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.

Term Structure and the Estimated Monetary Policy Rule in the Eurozone

Published as an article in: Spanish Economic Review, 2008, vol. 10, issue 4, pages 251-277.

Nota aclaratoria de los documentos remitidos con fecha de 26, 27 y 28 de mayo de 1939, por los sacerdotes vascos presos en Dueñas.

Fecha: 23-6-1939 (>1970 copia) / Unidad de instalación: Carpeta 45 - Expediente 2-9 / Nº de pág.: 3 (mecanografiadas)

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.

Régimen jurídico de las lenguas y reconocimiento de la diversidad lingüística en el Tratado por el que se establece una Constitución para Europa

The territory of the European Union is made up of a rich and wide-ranging universe of languages, which is not circumscribed to the «State languages». The existence of multilingualism is one of Europe’s defining characteristics and it should remain so in the constantly evolving model of Europe’s political structure. Nonetheless, until now, the official use of languages has been limited to the «State languages» and has been based on a concept of state monolingualism that has led to a first level of hierarchization among the languages of Europe. This has affected the very concept of European language diversity. The draft of the treaty establishing a European Constitution contains various language-related references that can be grouped in two major categories: on the one hand, those references having to do the constitutional status of languages, and on the other, those regarding the recognition of European language diversity. Both issues are dealt with in this article. In analyzing the legal regime governing languages set forth in the draft of the constitutional treaty, we note that the draft is not based on the concept of the official status of languages. The language regulation contained in the draft of the constitutional treaty is limited in character. The constitutional language regime is based on the concept of Constitutional languages but the official status of languages is not governed by this rule. The European Constitution merely enunciates rights governing language use for European citizens vis-à-vis the languages of the Constitution and refers the regulation of the official status of languages to the Council, which is empowered to set and modify that status by unanimous decision. Because of its broad scope, this constitutes a regulatory reservation. In the final phase of the negotiation process a second level of constitutional recognition of languages would be introduced, linked to those that are official languages in the member states (Catalan, Basque, Galician, etc.). These languages, however, would be excluded from the right to petition; they would constitute a tertium genus, an intermediate category between the lan guages benefiting from the language rights recognized under the Constitution and those other languages for which no status is recognized in the European institutional context. The legal functionality of this second, intermediate category will depend on the development of standards, i.e., it will depend on the entrée provided such languages in future reforms of the institutional language regime. In a later section, the article reflects on European Union language policy with regard to regional or minority languages, concluding that the Union has not acted in accordance with defined language policy guidelines when it has been confronted, in the exercise of its powers, with regional or minority languages (or domestic legislation having to do with language demands). The Court of Justice has endeavoured to resolve on a case by case basis the conflicts raised between community freedoms and the normative measures that protect languages. Thus, using case law, the Court has set certain language boundaries for community freedoms. The article concludes by reflecting on the legal scope of the recognition of European language diversity referred to in Article II-82 of the European Constitution and the possible measures to implement the precept that might constitute the definition of a true European language policy on regional or minority languages. Such a policy has yet to be defined.

The reverse self-dual serial cost-sharing rule

In this study we define a cost sharing rule for cost sharing problems. This rule is related to the serial cost-sharing rule defined by Moulin and Shenker (1992). We give some formulas and axiomatic characterizations for the new rule. The axiomatic characterizations are related to some previous ones provided by Moulin and Shenker (1994) and Albizuri (2010).

Distribución de "coxiella burnetii" en los rumiantes domésticos y en la fauna silvestre de la Comunidad Atutónoma Vasca. Evaluacióndel efecto del tratamiento antibiótico y de la vacunación en el control de la fiebre Q en rebaños ovinos naturalmente infectados

243 p. : il.

Avances en espectrometría de masas con fuente de plasma: Análisis simultáneo de elementos mayores y trazas mediante Q-ICP-MS y análisis isotópicos de Sm-Nd mediante HR-MC-ICP-MS. Aplicación en estudios geoquímicos

186 p. : il.

On the Benefits of Including Age-structure in Harvest Control Rules

This paper explores the benefits of including age-structure in the control rule (HCR) when decision makers regard their (age-structured) models as approximations. We find that introducing age structure into the HCR reduces both the volatility of the spawning biomass and the yield. Although at a fairly imprecise level the benefits are lower, there are still major advantages for actual assessment precision of the case study. Moreover, we find that when age-structure is included in the HCR the relative ranking of different policies in terms of variance in biomass and yield does not differ. These results are shown both theoretically and numerically by applying the model to the Southern Hake fishery.

A new solution for the roommate problem: The Q-stable matchings

The aim of this paper is to propose a new solution for the roommate problem with strict preferences. We introduce the solution of maximum irreversibility and consider almost stable matchings (Abraham et al. [2])and maximum stable matchings (Ta [30] [32]). We find that almost stable matchings are incompatible with the other two solutions. Hence, to solve the roommate problem we propose matchings that lie at the intersection of the maximum irreversible matchings and maximum stable matchings, which are called Q-stable matchings. These matchings are core consistent and we offer an effi cient algorithm for computing one of them. The outcome of the algorithm belongs to an absorbing set.

Rule the World

Rule the World es una aplicación para móviles Android. Consiste en introducir al jugador en una realidad aumentada, mediante el uso de su localización, debe de recoger diferentes objetos para darles diferentes usos, como llevarlos equipados, usarlos para construir otros objetos o enviárselos a amigos. En el siguiente documento se muestra el completo desarrollo de este proyecto, como se ha realizado la gestión, en que partes se ha dividido, la planificación que se ha llevado para realizar el trabajo, el análisis que se hizo de la aplicación, junto con su diseño, como se ha realizado el desarrollo y las pruebas. Este proyecto ha servido para afianzar conocimientos adquiridos a lo largo del grado, como el desarrollo de bases de datos, seguridad y arquitecturas y algoritmos software. Pero también ha servido para aprender nuevas cosas, como programar para un sistema diferente, utilizar elementos poco vistos en el grado, como la geolocalización y los mapas.

The minimal overlap cost sharing rule

In this paper we introduce a new cost sharing rule-the minimal overlap cost sharing rule-which is associated with the minimal overlap rule for claims problems defined by O'Neill (1982). An axiomatic characterization is given by employing a unique axiom: demand separability. Variations of this axiom enable the serial cost sharing rule (Moulin and Shenker, 1992) and the rules of a family (Albizuri, 2010) that generalize the serial cost sharing rule to be characterized. Finally, a family that includes the minimal overlap cost sharing rule is defined and obtained by means of an axiomatic characterization.

Congreso “Humanizar la educación” : 27, 28, 29 junio 2014

El Congreso "Humanizar la Educación / Hezkuntza Gizatiartu", desarrollado en Bilbao los días 27, 28 y 29 de junio de 2014, es una propuesta dirigida a todos los agentes que constituyen la comunidad educativa. La finalidad de este evento consiste en generar un espacio de dimensión humana para compartir experiencias de trabajo, propiciar vivencias técnicas orientadas al autoconocimiento, y estimular actitudes responsables y creativas que posibiliten humanizar la educación. Está dirigido a todas las personas implicadas y comprometidas con la educación, independientemente del nivel, ámbito y rol en el que ésta se desarrolle; nos referimos a personas receptivas y que confíen en que el cambio comienza en uno mismo. Este marco ofrece una oportunidad para reconocer y hacer visibles realidades educativas ya existentes en esta línea y para nutrir aquellas que pudieran gestarse. Este evento, organizado por la UPV/EHU, se oferta en el marco de los Cursos de Verano / Cursos Europeos de la Fundación Cursos de Verano de la UPV/EHU y cuenta con la colaboración especial de la Fundación Claudio Naranjo. Para su desarrollo, además, cuenta con la ayuda de numerosas entidades, asociaciones, centros y profesionales que tienen la convicción de que educar es mucho más que compartir conocimiento; es una responsabilidad conjunta de todos los que configuramos el mapa educativo.

La diversidad de los modelos de participación laboral de las mujeres en la UE-27

[ESP] El objetivo de este artículo es relacionar las características de la inserción laboral femenina con su grado de participación en el mercado laboral en los países de la Unión Europea a través de los datos proporcionados por Eurostat. Nos interesa conocer si una mayor participación laboral entre las mujeres va aparejada con un modelo laboral “femenino”, esto es, con empleos a tiempo parcial, temporales, de baja remuneración y en determinados sectores y ocupaciones. O si por el contrario, en los países en los cuales la tasa de empleo femenina es elevada y hay menor brecha con respecto a la de los hombres, el modelo de inserción laboral de mujeres y hombres es similar. La diversidad de los mercados de trabajo y también de las políticas públicas y de las estructuras productivas en un área tan amplia como al UE27, nos impide establecer modelos de inserción laboral femenina claros, aunque sí hemos podido apuntar rasgos comunes con respecto a las desigualdades de género entre países.

Religious Coping, Social Support and Subjective Severity as Predictors of Posttraumatic Growth in People Affected by the Earthquake in Chile on 27/2/2010

The aim of this research is to study the impact of religious coping, social support and subjective severity on Posttraumatic Growth (PTG) in people who lost their homes after the earthquake in Chile in 2010 and who now live in transitional shelters. One hundred sixteen adult men and women were evaluated using a subjective severity scale, the Posttraumatic Growth Inventory (PTGI), the Multidimensional Scale of Perceived Social Support (MSPSS) scale of social support and the Brief RCOPE scale of religious coping. The multiple linear regression analysis shows that social support and positive religious coping have an impact on PTG. On using a bootstrap estimate, it was found that positive religious coping fully mediates the relationship between subjective severity and PTG.