Cointegration analysis of money demand in the Euro Area

The analysis of the evolution of the M3 money aggregate is an important element in the definition and implementation of monetary policy for the ECB. A well-defined and stable long run demand function is an essential requisite for M3 to be a valid monetary tool. Therefore, this paper analyzes based in cointegration techniques the existence of a long run money demand, estimating it and testing its stability for the Euro Area and for ten of its member countries. Specifically, bearing in mind the high degree of monetary instability that the current economic crisis has created in the Euro Area, we also test whether this has had a noticeable impact in the cointegration among real money demand and its determinants. The analysis gives evidence of the existence of a long run relationship when the aggregated Euro Area and six of the ten countries are considered. However, these relationships are highly instable since the outbreak of the financial crisis, leading in some cases to even rejecting cointegration. All this suggests that the ECB’s strategy of focusing in the M3 monetary aggregates could not be a convenient approach under the current circumstances

SYSTEMATICS OF GROUNDWATER OLIGOCHAETES (ANNELIDA, CLITELLATA) IN KARSTIC AREAS OF THE CANTABRIAN REGION/ ERREGIO KANTAURIARREKO EREMU KARSTIKOETAN DAUDEN LURPEKO OLIGOKETO (ANNELIDA, CLITELLATA) URT

This thesis deals with the oligochaete taxa (Annelida, Clitellata) from several karst units in the Cantabrian region, northern Iberian Peninsula. Groundwater oligochaetes are still poorly known fauna and the area seems to be a promising hotspot for groundwater taxa. Metodology is based on both morphological and molecular analyses. More than 7,000 specimens were collected from five karst units and >60 taxa were identified. Stygobiont oligochaete fauna in the northern Iberian Peninsula is diverse and mostly endemic (range areas <300 km). Three new stygogiont oligochaete species are described: Gianius navarroi Rodriguez & Achurra, 2010, Isochaetides gianii Rodriguez & Achurra, 2010 and Troglodrilus jugeti Achurra et al., 2012; and another four new taxa will be described in the near future. Taxonomic remarks on Lophochaeta ignota Stolc, 1886 and Troglodrilus galarzai (Giani & Rodriguez, 1988) are provided. The controversial separation of L. ignota and Heterochaeta costata Claparède, 1863 from Tubifex Lamarck, 1816 is corroborated by mitochondrial molecular data. Following the DNA barcoding method, individuals of the stygoxene species Stylodrilus heringianus Claparède, 1862 from different geographic areas are shown to represent a single metapopulation. The first phylogenetic analysis of the subfamily Tubificinae based on molecular data is attemped, which although incompletely resolved, evidences for the first time a close relationship between a stygobiont oligochaete (Troglodrilus Juget et al. 2006) and an estuarine especies (Heterochaeta costata Claparéde, 1863). A marine ancestor is hypothesised for Troglodrilus. Finally, Ereñozar karst unit (Biscay) is suggested to be a hotspot for groundwater oligochaetes (11 stygobiont taxa, of which 4 are endemic to the karst unit) and several biodiversity indices (Species richness, Rarity, Vulnerability and Complementarity) are shown to be useful tools for conservation management of groundwater habitats in that karst area.

Seasonal Blowfly Distribution and Abundance in Fragmented Landscapes. Is It Useful in Forensic Inference about Where a Corpse Has Been Decaying?

Blowflies are insects of forensic interest as they may indicate characteristics of the environment where a body has been laying prior to the discovery. In order to estimate changes in community related to landscape and to assess if blowfly species can be used as indicators of the landscape where a corpse has been decaying, we studied the blowfly community and how it is affected by landscape in a 7,000 km(2) region during a whole year. Using baited traps deployed monthly we collected 28,507 individuals of 10 calliphorid species, 7 of them well represented and distributed in the study area. Multiple Analysis of Variance found changes in abundance between seasons in the 7 analyzed species, and changes related to land use in 4 of them (Calliphora vomitoria, Lucilia ampullacea, L. caesar and L. illustris). Generalised Linear Model analyses of abundance of these species compared with landscape descriptors at different scales found only a clear significant relationship between summer abundance of C. vomitoria and distance to urban areas and degree of urbanisation. This relationship explained more deviance when considering the landscape composition at larger geographical scales (up to 2,500 m around sampling site). For the other species, no clear relationship between land uses and abundance was found, and therefore observed changes in their abundance patterns could be the result of other variables, probably small changes in temperature. Our results suggest that blowfly community composition cannot be used to infer in what kind of landscape a corpse has decayed, at least in highly fragmented habitats, the only exception being the summer abundance of C. vomitoria.

Analysis of the differences between the rates of inflation associated with two aggregate price level: The case of the euro area and the United States

Idioma: Inglés Abstract: This project focuses on two indicators of prices, the GDP deflator and the consumer price index (CPI), and analyzes the differences and similarities they present. These price indexes have been chosen taking into account its great representativeness and importance to economic and social level, and its direct relationship to the overall functioning of the economy and, in particular, inflation. It should be also mentioned that this study was conducted for cases of the euro area and the United States, as the impact of these economies in the economic and social situation at international level is very significant.