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.

Option-Implied Preferences Adjustments and Risk-Neutral Density Forecasts

The main objective of this paper is to analyse the value of information contained in prices of options on the IBEX 35 index at the Spanish Stock Exchange Market. The forward looking information is extracted using implied risk-neutral density functions estimated by a mixture of two-lognormals and three alternative risk-adjustments: the classic power and exponential utility functions and a habit-based specification that allows for a counter-cyclical variation of risk aversion. Our results show that at four-week horizon we can reject the hypothesis that between October 1996 and March 2000 the risk-neutral densities provide accurate predictions of the distributions of future realisations of the IBEX 35 index at a four-week horizon. When forecasting through risk-adjusted densities the performance of this period is statistically improved and we no longer reject that hypothesis. All risk-adjusted densities generate similar forecasting statistics. Then, at least for a horizon of four-weeks, the actual risk adjustment does not seem to be the issue. By contrast, at the one-week horizon risk-adjusted densities do not improve the forecasting ability of the risk-neutral counterparts.

Influence of the northeastern Atlantic oceano-meteorological variability on the northern hake ("merluccius merluccius"). Analysis of the 1978-2006 period

316 p. : il., graf., map.

Virgilio Txerribuztangoerrekan. (I. Bukoliken eta Georgiken euskal itzulpenak)

[ES] Las traducciones de los clásicos antiguos empiezan a asomar en la literatura vasca a principios del siglo XIX: su objeto no es, en modo alguno, hacerlos accesibles a un público que de otro modo no podría leerlos, sino servir de ejercicio primero a los traductores y después a los lectores y, a un tiempo y sobre todo, dignificar la literatura vasca con obras de validez universal que, además, no implican la sumisión a ninguna cultura nacional. El que Virgilio haya sido siempre —con excepción del paréntesis romántico— el clásico por excelencia ha hecho que sus traducciones ocupen un lugar sobresaliente también en la historia de las letras vascas: el anónimo autor del manuscrito Melibeo del fondo Bonaparte, Iturriaga, Miangolarra, Arregi, Ibiñagabeitia y Orixe son los autores de esta porción —sin duda la más importante con mucho— del Fortleben vasco de Virgilio. Las traducciones de las Églogas y Geórgicas se analizan aquí desde la perspectiva que imponen la filología y la historia literaria: por un lado, se establecen las bases para, primero, interpretar correctamente dichas traducciones en su calidad de tales y, segundo, situarlas debidamente en el conjunto de la obras de sus autores y, en general, en la historia de la literatura vasca; por otro lado, se presta especial atención a las peculiaridades —notables— que la pervivencia de Virgilio presenta en el País Vasco.

Dynamics of Streptococcus pneumoniae Serotypes Causing Acute Otitis Media Isolated from Children with Spontaneous Middle-Ear Drainage over a 12-Year Period (1999–2010) in a Region of Northern Spain

10 p.

Natural Variation In Recovery From A Short Period Of Anoxia Due To A cGMP-Dependent Protein Kinase in Drosophila melanogaster

[EN] Protein Kinase G (PKG) or cGMP-dependent protein kinases (PKG) have been shown to play an important role in resistance to abiotic stressors such as high temperatures or oxygen deprivation in Drosophila melanogaster. In Drosophila, the foraging gene encodes a PKG; natural variants for this gene exist, which differ in the level of expression of PKG: rovers (forR allele) which express high PKG levels, and sitters (forS allele) which express lower PKG levels. This project explores the differences in recovery from short periods of anoxia between natural variants (focusing on forS2, flies with a sitter gene in a rover background), as well as mutants with insertions in the foraging gene and RNAi recombinants that show a reduced PKG expression. The parameters measured were time to recovery and level of activity after anoxia. The results showed lower activity after anoxia in sitters than in rovers, reflecting a worse recovery from the anoxic coma in flies with lower PKG levels.

The conventional facade solution during the developmental period in Gipuzkoa: decline (and end) of a construction system

The article analyses the construction process, the evolution and the disturbing future of the facade enclosure of the collective housing constructions built during the developmental period in the province of Gipuzkoa. 128 residential complexes were checked, and 17 people who directly took part in the construction of many of these buildings were interviewed. After examining the material and elements that make up the conventional facade solution used in Gipuzkoa and in much of Spain not only during those years but also up to the present time, the effects and causes of its main damages and flaws were studied. Its complex and costly adaptation to current demands is going to require a strong effort from society at large, and this raises the question of whether the life cycle of this construction system should be terminated once and for all.