Co-movements between US and UK stock prices: the roles of macroeconomic information and time-series varying conditional correlations

This paper provides evidence on the sources of co-movement in monthly US and UK stock price movements by investigating the role of macroeconomic and financial variables in a bivariate system with time-varying conditional correlations. Crosscountry communality in response is uncovered, with changes in the US Federal Funds rate, UK bond yields and oil prices having similar negative effects in both markets. Other variables also play a role, especially for the UK market. These effects do not, however, explain the marked increase in cross-market correlations observed from around 2000, which we attribute to time variation in the correlations of shocks to these markets. A regime-switching smooth transition model captures this time variation well and shows the correlations increase dramatically around 1999-2000. JEL classifications: C32, C51, G15 Keywords: international stock returns, DCC-GARCH model, smooth transition conditional correlation GARCH model, model evaluation.

Interfaz de usuario de un sistema multi-robot de reconocimiento de superficies con Google Earth

Els sistemes multi-robot de reconeixement de superfícies es poden utilitzar tant per a l'exploració de llocs remots, de difícil accés o perillosos. Normalment, els robots no són autònoms, depenen d'operadors humans per dirigir-los. La informació que capten ha de ser processada i mostrada a l'usuari o usuària del sistema de forma intel·ligible. Un exemple d'aplicació seria el d'un sistema multirobot format per diversos helicòpters no tripulats que proporciona informació d'una àrea que ha patit algun desastre. El sistema informàtic recolliria la informació i la transmetria al coordinador de l'operatiu d'assistència de l'emergència. La idea del projecte és la de combinar la informació proporcionada pel sistema multi-robot amb la de la zona disponible a Google Earth i fer d'aquesta eina l'interfície d'usuari de l'aplicació.

Sistema de navegació geogràfica de tipus Google Earth per a entorns dinàmics

L’objectiu principal és avaluar un sistema que hagués de mostrar les imatges captades per una càmera que està filmant un entorn canviant sobre l’aplicació Google Earth. Es tractaria d’estudiar com es podria aprofitar aquesta aplicació i analitzar el rendiment que obtenim utilitzant-la per a navegar per un entorn dinàmic. S’hauria d’avaluar si és possible arribar a visualitzar l’entorn a una freqüència de 25 frames per segon.

Implementació en Geomedia PRO d'un exportador a KML per visualitzar dades 4D en Google Earth

Treball consistent en la construcció d'un exportador a format KML de mapes temàtics pel producte Geomedia PRO 6.1 possibilitant l'observació del component del temps sobre un globus virtual com és Google Earth. Mitjançant les dades de la xarxa XEMEC, es mostrarà un mapa temàtic d'exemple amb les dades d'intensitat i direcció del vent recollides en un període d'un any.

Porting and performance analysis of EC-Earth System on the BSC-MareNostrum Supercomputer

Earth System Models (ESM) have been successfuly developed over past few years, and are currently beeing used for simulating present day-climate, seasonal to interanual predictions of climate change. The supercomputer performance plays an important role in climate modeling since one of the challenging issues for climate modellers is to efficiently and accurately couple earth System components on present day computers architectures. At the Barcelona Supercomputing Center (BSC), we work with the EC- Earth System Model. The EC- Earth is an ESM, which currently consists of an atmosphere (IFS) and an ocean (NEMO) model that communicate with each other through the OASIS coupler. Additional modules (e.g. for chemistry and vegetation ) are under development. The EC-Earth ESM has been ported successfully over diferent high performance computin platforms (e.g, IBM P6 AIX, CRAY XT-5, Intelbased Linux Clusters, SGI Altix) at diferent sites in Europ (e.g., KNMI, ICHEC, ECMWF). The objective of the first phase of the project was to identify and document the issues related with the portability and performance of EC-Earth on the MareNostrum supercomputer, a System based on IBM PowerPC 970MP processors and run under a Linux Suse Distribution. EC-Earth was successfully ported to MareNostrum, and a compilation incompatibilty was solved by a two step compilation approach using XLF version 10.1 and 12.1 compilers. In addition, the EC-Earth performance was analyzed with respect to escalability and trace analysis with the Paravear software. This analysis showed that EC-Earth with a larger number of IFS CPUs (<128) is not feasible at the moment since some issues exists with the IFS-NEMO balance and MPI Communications.

Explaining movements in the labor share

In this paper we study the evolution of the labor share in the OECD since 1970. We show it is essentially related to the capital-output ratio; that this relationship is shifted by factors like the price of imported materials or the skill mix; and that discrepancies between the marginal product of labor and the real wage (due to, e.g., product market power, union bargaining, and labor adjustment costs) cause departures from it. We provide estimates of the model with panel data on 14 industries and 14 countries for 1973-93 and use them to compute the evolution of the wage gap in Germany and the US.

Earth's Changing Land

Entre el 14 i el 18 de març de 1998 es va celebrar a Barcelona la conferència Earth’s Changing Land sota la tutela dels programes internacionals Global Change in Terrestrial Ecosystems (GCTE) i Land Use and Land Cover Change (LUCC). L’objectiu principal de la trobada era presentar les darreres aportacions científiques sobre els efectes presents i previsibles del canvi global sobre els ecosistemes terrestres i la societat. Al mateix temps, es volia afavorir l’establiment de ponts de diàleg entre els professionals implicats en el canvi global

Morfogènesi de pilars de terra (earth Pillars, hoodoos). Exemples de la Riera de Gaià (Vallès Occidental, Barcelona) i del Bernal de Yátor (Las Alpujarras, Granada)

The origin and the primary features of the erosive earth pillar-like formations that develop in the Riera de Gaià (Barcelona) and in the Bernal de Yátor (Granada) are described. They are dynamic formations typical of areas subjected to strong water erosion

Aprovechamiento educativo y turístico de formas erosivas tipo pilares de tierra (earth pillars, hoodoos) : ejemplos de la riera de Gaià (Vallès occidental, Barcelona) y del Bernal de Yátor (la Alpujarra, Granada)

Se describen los principales rasgos geomorfológicos de las formas erosivas de tipo pilares de tierra que se desarrollan en la Riera de Gaià (Barcelona) y en el Bernal de Yátor (Granada) Se trata de formas dinámicas, propias de zonas sometidas a una fuerte erosión hídrica, con un elevado interés científico, estético y didáctico

Optimum Redundant Array Configurations for Earth Observation Aperture Synthesis Microwave Radiometers

Two-dimensional aperture synthesis radiometry is the technologyselected for ESA's SMOS mission to provide high resolution L-bandradiometric imagery. The array topology is a Y-shaped structure. Theposition and number of redundant elements to minimise instrumentdegradation in case of element failure(s) are studied.

Niobium and rare earth minerals from the Virulundo carbonatite, Namibe, Angola

The Virulundo carbonatite in Angola, one of the biggest in the world, contains pyrochlore as an accessory mineral in all of the carbonatite units (calciocarbonatites, ferrocarbonatites, carbonatite breccias, trachytoids). The composition of the primary pyrochlore crystals is very close to fluornatrocalciopyrochlore in all these units. High-temperature hydrothermal processes caused the pseudomorphic replacement of the above crystals by a second generation of pyrochlore, characterized by lower F and Na contents. Low-temperature hydrothermal replacement of the above pyrochlores, associated with production of quartz-carbonates-fluorite veins, controled the development of a third generation of pyrochlore, characterized by high Sr contents. Finally, supergene processes produced the development of a secondary paragenesis in the carbonatite, consisting in late carbonates, goethite, hollandite and REE minerals (mainly synchysite-(Ce), britholite-(Ce), britholite-(La), cerite-(Ce)). Separation of Ce from the other REE was allowed by oxidizing conditions. Therefore, Ce4+ was also incorporated into a late generation of pyrochlore, which is also strongly enriched in Ba and strongly depleted in Ca and Na

Ab initio valence-bond cluster model for ionic solids: Alkaline-earth oxides

A linear M-O-M (M=metal, O=oxygen) cluster embedded in a Madelung field, and also including the quantum effects of the neighboring ions, is used to represent the alkaline-earth oxides. For this model an ab initio wave function is constructed as a linear combination of Slater determinants written in an atomic orbital basis set, i.e., a valence-bond wave function. Each valence-bond determinant (or group of determinants) corresponds to a resonating valence-bond structure. We have obtained ab initio valence-bond cluster-model wave functions for the electronic ground state and the excited states involved in the optical-gap transitions. Numerical results are reasonably close to the experimental values. Moreover, the model contains the ionic model as a limiting case and can be readily extended and improved.

Measures of ionicity of alkaline-earth oxides from the analysis of ab initio cluster wave functions

We present an analysis of the M-O chemical bonding in the binary oxides MgO, CaO, SrO, BaO, and Al2O3 based on ab initio wave functions. The model used to represent the local environment of a metal cation in the bulk oxide is an MO6 cluster which also includes the effect of the lattice Madelung potential. The analysis of the wave functions for these clusters leads to the conclusion that all the alkaline-earth oxides must be regarded as highly ionic oxides; however, the ionic character of the oxides decreases as one goes from MgO, almost perfectly ionic, to BaO. In Al2O3 the ionic character is further reduced; however, even in this case, the departure from the ideal, fully ionic, model of Al3+ is not exceptionally large. These conclusions are based on three measures, a decomposition of the Mq+-Oq- interaction energy, the number of electrons associated to the oxygen ions as obtained from a projection operator technique, and the analysis of the cation core-level binding energies. The increasing covalent character along the series MgO, CaO, SrO, and BaO is discussed in view of the existing theoretical models and experimental data.