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.

Literaturaren zertarakoa, itzulpenak eta hizkuntzaren auzia Orixerengan

Ejemplar dedicado a: Beñat Oihartzabali gorazarre - Festchrift for Bernard Oyharçabal/ Ricardo Etxepare, Ricardo Gómez, Joseba Andoni Lakarra ( eds.)

La producción flexible: Just in time versus organización científica del trabajo

Nadie puede negar que la competitividad actual de la industria japonesa se basa, entre otras razones, en el bajo coste y alto nivel de calidad de sus productos. Ambas cualidades se han conseguido por la aplicación, a partir de los 70, de prácticas innovadoras y nuevas tecnologías de fabricación como es el caso del Just in Time.

INTERPOL's surveillance network in curbing transnational terrorism

This paper investigates the role that INTERPOL surveillance – the Mobile INTERPOL Network Database (MIND) and the Fixed INTERPOL Network Database (FIND) – played in the War on Terror since its inception in 2005. MIND/FIND surveillance allows countries to screen people and documents systematically at border crossings against INTERPOL databases on terrorists, fugitives, and stolen and lost travel documents. Such documents have been used in the past by terrorists to transit borders. By applying methods developed in the treatment-effects literature, this paper establishes that countries adopting MIND/FIND experienced fewer transnational terrorist attacks than had they not adopted MIND/FIND. Our estimates indicate that, on average, during 2008–2011, adopting and using MIND/FIND results in 1.23 fewer transnational terrorist incidents each year per 100 million people. Thus, a country like France with a population just above 64 million people in 2008 would have 0.79 fewer transnational terrorist incidents per year owing to its use of INTERPOL surveillance. For most treatment countries, this amounts to a sizeable proportional reduction of about 60 per cent.

Bacantes de Eurípides: Felicidad iniciática y furia salvaje en el cortejo femenino de Dioniso

404 p. E-mail de contacto del autor: jbreviatti@yahoo.es

Historia del cuidado y del papel de la enfermería durante la Guerra Civil Española: España y País Vasco : revisión Bibliográfica

[Es]La labor cuidadora es conocida desde la antigüedad y así lo demuestran los estudios realizados. En el transcurso de la historia ha existido una evolución en el concepto de la salud-enfermedad. Y a su vez la enfermería ha sufrido trasformaciones importantes, situándose hoy en día en la posición en la que se la conoce. Diferentes acontecimientos favorecieron ésta evolución, como los conflictos bélicos. Por ello se realiza un estudio durante la Guerra Civil Española (1936-1939), para conocer la situación de la enfermería en la época, los cuidados que ofrecieron las/los enfermeras/os, la importancia de la colaboración social para la realización de estos cuidados y el consecuente beneficio de todo ello. Dedicando una sección al País vasco. Se realiza una revisión bibliográfica recurriendo principalmente a fuentes primarias para la obtención de documentación. Dando como resultado, un estudio histórico de carácter analítico-sintético. Se obtiene como resultado una visión global de la labor cuidadora de enfermeras/os, del voluntariado y de la ayuda internacional en el transcurso del conflicto. Destaca la importancia de la formación, la disciplina, los reglamentos y guías. Resulta imprescindible señalar el importante papel que desarrolló la Cruz Roja durante todo el conflicto. El conocimiento sobre el importante papel de la enfermería y los cuidados aplicados durante la guerra, contribuye a una reflexión personal de la importancia que éstas tuvieron, y demuestra la necesidad de una indagación más profunda y amplia.

Humanism after the Spanish Civil War: Gernika (1945-53), a Humanities and Social Sciencesbasque magazine

Espainiako Gerra Zibilaren eta II. Mundu Gerrarren ostean Gerra Hotza heldu zen. Testuinguru larri horretan humanismoan ikusi zuten hainbatek zibilizazio-krisiari irtenbidea topatzeko bidea. Gernika aldizkariak (1945-53) bere burua humanistatzat zeukan. Bertako idazleek gai horren inguruan zer adierazi zuten jasotzen saiatu gara, euskarazko zein erdarazko artikuluetan agertzen diren iritziak sailkatuz.

Pio del Rio Hortega and the discovery of the oligodendrocytes

Rio del Rio Hortega (1882-1945) discovered microglia and oligodendrocytes (OLGs), and after Ramon y Cajal, was the most prominent figure of the Spanish school of neurology. He began his scientific career with Nicolas Achucarro from whom he learned the use of metallic impregnation techniques suitable to study non-neuronal cells. Later on, he joined Cajal's laboratory. and Subsequently, he created his own group, where he continued to develop other innovative modifications of silver staining methods that revolutionized the study of glial cells a century ago. He was also interested in neuropathology and became a leading authority on Central Nervous System (CNS) tumors. In parallel to this clinical activity, del Rio Hortega rendered the first systematic description of a major polymorphism present in a subtype of macroglial cells that he named as oligodendroglia and later OLGs. He established their ectodermal origin and suggested that they built the myelin sheath of CNS axons, just as Schwann cells did in the periphery. Notably, he also suggested the trophic role of OLGs for neuronal functionality, an idea that has been substantiated in the last few years. Del Rio Hortega became internationally recognized and established an important neurohistological school with outstanding pupils from Spain and abroad, which nearly disappeared after his exile due to the Spanish civil war. Yet, the difficulty of metal impregnation methods and their variability in results, delayed for some decades the confirmation of his great insights into oligodendrocyte biology until the development of electron microscopy and immunohistochemistry. This review aims at summarizing the pioneer and essential contributions of del Rio Hortega to the current knowledge of oligodendrocyte structure and function, and to provide a hint of the scientific personality of this extraordinary and insufficiently recognized man.