Profit and Cost in "Modern" Post-Marxian Profit Theory: A Case Study from Varian's "Intermediate Microeconomics"

In this paper, I examine the treatment of competitive profit of professor Varian in his textbook on Microeconomics, as a representative of the “modern” post-Marxian view on competitive profit. I show how, on the one hand, Varian defines profit as the surplus of revenues over cost and, thus, as a part of the value of commodities that is not any cost. On the other hand, however, Varian defines profit as a cost, namely, as the opportunity cost of capital, so that, in competitive conditions, the profit or income of capital is determined by the opportunity cost of capital. I argue that this second definition contradicts the first and that it is based on an incoherent conception of opportunity cost.

The Comovement between Monetary and Fiscal Policy Instruments during the Post-War Period in the U.S.

This paper empirically studies the dynamic relationship between monetary and fiscal policies by analyzing the comovements between the Fed funds rate and the primary deficit/output ratio. Simple economic thinking establishes that a negative correlation between Fed rate and deficit arises whenever the two policy authorities share a common stabilization objective. However, when budget balancing concerns lead to a drastic deficit reduction the Fed may reduce the Fed rate in order to smooth the impact of fiscal policy, which results in a positive correlation between these two policy instruments. The empirical results show (i) a significant negative comovement between Fed rate and deficit and (ii) that deficit and output gap Granger-cause the Fed funds rate during the post-Volcker era, but the opposite is not true.

Markov Switching Risk Premium and the term structure of interest rates. Empirical evidence from US post-war interest rates

This paper considers the basic present value model of interest rates under rational expectations with two additional features. First, following McCallum (1994), the model assumes a policy reaction function where changes in the short-term interest rate are determined by the long-short spread. Second, the short-term interest rate and the risk premium processes are characterized by a Markov regime-switching model. Using US post-war interest rate data, this paper finds evidence that a two-regime switching model fits the data better than the basic model. The estimation results also show the presence of two alternative states displaying quite different features.

The changing behaviour of the term structure of post-war US

Using U.S. interest rate data covering the period 1950:1-1992:7, this paper tests the rational expectations model of the term structure of interest rates. We show evidence that the rational expectations model of the term structure is supported by the data during the seventies and a period lasting from the mid-eighties to the end of the sample. However, during the …fties, sixties and a period that covers most of the Volcker’s office term (from September 1979 to April 1986) the term structure model is rejected by the data. Moreover, wefind evidence of regime changes in the short-term rate process and the term structure of interest rates. These regime switches roughly coincide with changes in the Federal Reserve chairman. The switches in monetary policy taking place when the chairmanship of the Federal Reserve changes therefore seem to play an important role in characterizing the term structure of interest rates.

Switching Regimes in the Term Structure of Interest Rates During U.S. Post-War: A case for the Lucas proof equilibrium?

Published as an article in: Studies in Nonlinear Dynamics & Econometrics, 2004, vol. 8, issue 1, pages 5.

Impacto de las políticas crediticias de la banca en los resultados ex post : una aproximación desde las teorías económicas del ciclo crediticio

[ES]Este trabajo se centra en el análisis de la relación entre las políticas crediticias de las entidades de crédito y el comportamiento de las mismas ex post. Se hace una revisión de la teoría que justifica que los mercados crediticios pueden estar sujetos, en determinadas circunstancias, a un componente endógeno más elevado de lo que, en general, se atribuye. Se plantea como hipótesis de trabajo la existencia de una relación entre la intensidad en el crecimiento de la cartera crediticia de los bancos en las fases de expansión crediticia y su comportamiento ex post. Los resultados preliminares presentados confirman la hipótesis de que las entidades que más desvían su crecimiento crediticio respecto del crecimiento del PIB nominal, están sujetas a un peor comportamiento en cuanto a la evolución posterior de sus beneficios, rentabilidades e insolvencias.

Explorando la relación entre políticas crediticias y resultados de la banca española ex-post

© Este trabajo está licenciado bajo la licencia Creative Commons Attribution 3.0.

Itzulpen automatikorako tresnen egokitzapena euskararako: post-edizioa, ebaluazioa eta aurre-edizioa

Proiektu honetan zehar Itzulpen Automatikoa eta horren inguruko tresnen inguruan jorratu da. Lengoaia Naturalaren Prozesamendua eta itzulpen automatikoa ikasi eta aztertu egin dira ikuspuntu zabal batetik. Itzulpen automatiko orokorraz eta horren aplikazio mota desberdinetatik gain, bestelako kontzeptuak ere tratatu dira, hala nola, itzulpenean laguntzeko tresnak, itzulpen automatikoaren ebaluazioa eta itzulpen automatikorako testuen aurre-edizioa eta post-edizioa. Ikasketa- eta aztertze-prozesu horretaz gain, erlazionatuta dauden tresnak erabili edota moldatu egin dira euskararako itzulpen automatikoan barne. Hiru atal nagusi nabarmendu daitezke: Lehenengo, OmegaT, itzulpenean laguntzeko softwarea, moldatu da Matxin euskararako itzultzaile automatikoa gehituz. Gainera, IXA Taldearen eta Euskal Wikipediaren arteko kolaborazio-lanean, Wikipediako artikuluak eskuratu, itzuli eta igotzeko aukera egokitu zaio OmegaT-ri eta horren erabilera sustatu da Euskal Wikipediako komunitatean eta UPV/EHUko Informatikako ikasle eta irakaslegoaren artean. Bestalde, lan honetaz baliatuz, OmegaT-k sortzen dituen itzulpen-memoriak, Matxin-en itzulpenen gaineko post-edizioan oinarrituak, eskuratzeko modu bat egin da, horiekin Matxin-en funtzionamendua hobetu ahal izateko. Ondoren, Asiya programan integratu egin da euskara. Asiya-k itzulpen automatikoaren ebaluazio eta meta-ebaluazioak egin ditzakeen aplikazioa da. Hainbat metrika aztertu dira euskara aztertzeko balio ote duten begiratzeko. Besteen artean, lau metrikari euskara gehitzeko saiakera egin nahi izan da IXA Taldeko euskarazko testuen analizatzaile batek eskainitako informazio sintaktikoa gehituz, baina bi metrika soilik egokitu ahal izan dira. Azkenik, DiSeg esaldi-segmentatzailea erabili egin da gaztelerazko corpus baten gainean esaldi luzeak banatzeko. Aurre-edizio hori eta gero itzuli egin dira eta Asiya erabiliz emaitzen ebaluazioa eta konparazioa egin dira, esaldi laburragoekin itzulpen automatiko eraginkorragoa lortzen oten den aztertzeko.

Daily scale wintertime sea surface temperature and IPC-Navidad variability in the southern Bay of Biscay from 1981 to 2010

The combination of remotely sensed gappy Sea surface temperature (SST) images with the missing data filling DINEOF (data interpolating empirical orthogonal functions) technique, followed by a principal component analysis of the reconstructed data, has been used to identify the time evolution and the daily scale variability of the wintertime surface signal of the Iberian Poleward Current (IPC), or Navidad, during the 1981-2010 period. An exhaustive comparison with the existing bibliography, and the vertical temperature and salinity profiles related to its extremes over the Bay of Biscay area, show that the obtained time series accurately reflect the IPC-Navidad variability. Once a time series for the evolution of the SST signal of the current over the last decades is well established, this time series is used to propose a physical mechanism in relation to the variability of the IPC-Navidad, involving both atmospheric and oceanic variables. According to the proposed mechanism, an atmospheric circulation anomaly observed in both the 500 hPa and the surface levels generates atmospheric surface level pressure, wind-stress and heat-flux anomalies. In turn, those surface level atmospheric anomalies induce mutually coherent SST and sea level anomalies over the North Atlantic area, and locally, in the Bay of Biscay area. These anomalies, both locally over the Bay of Biscay area and over the North Atlantic, are in agreement with several mechanisms that have separately been related to the variability of the IPC-Navidad, i.e. the south-westerly winds, the joint effect of baroclinicity and relief (JEBAR) effect, the topographic beta effect and a weakened North Atlantic gyre.

Changes in social inequalities in disability-free life expectancy in Southern Europe: the case of the Basque Country

Background: Health expectancy is a useful tool to monitor health inequalities. The evidence about the recent changes in social inequalities in healthy expectancy is relatively scarce and inconclusive, and most studies have focused on Anglo-Saxon and central or northern European countries. The objective of this study was to analyse the changes in socioeconomic inequalities in disability-free life expectancy in a Southern European population, the Basque Country, during the first decade of the 21st century. Methods: This was an ecological cross-sectional study of temporal trends on the Basque population in 1999-2003 and 2004-2008. All-cause mortality rate, life expectancy, prevalence of disability and disability free-life expectancy were calculated for each period according to the deprivation level of the area of residence. The slope index of inequality and the relative index of inequality were calculated to summarize and compare the inequalities in the two periods. Results: Disability free-life expectancy decreased as area deprivation increased both in men and in women. The difference between the most extreme groups in 2004-2008 was 6.7 years in men and 3.7 in women. Between 1999-2003 and 2004-2008, socioeconomic inequalities in life expectancy decreased, and inequalities in disability-free expectancy increased in men and decreased in women. Conclusions: This study found important socioeconomic inequalities in health expectancy in the Basque Country. These inequalities increased in men and decreased in women in the first decade of the 21st century, during which the Basque Country saw considerable economic growth.

Cultura de consumo y ciudadanía activa en la sociedad contemporánea: discursos y prácticas convencionales y post-convencionales en la generación del baby-boom

627 p.

Nueva ara dedicada a “Mater Dea” procedente de “Veleia” (Iruña de Oca, Álava)

[ES] La realización de algunos trabajos de adecuación del paisaje en la zona sur de la ciudad, en la zona extramuros del llamado "oppidum", han dado como resultado hace pocas semanas la identificación de algunas estructuras de época romana y, sobre todo, de un ara dedicada a la diosa "Mater" cuyo texto conservado abre muchas posibilidades de análisis futuro sobre este asentamiento.

Impacto del resultado post-partido en la ansiedad cognitiva, ansiedad somática y la autoconfianza en jóvenes jugadoras de fútbol

22 p. - Publicado en CD-ROM

Impacto del resultado post-partido en el estado de ánimo en jóvenes jugadoras de fútbol

En: Investigación psicodidáctica y mejora educativa = ikerkuntza psikodidaktikoa eta hezkuntza hobekuntza (No publicado) - 11 p.

Cuando el miedo invade la ficción. Análisis de Perdidos (Lost) y de otros quality dramas de la era Post 11S.

521 p.