On the Informational Role of Term Structure in the U.S. Monetary Policy Rule

This paper uses a structural approach based on the indirect inference principle to estimate a standard version of the new Keynesian monetary (NKM) model augmented with term structure using both revised and real-time data. The estimation results show that the term spread and policy inertia are both important determinants of the U.S. estimated monetary policy rule whereas the persistence of shocks plays a small but significant role when revised and real-time data of output and inflation are both considered. More importantly, the relative importance of term spread and persistent shocks in the policy rule and the shock transmission mechanism drastically change when it is taken into account that real-time data are not well behaved.

Reestructuración financiera del sistema bancario español

A finales del año 2007 se produjeron una serie de acontecimientos que más tarde, y por efecto del contagio internacional, desembocaron en una de las crisis económico-financieras más determinantes que se recuerdan en España. El presente proyecto tiene como objetivo entender todo el proceso de reestructuración llevado a cabo en los últimos años. Para ello, recoge inicialmente el origen de la crisis económico-financiera, para más tarde hacer referencia a las principales medidas que se han tenido que llevar a cabo para modificar el sistema financiero. Además, explica la última reforma de las Cajas de Ahorro y fundaciones bancarias junto con los cambios que la misma ha generado en el Sistema Financiero y en la Obra Social. Por último, después de analizar lo sucedido años atrás, llega a una serie de conclusiones acerca de la situación actual y futura del nuevo mapa financiero Español.

How central are clients in sexual networks created by commercial sex?

Sex workers are traditionally considered important vectors of transmission of sexually transmitted infections (STI). The role of clients is commonly overlooked, partially due to the lack of evidence on clients' position in the sexual network created by commercial sex. Contrasting the diffusion importance of sex workers and their clients in the map of their sexual encounters in two Web-mediated communities, we find that from diffusion perspective, clients are as important as sex workers. Their diffusion importance is closely linked to the geography of the sexual encounters: as a result of different movement patterns, travelling clients shorten network distances between distant network neighborhoods and thus facilitate contagion among them more than sex workers, and find themselves more often in the core of the network by which they could contribute to the persistence of STIs in the community. These findings position clients into the set of the key actors and highlight the role of human mobility in the transmission of STIs in commercial sexual networks.