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.

Augmented Peter Pan: un cuento multilingüe con Realidad Aumentada

[SPA] El objetivo de este Trabajo de Fin de Grado ha sido diseñar un cuento multilingüe que incorpora una innovación tecnológica, la Realidad Aumentada, para favorecer el proceso de enseñanza-aprendizaje lingüístico en la escuela. Para ello, hemos analizado algunos cuentos con Realidad Aumentada que se pueden encontrar en el mercado. Al no encontrar ningún cuento que cumpliese nuestras expectativas, hemos creado un cuento multilingüe con Realidad Aumentada adaptando el cuento clásico “Peter Pan”, que cumple los objetivos de fomentar el aprendizaje de diferentes idiomas y el gusto por la lectura, valorar las lenguas inmigrantes en las aulas y promover el uso de las TIC.

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.

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.

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.

Intranasal Delivery of Plasma and Platelet Growth Factors Using PRGF-Endoret System Enhances Neurogenesis in a Mouse Model of Alzheimer’s Disease

[EN] Neurodegeneration together with a reduction in neurogenesis are cardinal features of Alzheimer’s disease (AD) induced by a combination of toxic amyloid-β peptide (Aβ) and a loss of trophic factor support. Amelioration of these was assessed with diverse neurotrophins in experimental therapeutic approaches. The aim of this study was to investigate whether intranasal delivery of plasma rich in growth factors (PRGF-Endoret), an autologous pool of morphogens and proteins, could enhance hippocampal neurogenesis and reduce neurodegeneration in an amyloid precursor protein/presenilin-1 (APP/PS1) mouse model. Neurotrophic and neuroprotective actions were firstly evident in primary neuronal cultures, where cell proliferation and survival were augmented by Endoret treatment. Translation of these effects in vivo was assessed in wild type and APP/PS1 mice, where neurogenesis was evaluated using 5-bromodeoxyuridine (BdrU), doublecortin (DCX), and NeuN immunostaining 5 weeks after Endoret administration. The number of BrdU, DCX, and NeuN positive cell was increased after chronic treatment. The number of degenerating neurons, detected with fluoro Jade-B staining was reduced in Endoret-treated APP/PS1 mice at 5 week after intranasal administration. In conclusion, Endoret was able to activate neuronal progenitor cells, enhancing hippocampal neurogenesis, and to reduce Aβ-induced neurodegeneration in a mouse model of AD.

Role of G protein coupled inwardly rectifier K+ channels (GIRK) on the neurobiology depression

353 págs.

Uso de la Realidad Aumentada para facilitar la lectura e interpretación de planos

[ES] Este proyecto genera productos adicionales de trabajos también disponibles en el repositori, en concreto:

Some experiments on solving multistage stochastic mixed 0-1 programs with time stochastic dominance constraints

In this work we extend to the multistage case two recent risk averse measures for two-stage stochastic programs based on first- and second-order stochastic dominance constraints induced by mixed-integer linear recourse. Additionally, we consider Time Stochastic Dominance (TSD) along a given horizon. Given the dimensions of medium-sized problems augmented by the new variables and constraints required by those risk measures, it is unrealistic to solve the problem up to optimality by plain use of MIP solvers in a reasonable computing time, at least. Instead of it, decomposition algorithms of some type should be used. We present an extension of our Branch-and-Fix Coordination algorithm, so named BFC-TSD, where a special treatment is given to cross scenario group constraints that link variables from different scenario groups. A broad computational experience is presented by comparing the risk neutral approach and the tested risk averse strategies. The performance of the new version of the BFC algorithm versus the plain use of a state-of-the-artMIP solver is also reported.

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

[A_Llodio_Yermo] Documentación geométrica para la puesta en valor y difusión social del Santuario de Santa María del Yermo (Laudio/Llodio, Álava)

[ES] La iglesia de Santa María tiene una planta de unos 22x18 metros y cuenta con tres pórticos (sur, oeste y norte) así como una espadaña exenta. Adyacente al sudeste se encuentra la ermita de Santa Lucía. Las excavaciones arqueológicas de dos zonas de unos 6 x 3 metros en el interior y el exterior de la iglesia sirven como hilo conductor a las jornadas de puertas abiertas al público.

Interculturalidad y realidad aumentada: una colección de cuentos para trabajar en el aula

Este trabajo presenta un diagnóstico llevado a cabo en un aula de segundo de Educación Primaria con alto índice de inmigración, que se conocía con anterioridad por unas prácticas del Grado de Educación Primaria llevadas a cabo en esa escuela. A partir de los resultados de este diagnóstico se ha creado una colección de cuentos de las culturas existentes en el aula seleccionada. Además, en el cuento se integra como innovación el uso de la Realidad Aumentada y se pretende, también, fomentar entre el alumnado el gusto de la lectura desde el punto de vista intercultural, aspecto cada vez más visible en los centros de enseñanza actuales.

Bizkaiko jauntxoen inguruko herri literaturaz: Plentziako 1603ko hiru esaera zahar eta "Refranes y Sentencias"-en jatorria, eta proposamen bat Arrasateko erreketaren kantuez

[EUS] Lan honetan aurkikuntza baten berri ematen dugu: Plentziako armarri batean aurkitutako hiru euskal esaera zahar (1603) aurkezten eta hizkuntzaren eta historiaren ikuspuntutik aztertzen ditugu. Hiru esaerotatik bi «Refranes y sentencias» 1596) lanean agertzen dira, eta hori datu garrantzitsua da; izan ere, Lakarrak 1996) errefrau-bilduma anonimo horren jatorriaz egindako proposamena berresteko argudio berria da. Zehazki, Bizkaiko ipar-mendebala proposatu zuen Lakarrak bildumako errefrauen jatorri gisa. Beste alde batetik, Bizkaiko ipar-mendebaleko euskararen zenbait ezaugarri baliatuta, Arrasateko erreketari buruzko zenbait kantu eremu horretan sortu zirela proposatzen dugu —zehazki, Butroeko (Gatika) dorretxearen inguruan—, hizkuntzari dagozkion argudioak historiari buruzkoekin osatuta.

Depression of Serotonin Synaptic Transmission by the Dopamine Precursor L-DOPA

Imbalance between the dopamine and serotonin (5-HT) neurotransmitter systems has been implicated in the comorbidity of Parkinson's disease (PD) and psychiatric disorders. L-DOPA, the leading treatment of PD, facilitates the production and release of dopamine. This study assessed the action of L-DOPA on monoamine synaptic transmission in mouse brain slices. Application of L-DOPA augmented the D2-receptor-mediated inhibitory postsynaptic current (IPSC) in dopamine neurons of the substantia nigra. This augmentation was largely due to dopamine release from 5-HT terminals. Selective optogenetic stimulation of 5-HT terminals evoked dopamine release, producing D2-receptor-mediated IPSCs following treatment with L-DOPA. In the dorsal raphe, L-DOPA produced a long-lasting depression of the 5-HT1A-receptor-mediated IPSC in 5-HT neurons. When D2 receptors were expressed in the dorsal raphe, application of L-DOPA resulted in a D2-receptor-mediated IPSC. Thus, treatment with L-DOPA caused ectopic dopamine release from 5-HT terminals and a loss of 5-HT-mediated synaptic transmission.