Another Look to the Price-Dividend Ratio: A Markov-Switching Approach

This paper analyzes the stationarity of this ratio in the context of a Markov-switching model à la Hamilton (1989) where an asymmetric speed of adjustment is introduced. This particular specification robustly supports a nonlinear reversion process and identifies two relevant episodes: the post-war period from the mid-50’s to the mid-70’s and the so called “90’s boom” period. A three-regime Markov-switching model displays the best regime identification and reveals that only the first part of the 90’s boom (1985-1995) and the post-war period are near-nonstationary states. Interestingly, the last part of the 90’s boom (1996-2000), characterized by a growing price-dividend ratio, is entirely attributed to a regime featuring a highly reverting process.

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.

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.

Code-switching, Metalinguistics, and Translation in a Bilingual/Bicultural Novel: Sandra Cisneros' Caramelo or Puro Cuento

Raquel Merino Álvarez, José Miguel Santamaría, Eterio Pajares (eds.)

Two-magnon bound state causes ultrafast thermally induced magnetisation switching

There has been much interest recently in the discovery of thermally induced magnetisation switching using femtosecond laser excitation, where a ferrimagnetic system can be switched deterministically without an applied magnetic field. Experimental results suggest that the reversal occurs due to intrinsic material properties, but so far the microscopic mechanism responsible for reversal has not been identified. Using computational and analytic methods we show that the switching is caused by the excitation of two-magnon bound states, the properties of which are dependent on material factors. This discovery allows us to accurately predict the onset of switching and the identification of this mechanism will allow new classes of materials to be identified or designed for memory devices in the THz regime.

Exchange biased FeNi/FeMn bilayers with coercivity and switching field enhanced by FeMn surface oxidation

FeNi/FeMn bilayers were grown in a magnetic field and subjected to heat treatments at temperatures of 50 to 350 degrees C in vacuum or in a gas mixture containing oxygen. In the as-deposited state, the hysteresis loop of 30 nm FeNi layer was shifted. Low temperature annealing leads to a decrease of the exchange bias field. Heat treatments at higher temperatures in gas mixture result in partial oxidation of 20 nm thick FeMn layer leading to a nonlinear dependence of coercivity and a switching field of FeNi layer on annealing temperature. The maximum of coercivity and switching field were observed after annealing at 300 degrees C.

Distribución de "coxiella burnetii" en los rumiantes domésticos y en la fauna silvestre de la Comunidad Atutónoma Vasca. Evaluacióndel efecto del tratamiento antibiótico y de la vacunación en el control de la fiebre Q en rebaños ovinos naturalmente infectados

243 p. : il.

Avances en espectrometría de masas con fuente de plasma: Análisis simultáneo de elementos mayores y trazas mediante Q-ICP-MS y análisis isotópicos de Sm-Nd mediante HR-MC-ICP-MS. Aplicación en estudios geoquímicos

186 p. : il.

A new solution for the roommate problem: The Q-stable matchings

The aim of this paper is to propose a new solution for the roommate problem with strict preferences. We introduce the solution of maximum irreversibility and consider almost stable matchings (Abraham et al. [2])and maximum stable matchings (Ta [30] [32]). We find that almost stable matchings are incompatible with the other two solutions. Hence, to solve the roommate problem we propose matchings that lie at the intersection of the maximum irreversible matchings and maximum stable matchings, which are called Q-stable matchings. These matchings are core consistent and we offer an effi cient algorithm for computing one of them. The outcome of the algorithm belongs to an absorbing set.

Design and evaluation of an optical switching node

[EN]For a good development of elastic optical networks, the design of flexible optical switching nodes is required. This work analyses the previously proposed flexible architectures and, based on the most appropriate, which is the Architecture on Demand (AoD), proposes a specific configuration of the node that includes spatial and spectral switching and the wavelength conversion functionality with a low blocking probability and the minimum amount of modules; the characteristics of the traffic that the designed node is able to cope with are specified in the last chapter. An evaluation of the designed node is also done, and, compared to the other architectures, it is shown that the Architecture on Demand gives better results than others and that it has a higher potential for future developments.

Beyond Q-Resolution and Prenex Form: a Proof System for Quantified Constraint Satisfaction

We consider the quanti fied constraint satisfaction problem (QCSP) which is to decide, given a structure and a first-order sentence (not assumed here to be in prenex form) built from conjunction and quanti fication, whether or not the sentence is true on the structure. We present a proof system for certifying the falsity of QCSP instances and develop its basic theory; for instance, we provide an algorithmic interpretation of its behavior. Our proof system places the established Q-resolution proof system in a broader context, and also allows us to derive QCSP tractability results.

On Nonnegative Solutions of Fractional q-Linear Time-Varying Dynamic Systems with Delayed Dynamics

This paper is devoted to the investigation of nonnegative solutions and the stability and asymptotic properties of the solutions of fractional differential dynamic linear time-varying systems involving delayed dynamics with delays. The dynamic systems are described based on q-calculus and Caputo fractional derivatives on any order.

Learning Multirobot Hose Transportation and Deployment by Distributed Round-Robin Q-Learning

Multi-Agent Reinforcement Learning (MARL) algorithms face two main difficulties: the curse of dimensionality, and environment non-stationarity due to the independent learning processes carried out by the agents concurrently. In this paper we formalize and prove the convergence of a Distributed Round Robin Q-learning (D-RR-QL) algorithm for cooperative systems. The computational complexity of this algorithm increases linearly with the number of agents. Moreover, it eliminates environment non sta tionarity by carrying a round-robin scheduling of the action selection and execution. That this learning scheme allows the implementation of Modular State-Action Vetoes (MSAV) in cooperative multi-agent systems, which speeds up learning convergence in over-constrained systems by vetoing state-action pairs which lead to undesired termination states (UTS) in the relevant state-action subspace. Each agent's local state-action value function learning is an independent process, including the MSAV policies. Coordination of locally optimal policies to obtain the global optimal joint policy is achieved by a greedy selection procedure using message passing. We show that D-RR-QL improves over state-of-the-art approaches, such as Distributed Q-Learning, Team Q-Learning and Coordinated Reinforcement Learning in a paradigmatic Linked Multi-Component Robotic System (L-MCRS) control problem: the hose transportation task. L-MCRS are over-constrained systems with many UTS induced by the interaction of the passive linking element and the active mobile robots.