Consumer Confidence and Yield Spreads in Europe

This paper shows the extraordinary capacity of yield spreads to anticipate consumption growth as proxy by the Economic Sentiment Indicator elaborated by the European Commission in order to predict turning points in business cycles. This new evidence complements the well known results regarding the usefulness of the slope of the term structure of interest rates to predict real economic conditions and, in particular, recessions by using a direct measure of expectations. A linear combination of European yield spreads explains a surprising 93.7% of the variability of the Economic Sentiment Indicator. Yield spreads seem to be a key determinant of consumer confidence in Europe.

Fiber Bragg Gratings, IT Techniques and Strain Gauge Validation for Strain Calculation on Aged Metal Specimens

This paper studies the feasibility of calculating strains in aged F114 steel specimens with Fiber Bragg Grating (FBG) sensors and infrared thermography (IT) techniques. Two specimens have been conditioned under extreme temperature and relative humidity conditions making comparative tests of stress before and after aging using different adhesives. Moreover, a comparison has been made with IT tecniques and conventional methods for calculating stresses in F114 steel. Implementation of Structural Health Monitoring techniques on real aircraft during their life cycle requires a study of the behaviour of FBG sensors and their wiring under real conditions, before using them for a long time. To simulate aging, specimens were stored in a climate chamber at 70 degrees C and 90% RH for 60 days. This study is framed within the Structural Health Monitoring (SHM) and Non Destructuve Evaluation (NDE) research lines, integrated into the avionics area maintained by the Aeronautical Technologies Centre (CTA) and the University of the Basque Country (UPV/EHU).

Reconciling yield stability with international fisheries agencies precautionary preferences: the role of non constant discount factors in age structured models

International fisheries agencies recommend exploitation paths that satisfy two features. First, for precautionary reasons exploitation paths should avoid high fishing mortality in those fisheries where the biomass is depleted to a degree that jeopardise the stock's capacity to produce the Maximum Sustainable Yield (MSY). Second, for economic and social reasons, captures should be as stable (smooth) as possible over time. In this article we show that a conflict between these two interests may occur when seeking for optimal exploitation paths using age structured bioeconomic approach. Our results show that this conflict be overtaken by using non constant discount factors that value future stocks considering their relative intertemporal scarcity.

Plastic Analysis and Testing of multidirectional SFRC flag slabs

This paper presents a theoretical and experimental study of multidirectional steel fibers reinforced concrete slabs (SFRC). The study is based on a real building application using SFRC flag slabs. For the evaluation of the slabs bearing capacity, plastic calculations are performed both at section and structure levels. The section analysis uses the perfect plastic stress-strain diagram, with reference to the values of the strength characteristics of SFRC based on previous jobs that used similar fibers and dosages. In the structure analysis the plastic yield lines method has been used. This method relates the section last bearing moment and the plastic collapse load. The experimental campaign has consisted of the testing of six 2 m. diameter circular shaped slabs prototypes, and has allowed to verify the reference resistance used in the calculations.