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International audience ; The paper provides empirical evidence on the effects of monetary policy shocks in the three largest economies among new EU members: Czech Republic, Hungary and Poland. VAR system estimates show that the co-movement of macroeconomic variables, conditional on a monetary policy shock, is similar across these countries and, despite their lower financial development, not dissimilar to what is found for more advanced European economies. While qualitatively similar to the responses observed in the old EU members, the responses of the new members are, on average, weaker. Poland has the most stable responses both over time and across different identification schemes.

The paper provides empirical evidence on the effects of monetary policy shocks in the three largest economies among new EU members: Czech Republic, Hungary and Poland. VAR system estimates show that the co-movement of macroeconomic variables, conditional on a monetary policy shock, is similar across these countries and, despite their lower financial development, not dissimilar to what is found for more advanced European economies. While qualitatively similar to the responses observed in the old EU members, the responses of the new members are, on average, weaker. Poland has the most stable responses both over time and across different identification schemes.

Global monetary conditions have often been cited as a driving factor of commodity prices. This paper investigates the empirical relationship between US monetary policy and commodity prices by means of a standard VAR system, commonly used in analysing the effects of monetary policy shocks. The results suggest that expansionary US monetary policy shocks drove up the broad commodity price index and all of its components. While these effects are significant, they however do not appear to be overwhelmingly large. This finding is also confirmed under different identification strategies for the monetary policy shock.

Neutron star models with maxim mass close to 2 M reach high central densities, which may activate nucleonic and hyperon direct Urca neutrino emission. To alleviate the tension between fast theoretical cooling rates and theal luminosity observations of moderately magnetized, isolated theally emitting stars (with L1031 erg s-1 at t 105.3 yr), some internal heating source is required. The power supplied by the internal heater is estimated for both a phenomenological source in the inner crust and Joule heating due to magnetic field decay, assuming different superfluidity models and compositions of the outer stellar envelope. It is found that a theal power of W(t) ≈ 1034 erg s-1 allows neutron star models to match observations of moderately magnetized, isolated stars with ages t 105.3 yr. The requisite W(t) can be supplied by Joule heating due to crust-confined initial magnetic configurations with (i) mixed poloidal-toroidal fields, with surface strength Bdip = 1013 G at the pole of the dipolar poloidal component and 90 per cent of the magnetic energy stored in the toroidal component; and (ii) poloidal-only configurations with Bdip = 1014 G. ; AM acknowledges funding from an Australian Research Council Discovery Project grant (DP170103625). DV is supported by the European Research Council (ERC) under the European Union's Horizon 2020 research and innovation programme (ERC Starting Grant 'IMAGINE' No. 948582, PI DV). CD is supported by the ERC Consolidator Grant 'MAGNESIA' (No. 817661, PI Nanda Rea) and this work has been carried out within the framework of the doctoral program in Physics of the Universitat Autònoma de Barcelona. JAP acknowledges support by the Generalitat Valenciana (PROMETEO/2019/071), AEI grant PGC2018-095984-B-I00, and the Alexander von Humboldt Stiftung through a Humboldt Research Award.

The dissipation of intense crustal electric currents produces high Joule heating rates in cooling neutron stars. Here it is shown that Joule heating can counterbalance fast cooling, making it difficult to infer the presence of hyperons (which accelerate cooling) from measurements of the observed thermal luminosity Lγ. Models with and without hyperon cores match Lγ of young magnetars (with poloidal-dipolar field Bdip ≳ 1014 G at the polar surface and Lγ ≳ 1034 erg s−1 at t ≲ 105 yr) as well as mature, moderately magnetized stars (with Bdip ≲ 1014 G and 1031 erg s−1 ≲ Lγ ≲ 1032 erg s−1 at t ≳ 105 yr). In magnetars, the crustal temperature is almost independent of hyperon direct Urca cooling in the core, regardless of whether the latter is suppressed or not by hyperon superfluidity. The thermal luminosities of light magnetars without hyperons and heavy magnetars with hyperons have Lγ in the same range and are almost indistinguishable. Likewise, Lγ data of neutron stars with Bdip ≲ 1014 G but with strong internal fields are not suitable to extract information about the equation of state as long as hyperons are superfluid, with maximum amplitude of the energy gaps of the order ≈1 MeV. ; FA is supported by The University of Melbourne through a Melbourne Research Scholarship. AM acknowledges funding from an Australian Research Council Discovery Project grant (DP170103625) and the Australian Research Council Centre of Excellence for Gravitational Wave Discovery (OzGrav) (CE170100004). DV is supported by the European Research Council (ERC) under the European Union's Horizon 2020 research and innovation programme (ERC Starting Grant "IMAGINE" No. 948582, PI DV). CD is supported by the ERC Consolidator Grant "MAGNESIA" (No. 817661, PI Nanda Rea) and this work has been carried out within the framework of the doctoral program in Physics of the Universitat Autònoma de Barcelona. JAP acknowledges support by the Generalitat Valenciana (PROMETEO/2019/071), AEI grant PGC2018-095984-B-I00 and the Alexander von Humboldt Stiftung ...