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.

Employment of young people in the province of trento

It is with deep conviction and satisfaction that we have accepted the invitation to take part in this meeting, an occasion which enables us to reflect together on such a delicate and important question and at the same time to get to know our mutual environments,different geographically and culturally often distant but drawn to face together problems of European dimensions, such as the question of youth employment.

Análisis de emplazamiento de un parque eólico en la parte peninsular española.

[ES]El objetivo de este trabajo fin de grado es analizar el recurso eólico presente en la parte peninsular español y diseñar un parque eólico en el que se considere el emplazamiento más óptimo. Para ello se analizan mapas de vientos, mapas de espacios protegidos, mapas de batimetría y de disposición del medio marino. Tras ello se concluye que ese punto óptimo se encuentra en la costa de Cádiz, cercana al Cabo de Trafalgar. En ese punto se diseña un parque eólico offshore. Adicionalmente, se calcula la generación de energía eléctrica anual en ese parque y se realiza su correspondiente planificación y análisis económico.

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.

Implicaciones en la secuenciación cronológica rupestre del grafismo figurativo mueble gravetiense peninsular

[ES] Partiendo de la caracterización del ciclo gráfico mueble figurativo del Gravetiense peninsular (Morín, Antoliñako koba, El Castillo, Les Mallaetes y El Parpalló), se exploran las relaciones gráficas entre cada una de las piezas y los conjuntos rupestres. Se reflexiona sobre el orden cronológico y la dispersión espacial de las similitudes gráficas en el ámbito de la Península Ibérica. Se concluye que el ciclo gráfico gravetiense se caracteriza por un alto grado de normativismo gráfico, que las comparaciones permiten entender las tendencias gráficas como tradiciones de amplia distribución geográfica y que los datos actuales de índole cronológico no permiten discutir sobre bases concluyentes el desarrollo del ciclo gráfico gravetiense rupestre.

Estado actual del conocimiento del Neolítico en el País Vasco peninsular

[ES] Este texto fue preparado para presentar como comunicación en la ponencia de «Antecedentes prehistóricos de Euskal Herria» de la sección I de Antigüedad y Edad Media del «Congreso de Historia de Euskal Herria», celebrado en el seno del II Congreso Mundial Vasco (Bilbao, 30 de noviembre - 4 de diciembre de 1987). Por imposición del espacio máximo aceptado en sus actas, hubo de reducirse sustancialmente, publicándose con el título de «El Neolítico en el País Vasco Peninsular», pp. 52-71 del Vol. I, Sección I, de las correspondientes pre-actas. Ofrecemos aquí su versión íntegra en texto e ilustraciones.