Does the Term Spread play a role in the FED's reaction function? An Empirical Investigation

Using US data for the period 1967:5-2002:4, this paper empirically investigates the performance of a Fed’s reaction function (FRF) that (i) allows for the presence of switching regimes, (ii) considers the long-short term spread in addition to the typical variables, (iii) uses an alternative monthly indicator of general economic activity suggested by Stock and Watson (1999), and (iv) considers interest rate smoothing. The estimation results show the existence of three switching regimes, two characterized by low volatility and the remaining regime by high volatility. Moreover, the scale of the responses of the Federal funds rate to movements in the rate of inflation and the economic activity index depends on the regime. The estimation results also show robust empirical evidence that the importance of the term spread in the FRF has increased over the sample period and the FRF has been more stable during the term of office of Chairman Greenspan than in the pre-Greenspan period.

The role of the term spread in an augmented Taylor rule: An empirical investigation

Using US data for the period 1967:5-2002:4, this paper empirically investigates the performance of an augmented version of the Taylor rule (ATR) that (i) allows for the presence of switching regimes, (ii) considers the long-short term spread in addition to the typical variables, (iii) uses an alternative monthly indicator of general economic activity suggested by Stock and Watson (1999), and (iv) considers interest rate smoothing. The estimation results show the existence of switching regimes, one characterized by low volatility and the other by high volatility. Moreover, the scale of the responses of the Federal funds rate to movements in the term spread, inflation and the economic activity index depend on the regime. The estimation results also show robust empirical evidence that the ATR has been more stable during the term of office of Chairman Greenspan than in the pre-Greenspan period. However, a closer look at the Greenspan period shows the existence of two alternative regimes and that the response of the Fed funds rate to inflation has not been significant during this period once the term spread is considered.

Las iglesias prefeudales en Alava: cronotipología y articulación espacial

[ES]El artículo constituye un avance de un proyecto de investigación en curso sobre las iglesias alavesas anteriores a los siglos XII-XIII,invisibles hasta la fecha a una metodología tradicionalmente de base analógica y formal. Se efectúa una nueva propuesta de análisis experimentada ya en la catedral de Santa María de Vitoria-Gasteiz y que se articula de la manera siguiente: 1. Lettura veloce de los principales momentos constructivos de los templos seleccionados con el objeto de individualizar estratigráficamente la fase o fases anteriores al periodo «románico». 2. Individualización y registro de las variables técnicas y formales más representativas de esta primera fase constructiva en cada una de las iglesias objeto de estudio. 3. Identificación numérica de las variables seleccionadas. 4. Creación de una tabla analítica que recoja la presencia o ausencia de estas variables en cada uno de los edificios a estudiar. 5. Agrupamiento de los edificios que comparten variables entre sí. 6. Transformación de las asociaciones tecnotipológicas en tablas cronotipológicas, es decir, en indicadores cronológicos. Resultado de todo ello ha sido la individualización de seis grupos de iglesias que se articulan diacrónicamente entre los siglos IX y XII. A modo de conclusión se avanzan, finalmente, algunas consideraciones interpretativas sobre la naturaleza de estos templos de época prefeudal.

Dynamics of pneumococcal nasopharyngeal carriage in healthy children attending a day care center in northern Spain. Influence of detection techniques on the results

8 p.

La Llanada alavesa en la Antigüedad : Época prerromana y romana

Congreso 750 aniversario de la fundación de la villa de Salvatierra. Ana de Begoña Azcárraga y Henrike Knörr Borras in memorian.

Virgilio Txerribuztangoerrekan. (I. Bukoliken eta Georgiken euskal itzulpenak)

[ES] Las traducciones de los clásicos antiguos empiezan a asomar en la literatura vasca a principios del siglo XIX: su objeto no es, en modo alguno, hacerlos accesibles a un público que de otro modo no podría leerlos, sino servir de ejercicio primero a los traductores y después a los lectores y, a un tiempo y sobre todo, dignificar la literatura vasca con obras de validez universal que, además, no implican la sumisión a ninguna cultura nacional. El que Virgilio haya sido siempre —con excepción del paréntesis romántico— el clásico por excelencia ha hecho que sus traducciones ocupen un lugar sobresaliente también en la historia de las letras vascas: el anónimo autor del manuscrito Melibeo del fondo Bonaparte, Iturriaga, Miangolarra, Arregi, Ibiñagabeitia y Orixe son los autores de esta porción —sin duda la más importante con mucho— del Fortleben vasco de Virgilio. Las traducciones de las Églogas y Geórgicas se analizan aquí desde la perspectiva que imponen la filología y la historia literaria: por un lado, se establecen las bases para, primero, interpretar correctamente dichas traducciones en su calidad de tales y, segundo, situarlas debidamente en el conjunto de la obras de sus autores y, en general, en la historia de la literatura vasca; por otro lado, se presta especial atención a las peculiaridades —notables— que la pervivencia de Virgilio presenta en el País Vasco.

Squaring the circle. Social and environmental implications of pre-pottery neolithic building technology at Tell Qarassa (South Syria)

We present the results of the microstratigraphic, phytolith and wood charcoal study of the remains of a 10.5 ka roof. The roof is part of a building excavated at Tell Qarassa (South Syria), assigned to the Pre-Pottery Neolithic B period (PPNB). The Pre-Pottery Neolithic (PPN) period in the Levant coincides with the emergence of farming. This fundamental change in subsistence strategy implied the shift from mobile to settled aggregated life, and from tents and huts to hard buildings. As settled life spread across the Levant, a generalised transition from round to square buildings occurred, that is a trademark of the PPNB period. The study of these buildings is fundamental for the understanding of the ever-stronger reciprocal socio-ecological relationship humans developed with the local environment since the introduction of sedentism and domestication. Descriptions of buildings in PPN archaeological contexts are usually restricted to the macroscopic observation of wooden elements (posts and beams) and mineral components (daub, plaster and stone elements). Reconstructions of microscopic and organic components are frequently based on ethnographic analogy. The direct study of macroscopic and microscopic, organic and mineral, building components performed at Tell Qarassa provides new insights on building conception, maintenance, use and destruction. These elements reflect new emerging paradigms in the relationship between Neolithic societies and the environment. A square building was possibly covered here with a radial roof, providing a glance into a topologic shift in the conception and understanding of volumes, from round-based to square-based geometries. Macroscopic and microscopic roof components indicate buildings were conceived for year-round residence rather than seasonal mobility. This implied performing maintenance and restoration of partially damaged buildings, as well as their adaptation to seasonal variability

Dynamics of Streptococcus pneumoniae Serotypes Causing Acute Otitis Media Isolated from Children with Spontaneous Middle-Ear Drainage over a 12-Year Period (1999–2010) in a Region of Northern Spain

10 p.

The Comovement between Monetary and Fiscal Policy Instruments during the Post-War Period in the U.S.

This paper empirically studies the dynamic relationship between monetary and fiscal policies by analyzing the comovements between the Fed funds rate and the primary deficit/output ratio. Simple economic thinking establishes that a negative correlation between Fed rate and deficit arises whenever the two policy authorities share a common stabilization objective. However, when budget balancing concerns lead to a drastic deficit reduction the Fed may reduce the Fed rate in order to smooth the impact of fiscal policy, which results in a positive correlation between these two policy instruments. The empirical results show (i) a significant negative comovement between Fed rate and deficit and (ii) that deficit and output gap Granger-cause the Fed funds rate during the post-Volcker era, but the opposite is not true.

Caracterización estructural de complejos ribosomales de iniciación y de pre-translocación mediante microscopía electrónica

120 p : il. col.

Influence of the northeastern Atlantic oceano-meteorological variability on the northern hake ("merluccius merluccius"). Analysis of the 1978-2006 period

316 p. : il., graf., map.

The Loss of Functional Caspase-12 in Europe Is a Pre-Neolithic Event

6 p.