Publishing performances of spanish academics: 1970-2004

The aim of this note is to complement some of the results appearing in Dolado et al. (2003) article “Publishing Performance in Economics: Spanish Rankings” Particularly we want to focus on three issues: the robustness of the results regardless of the time span considered, the evaluation of a researcher to the advance of the knowledge, and to what extent the choice of a particular database to download the results can affect the results. Differences are significant when we expand the time period considered. There are also small but significant differences if we combine datasets to derive the rankings.

Interest rate determination in the interbank market

The purpose of this paper is to study the determinants of equilibrium in the market for daily funds. We use the EONIA panel database which includes daily information on the lending rates applied by contributing commercial banks. The data clearly shows an increase in both the time series volatility and the cross section dispersion of rates towards the end of the reserve maintenance period. These increases are highly correlated. With respect to quantities, we find that the volume of trade as well as the use of the standing facilities are also larger at the end of the maintenance period. Our theoretical model shows how the operational framework of monetary policy causes a reduction in the elasticity of the supply of funds by banks throughout the reserve maintenance period. This reduction in the elasticity together with market segmentation and heterogeneity are able to generate distributions for the interest rates and quantities traded with the same properties as in the data.

The behavior of money velocity in low and high inflation countries

This paper presents a general equilibrium model of money demand where the velocity of money changes in response to endogenous fluctuations in the interest rate. The parameter space can be divided into two subsets: one where velocity is constant as in standard cash-in-advance models, and another one where velocity fluctuates as in Baumol (1952). The model provides an explanation of why, for a sample of 79 countries, the correlation between the velocity of money and the inflation rate appears to be low, unlike common wisdom would suggest. The reason is the diverse transaction technologies available in different economies.

Credit markets and the propagation of monetary policy shocks

This paper analyzes the propagation of monetary policy shocks through the creation of credit in an economy. Models of the monetary transmission mechanism typically feature responses which last for a few quarters contrary to what the empirical evidence suggests. To propagate the impact of monetary shocks over time, these models introduce adjustment costs by which agents find it optimal to change their decisions slowly. This paper presents another explanation that does not rely on any sort of adjustment costs or stickiness. In our economy, agents own assets and make occupational choices. Banks intermediate between agents demanding and supplying assets. Our interpretation is based on the way banks create credit and how the monetary authority affects the process of financial intermediation through its monetary policy. As the central bank lowers the interest rate by buying government bonds in exchange for reserves, high productive entrepreneurs are able to borrow more resources from low productivity agents. We show that this movement of capital among agents sets in motion a response of the economy that resembles an expansionary phase of the cycle.

How tight should one's hands be tied? Fear of floating and credibility of exchange rate regimes

This paper analyzes the linkages between the credibility of a target zone regime, the volatility of the exchange rate, and the width of the band where the exchange rate is allowed to fluctuate. These three concepts should be related since the band width induces a trade-off between credibility and volatility. Narrower bands should give less scope for the exchange rate to fluctuate but may make agents perceive a larger probability of realignment which by itself should increase the volatility of the exchange rate. We build a model where this trade-off is made explicit. The model is used to understand the reduction in volatility experienced by most EMS countries after their target zones were widened on August 1993. As a natural extension, the model also rationalizes the existence of non-official, implicit target zones (or fear of floating), suggested by some authors.

The daily market for funds in Europe: what has 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 the start of the EMU. The analysis of the German experience is useful because it allows 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 is able to reproduce our empirical findings.

On the choice of an exchange rate regime: target zones revisited

From the classical gold standard up to the current ERM2 arrangement of the European Union, target zones have been a widely used exchange regime in contemporary history. This paper presents a benchmark model that rationalizes the choice of target zones over the rest of regimes: the fixed rate, the free float and the managed float. It is shown that the monetary authority may gain efficiency by reducing volatility of both the exchange rate and the interest rate at the same time. Furthermore, the model is consistent with some known stylized facts in the empirical literature that previous models were not able to produce, namely, the positive relation between the exchange rate and the interest rate differential, the degree of non-linearity of the function linking the exchage rate to fundamentals and the shape of the exchange rate stochastic distribution.

Candidate stability and voting correspondences

We study the incentives of candidates to enter or to exit elections in order to strategically affect the outcome of a voting correspondence. We extend the results of Dutta, Jackson and Le Breton (2000), who only considered single-valued voting procedures by admitting that the outcomes of voting may consist of sets of candidates. We show that, if candidates form their preferences over sets according to Expected Utility Theory and Bayesian updating, every unanimous and non dictatorial voting correspondence violates candidate stability. When candidates are restricted to use even chance prior distributions, only dictatorial or bidictatorial rules are unanimous and candidate stable. We also analyze the implications of using other extension criteria to define candidate stability that open the door to positive results.

Avaluació de l'aprofitament energètic de la biomassa forestal del Parc de Collserola

En aquest treball se sintetitzen els resultats més destacats del projecte de final de carrera de la llicenciatura de Ciències Ambientals sobre l’aprofitament de la biomassa forestal al Parc de Collserola (PCo), realitzat a la Universitat Autònoma de Barcelona (UAB). L’objectiu principal és determinar la disponibilitat de biomassa forestal susceptible a ser extreta del PCo a fi d’aprofitar-la per a l’obtenció d’energia. Els principals factors analitzats són: la producció anual per cada espècie, les limitacions que marquen l’explotació i la tecnologia aplicable per a l’aprofitament en tres possibles escenaris. La proposta d’explotació sostenible dels boscos del PCo s’efectua sobre les espècies de Pinus halepensis, Quercus ilex i Quercus cerrioides, que presenten una producció major de biomassa susceptible a ser aprofitada, 5.500, 4.000 i 300 t psa1/any, respectivament. Per tant, la biomassa extraïble de forma sostenible al PCo s’estima en aproximadament 9.700 tones/any. L’estudi de l’aprofitament forestal està marcat per limitacions d’extracció, tals com les limitacions silvícoles (zones amb una cobertura arbòria igual o superior al 70% i un pendent igual o inferior al 60%) i d’accessibilitat (franges de 25 metres a banda i banda de les vies forestals). Amb la quantitat de biomassa extraïble es poden establir diferents escenaris d’aplicació energètica, mitjançant la seva combustió en calderes amb diverses potències de funcionament. Des del nivell domèstic (calderes domèstiques) fins al d’una gran planta (cogeneració), passant per l’aplicació en un barri residencial (District Heating). D’aquesta manera s’obté energia tèrmica, per calefacció, o elèctrica, aplicable a residències individuals, a barris residencials o a polígons industrials. S’ha escollit l’escenari de District Heating com el més viable, ja que és el que més avantatges presenta dintre del context del parc i un ventall de possibilitats d’aplicació més elevat. Per determinar-ne la viabilitat, s’han integrat diversos aspectes: tecnològics (eficiència, producció energètica, tipus de combustible i requeriment de biomassa), ambientals (impactes generats), socials (percepció dels usuaris) i econòmics (llocs de treball generats i viabilitat econòmica).

Publishing performance of spanish academics: 1970-2004: institutions, researchers et al.

This work complements some of the results appearing in the article ?Publishing Performance in Economics: Spanish Rankings? by Dolado et al. . Specifically we focus on the robustness of the results regardless of the time span considered, the effect of the choice of a particular database on the final results, and the effects on changes in the unit of institutional measure (departments versus institutions as a whole). Differences are significant when we expand the time period considered. There are also significant but small differences if we combine datasets to derive the rankings. Finally, department rankings offer a more precise picture of the situation of the Spanish academics, although results do not differ substantially from those obtained when overall institutions are considered.

Evaluating active labor markets in Romania

We evaluate the presence of effects from joining one of four active labour market programs in Romania in the late 1990s compared to the no-program state. Using rich follow-up survey data and propensity score matching, we find that three programs (training and retraining, self-employment assistance, and employment and relocation services) had success in improving participants' economic outcomes and were cost-beneficial from society's perspective. In contrast, public employment was found detrimental for the employment prospects of its participants.

Socio-economic impacts and assessment biological invasions

Biological invasions have been object of ecological research for years. As one objective, natural scientists investigate the effects of invasive species on ecosystems and their functioning (Levine et al. 2003). However, impacts on ecosystems are also of relevance for society. Changes in ecosystems affect humans in so far as ecosystems provide goods and services, such as fresh water, food and fibbers or recreation, which might be altered due to invasive species. Therefore impacts of biological invasions should be an object of socio-economic interest, which is also demanded by the Convention on Biological Diversity

Preparació i caracterització de materials mesoporosos en sistemes tensioactius

Estudi elaborat a partir d’una estada a la Universitat Nacional de Yokohama des de maig fins a mitjans de juny del 2006. S'ha estudiat el comportament fàssic i la preparació de sílica mesoporosa pels nous tensioactius fluorats d'estructura C8F17SO2(C3H7)N(C2H4O)nH (abreujat C8F17(EO)n. El tensioactiu C8F17(EO)n forma micel•les allargades i cristalls líquids en aigua, i per tant pot ser adequat per a la preparació de materials mesoporosos. Sílica mesoestructurada es va preparar pel mètode de precipitació per autoagregació cooperativa. Un estudi sistemàtic es va realitzar, investigant la influència de les concentracions de tensioactiu i precursor (TEOS), l’efecte del pH i de la longitud de cadena de poliòxid d’etilè. Els materials es van caracteritzar per raigs X a angle petit (SAXS), sorció de nitrògen i TEM. Els materials obtinguts presenten diàmetres de por petits i parets de por gruixudes. A més, aquests materials posseeixen altes superfícies específiques, que s’han obtingut emprant concentracions de tensioactiu petites, produint parets de por robustes sense microporositat significativa. La superfície específica es manté durant el procés de calcinació, malgrat un petit encongiment degut a l’entrecreuament de la sílica. Els materials de sílica obtinguts han mostrat ser significativament més robustos que altres materials similars descrits a la bibliografia, com la sílica MCM-41.

The Difficult and tortuous path of agricultural cooperative networks in spain, 1890-1935

The rural associationism developed from the last decades of the XIX century could be consider as an answer of the agriculturists to the increasing integration of agriculture in the market, and to the effects of the Great Depression. In the case of Spain, the initiatives in this sense arose with certain delay in relation to the countries of Western Europe. The beginning of the Spanish cooperativism is closely bound to the Law of 1906. It granted the agrarian cooperatives with fiscal exemptions and other types of supports to the associates, although the process did not really accelerate until the promulgation of the law regulation in 1908.

Los Pioneros del cooperativismo agrario de crédito español (1880-1920)

En las dos últimas décadas del siglo XIX en España el cooperativismo de crédito orientado hacia los pequeños productores agrícolas estuvo bastante ligado a las corrientes del “Regeneracionismo conservador” y el catolicismo social. Hemos estudiado las aportaciones de dos autores: Joaquín Díaz de Rábago y Nicolás Fontes. Díaz de Rábago contó con una fuerte formación teórica y colaboró en la redacción de un proyecto de ley sobre cooperativas, pero a pesar de su influencia no consiguió potenciar ninguna actividad concreta. Nicolás Fontes representa al hombre “práctico”. Sus circunstancias personales, era un importante terrateniente, lo animaron a poner en práctica un sistema de crédito destinado a ayudar a los pequeños arrendatarios. El modelo que puso en práctica se inspiraba en el Raiffeisen System, el mismo que defendía por Rábago. El desconocimiento mutuo de sus actuaciones invita a reflexionar sobre las limitaciones en la difusión del cooperativismo agrícola de crédito en España.