The strict criticism of MMT was voiced by the economists of all kinds, from Kenneth Rogoff and Lawrence Summers from Harvard University to Paul Krugman from the City University of New York. All of them claim that under the mask of a new theory simple left populism is hidden. Representatives of MMT believe that when their supporters win in the upcoming elections in the USA, they will open a new page in the history of economics and politics.