A descriptive and analytic look at Marxs own explanations for the falling rate of profit

Marxs conclusions about the falling rate of profit have been analysed exhaustively. Usually this has been done by building models which broadly conform to Marxs views and then showing that his conclusions are either correct or, more frequently, that they can not be sustained. By contrast, this paper examines, both descriptively and analytically, Marxs arguments from the Hodgskin section of Theories of Surplus Value, the General Law section of the recently published Volume 33 of the Collected Works and Chapter 3 of Volume III of Capital. It also gives a new interpretation of Part III of this last work. The main conclusions are first, that Marx had an intrinsic explanation of the falling rate of profit but was unable to give it a satisfactory demonstration and second, that he had a number of subsidiary explanations of which the most important was resource scarcity. The paper closes with an assessment of the pedigree of various currents of Marxian thought on this issue.

A descriptive and analytic look at Marxs own explanations for the falling rate of profit (Long Version)

Marxs conclusions about the falling rate of profit have been analysed exhaustively. Usually this has been done by building models which broadly conform to Marxs views and then showing that his conclusions are either correct or, more frequently, that they can not be sustained. By contrast, this paper examines, both descriptively and analytically, Marxs arguments from the Hodgskin section of Theories of Surplus Value, the General Law section of the recently published Volume 33 of the Collected Works and Chapter 3 of Volume III of Capital. It also gives a new interpretation of Part III of this last work. The main conclusions are first, that Marx had an intrinsic explanation of the falling rate of profit but was unable to give it a satisfactory demonstration and second, that he had a number of subsidiary explanations of which the most important was resource scarcity. The paper closes with an assessment of the pedigree of various currents of Marxian thought on this issue.

Land, technical progress and the falling rate of profit

The paper sets out a one sector growth model with a neoclassical production function in land and a capital-labour aggregate. Capital accumulates through capitalist saving, the labour supply is infinitely elastic at a subsistence wage and all factors may experience factor augmenting technical progress. The main result is that, if the elasticity of substitution between land and the capital-labour aggregate is less than one and if the rate of caital augmenting technical progress is strictly positive, then the rate of profit will fall to zero. The surprise is that this result holds regardless of the rate of land augmenting technical progress; that is, no amount of technical advance in agriculture can stop the fall in the rate of profit. The paper also discusses the relation of this result to the classical and Marxist literature and sets out the path of the relative price of land.

The short and long-run determinants of the real exchange rate in Mexico

This paper explores the real exchange rate behavior in Mexico from 1960 until 2005. Since the empirical analysis reveals that the real exchange rate is not mean reverting, we propose that economic fundamental variables affect its evolution in the long-run. Therefore, based on equilibrium exchange rate paradigms, we propose a simple model of real exchange rate determination which includes the relative labor productivity, the real interest rates and the net foreign assets over a long period of time. Our analysis also considers the dynamic adjustment in response to shocks through impulse response functions derived from the multivariate VAR model.

On the growth rate of minor-closed classes of graphs

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Reconstrucció de les temperatures superficials marines dels últims dos milions d'anys al Corrent de Benguela utilitzant l'índex TEX86

Per tal de reconstruir i obtenir una evolució climàtica a partir de les temperatures superficials marines dels últims dos milions d’anys al Corrent de Benguela (costa oest sud-africana) s’han analitzat 60 mostres del testimoni amb ODP 175-1084. Per fer-ho, s’ha utilitzat la nova calibració de l’índex TEX86 (Kim et al., 2007) i s’han representat els resultats juntament amb els valors obtinguts amb altres índexs referents a les temperatures mitjanes anuals de l’aire (MAAT) i el grau d’aportació sedimentària d’origen continental als sediments marins (BIT). També s’han comparat amb els registres de temperatura d’altres estudis en la mateixa àrea obtinguts a partir de proxies diferents. Els resultats del TEX86 mostren certa concordança amb alguns dels valors obtinguts en altres estudis i proposen hipòtesis que relacionen de manera directa els tres índexs calculats.

New evidence of the real interest rate parity for OECD countries using panel unit root tests with breaks

This paper tests for real interest parity (RIRP) among the nineteen major OECD countries over the period 1978:Q2-1998:Q4. The econometric methods applied consist of combining the use of several unit root or stationarity tests designed for panels valid under cross-section dependence and presence of multiple structural breaks. Our results strongly support the fulfillment of the weak version of the RIRP for the studied period once dependence and structural breaks are accounted for.

The choice of banking firm: Are the interest rate a significant criteria?

The objective of the research is to know the factors that in Spain determine the choice of banking organization. The obtained results indicate that the dimension of the network of branches is the reason more valued. In spite of the increasing symmetry of the Spanish banking market, the preferences of the clients of the savings banks and those of the banks are not absolutely coincident, being the proximity - the main reason for election- much more valued by the former than by the latter. The existence of divergences in the preferences has also been detected according to the region and the typology of city of residence.

Analyzing aggregate real exchange rate persistence through the lens of sectoral data

In this paper we analyze the persistence of aggregate real exchange rates (RERs) for a group of EU-15 countries by using sectoral data. The tight relation between aggregate and sectoral persistence recently investigated by Mayoral (2008) allows us to decompose aggregate RER persistence into the persistence of its different subcomponents. We show that the distribution of sectoral persistence is highly heterogeneous and very skewed to the right, and that a limited number of sectors are responsible for the high levels of persistence observed at the aggregate level. We use quantile regression to investigate whether the traditional theories proposed to account for the slow reversion to parity (lack of arbitrage due to nontradibilities or imperfect competition and price stickiness) are able to explain the behavior of the upper quantiles of sectoral persistence. We conclude that pricing to market in the intermediate goods sector together with price stickiness have more explanatory power than variables related to the tradability of the goods or their inputs.

The role of fixed delays in neuronal rate models

Fixed delays in neuronal interactions arise through synaptic and dendritic processing. Previous work has shown that such delays, which play an important role in shaping the dynamics of networks of large numbers of spiking neurons with continuous synaptic kinetics, can be taken into account with a rate model through the addition of an explicit, fixed delay. Here we extend this work to account for arbitrary symmetric patterns of synaptic connectivity and generic nonlinear transfer functions. Specifically, we conduct a weakly nonlinear analysis of the dynamical states arising via primary instabilities of the stationary uniform state. In this way we determine analytically how the nature and stability of these states depend on the choice of transfer function and connectivity. While this dependence is, in general, nontrivial, we make use of the smallness of the ratio in the delay in neuronal interactions to the effective time constant of integration to arrive at two general observations of physiological relevance. These are: 1 - fast oscillations are always supercritical for realistic transfer functions. 2 - Traveling waves are preferred over standing waves given plausible patterns of local connectivity.

Moduli of smoothness and rate of a.e. convergence for some convolution operators

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Del bit al qubit

Aquest document pretén donar una visió del desenvolupament dels computadors electrònics i dels components que els han fet possibles. Dintre de les opcions de futur en computació, també intenta donar una visió de les bases en que es fonamenta la computació quàntica.

How did the Financial Crisis affect the Real Interest Rate Dynamics in Europe?

We investigate the effects of the financial crisis on the stationarity of real interest rates in the Euro Area. We use a new unit root test developed by Peseran et al. (2013) that allows for multiple unobserved factors in a panel set up. Our results suggest that while short-term and long-term real interest rates were stationary before the financial crisis, they became nonstationary during the crisis period likely due to persistent risk that characterized financial markets during that time. JEL codes: E43, C23. Keywords: Real interest rates, Euro Area, financial crisis, panel unit root tests, cross-sectional dependence.

The Cornella Health Interview Survey Follow-Up (CHIS.FU) Study: design, methods, and response rate

Background: The aim of this report is to describe the main characteristics of the design, including response rates, of the Cornella Health Interview Survey Follow-up Study. Methods: The original cohort consisted of 2,500 subjects (1,263 women and 1,237 men) interviewed as part of the 1994 Cornella Health Interview Study. A record linkage to update the address and vital status of the cohort members was carried out using, first a deterministic method, and secondly a probabilistic one, based on each subject's first name and surnames. Subsequently, we attempted to locate the cohort members to conduct the phone follow-up interviews. A pilot study was carried out to test the overall feasibility and to modify some procedures before the field work began. Results: After record linkage, 2,468 (98.7%) subjects were successfully traced. Of these, 91 (3.6%) were deceased, 259 (10.3%) had moved to other towns, and 50 (2.0%) had neither renewed their last municipal census documents nor declared having moved. After using different strategies to track and to retain cohort members, we traced 92% of the CHIS participants. From them, 1,605 subjects answered the follow-up questionnaire. Conclusion: The computerized record linkage maximized the success of the follow-up that was carried out 7 years after the baseline interview. The pilot study was useful to increase the efficiency in tracing and interviewing the respondents.