Aplicación de la teoría de carteras con activos numism��ticos y metales preciosos

[ES] El objetivo del trabajo es la construcción de diferentes carteras compuestas por activos numism��ticos de oro y metales nobles (oro, plata, platino, paladio y rodio); con el fin de construir aquella cartera que mejor se adapte al inversor, acorde a su perfil y conocer cuál es la Cartera del Mercado. Para ello, mediante la Teoría de Carteras (Markowitz, 1952; 1959), construiremos la Frontera Eficiente y trazaremos la Línea del Mercado de Capitales o CML.

[A_Laguardia_Hoya] Poblado de La Hoya (Laguardia, Álava): Nueva Documentación Geom��trica y valorización de la existente

[ES] Restos de poblado del que se han excavado tres sectores inconexos. El sector central ocupa unos 160 x 40 metros, los dos sectores laterales ocupan un área aproximada de 20x12 y 20x30 metros. Las estructuras conservadas corresponden a muros y calles excavadas hace varias décadas que posteriormente fueron parcialmente acondicionadas, en cualquier caso, el estado de los restos en algunas zonas es de un avanzado deterioro.

Pension system's reform in Spain: a dynamic analysis of the effects in Welfare

100 p. : graf.

Emakume eta gizonen berdintasuna irakasleen formazioan : Gasteizko Irakasle Eskolaren kasua

391 : graf.

Desarrollo y optimización de herramientas biotecnológicas para la obtención de material clonal de "Pinus radiata" D. Don

224 p. : il. col.

Two Nuclear Localization Signals in USP1 Mediate Nuclear Import of the USP1/UAF1 Complex

9 p. : il.

Data analysis advances in marine science for fisheries management : supervised classification application

169 p. : il. col.

Dynamics of pneumococcal nasopharyngeal carriage in healthy children attending a day care center in northern Spain. Influence of detection techniques on the results

8 p.

The Effect of Data Revisions on the Basic New Keynesian Model

This paper proposes an extended version of the basic New Keynesian monetary (NKM) model which contemplates revision processes of output and inflation data in order to assess the importance of data revisions on the estimated monetary policy rule parameters and the transmission of policy shocks. Our empirical evidence based on a structural econometric approach suggests that although the initial announcements of output and inflation are not rational forecasts of revised output and inflation data, ignoring the presence of non well-behaved revision processes may not be a serious drawback in the analysis of monetary policy in this framework. However, the transmission of inflation-push shocks is largely affected by considering data revisions. The latter being especially true when the nominal stickiness parameter is estimated taking into account data revision processes.

Data Revisions in the Estimation of DSGE Models

Revisions of US macroeconomic data are not white-noise. They are persistent, correlated with real-time data, and with high variability (around 80% of volatility observed in US real-time data). Their business cycle effects are examined in an estimated DSGE model extended with both real-time and final data. After implementing a Bayesian estimation approach, the role of both habit formation and price indexation fall significantly in the extended model. The results show how revision shocks of both output and inflation are expansionary because they occur when real-time published data are too low and the Fed reacts by cutting interest rates. Consumption revisions, by contrast, are countercyclical as consumption habits mirror the observed reduction in real-time consumption. In turn, revisions of the three variables explain 9.3% of changes of output in its long-run variance decomposition.

An Estimated New-Keynesian Model with Unemployment as Excess Supply of Labor

Wage stickiness is incorporated to a New-Keynesian model with variable capital to drive endogenous unemployment uctuations de ned as the log di¤erence between aggregate labor supply and aggregate labor demand. We estimated such model using Bayesian econometric techniques and quarterly U.S. data. The second-moment statistics of the unemployment rate in the model give a good t to those observed in U.S. data. Our results also show that wage-push shocks, demand shifts and monetary policy shocks are the three major determinants of unemployment fl uctuations. Compared to an estimated New-Keynesian model without unemployment (Smets and Wouters, 2007): wage stickiness is higher, labor supply elasticity is lower, the slope of the New-Keynesian Phillips curve is flatter, and the importance of technology innovations on output variability increases.

Time Variation in an Optimal Asymmetric Preference Monetary Policy Model

This paper considers a time varying parameter extension of the Ruge-Murcia (2003, 2004) model to explore whether some of the variation in parameter estimates seen in the literature could arise from this source. A time varying value for the unemployment volatility parameter can be motivated through several means including variation in the slope of the Phillips curve or variation in the preferences of the monetary authority.We show that allowing time variation for the coefficient on the unemployment volatility parameter improves the model fit and it helps to provide an explanation of inflation bias based on asymmetric central banker preferences, which is consistent across subsamples.

Quince años de investigaciones histórico-arqueológicas en torno a Getaria

Homenaje a Jesús Altuna

¿con qué deporte escolar sueñan las familias?

[ES]En este artículo se recogen las opiniones de las familias de tres centros escolares (Azkue ikastola de Lekeitio, Betiko ikastola de Leioa y Seber Altube ikastola de Gernika), pertenecientes a la Federación de Ikastolas de Bizkaia (FIB/BIE). Las opiniones recogidas están relacionadas con una manera propia de entender el deporte escolar, que se va a ver materializada en la expresión de sus sueños. Estas opiniones han sido recogidas por los coordinadores de los centros, a través de los debates que se desarrollaban en losgrupos de discusión convocados al efecto con diferentes audiencias (escolares, familias, monitores, profesores y direcciones de los centros). El proceso de investigación seguido en el seminario se centra en procesos de interpelación, interrogación, contrastación y redefinición, por lo que se ajusta a un estudio cualitativo que se centra en la construcción conjunta del conocimiento (Pérez Gómez,1994, Imbernon, 1994).

Aplicación del análisis de componentes principales a la inmunización financiera: el caso del mercado español de deuda pública

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