This paper investigates how oil price changes affect consumer price inflation in eleven Central and Eastern European countries. We use a wavelet-based Markov switching approach in order to distinguish between the effects at different time horizons. We find that the transmission of oil price changes to inflation is relatively low in the Central and Eastern European countries as an increase in the oil price of 100% is followed by a rise in inflation of 1-6 percentage points. The strongest impact from rising oil price on inflation is found for the longer time-horizons for most of the countries, which means that the indirect spillover effect is more intensive than the direct one. Also, the results indicate that exchange rate is not a significant factor when oil shocks are transmitted towards inflation, except in the occasions when high depreciation occurs. Slovakia and Bulgaria are the countries which experience the highest and most consistent pass-through effect throughout the observed sample, and this may be due to these countries having some of the highest oil import/GDP ratios.
ARTICLE HISTORY
The paper explores online communication of environmental non-governmental organizations (NGO) with their stakeholders. The aim of the research is to determine whether organizations use Facebook social network, and what communicative purpose they use it for. The subject of analysis has been firstly the transparency of NGO operations, secondly the engagement of stakeholders for the purposes of strengthening relationships and securing resources, and thirdly the potential of Facebook social network as a public relations tool that is able to ensure openness in the activities of the civil sector. Based on the conducted study, it was concluded that majority of environmental NGOs have still not developed an awareness on the benefits of this type of communication, and that only minority of organizations which do use Facebook as a public relations tool pay any significant attention to establishing of interactive dialogue with the main stakeholders. For more exhaustive conclusions and in order to explain the findings from manager's point of view, we used secondary data from surveys conducted by the NGO "Civic Initiatives", such as questionnaires and in-depth interviews with managers of non-governmental organizations. The significance of this paper is that it provides an overview of the current situation in the study area and provides theoretical background and guidance to managers and public relations practitioners for the improvement of their activities.
The high level of volatility, uncertainty, complexity and ambiguity in business environments lead to the fact that traditional management has been in serious trouble. The required flexibility should provide the agile project management causing a silent revolution of the way projects are organized and executed. Although initially rooted in the software development industry, we can say that agile methodologies are spreading across a broad range of industries. The benefits of applying an agile approach are widely recognized, but there are still various challenges and problems that the organization faces with when adopting an agile practice.
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