Mass-metallicity relation explored with CALIFA I. Is there a dependence on the star-formation rate?

We studied the global and local ℳ-Z relation based on the first data available from the CALIFA survey (150 galaxies). This survey provides integral field spectroscopy of the complete optical extent of each galaxy (up to 2−3 effective radii), with a resolution high enough to separate individual H II regions and/or aggregations. About 3000 individual H II regions have been detected. The spectra cover the wavelength range between [OII]3727 and [SII]6731, with a sufficient signal-to-noise ratio to derive the oxygen abundance and star-formation rate associated with each region. In addition, we computed the integrated and spatially resolved stellar masses (and surface densities) based on SDSS photometric data. We explore the relations between the stellar mass, oxygen abundance and star-formation rate using this dataset. We derive a tight relation between the integrated stellar mass and the gas-phase abundance, with a dispersion lower than the one already reported in the literature (σ_Δlog (O/H) = 0.07 dex). Indeed, this dispersion is only slightly higher than the typical error derived for our oxygen abundances. However, we found no secondary relation with the star-formation rate other than the one induced by the primary relation of this quantity with the stellar mass. The analysis for our sample of ~3000 individual H II   regions confirms (i) a local mass-metallicity relation and (ii) the lack of a secondary relation with the star-formation rate. The same analysis was performed with similar results for the specific star-formation rate. Our results agree with the scenario in which gas recycling in galaxies, both locally and globally, is much faster than other typical timescales, such like that of gas accretion by inflow and/or metal loss due to outflows. In essence, late-type/disk-dominated galaxies seem to be in a quasi-steady situation, with a behavior similar to the one expected from an instantaneous recycling/closed-box model.

On the forecast accuracy and consistency of exchange rate expectations: The Spanish PwC Survey.

We examine the predictive ability and consistency properties of exchange rate expectations for the dollar/euro using a survey conducted in Spain by PwC among a panel of experts and entrepreneurs. Our results suggest that the PwC panel have some forecasting ability for time horizons from 3 to 9 months, although only for the 3-month ahead expectations we obtain marginal evidence of unbiasedness and efficiency in the forecasts. As for the consistency properties of the exchange rate expectations formation process, we find that survey participants form stabilising expectations in the short-run and destabilising expectations in the long- run and that the expectation formation process is closer to fundamentalists than chartists.

Real exchange rate volatility, financial crises and nominal exchange regimes

This paper examines the sources of real exchange rate (RER) volatility in eighty countries around the world, during the period 1970 to 2011. Our main goal is to explore the role of nominal exchange rate regimes and financial crises in explaining the RER volatility. To that end, we employ two complementary procedures that consist in detecting structural breaks in the RER series and decomposing volatility into its permanent and transitory components. The results confirm that exchange rate volatility does increase with the global financial crises and detect the existence of an inverse relationship between the degree of flexibility in the exchange rate regime and RER volatility using a de facto exchange rate classification.