On the Informational Role of Term Structure in the U.S. Monetary Policy Rule

This paper uses a structural approach based on the indirect inference principle to estimate a standard version of the new Keynesian monetary (NKM) model augmented with term structure using both revised and real-time data. The estimation results show that the term spread and policy inertia are both important determinants of the U.S. estimated monetary policy rule whereas the persistence of shocks plays a small but significant role when revised and real-time data of output and inflation are both considered. More importantly, the relative importance of term spread and persistent shocks in the policy rule and the shock transmission mechanism drastically change when it is taken into account that real-time data are not well behaved.

Another Look to the Price-Dividend Ratio: A Markov-Switching Approach

This paper analyzes the stationarity of this ratio in the context of a Markov-switching model à la Hamilton (1989) where an asymmetric speed of adjustment is introduced. This particular specification robustly supports a nonlinear reversion process and identifies two relevant episodes: the post-war period from the mid-50’s to the mid-70’s and the so called “90’s boom” period. A three-regime Markov-switching model displays the best regime identification and reveals that only the first part of the 90’s boom (1985-1995) and the post-war period are near-nonstationary states. Interestingly, the last part of the 90’s boom (1996-2000), characterized by a growing price-dividend ratio, is entirely attributed to a regime featuring a highly reverting process.

La gestión de la innovación como la gestión de un ecosistema heterogéneo y estructurado

[ES] Este artículo aborda la innovación como un proceso evolutivo que toma lugar en un ecosistema heterogéneo estructurado. Esto permite entender la gestión de la innovación como la gestión de las interacciones en un ecosistema que se quiere modificar.

Emakume eta gizonen berdintasuna irakasleen formazioan : Gasteizko Irakasle Eskolaren kasua

391 : graf.

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.

Der Sängerkrieg auf der Wartburg. El tema de la lid de los poetas y su recepción literaria en Novalis, E. T. A. Hoffmann, Friedrich de la Motte Fouqué y Richard Wagner

282 págs.Correo electrónico: bea.muro@gmail.com

Interdisciplinary experience in the Teacher Training College of Vitoria-Gasteiz: teaching profession module

[EN] The higher education regulation process in Europe, known as the Bologna Process, has involved many changes, mainly in relation to methodology and assessment. The paper given below relates to implementing the new EU study plans into the Teacher Training College of Vitoria-Gasteiz; it is the first interdisciplinary paper written involving teaching staff and related to the Teaching Profession module, the first contained in the structure of the new plans. The coordination of teaching staff is one of the main lines of work in the Bologna Process, which is also essential to develop the right skills and maximise the role of students as an active learning component. The use of active, interdisciplinary methodologies has opened up a new dimension in universities, requiring the elimination of the once componential, individual structure, making us look for new areas of exchange that make it possible for students' training to be developed jointly.

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Revista con LCC: Reconocimiento – NoComercial – SinObraDerivada (by-nc-nd)

Leyendo el género: Mariasun Landa

[ES] Este artículo aborda los resultados de un estudio sobre la obra de Mariasun Landa, llevado a cabo en la Escuela Universitaria de Vitoria-Gasteiz, con el objetivo de detectar la presencia del género en la obra de la autora vasca a través de los estudiantes de la asignatura de Didáctica de la Lengua y la Literatura y profesores expertos en dicha autora. Nuestra investigación trata de determinar hasta qué punto se subsume en las lecturas realizadas por los estudiantes investigados, la presencia de la autora y su imaginario femenino.

An Alternative View of the US Price-Dividend Ratio Dynamics

As a necessary condition for the validity of the present value model, the price-dividend ratio must be stationary. However, significant market episodes seem to provide evidence of prices significantly drifting apart from dividends while other episodes show prices anchoring back to dividends. This paper investigates the stationarity of this ratio in the context of a Markov- switching model à la Hamilton (1989) where an asymmetric speed of adjustment towards a unique attractor is introduced. A three-regime model displays the best regime identification and reveals that the first part of the 90’s boom (1985-1995) and the post-war period are characterized by a stationary state featuring a slow reverting process to a relatively high attractor. Interestingly, the latter part of the 90’s boom (1996-2000), characterized by a growing price-dividend ratio, is entirely attributed to a stationary regime featuring a highly reverting process to the attractor. Finally, the post-Lehman Brothers episode of the subprime crisis can be classified into a temporary nonstationary regime.

Defect and structural imperfection effects on the electronic properties of BiTeI surfaces

The surface electronic structure of the narrow-gap seminconductor BiTeI exhibits a large Rashba-splitting which strongly depends on the surface termination. Here we report on a detailed investigation of the surface morphology and electronic properties of cleaved BiTeI single crystals by scanning tunneling microscopy, photoelectron spectroscopy (ARPES, XPS), electron diffraction (SPA-LEED) and density functional theory calculations. Our measurements confirm a previously reported coexistence of Te- and I-terminated surface areas