The role of the term spread in an augmented Taylor rule: An empirical investigation

Using US data for the period 1967:5-2002:4, this paper empirically investigates the performance of an augmented version of the Taylor rule (ATR) that (i) allows for the presence of switching regimes, (ii) considers the long-short term spread in addition to the typical variables, (iii) uses an alternative monthly indicator of general economic activity suggested by Stock and Watson (1999), and (iv) considers interest rate smoothing. The estimation results show the existence of switching regimes, one characterized by low volatility and the other by high volatility. Moreover, the scale of the responses of the Federal funds rate to movements in the term spread, inflation and the economic activity index depend on the regime. The estimation results also show robust empirical evidence that the ATR has been more stable during the term of office of Chairman Greenspan than in the pre-Greenspan period. However, a closer look at the Greenspan period shows the existence of two alternative regimes and that the response of the Fed funds rate to inflation has not been significant during this period once the term spread is considered.

A Non-Parametric Dimension Test of the Term Structure

Published as an article in: Studies in Nonlinear Dynamics & Econometrics, 2004, vol. 8, issue 3, article 6.

Performance of an Ocean Energy Conversion System with DFIG Sensorless Control

The 2009/28/EC Directive requires Member States of the European Union to adopt a National Action Plan for Renewable Energy. In this context, the Basque Energy Board, EVE, is committed to research activities such as the Mutriku Oscillating Water Column plant, OWC. This is an experimental facility whose concept consists of a turbine located in a pneumatic energy collection chamber and a doubly fed induction generator that converts energy extracted by the turbine into a form that can be returned to the network. The turbo-generator control requires a precise knowledge of system parameters and of the rotor angular velocity in particular. Thus, to remove the rotor speed sensor implies a simplification of the hardware that is always convenient in rough working conditions. In this particular case, a Luenberger based observer is considered and the effectiveness of the proposed control is shown by numerical simulations. Comparing these results with those obtained using a traditional speed sensor, it is shown that the proposed solution provides better performance since it increases power extraction in the sense that it allows a more reliable and robust performance of the plant, which is even more relevant in a hostile environment as the ocean.

Optimisation of the first principle code Octopus for massive parallel architectures: application to light harvesting complexes

150 p.

Academic spin-offs incubation strategies: the case of the Andalusian region

[EN] The objective of this paper is to analyze the incubation strategies developed in the universities of Andalusia, a relatively low-income region of Spain, to promote the creation of university spin-offs. These strategies are also compared to the incubation models noted in the literature. The performance of the university spin-offs created and its relation to the incubation strategies developed by the university are also analysed. The analysis is based on data from a survey of nine public universities that carry out strategies for the promotion of university spin-offs. The result of the analysis shows that university spin-off incubation strategies in Andalusia present specific characteristics not covered by certain models that are well-known in the literature on innovation. Then, a new stage in the process of the university spin-off incubation is proposed. We consider it to be a pre-strategic stage to the academic spin-off incubation strategies. The analysis also finds certain environmental factors associated to those spin-offs promoted by Andalusian universities that achieve the highest level of performance. This result suggests that previous to making any decision involving investment into developing incubation strategies, universities should gauge whether they have sufficient resources and the possibilities of connecting with a Technology Park.