Monetary policy with signal extraction from the bond market

Monetary policy is conducted in an environment of uncertainty. This paper sets upa model where the central bank uses real-time data from the bond market togetherwith standard macroeconomic indicators to estimate the current state of theeconomy more efficiently, while taking into account that its own actions influencewhat it observes. The timeliness of bond market data allows for quicker responsesof monetary policy to disturbances compared to the case when the central bankhas to rely solely on collected aggregate data. The information content of theterm structure creates a link between the bond market and the macroeconomythat is novel to the literature. To quantify the importance of the bond market asa source of information, the model is estimated on data for the United Statesand Australia using Bayesian methods. The empirical exercise suggests that thereis some information in the US term structure that helps the Federal Reserve toidentify shocks to the economy on a timely basis. Australian bond prices seemto be less informative than their US counterparts, perhaps because Australia is arelatively small and open economy.

The daily market for funds in Europe: Mathematical appendix

This paper includes the derivations of the main expressions in the paper ``The Daily Market for Funds in Europe: Has Something Changed With the EMU?'' by G. Pérez Quirós and H. Rodríguez Mendizábal.

The daily market for funds in Europe: Has something changed with the EMU?

This paper presents evidence that the existence of deposit and lending facilities combined with an averaging provision for the reserve requirement are powerful tools to stabilize the overnight rate. We reach this conclusion by comparing the behavior of this rate in Germany before and after thestart of Stage III of the EMU. The analysis of the German experience is useful because it allows us to isolate the effects on the overnight rate of these particular instruments of monetary policy. To show that this outcome is a general conclusion and not a particular result of the German market, we develop a theoretical model of reserve management which isable to reproduce our empirical findings.

Experimental evidence that intra-specific competition in seagrass meadows reduces reproductive potential in the sea urchin Paracentrotus lividus (Lamarck)

To better understand the biological controls that regulate sea urchin dynamics, we studied the effects of potential inter- and intra-specific competition for food on several biological variables of the main sea urchin in the Mediterranean (Paracentrotus lividus). We carried out a caging experiment in which we manipulated sea urchin density (natural vs. high density) and herbivorous fish (Sarpa salpa) accessibility (free access vs. exclusion) in a Posidonia oceanica meadow. No evidence of competition between fish and urchins was detected. Neither density-dependent mortality nor changes in the somatic variables were found; however, we detected that intra-specific competition affected the reproductive potential of P. lividus. The gonad index of urchins at high population densities was ca. 30% lower than that of urchins at natural densities. As a spawning event had just occurred when urchins were collected, these differences probably reflect differences in reserve content, which may compromise the following reproductive period and decrease survival in the long term, as the gonads are also used as storage organs. For the time period studied, mortality rates appeared to be independent of local densities. The results indicate that a long-term negative feedback mechanism appears to take place in P. lividus in response to increased population density.

De la mano de Keynes: "A tract on monetary reform"

En Tract on Monetary Reform, John Maynard Keynes propuso utilizar la base monetaria y el coeficiente de reserva bancaria como variables instrumentales d¿una política monetaria que había sido considerada hasta entonces innecesaria. En este trabajo se intenta desvelar las primeras contribuciones de Keynes al progreso del análisis económico

De la mano de Keynes: "A tract on monetary reform"

En Tract on Monetary Reform, John Maynard Keynes propuso utilizar la base monetaria y el coeficiente de reserva bancaria como variables instrumentales d¿una política monetaria que había sido considerada hasta entonces innecesaria. En este trabajo se intenta desvelar las primeras contribuciones de Keynes al progreso del análisis económico

Multiple processes regulate long-term population dynamics of sea urchins on Mediterranean rocky reefs

We annually monitored the abundance and size structure of herbivorous sea urchin populations (Paracentrotus lividus and Arbacia lixula) inside and outside a marine reserve in the Northwestern Mediterranean on two distinct habitats (boulders and vertical walls) over a period of 20 years, with the aim of analyzing changes at different temporal scales in relation to biotic and abiotic drivers. P. lividus exhibited significant variability in density over time on boulder bottoms but not on vertical walls, and temporal trends were not significantly different between the protection levels. Differences in densities were caused primarily by variance in recruitment, which was less pronounced inside the MPA and was correlated with adult density, indicating density-dependent recruitment under high predation pressure, as well as some positive feedback mechanisms that may facilitate higher urchin abundances despite higher predator abundance. Populations within the reserve were less variable in abundance and did not exhibit the hyper-abundances observed outside the reserve, suggesting that predation effects maybe more subtle than simply lowering the numbers of urchins in reserves. A. lixula densities were an order of magnitude lower than P. lividus densities and varied within sites and over time on boulder bottoms but did not differ between protection levels. In December 2008, an exceptionally violent storm reduced sea urchin densities drastically (by 50% to 80%) on boulder substrates, resulting in the lowest values observed over the entire study period, which remained at that level for at least two years (up to the present). Our results also showed great variability in the biological and physical processes acting at different temporal scales. This study highlights the need for appropriate temporal scales for studies to fully understand ecosystem functioning, the concepts of which are fundamental to successful conservation and management.

Experimental evidence that intra-specific competition in seagrass meadows reduces reproductive potential in the sea urchin Paracentrotus lividus (Lamarck)

To better understand the biological controls that regulate sea urchin dynamics, we studied the effects of potential inter- and intra-specific competition for food on several biological variables of the main sea urchin in the Mediterranean (Paracentrotus lividus). We carried out a caging experiment in which we manipulated sea urchin density (natural vs. high density) and herbivorous fish (Sarpa salpa) accessibility (free access vs. exclusion) in a Posidonia oceanica meadow. No evidence of competition between fish and urchins was detected. Neither density-dependent mortality nor changes in the somatic variables were found; however, we detected that intra-specific competition affected the reproductive potential of P. lividus. The gonad index of urchins at high population densities was ca. 30% lower than that of urchins at natural densities. As a spawning event had just occurred when urchins were collected, these differences probably reflect differences in reserve content, which may compromise the following reproductive period and decrease survival in the long term, as the gonads are also used as storage organs. For the time period studied, mortality rates appeared to be independent of local densities. The results indicate that a long-term negative feedback mechanism appears to take place in P. lividus in response to increased population density.

Una reflexión sobre la impronta romana del 'beneficio de separación de patrimonios' en el Código Civil catalán

The roman institution of the separatio bonorum is a pretorian remedy that relies on the principle of equity, created as to protect the deceased creditors and/or legatees. It provides them a"benefit" in the case of selling the goods of the heir-deubtor, enabling them to separate and reserve for themselves that whole patrimonium, as to avoid that by the act of selling, the heirs creditors could go to it; and like this they maintain intact their guarantee, which relies on the whole goods and assets left by the deceased. The separation of patrimonies implied the existence of 2 different groups of goods: that of the heirs" and that one of the deceased, which are not the same in legal terms, in spite of having a common owner at this point, the heir. This institution was regulated in the 6th title of the 42nd book of the Digesto, and in the 72th title, 7th book of the Justinean Code, and its interest is really high due to its material complexity and its procedure. The aim of this work is to analyze the institution of the separatio bonorum in Roman Law, and its importance in the same figure, actually regulated in the 4th book of the Catalan civil code.

Multiple processes regulate long-term population dynamics of sea urchins on Mediterranean rocky reefs

We annually monitored the abundance and size structure of herbivorous sea urchin populations (Paracentrotus lividus and Arbacia lixula) inside and outside a marine reserve in the Northwestern Mediterranean on two distinct habitats (boulders and vertical walls) over a period of 20 years, with the aim of analyzing changes at different temporal scales in relation to biotic and abiotic drivers. P. lividus exhibited significant variability in density over time on boulder bottoms but not on vertical walls, and temporal trends were not significantly different between the protection levels. Differences in densities were caused primarily by variance in recruitment, which was less pronounced inside the MPA and was correlated with adult density, indicating density-dependent recruitment under high predation pressure, as well as some positive feedback mechanisms that may facilitate higher urchin abundances despite higher predator abundance. Populations within the reserve were less variable in abundance and did not exhibit the hyper-abundances observed outside the reserve, suggesting that predation effects maybe more subtle than simply lowering the numbers of urchins in reserves. A. lixula densities were an order of magnitude lower than P. lividus densities and varied within sites and over time on boulder bottoms but did not differ between protection levels. In December 2008, an exceptionally violent storm reduced sea urchin densities drastically (by 50% to 80%) on boulder substrates, resulting in the lowest values observed over the entire study period, which remained at that level for at least two years (up to the present). Our results also showed great variability in the biological and physical processes acting at different temporal scales. This study highlights the need for appropriate temporal scales for studies to fully understand ecosystem functioning, the concepts of which are fundamental to successful conservation and management.

Seguiment de la diagnosi socioambiental del Camí de Cavalls: sector nord-est

El Camí de Cavalls és un element característic amb una importància històrica, cultural i recreativa considerable a Menorca. Aquesta illa va ser declarada Reserva de la Biosfera per l UNESCO l’any 1993; com a conseqüència, a l’any 2000 es va implantar el Pla Especial del Camí de Cavalls amb diversos objectius: definir les característiques del Camí i els seus instruments de gestió i aplicació; implantar mecanismes i normes que permetin l’ús públic que garanteixin la seva protecció i conservació; i finalment definir polítiques de sostenibilitat i conscienciació ambiental. Al llarg dels anys, la seva gestió ha permès que el Camí presenti una millora del seu estat de conservació i fer-ne un ús favorable a nivell socioambiental. L’any 2008 es va realitzar una diagnosi del Sector nord-est de la illa, aplicant-ne diversos indicadors per tal de determinar l’estat del Cam,í coincidint amb l’aplicació dels criteris plantejats pel Pla Especial del 2000 (Diagnosi Socioambiental del Camí de Cavalls de Menorca 2008). En aquest document s’explica la realització de la segona diagnosi, a partir del protocol dissenyat cinc anys abans, per tal de valorar l’estat actual del Camí i observar i definir les variacions que s’han produït en aquest període de temps. Els resultats mostren una tendència global positiva de millora del Camí, tal i com es planteja en la hipòtesis del projecte, tot i presentar-se una sèrie d’inconvenients a l’hora d’aplicar i valorar qualitativament els indicadors utilitzats. L’estudi s’ha realitzat amb la col·laboració dels centres de estudis ambientals de l’ICTA (Institut de Ciència i Tecnologia Ambientals) amb seu a la UAB (Universitat Autònoma de Barcelona), i l’OBSAM (Observatori Socioambiental de Menorca) amb seu a l’IME (Institut Menorquí d’Estudis).

Solvencia en un Reaseguro Finite Risk

One of the characteristics of the finite risk reinsurance is the existence of an found of experience, which is constituted by the premiums charged by the reinsurer, together with his financial incomes, and his objective is to finance the claims to be satisfied to the insurer in the specified period. The objective of this work is to design a model that allows us to determinate the reserve that the found of experience should have in every annual period in order to guarantee its dynamic solvency, taking into the experience of the claims of the reinsurer"s portfolio and of each insurance company.

The metabolic syndrome, a multifaceted disease of affluence

Metabolic syndrome developed in consequence of an evolutionary inadequacy: the human body was unprepared for a dietary excess of nutrients, especially lipids (largely in detriment of carbohydrate). This excess awakens metabolic signals akin to those of starvation, in which the main energy staple is the body"s own lipid reserve. Lipid dietary abundance prevents the use of glucose, which in turn limits the oxidation of amino acids. To ward against a subsequent avalanche of substrates, the immune system and hypertrophied tissues (for example, adipose) elicit a series of defence responses. This response is probably the ultimate basis of a disease that is manifested as various pathologies, which were initially defined as distinct entities but which are slowly being seen as a single pathognomic unit in the literature. Based on their common origin of the ample availability of food in our modern society, the cluster of diseases comprising the metabolic syndrome is probably best described as a single multifaceted disease.

Multiple processes regulate long-term population dynamics of sea urchins on Mediterranean rocky reefs

We annually monitored the abundance and size structure of herbivorous sea urchin populations (Paracentrotus lividus and Arbacia lixula) inside and outside a marine reserve in the Northwestern Mediterranean on two distinct habitats (boulders and vertical walls) over a period of 20 years, with the aim of analyzing changes at different temporal scales in relation to biotic and abiotic drivers. P. lividus exhibited significant variability in density over time on boulder bottoms but not on vertical walls, and temporal trends were not significantly different between the protection levels. Differences in densities were caused primarily by variance in recruitment, which was less pronounced inside the MPA and was correlated with adult density, indicating density-dependent recruitment under high predation pressure, as well as some positive feedback mechanisms that may facilitate higher urchin abundances despite higher predator abundance. Populations within the reserve were less variable in abundance and did not exhibit the hyper-abundances observed outside the reserve, suggesting that predation effects maybe more subtle than simply lowering the numbers of urchins in reserves. A. lixula densities were an order of magnitude lower than P. lividus densities and varied within sites and over time on boulder bottoms but did not differ between protection levels. In December 2008, an exceptionally violent storm reduced sea urchin densities drastically (by 50% to 80%) on boulder substrates, resulting in the lowest values observed over the entire study period, which remained at that level for at least two years (up to the present). Our results also showed great variability in the biological and physical processes acting at different temporal scales. This study highlights the need for appropriate temporal scales for studies to fully understand ecosystem functioning, the concepts of which are fundamental to successful conservation and management.

Ebrebiosfera: el paper del patrimoni cultural en la Reserva de la Biosfera

El present estudi pretén posar en valor part del paper de l’Home del Programa MaB (Men and Biosphere). En concret, pretén descobrir la importància i el paper que pot tenir (o que té realment) l’anomenat patrimoni cultural per a la consecució dels objectius de la Reserva de la Biosfera, i les pròpies potencialitats que ofereix aquest patrimoni per al consum del turisme cultural