The Importance of Stock Market Returns in Estimated Monetary Policy Rules: a Structural Approach

This paper estimates a standard version of the New Keynesian Monetary (NKM) model augmented with financial variables in order to analyze the relative importance of stock market returns and term spread in the estimated U.S. monetary policy rule. The estimation procedure implemented is a classical structural method based on the indirect inference principle. The empirical results show that the Fed seems to respond to the macroeconomic outlook and to the stock market return but does not seem to respond to the term spread. Moreover, policy inertia and persistent policy shocks are also significant features of the estimated policy rule.

Roaming in the Mobile Internet: when coverage sharing agreements call for regulation

Revised: 2006-06

Moral Hazard and the Internal Organization of Joint Research

Revised 2006-06

Conflictos de intereses en la economía marítima guipuzcoana. Siglos XVI-XVIII

1460 p.

[R_Logroño_Muralla] Documentación geométrica del Cubo del Revellín (Logroño, La Rioja)

[ES] Documentación del exterior y del interior del cubo de la muralla de Logroño. Esta torre tiene una forma aproximadamente cilíndrica de 10 metros de radio. Al interior se compone de dos niveles, el superior (antiguo teatro) que forma una estancia circular con un pilar en el centro y el inferior que consiste en una estancia abovedada. Además se ha documentado una galería de acceso.