Current Account imbalances, thriftiness and the real exchange rate in a growing economy

This paper analyses the theoretical relevance of the dynamical aspects of growth on the discussion about the observed positive correlation between per capita real income and real exchange rates. With this purpose, we develop a simple exogenous growth model where the internal, external and intertemporal equilibrium conditions of a typical macroeconomic model are imposed; this last one through the inclusion of a balanced growth path for the foreign assets accumulation. The main result under this consideration is that the relationship defended by the Balassa-Samuelson hypothesis is no more so straightforward. In our particular approach, the mentioned bilateral relationship depends on a parameter measuring thriftiness in the economy. Therefore, the probability of ending up with a positive relationship between growth and real exchange rates -as the classical economic theory predicts- will be higher when the economy is able to maintain a minimum saving ratio. Moreover, given that our model considers a simple Keynesian consumption function, some explosive paths can also be possible.

Selection response of growth rate in rabbits for meat production

Genetic and environmental trends in 2 lines of rabbit (B and R) selected on individual weight gain (WG) from weaning (4 wk) to slaughter (11 wk) were estimated using mixed model methodology. Line B was derived from the California breed and line R was a synthetic of stock of different origin. The data were collected from a single herd and comprised 7 718 individuals in line B and 9 391 in line R, the lines having 12 and 9 generations of selection respectively. Realized responses in the 2 lines were 2.7% and 2.2% of the initial mean per year respectively and showed that selection on WG was effective but was less than expected. Selection on slaughter weight (SW) and effects of selection on other economic traits are discussed. It is concluded that selection on either WG or SW is a simple method for improving growth rate in rabbit sire line stocks.

Option pricing under stochastic volatility and stochastic interest rate in the Spanish case

Among the underlying assumptions of the Black-Scholes option pricingmodel, those of a fixed volatility of the underlying asset and of aconstantshort-term riskless interest rate, cause the largest empirical biases. Onlyrecently has attention been paid to the simultaneous effects of thestochasticnature of both variables on the pricing of options. This paper has tried toestimate the effects of a stochastic volatility and a stochastic interestrate inthe Spanish option market. A discrete approach was used. Symmetricand asymmetricGARCH models were tried. The presence of in-the-mean and seasonalityeffectswas allowed. The stochastic processes of the MIBOR90, a Spanishshort-terminterest rate, from March 19, 1990 to May 31, 1994 and of the volatilityofthe returns of the most important Spanish stock index (IBEX-35) fromOctober1, 1987 to January 20, 1994, were estimated. These estimators wereused onpricing Call options on the stock index, from November 30, 1993 to May30, 1994.Hull-White and Amin-Ng pricing formulas were used. These prices werecomparedwith actual prices and with those derived from the Black-Scholesformula,trying to detect the biases reported previously in the literature. Whereasthe conditional variance of the MIBOR90 interest rate seemed to be freeofARCH effects, an asymmetric GARCH with in-the-mean and seasonalityeffectsand some evidence of persistence in variance (IEGARCH(1,2)-M-S) wasfoundto be the model that best represent the behavior of the stochasticvolatilityof the IBEX-35 stock returns. All the biases reported previously in theliterature were found. All the formulas overpriced the options inNear-the-Moneycase and underpriced the options otherwise. Furthermore, in most optiontrading, Black-Scholes overpriced the options and, because of thetime-to-maturityeffect, implied volatility computed from the Black-Scholes formula,underestimatedthe actual volatility.

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.

Cap a l'autosuficiència energètica: barri La Plana, Sitges

En el present estudi s’ha analitzat si és possible l’autosuficiència energètica al barri projectat de La Plana de Sitges a partir de fonts renovables d’energia. S’ha realitzat un anàlisi de l’oferta potencial del barri de La Plana, format per habitatges unifamiliars i plurifamiliars, serveis i equipaments i s’ha comparat el potencial de producció energètica dels recursos renovables locals a cada subsistema i pel sistema de La Plana. Diferenciant si són una Oferta estàndard (4.000 MWh/a) seguint la Normativa d’ecoeficiència de Sitges o bé una Oferta renovable (19.000 MWh/a) segons un Ecobarri proposat en aquest projecte a partir d’energia solar fotovoltaica i tèrmica. En l’estudi de la demanda, diferenciant entre una Demanda estàndard (39.000 MWh/a), respon al total de La Plana seguint el consum d’un habitatge tipus de la mitjana catalana (ICAEN, 2002) i una Demanda eficient (20.800 MWh/a) seguint un model de baix consum projectat en un Ecobarri de Barcelona. (Vallbona, 2009). Per analitzar de forma detallada les variables d’oferta i demanda, s’han proposat quatre escenaris diferents on es valoren l’autosuficiència energètica del sistema de la Plana i aspectes ambientals d’emissions derivades de la utilització de l’energia. El primer escenari és l’estàndard i és el resultat d’analitzar conjuntament una oferta i una demanda estàndard. Al segon escenari conflueixen una Oferta Estàndard i una Demanda Eficient. En el tercer escenari coincideixen una Oferta Renovable i una Demanda Estàndard. El quart i últim escenari respon a la proposta d’Ecobarri on l’Oferta és renovable i la Demanda eficient. Tanmateix, s’ha realitzat un estudi sobre els aspectes econòmics de La Plana que s’estimen en uns beneficis per la venda de l’energia d’uns 5 milions d’euros anuals i uns costos d’instal·lació de 80 milions d’euros. Finalment s’ha constatat que és possible assolir una autosuficiència del 90% a l’escenari Ecobarri (oferta renovable - demanda eficient). Mitjançant la instal·lació de sistemes de captació solar a les cobertes, cobrint el 100% de la demanda d’ACS, i captadors solars FV, ambdues estratègies són viables i representen beneficis econòmics i una reducció d’emissions de l’ordre de 13.700 Tn CO2 equivalents anuals que suposen un estalvi del 88% respecte un escenari d’oferta i demanda estàndard.

Cross-country polarisation in CO2 emissions per capita in the European Union: changes and explanatory factors

In this study, we analyse the degree of polarisation-a concept fundamentally different from that of inequality-in the international distribution of CO2 emissions per capita in the European Union. It is analytically relevant to examine the degree of instability inherent to a distribution and, in the analysed case, the likelihood that the distribution and its evolution will increase or decrease the chances of reaching an agreement. Two approaches were used to measure polarisation: the endogenous approach, in which countries are grouped according to their similarity in terms of emissions, and the exogenous approach, in which countries are grouped geographically. Our findings indicate a clear decrease in polarisation since the mid-1990s, which can essentially be explained by the fact that the different groups of countries have converged (i.e. antagonism among the CO2 emitters has decreased) as the contribution of energy intensity to between-group differences has decreased. This lower degree of polarisation in CO2 distribution suggests a situation more conducive to the possibility of reaching EU-wide agreements on the mitigation of CO2 emissions.

Creació d'un plug-in de Protégé per a podar ontologies

La creació d'una ontologia partint de zero és una feina llarga i feixuga que pot simplificar-se si, partint d'una ontologia més general, es poden podar les parts que no formen part del domini de context. Aquesta memòria té una doble vessant: d'un costat l'estudi de l'estat de l'art de les ontologies (història, aplicacions, línies de treball, etc) i de l'altra l'anàlisi i disseny d'un plug-in en java per a Protégé que implementi l'algorisme de poda.

The database industry in Catalonia: a ten year overview

Reviews growth in database production in Catalonia (ASCII, videotext, CD-ROM) over the past decade, with particular attention to the level of development, classification of producers, distribution, users and language. Examines the principal problems affecting the Catalan context: the lack of an informationand documentation policy, deficiencies in distribution of databases, the special situation in telecommunications, insufficient financial resources and the lack of specialized personnel.

Duration and compliance with antidepressant treatment in immigrant and native-born populations in Spain: a four year follow-up descriptive study

Background: Non-compliance with antidepressant treatment continues to be a complex problem in mental health care. In immigrant populations non-compliance is one of several barriers to adequate management of mental illness; some data suggest greater difficulties in adhering to pharmacological treatment in these groups and an increased risk of therapeutic failure. The aim of this study is to assess differences in the duration and compliance with antidepressant treatment among immigrants and natives in a Spanish health region. Methods: Population-based (n = 206,603), retrospective cohort study including all subjects prescribed ADT between 2007 and 2009 and recorded in the national pharmacy claims database. Compliance was considered adequate when the duration was longer than 4 months and when patients withdrew more than 80% of the packs required. Results: 5334 subjects (8.5% of them being immigrants) initiated ADT. Half of the immigrants abandoned treatment during the second month (median for natives = 3 months). Of the immigrants who continued, only 29.5% presented good compliance (compared with 38.8% in natives). The estimated risk of abandoning/ending treatment in the immigrant group compared with the native group, adjusted for age and sex, was 1.28 (95%CI 1.16-1.42). Conclusions: In the region under study, immigrants of all origins present higher percentages of early discontinuation of ADT and lower median treatment durations than the native population. Although this is a complex, multifactor situation, the finding of differences between natives and immigrants in the same region suggests the need to investigate the causes in greater depth and to introduce new strategies and interventions in this population group.

Application of Information Statistical Theory to the Description of the Effect of Heat Conduction on the Chemical Reaction Rate in Gases

The effect of the heat flux on the rate of chemical reaction in dilute gases is shown to be important for reactions characterized by high activation energies and in the presence of very large temperature gradients. This effect, obtained from the second-order terms in the distribution function (similar to those obtained in the Burnett approximation to the solution of the Boltzmann equation), is derived on the basis of information theory. It is shown that the analytical results describing the effect are simpler if the kinetic definition for the nonequilibrium temperature is introduced than if the thermodynamic definition is introduced. The numerical results are nearly the same for both definitions

The causal factors of international inequality in CO2 emissions per capita: a regression-based inequality decomposition analysis

This paper uses the possibilities provided by the regression-based inequality decomposition (Fields, 2003) to explore the contribution of different explanatory factors to international inequality in CO2 emissions per capita. In contrast to previous emissions inequality decompositions, which were based on identity relationships (Duro and Padilla, 2006), this methodology does not impose any a priori specific relationship. Thus, it allows an assessment of the contribution to inequality of different relevant variables. In short, the paper appraises the relative contributions of affluence, sectoral composition, demographic factors and climate. The analysis is applied to selected years of the period 1993–2007. The results show the important (though decreasing) share of the contribution of demographic factors, as well as a significant contribution of affluence and sectoral composition.