The Effect of Data Revisions on the Basic New Keynesian Model

This paper proposes an extended version of the basic New Keynesian monetary (NKM) model which contemplates revision processes of output and inflation data in order to assess the importance of data revisions on the estimated monetary policy rule parameters and the transmission of policy shocks. Our empirical evidence based on a structural econometric approach suggests that although the initial announcements of output and inflation are not rational forecasts of revised output and inflation data, ignoring the presence of non well-behaved revision processes may not be a serious drawback in the analysis of monetary policy in this framework. However, the transmission of inflation-push shocks is largely affected by considering data revisions. The latter being especially true when the nominal stickiness parameter is estimated taking into account data revision processes.

Data Revisions in the Estimation of DSGE Models

Revisions of US macroeconomic data are not white-noise. They are persistent, correlated with real-time data, and with high variability (around 80% of volatility observed in US real-time data). Their business cycle effects are examined in an estimated DSGE model extended with both real-time and final data. After implementing a Bayesian estimation approach, the role of both habit formation and price indexation fall significantly in the extended model. The results show how revision shocks of both output and inflation are expansionary because they occur when real-time published data are too low and the Fed reacts by cutting interest rates. Consumption revisions, by contrast, are countercyclical as consumption habits mirror the observed reduction in real-time consumption. In turn, revisions of the three variables explain 9.3% of changes of output in its long-run variance decomposition.

Antikörper: Diseño e implementación de un sistema de detección de intrusos inalámbrico basado en Network IDS

[ES]Este proyecto, fruto de mi Trabajo Fin de Grado, pretende describir los aspectos más relevantes de los Wireless Intrusion Detection System (WIDS), tales como su historia, funcionamiento, arquitecturas, implementación o futuro. Tras esto, se expondrá el objetivo principal del proyecto. Proponer una arquitectura genérica para los WIDS y crear Antikörper, un WIDS basado en Network IDS completamente funcional, que cubra totalmente las necesidades de seguridad actuales en las redes Wireless LAN y sea adaptable a futuras revisiones.