In undergraduate international economics coursework students are often exposed to the IS-LM-BP model via diagrammatic analysis. The model itself presents the intuitive mechanics behind how an open economy functions and is generally regarded as useful to policy makers. The goal of this paper is to present an in-depth investigation of the IS-LM-BP model through algebraically representing its components. Our model features a two-country framework with sticky prices and flexible exchange rates. We display some interesting relations between factors that must hold in order for monetary and fiscal policy to be effective. Additionally, a peak at a possible extension to the model is presented in the last section.

The main goal of the thesis is to explore selected economical hypotheses through theoretical conception applying macroeconomics data from the Czech Republic. This thesis includes the following hypotheses: budget deficits solved by increasing taxes, compromise between unemployment and inflation, low impact of budget deficits. To verify these hypotheses, there is a comparison with economic theories such as Laffer curve, which has showed that Laffer peak is at the level of 22 % taxation. Other used theory is the Phillips curve where correlation between inflation and unemployment rate is stronger based on yearly data than on monthly data. Theoretical model IS-LM has confirmed that multiplication effect could have caused the positive economic growth in 2010 and 2011. Even if economical hypothesizes are partially correct, they are not recommended for the government to determine their decisions. There are more efficient long-term solutions that can be used to solve challenges of the recent economic situation.

The master thesis deals with the attack "‘pass the hash"’ on high privileged accounts. Within the theoretical part is discussed creating hashes and its use. Next is a descrip- tion of the authentication in Windows operating system. There are also pointed out weaknesses in the design of authentication mechanisms. The last part deals with the individual attack and security options for mitigating the impacts. In the practical part are tested available tools for retrieving hashes from the files of the operating systems and tools which allow the attack itself. The output of this section is selection of the appropriate tools to demonstrate the attack in a proposed real environ- ment. The last topic is about designing the experimental environment, demostration of the attack with the possibility of getting through the network. The last steps deal with mitigating the impact of the attack.

The aim of this thesis is to examine whether repo rates have any impact on private consumption in Sweden. After the financial crisis in 2008, the repo rates in some periods become negative. Whether negative repo rates have impact on private consumption is an additional analysis in the thesis. In the theoretical framework the IS-LM model and some explicit hypothesis are derived. In the empirical part, data for repo rate, income, inflation and saving in Sweden are collected from 1995 to 2019 with a time unit of quarterly data. With the collected data one multiple linear regression is estimated and one additional test where the same model is modified with a dummy variable that isolates the periods with negative repo rates. In line with the theoretical prediction, the first multiple linear regression result exhibits that the repo rate has statistically significant negative impact on private consumption. The second multiple linear regression with the dummy variable shows that the impact of negative repo rates is not different from positive repo rate. Limitations and shortcomings are discussed in the section limitations and weaknesses.

This paper explores the possibility of gold and Bitcoin acting as safe haven investments during the Corona pandemic. To answer the research question the authors use OLS-, GARCH-, and TGARCH-models. The S&P 500 stock- and S&P U.S. Aggregate bond-indexes are used as a measure of the performance on U.S. stock- and bond-market. Safe haven assets have a negative beta during turbulent times and therefore the period of 2020-01-01 to 2022-03-31 will be analyzed. A period of five years leading up to the pandemic as well as the turbulent time period will be used as an average to enable comparison between regular and trying times. The results conclude that neither Bitcoin nor gold can be viewed as safe haven assets. However, it is found that both assets can work as diversifiers in the two markets.

När flera yrkanden står emot varandra vid ett klyvningsförfarande, och där inget alternativ anses vara bättre än det andra, har lantmätaren till uppgift att avgöra vilket yrkande som medför minsta olägenhet utan att oskälig kostnad uppkommer, FBL 11 kap. 7 §. I arbetet var detta vår frågeställning. Syftet med examensarbetet var att undersöka hur denna frågeställning löses i praktiken samt utreda klassificeringar av typsituationer för att underlätta tillämpningen av FBL 11:7. För att få en djupare förståelse om klyvningsinstitutets innebörd och användning krävdes omfattande litteraturstudier. Detta var det första steget i vårt arbete där vi studerade propositioner, förarbeten och kommentarer till fastighetsbildningslagen. Vi läste även rättsfall, rapporter och utförde intervjuer på lantmäterimyndigheten i Stockholm. Nästa steg i processen blev att undersöka klyvningsärenden. Lantmäterimyndigheten i Stockholm tillhandahöll arbetsrum, datorutrustning och inloggningsuppgifter så att vi kunde använda oss av sökmotorn Trossen , som är ett digitalt databasarkiv. Genom programvaran kunde vi söka upp klyvningsärenden och sedan granska dess akter i fastighetsregistret. Syftet med granskningen var att gallra ut alla överenskommelser och endast använda de ärenden som hade något samband med vår frågeställning om tvistande lottilldelningar. Sökningen begränsades till fem år tillbaka i tiden och med hälften av Sveriges län. Hela sökningen har statistiskt redovisats i undersökningen. Vi kunde sedan klassificera typsituationer utifrån de rättsfall och ärenden som vi erhöll genom undersökningen. Klassificeringarna blev följande: - Dispositiva metoder - Medling - Tvingande metoder (minsta olägenhet utan oskälig kostnad) - Separering - Hävd och avsikt - Sämjedelad fastighet - Hus på ofri grund - Lottning Lagrummet bör utformas i en riktning som ger lantmätaren ökade möjligheter att besluta i situationer där parterna är oense om uppdelningen. Med klarare riktlinjer för hur de personliga omständigheterna ska användas, undviks slumpen genom lottning.

京都大学 / 新制・課程博士 / 博士(人間健康科学) / 甲第23828号 / 人健博第99号 / 新制||人健||7(附属図書館) / 京都大学大学院医学研究科人間健康科学系専攻 / (主査)教授 椎名 毅, 教授 杉本 直三, 教授 辻川 明孝 / 学位規則第4条第1項該当 / Doctor of Human Health Sciences / Kyoto University / DFAM

本篇論文共分為兩部分，第一部份是以每年交易量非常大的外匯選擇權（FX Option）市場以及台指選擇權為例，以Brigo 及Mercurio這兩位學者於2000年提出的Lognormal Mixture model (簡稱LM model)為基礎，捕捉選擇權市場中典型的波動度微笑（Volatility smile）曲線之特性。第二部份係商品評價之應用，是以大陸地區發行的匯率連動結構型商品（Structure Notes）為主。 第一部份中我們分別採用LM 模型（Lognormal Mixture Model）、Shifting LM模型（Shifting Lognormal Mixture Model）及LMDM模型（Lognormal Mixture with Different Mean Model）等三種模型，用以衡量其實際上在外匯選擇權市場及台指選擇權中波動微笑曲線校準的準確性。結果顯示LM模型、Shifting LM模型及LMDM模型均能有效地反應並捕捉出選擇權市場中波動度微笑曲線之特性，而其中又以LMDM模型的效果最佳，其無論在波動度校準或是選擇權價格評價上的誤差均最小。 第二部分是以「中國銀行匯聚寶0709G掛鉤美元兌加元匯率之加元產品」的匯率連動結構型商品為例，以Garman and Kohlhagen（1983）外匯選擇權模型求出其封閉解並作發行商期初利潤分析，然後再用蒙地卡羅模擬法進行投資人期末報酬分析。此外，亦針對此種商品的敏感性與避險參數作分析。

Der Hippokampus spielt eine wichtige Rolle bei der Erfassung, Festigung und dem Wiederabrufen von Gedächtnisinhalten. Diese Prozesse werden von Oszillationen begleitet, die synchronisierte neuronale Aktivität wiederspiegeln. Der erste Teil dieser Arbeit konzentriert sich auf ‘ripples’, eine schnell schwingende Netzwerkaktivität, die an der Festigung von Gedächtnisinhalten beteiligt ist. Das Subikulum ist eine der Hauptausgangsstationen des Hippokampus und überträgt Informationen zu Zielregionen außerhalb dieser Region. Um dies besser zu verstehen, habe ich hier die Eigenschaften von subikulären Pyramidenzellen und deren Regulierung während ripples untersucht. Es zeigte sich, dass eine Untergruppe von Zellen, burst (in Salven) feuernde Zellen, ihre Aktivität erhöht, während eine zweite Untergruppe, regulär feuerende Zellen, ihre Aktivitaet während ripples vermindert. Ferner ist bei regulär feuernden Zellen das Verhältnis zwischen Inhibition und Exzitation höher als bei burst feuernden Zellen. Zusammen mit Erkenntnissen aus früheren Studien lassen diese Ergebnisse vermuten, dass Information während ripples hauptsächlich zu Zielregionen der burst feuernden Zellen geleitet wird. Neben Pyramidenzellen beherbergt der Hippokampus auch eine Vielzahl verschiedener Interneurone. Im zweiten Teil dieser Arbeit habe ich O-LM Interneurone der hippokampalen Region CA1 untersucht. Diese spielen eine wichtige Rolle bei der Kontrolle von Eingängen aus dem entorhinalen Kortex. Wir konnten zeigen, dass die exzitatorische Übertragung auf O-LM Interneurone durch Serotonin, einem von den Raphe-Kernen ausgeschütteten Neuromodulator, vermindert wird. Dies geschieht durch einen präsynaptischen Mechanismus, der wahrscheinlich eine Verminderung des Kalziumeinstroms in präsynaptische Endigungen umfasst. Eine Verminderung der Aktivität von O-LM Interneuronen durch Serotonin könnte die synaptische Übertragung von Signalen aus dem entorhinalen Kortex auf CA1 Pyramidenzelldendriten erleichtern. / The hippocampus plays an important role in the acquisition, consolidation and retrieval of memory. These processes are accompanied by hippocampal oscillations, which reflect synchronized neuronal activity. The first part of this thesis focuses on ripples, a fast oscillatory activity which is involved in memory consolidation. The subiculum as one of the main output areas of the hippocampus is ideally suited to mediate information transfer to extrahippocampal targets. Here I investigated the properties of subicular pyramidal cells and their modulation during ripples. I found that a subset of subicular pyramidal cells increases its firing rate during ripples whereas another subset decreases its firing rate. Furthermore I was able to identify a correlate between modulation and cell subtype: burst firing cells increased their firing rate, and regular firing cells decreased their firing rate. We could further show that regular firing cells receive a higher ratio of inhibition to excitation as compared to burst firing cells. Together with earlier work, these results suggest that information transferred during ripples is likely to be routed preferentially to target regions of the burst firing subtype. Besides pyramidal cells, the hippocampus hosts a variety of interneuron types. The second part of this thesis focuses on GABAergic O-LM interneurons of hippocampal area CA1, which play an important role in controlling input from the entorhinal cortex. We could show that excitatory transmission from local pyramidal cells onto O-LM interneurons is decreased by serotonin, a neuromodulator released from the midbrain raphe nuclei. This modulation is mediated by a presynaptic mechanism and is likely to involve a decrease in calcium influx into presynaptic terminals. We conclude that serotonin, by decreasing O-LM output, might release fibers from entorhinal cortex impinging onto CA1 pyramidal cell dendrites from inhibition.

Does monetary policy affect the real economy? If so, what is the transmission mechanism or channel through which these effects occur? These two questions are among the most important and controversial in macroeconomics. This dissertation presents some new empirical evidence that addresses each question for the U.S. and Chinese economies. Literature on monetary transmission suggests that the monetary policy can take effect on the real economy through several ways. The most noteworthy one is credit channels, including the bank lending channel and the interest channel. First, I use a new method to test for structural breaks in the U.S. monetary policy history and present some new empirical evidence to support an operative bank lending channel in the transmission mechanism of monetary policy. Results show that an operative bank lending channel existed in 1955 to 1968, and its impact on the economy has become much smaller since 1981, but it still has a significant buffering effect on output by attenuating the effect of the interest channel. Second, I adopt the recently developed time series technique to explore the puzzling negative correlation between output and stock returns in China currently, and posit that it is due to a negative link between monetary policy and stock returns when monetary policy increases output. The monetary policy has not been transmitted well in the public sector which is the principal part of Chinese stock market, and increased investment capital from monetary expansion goes to real estate sector instead of the stock market. Last, I demonstrate how monetary policy has been transmitted into the public and private sectors of China through the credit channel. The fundamental identification problem inherent in using aggregated data that leads to failure in isolating demand shock from supply shock is explicitly solved by introducing control factors. I find that the monetary policy has great impact on private sector rather than public sector through credit channel in China. These findings have important practical implications for U.S. and China’s economic development by improving the efficiency of the monetary policy because a comprehensive understanding of monetary transmission will lead to better policy design.