A proposal for a new specification for a conditionally heteroskedastic variance model: the Quadratic Moving-Average Conditional Heteroskedasticity and an application to the D. Mark-U.S. dollar Exchange Rate

Ever since the appearance of the ARCH model [Engle(1982a)], an impressive array of variance specifications belonging to the same class of models has emerged [i.e. Bollerslev's (1986) GARCH; Nelson's (1990) EGARCH]. This recent domain has achieved very successful developments. Nevertheless, several empirical studies seem to show that the performance of such models is not always appropriate [Boulier(1992)]. In this paper we propose a new specification: the Quadratic Moving Average Conditional heteroskedasticity model. Its statistical properties, such as the kurtosis and the symmetry, as well as two estimators (Method of Moments and Maximum Likelihood) are studied. Two statistical tests are presented, the first one tests for homoskedasticity and the second one, discriminates between ARCH and QMACH specification. A Monte Carlo study is presented in order to illustrate some of the theoretical results. An empirical study is undertaken for the DM-US exchange rate.

The Determinants of pricing in pharmaceuticals: are U.S. prices really higher than those of Canada?

This paper studies price determination in pharmaceutical markets using data for 25 countries, six years and a comprehensive list of products from the MIDAS IMS database. We show that market power and the quality of the product has a significantly positive impact of prices. The nationality of the producer appears to have a small and often insignificant impact on prices, which suggests that countries which regulates prices have relatively little power to do it in a way that advances narrow national interest. We produce a theoretical explanation for this phenomenon based on the fact that low negotiated prices in a country would have a knock-on effect in other markets, and is thus strongly resisted by producers. Another key finding is that the U.S. has prices that are not significantly higher than those of countries with similar income levels. This, together with the former observation on the effect of the nationality of producers casts doubt on the ability of countries to purs

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.

Deporte y relaciones internacionales (1919-1939): la Olimpiada popular de 1936

Este documento contiene los resultados de la investigación llevada a cabo por los autores entorno a los intentos de organización de una Olimpiada Popular en Barcelona el año 1936.

Esport i relacions internacionals (1919-1939): l'Olimpíada popular de 1936

Aquest document conté els resultats de la recerca duta a terme pels autors al voltant dels intents d'organització d'una Olimpíada Popular a Barcelona l'any 1936.

The Core ideas and axioms of classical fascism (1919-1945)

This article presents and explores the axioms and core ideas, or idées-force, of the Fascist ideologies of the first third of the twentieth century. The aim is to identify the features that define the term “Classical Fascism” as a conceptual category in the study of politics and to uncover the core ideas of its political theory. This analysis requires an appraisal of both the idées-force themselves and the political use that is made of them. If these appreciations are correct, Classical Fascism is characterized by a set of ideological and political aims and methods in which ideas, attitudes and behaviours are determined by an anti-democratic palingenetic ultranationalism underpinned by a sacralized ideology; the quest for a united, indissoluble society as apolitical system and, at the same time, the collective myth that mobilizes and redeems the nation; and third, violence as a political vehicle applied unchecked against internal opposition and against external enemies who challenge the nation´s progression towards the dream of rebirth and the culmination of this progression in the form of an empire.

Study of the influence of grain size and precipitates on the electromagnetic losses in different grades of non-oriented fully processed electrical steel

The study was performed in the installations of OCAS, a Steel Research Centre of ArcelorMittal. Taking M32 steel (3.25%Si+0.9%Al) as the basis chemical composition and three different thicknesses (0.35, 0.5 and 0.65mm), different annealing conditions (temperature and time) have been applied in the laboratory simulator at St. Chély, France. The aim was to link annealing parameters, grain size and energy loss. It was determined the optimum annealing parameters to reach the lowest power losses for three different grades of non-oriented fully processed electrical steel. In addition, M250-50 samples having different magnetic behaviour (high and low losses) but the same grain size and texture, have been analyzed in terms of TEM observations of their precipitates, in the University of Marseille. The results reveal that a high amount of medium and big precipitates (&10 nm) worsen the magnetic properties of the material. The small precipitates (&10nm) do not have a strong influence on the magnetic properties. The presence of precipitates can have a great influence on the power losses and further work is clearly necessary.

Link between microstructure and properties in new metallurgical concepts for very low loss non-oriented electrical steel

The influence of chemistry and soaking temperature (maximal temperature of the continuous annealing) on the final properties of non-oriented electrical steels has been studied. With this objective two different studies have been performed. First the Mn, Ni and Cr content of a low loss electrical steel composition has been modified. An intermediate content and a high content of each element has been added in order to study the influence of this components on the magnetic looses, grain size and texture. Secondly the influence of the soaking temperature on magnetic properties, grain size and oxidation in four grades of non-oriented electrical steels (Steel A, B, C and D) was studied.

Jaume Brossa (1868-1919) regeneracionista i revolucionari

Treball de recerca realitzat per una alumna d'ensenyament secundari i guardonat amb un Premi CIRIT per fomentar l'esperit científic del Jovent l'any 2009. El present treball és un estudi de la personalitat humana, literària i filosòfica de Jaume Brossa així com un anàlisi del medi sociohistòric que li va tocar viure. El mètode utilitzat ha estat, en primer lloc, un rastreig de material original, articles publicats entre els anys 1892 i 1902 en diversos òrgans de premsa de Barcelona i Madrid. Una vegada obtingut el material requerit, s’ha sondejat per dins de les seves línies fins a trobar quin era el seu pensament en molts aspectes, a saber: el seu posicionament entorn els grans centres d’atenció del seu temps: el nacionalisme, el moviment obrer, l’estètica modernista en les seves parcel•les de música, literatura, teatre etc., tots aquests camps, tractats des de la base de la seva actitud regeneracionista i revolucionària. L’estudi s’ha realitzat des d’un enfocament crític: intentar esbrinar quines han estat les causes per les quals un autor certament notable de les nostres lletres ha estat marginat o, si més no, minimitzat en el seu abast intel•lectual. I, tal com es planteja al començament del treball, aquest consta d’una recerca de causes, implicacions, contextos etc. que ens permetin esbrinar per què Jaume Brossa ha estat desacreditat.

The Role of model uncertainty and learning in the U.S. postwar policy response to oil prices

This paper studies optimal monetary policy in a framework that explicitly accounts for policymakers' uncertainty about the channels of transmission of oil prices into the economy. More specfically, I examine the robust response to the real price of oil that US monetary authorities would have been recommended to implement in the period 1970 2009; had they used the approach proposed by Cogley and Sargent (2005b) to incorporate model uncertainty and learning into policy decisions. In this context, I investigate the extent to which regulator' changing beliefs over different models of the economy play a role in the policy selection process. The main conclusion of this work is that, in the specific environment under analysis, one of the underlying models dominates the optimal interest rate response to oil prices. This result persists even when alternative assumptions on the model's priors change the pattern of the relative posterior probabilities, and can thus be attributed to the presence of model uncertainty itself.

Fiscal policy, foresight and the trade balance in the U.S.

This paper investigates the effects of fiscal policy on the trade balance using a structural factor model. A fiscal policy shock worsens the trade balance and produces an appreciation of the domestic currency but the effects are quantitatively small. The findings match the theoretical predictions of the standard Mundell-Fleming model, although fiscal policy should not be considered one of the main causes of the large US external deficit. My conclusions differ from those reached using VAR models since the fiscal shock, possibly due to fiscal foresight, is nonfundamental for the variables typically used in open economy VARs.

Los alumnos de la E.U.E CRUZ ROJA en Madrid : evolución histórica, visión antropológica

L'objectiu principal d'aquest treball és mostrar la història de l'Escola Universitària d'Infermeria de Creu Roja a Madrid, a través dels alumnes que s'han format en ella, des de 1918 fins a l'època actual.