Sources and propagation of international cycles: Common shocks or transmission?

This paper studies the generation and transmission of international cycles in a multi-country model with production and consumption interdependencies. Two sources of disturbance are considered and three channels of propagation are compared. In the short run the contemporaneous correlation of disturbances determines the main features of the transmission. In the medium run production interdependencies account for the transmission of technology shocks and consumption interdependencies account for the transmission of government shocks. Technology disturbances, which are mildly correlated across countries, are more successful than government expenditure disturbances in reproducing actual data. The model also accounts for the low cross country consumption correlations observed in the data.

Rational reasoning or adaptive behavior? Evidence from two-person beauty contest games

Many experiments have shown that human subjects do not necessarily behave in line with game theoretic assumptions and solution concepts. The reasons for this non-conformity are multiple. In this paper we study the argument whether a deviation from game theory is because subjects are rational, but doubt that others are rational as well, compared to the argument that subjects, in general, are boundedly rational themselves. To distinguish these two hypotheses, we study behavior in repeated 2-person and many-person Beauty-Contest-Games which are strategically different from one another. We analyze four different treatments and observe that convergence toward equilibrium is driven by learning through the information about the other player s choice and adaptation rather than self-initiated rational reasoning.

Equilibrium selection through incomplete information in coordination games: An experimental study

We perform an experiment on a pure coordination game with uncertaintyabout the payoffs. Our game is closely related to models that have beenused in many macroeconomic and financial applications to solve problemsof equilibrium indeterminacy. In our experiment each subject receives anoisy signal about the true payoffs. This game has a unique strategyprofile that survives the iterative deletion of strictly dominatedstrategies (thus a unique Nash equilibrium). The equilibrium outcomecoincides, on average, with the risk-dominant equilibrium outcome ofthe underlying coordination game. The behavior of the subjects convergesto the theoretical prediction after enough experience has been gained. The data (and the comments) suggest that subjects do not apply through"a priori" reasoning the iterated deletion of dominated strategies.Instead, they adapt to the responses of other players. Thus, the lengthof the learning phase clearly varies for the different signals. We alsotest behavior in a game without uncertainty as a benchmark case. The gamewith uncertainty is inspired by the "global" games of Carlsson and VanDamme (1993).

Separated by a common currency? Evidence from the Euro changeover

We study the price convergence of goods and services in the euro area in 2001-2002. To measure the degree of convergence, we compare the prices of around 220 items in 32 European cities. The width of the border is the price di¤erence attributed to the fact that the two cities are in different countries. We find that the 2001 European borders are negative, which suggests that the markets were very integrated before the euro changeover. Moreover, we do not identify an integration effect attributable to the introduction of the euro. We then explore the determinants of the European borders. We find that different languages, wealth and population differences tend to split the markets. Historical inflation, though, tends to lead to price convergence.

Location of multiple server common service centers or public facilities for minimizing general congestion and travel cost functions

We propose a model and solution methods, for locating a fixed number ofmultiple-server, congestible common service centers or congestible publicfacilities. Locations are chosen so to minimize consumers congestion (orqueuing) and travel costs, considering that all the demand must be served.Customers choose the facilities to which they travel in order to receiveservice at minimum travel and congestion cost. As a proxy for thiscriterion, total travel and waiting costs are minimized. The travel costis a general function of the origin and destination of the demand, whilethe congestion cost is a general function of the number of customers inqueue at the facilities.

Escenari, entorn, refugi : interiorisme domèstic i espais narratius

La casa és un conjunt de condicions físiques que en fan un habitatge, però també, és una xarxa de relacions que conformen la vida domèstica. Si bé el disseny disposa d’instruments molt efectius per garantir els estàndards d’habitabilitat, no es planteja, al mateix nivell, la qualitat de la domesticitat, la regulació de la qual, queda en el terreny dels usos dels habitants. L’estudi de cas de l’espai narratiu de les Peces de Cambra d’August Strindberg, analitzat a partir del conjunt d’àmbits comuns de la vida social, que proposa Peter Sloterdijk, permet establir quatre tipus ideals de cases sense llar i identifi car greus dèfi cits de domesticitat. Des d’aquests contraexemples s’obren perspectives que amplien l’horitzó del projecte d’espais domèstics.

Joan Sales, una traducció i una novel·la sense punt final

La història de la traducció francesa d’Incerta glòria i les relacions epistolars entre l’autor i el seu traductor permeten entendre millor el procés de composició de la gran novel·la de Joan Sales, sempre necessitat d’explicar la seva veritat i permanentment insatisfet amb la seva obra

Microsatellite markers reveal shallow genetic differentiation between cohorts of the common sea urchin Paracentrotus lividus (Lamarck) in northwest Mediterranean

Temporal variability was studied in the common sea urchin Paracentrotus lividus through the analysis of the genetic composition of three yearly cohorts sampled over two consecutive springs in a locality in northwestern Mediterranean. Individuals were aged using growth ring patterns observed in tests and samples were genotyped for five microsatellite loci. No reduction of genetic diversity was observed relative to a sample of the adult population from the same location or within cohorts across years. FST and amova results indicated that the differentiation between cohorts is rather shallow and not significant, as most variability is found within cohorts and within individuals. This mild differentiation translated into estimates of effective population size of 90100 individuals. When the observed excess of homozygotes was taken into account, the estimate of the average number of breeders increased to c. 300 individuals. Given our restricted sampling area and the known small-scale heterogeneity in recruitment in this species, our results suggest that at stretches of a few kilometres of shoreline, large numbers of progenitors are likely to contribute to the larval pool at each reproduction event. Intercohort variation in our samples is six times smaller than spatial variation between adults of four localities in the western Mediterranean. Our results indicate that, notwithstanding the stochastic events that take place during the long planktonic phase and during the settlement and recruitment processes, reproductive success in this species is high enough to produce cohorts genetically diverse and with little differentiation between them. Further research is needed before the link between genetic structure and underlying physical and biological processes can be well established.

«S'ha de practicar, el problema és la solució» sense ús no hi ha prou aprenentatge: les pràctiques lingüístiques dels joves sabadellencs

El present article pretén conèixer les tries i els usos lingüístics dels joves de Sabadell. L'estudi se centra en els individus presents a l'escola secundària amb edats compreses entre 14 i 19 anys. En concret es basa a conèixer la importància de l'escola en l'adquisició de la segona llengua d'aquests joves, així com els factors que influencien en la tria i l'ús d'una llengua determinada en els diferents contextos. Donada la diversitat sociocultural actual de Catalunya els individus seleccionats representen les diverses tipologies principals existents segons el seu origen etnicolingüístic (català, castellà i bilingüe), combinat amb la composició del seu entorn bàsic de socialització (xarxes socials), i amb altres aspectes geogràfics, demogràfics i econòmics.

Evidence on the complex link between

Most studies analysing the infrastructure impact on regional growth show a positive relationship between both variables. However, the public capital elasticity estimated in a Cobb-Douglas function, which is the most common specification in these works, is sometimes too big to be credible, so that the results have been partially desestimated. In the present paper, we give some new advances on the real link between public capital and productivity for the Spanish regions in the period 1964-1991. Firstly, we find out that the association for both variables is smaller when controlling for regional effects, being industry the sector which reaps the most benefits from an increase in the infrastructural dotation. Secondly, concerning to the rigidity of the Cobb-Douglas function, it is surpassed by using the variable expansion method. The expanded functional form reveals both the absence of a direct effect of infrastructure and the fact that the link between infrastructure and growth depends on the level of the existing stock (threshold level) and the way infrastructure is articulated in its location relative to other factors. Finally, we analyse the importance of the spatial dimension in infrastructure impact, due to spillover effects. In this sense, the paper provides evidence of the existence of spatial autocorrelation processes that may invalidate previous results.

Testing for multicointegration in panel data with common factors

The paper addresses the concept of multicointegration in panel data frame- work. The proposal builds upon the panel data cointegration procedures developed in Pedroni (2004), for which we compute the moments of the parametric statistics. When individuals are either cross-section independent or cross-section dependence can be re- moved by cross-section demeaning, our approach can be applied to the wider framework of mixed I(2) and I(1) stochastic processes analysis. The paper also deals with the issue of cross-section dependence using approximate common factor models. Finite sample performance is investigated through Monte Carlo simulations. Finally, we illustrate the use of the procedure investigating inventories, sales and production relationship for a panel of US industries.

Efectos regionales de la política monetaria : implicaciones para los países de la zona euro

De acuerdo con la teoría de las áreas monetàrias óptimas,los shocks asimétricos tienen un papel fundamental en la determinación de los beneficios y los costes derivados del establecimiento de una área monetaria. En este sentido, diferentes estudios recientes señalan una importante reducción del grado de asimetría de los shocks en términos reales a lo largo de los últimos años entre los países europeos como consecuencia de la mayor coordinación de las políticas económicas y de la aproximación de las estructuras productivas. De todas maneras, una de las cuestiones clave en el nuevo entorno económico, y que no ha sido demasiado considerada a la literatura reciente, es el posible papel desestabilitzador de la política monetaria común como consecuencia de las diferencias en los mecanismos de transmisión de la política monetaria en los distintos países y regiones de la Zona Euro. En este trabajo se considera la mencionada cuestión desde un punto de vista teórico y se analiza empíricamente la existencia de diferencias regionales en los efectos de la política monetaria llevada a término en España a lo largo de los últimos años con la finalidad d identificar los principales determinantes de esta asimetría en el ámbito europeo

Drift compensation of gas sensor array data by common principal component analysis

A new drift compensation method based on Common Principal Component Analysis (CPCA) is proposed. The drift variance in data is found as the principal components computed by CPCA. This method finds components that are common for all gasses in feature space. The method is compared in classification task with respect to the other approaches published where the drift direction is estimated through a Principal Component Analysis (PCA) of a reference gas. The proposed new method ¿ employing no specific reference gas, but information from all gases ¿has shown the same performance as the traditional approach with the best-fitted reference gas. Results are shown with data lasting 7-months including three gases at different concentrations for an array of 17 polymeric sensors.

Evidence on the complex link between

Most studies analysing the infrastructure impact on regional growth show a positive relationship between both variables. However, the public capital elasticity estimated in a Cobb-Douglas function, which is the most common specification in these works, is sometimes too big to be credible, so that the results have been partially desestimated. In the present paper, we give some new advances on the real link between public capital and productivity for the Spanish regions in the period 1964-1991. Firstly, we find out that the association for both variables is smaller when controlling for regional effects, being industry the sector which reaps the most benefits from an increase in the infrastructural dotation. Secondly, concerning to the rigidity of the Cobb-Douglas function, it is surpassed by using the variable expansion method. The expanded functional form reveals both the absence of a direct effect of infrastructure and the fact that the link between infrastructure and growth depends on the level of the existing stock (threshold level) and the way infrastructure is articulated in its location relative to other factors. Finally, we analyse the importance of the spatial dimension in infrastructure impact, due to spillover effects. In this sense, the paper provides evidence of the existence of spatial autocorrelation processes that may invalidate previous results.

Testing for multicointegration in panel data with common factors

The paper addresses the concept of multicointegration in panel data frame- work. The proposal builds upon the panel data cointegration procedures developed in Pedroni (2004), for which we compute the moments of the parametric statistics. When individuals are either cross-section independent or cross-section dependence can be re- moved by cross-section demeaning, our approach can be applied to the wider framework of mixed I(2) and I(1) stochastic processes analysis. The paper also deals with the issue of cross-section dependence using approximate common factor models. Finite sample performance is investigated through Monte Carlo simulations. Finally, we illustrate the use of the procedure investigating inventories, sales and production relationship for a panel of US industries.