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.

The Many Lovers of Jane Austen: Irony & Parody

Master in Literature and Literary Science

Approximate Solutions by Truncated Taylor Series Expansions of Nonlinear Differential Equations and Related Shadowing Property with Applications

This paper investigates the errors of the solutions as well as the shadowing property of a class of nonlinear differential equations which possess unique solutions on a certain interval for any admissible initial condition. The class of differential equations is assumed to be approximated by well-posed truncated Taylor series expansions up to a certain order obtained about certain, in general nonperiodic, sampling points t(i) is an element of [t(0), t(J)] for i = 0, 1, . . . , J of the solution. Two examples are provided.

La mujer y su comportamiento durante el período de independencia en México 1767-1824

486 p.

Bothrops aff. Leucurus (Wagler, 1824) populazio irlatar baten deskribapen morfologikoa: suge populazio irlatar baten morfologia

[EUS] Atrox konplexuko espezieen barruan, Bothrops leucurus (Wagler, 1824) Bahia estatuko oihan atlantikoko sugegorri espezie arruntena da. Polimorfikoa da eta ezaugarri geografikoekin, ontogenikoekin eta sexuarekin erlazionatutako kolore aldakortasuna aurkezten du. Jadanik hainbat ikerketa burutu dira kontinenteko populazioei buruz, baina, oraindik ez da lanik egin BTS badiako populazio uhartetarrekin. Lan honen xedea Bothrops aff. leucurus populazio uhartetarraren deskribapena burutzea izan da, orbanen ereduetan, folidosian eta gorputz tamainan oinarriturik. Lagin tamaina erlatiboki txikia izanik (n=20), Student t testeko emaitzak type II erroreen menpe daude eta kontinenteko eta uharteko populazioen arteko ezberdintasunak estatistikoki ikertu izan ez diren arren, gure datuak garrantzia dute. Izan ere, ikerketa sakonagoetan oinarri bezala erabili ahal izango dira. Biometriari dagokionez, gure populazio uhartetarrean batazbesteko MKL txikiagoa ikusi dugu eta balioen tarteak murritzagoak dira. Ez da sexuen arteko ezberdintasun esangarririk topatu gorputzeko neurrientzat. Folidosian (ezkata zenbateka) lortutako datuak, beste autoreek Bothrops leucurus-entzat deskribatutako parametroekin bat datozen arren, gure laginak ezkata tarte mugatuagoak ageri ditu. Orban ereduak ale guztietan behatu eta irudikatu ostean, oro har bi eredu ezberdindu eta deskribatzea posible izan da. Behatuak izan diren ezberdintasunak, uhartetako baliagai-hornidura mugatuen ondorio gisa uler daitezke, izan ere, halako baldintzetan ale txikiagoak positiboki hautatuak izango liratekeelako.