A two-mean reverting-factor model of the term structure of interest rates

This paper presents a two--factor model of the term structure ofinterest rates. We assume that default free discount bond prices aredetermined by the time to maturity and two factors, the long--term interestrate and the spread (difference between the long--term rate and theshort--term (instantaneous) riskless rate). Assuming that both factorsfollow a joint Ornstein--Uhlenbeck process, a general bond pricing equationis derived. We obtain a closed--form expression for bond prices andexamine its implications for the term structure of interest rates. We alsoderive a closed--form solution for interest rate derivatives prices. Thisexpression is applied to price European options on discount bonds andmore complex types of options. Finally, empirical evidence of the model'sperformance is presented.

Effects of differential taxation on factor accumulation and growth

In this paper we try to analyze the role of fiscal policy in fostering a higher participation of the different production factors in the human capital production sector in the long-run. Introducing a tax on physical capital and differentiating both a tax on raw labor wage and a tax on skills or human capital we also attempt to present a way to influence inequality as measured by the skill premium, thus trying to relate the increase in human capital with the decrease in income inequality. We will do that in the context of a non-scale growth model.The model here is capable to alter the shares of private factors devoted to each of the two production sectors, final output and human capital, and affect inequality in a different way according to the different tax changes. The simulation results derived in the paper show how a human capital (skills) tax cut, which could be interpreted as a reduction in progressivity, ends up increasing both the shares of labor and physical capital devoted to the production of knowledge and decreasing inequality. Moreover, a raw labor wage tax decrease, which could also be interpreted as an increase in the progressivity of the system, increases the share of labor devoted to the production of final output and increases inequality. Finally, a physical capital tax decrease reduces the share of physical capital devoted to the production of knowledge and allows for a lower inequality value. Nevertheless, none of the various types of taxes ends up changing the share of human capital in the knowledge production, which will deserve our future attention

Effects of differential taxation on factor accumulation and growth

In this paper we try to analyze the role of fiscal policy in fostering a higher participation of the different production factors in the human capital production sector in the long-run. Introducing a tax on physical capital and differentiating both a tax on raw labor wage and a tax on skills or human capital we also attempt to present a way to influence inequality as measured by the skill premium, thus trying to relate the increase in human capital with the decrease in income inequality. We will do that in the context of a non-scale growth model.The model here is capable to alter the shares of private factors devoted to each of the two production sectors, final output and human capital, and affect inequality in a different way according to the different tax changes. The simulation results derived in the paper show how a human capital (skills) tax cut, which could be interpreted as a reduction in progressivity, ends up increasing both the shares of labor and physical capital devoted to the production of knowledge and decreasing inequality. Moreover, a raw labor wage tax decrease, which could also be interpreted as an increase in the progressivity of the system, increases the share of labor devoted to the production of final output and increases inequality. Finally, a physical capital tax decrease reduces the share of physical capital devoted to the production of knowledge and allows for a lower inequality value. Nevertheless, none of the various types of taxes ends up changing the share of human capital in the knowledge production, which will deserve our future attention

Renda familiar disponible bruta, factor socioeconòmic associat amb la generació de residus sòlids urbans per habitant en els municipis de l'Àrea Metropolitana de Barcelona : anàlisis de la intensitat i forma de correlació i evolució dels nivells de generació 2000-2009

En aquest treball s’utilitzen les Quantitats de Residus Generats per Habitant (KRGH) en els diferents municipis de l’entitat administrativa de l’Àrea Metropolitana de Barcelona (AMB) durant la primera dècada del segle XXI (2000 - 2011) com a indicador de sostenibilitat en matèria de Residus Sòlids Urbans (RSU). S’estudia la relació d’aquesta variable amb la Renda Familiar Disponible (RFD) i s’analitza l’evolució dels nivells de generació al llarg de la sèrie històrica per a grups de municipis amb nivells de generació ben diferenciats amb objecte d’avaluar l’efecte produït pels successos amb més impacte en matèria de gestió tal és la introducció del cànon de residus i discutir si es donen situacions d’iniquitat derivades del sistema de finançament dels serveis de gestió de residus.

Expresiones para la determinación del factor de fricción en ríos de fuerte pendiente

Con base en una selección de 145 datos pertenecientes a ríos de montaña de fuerte pendiente (³ 1%) se han desarrollado cinco expresiones para determinar el factor de fricción de Darcy-Weisbach. La primera expresión se fundamenta en la aplicación para flujo turbulento rugoso en lámina libre de la ley semilogarítmica de Prandtl-Kárman, que es función de la sumersión relativa (relación entre el calado medio y la rugosidad equivalente). La segunda y tercera corresponden a correciones de la primera para flujo macrorrugoso, propuestas por Thompson y Campbell (1979) y Aguirre-Pe y Fuentes (1990) respectivamente. La cuarta ecuación consiste una en potencia de la sumersión relativa, mientras que la quinta corrige la fórmula anterior incorporando una potencia de la pendiente, tal y como propugnan Meunier (1989) y Rickenmann (1990). Las expresiones derivadas presentan un ajuste significativo, si se tienen en cuenta las limitaciones hidrométricas existentes en ríos de material grueso y fuerte pendiente. Destaca el mayor ajuste conseguido con las ecuaciones con las ecuaciones del tipo potencial frente a las del tipo semilogarítmico. Se ha encontrado, asimismo, una capacidad de predicción ligeramente superior en aquellas expresiones que incluyen modificaciones respecto a la ecuación original, ecuaciones del tipo segundo, tercero y quinto anteriormente indicado.

Cell fusion reprogramming leads to a specific hepatic expression pattern during mouse bone marrow derived hepatocyte formation In Vivo

The fusion of bone marrow (BM) hematopoietic cells with hepatocytes to generate BM derived hepatocytes (BMDH) is a natural process, which is enhanced in damaged tissues. However, the reprogramming needed to generate BMDH and the identity of the resultant cells is essentially unknown. In a mouse model of chronic liver damage, here we identify a modification in the chromatin structure of the hematopoietic nucleus during BMDH formation, accompanied by the loss of the key hematopoietic transcription factor PU.1/Sfpi1 (SFFV proviral integration 1) and gain of the key hepatic transcriptional regulator HNF-1A homeobox A (HNF-1A/Hnf1a). Through genome-wide expression analysis of laser captured BMDH, a differential gene expression pattern was detected and the chromatin changes observed were confirmed at the level of chromatin regulator genes. Similarly, Tranforming Growth Factor-β1 (TGF-β1) and neurotransmitter (e.g. Prostaglandin E Receptor 4 [Ptger4]) pathway genes were over-expressed. In summary, in vivo BMDH generation is a process in which the hematopoietic cell nucleus changes its identity and acquires hepatic features. These BMDHs have their own cell identity characterized by an expression pattern different from hematopoietic cells or hepatocytes. The role of these BMDHs in the liver requires further investigation.