The Comovement between Monetary and Fiscal Policy Instruments during the Post-War Period in the U.S.

This paper empirically studies the dynamic relationship between monetary and fiscal policies by analyzing the comovements between the Fed funds rate and the primary deficit/output ratio. Simple economic thinking establishes that a negative correlation between Fed rate and deficit arises whenever the two policy authorities share a common stabilization objective. However, when budget balancing concerns lead to a drastic deficit reduction the Fed may reduce the Fed rate in order to smooth the impact of fiscal policy, which results in a positive correlation between these two policy instruments. The empirical results show (i) a significant negative comovement between Fed rate and deficit and (ii) that deficit and output gap Granger-cause the Fed funds rate during the post-Volcker era, but the opposite is not true.

Cost effectiveness of a combination of instruments for global warming: a quantitative approach for Spain

Climate change is an important environmental problem and one whose economic implications are many and varied. This paper starts with the presumption that mitigation of greenhouse gases is a necessary policy that has to be designed in a cost effective way. It is well known that market instruments are the best option for cost effectiveness. But the discussion regarding which of the various market instruments should be used, how they may interact and what combinations of policies should be implemented is still open and very lively. In this paper we propose a combination of instruments: the marketable emission permits already in place in Europe for major economic sectors and a CO(2) tax for economic sectors not included in the emissions permit scheme. The study uses an applied general equilibrium model for the Spanish economy to compute the results obtained with the new mix of instruments proposed. As the combination of the market for emission permits and the CO(2) tax admits different possibilities that depend on how the mitigation is distributed among the economic sectors, we concentrate on four possibilities: cost-effective, equalitarian, proportional to emissions, and proportional to output distributions. Other alternatives to the CO(2) tax are also analysed (tax on energy, on oil and on electricity). Our findings suggest that careful, well designed policies are needed as any deviation imposes significant additional costs that increase more than proportionally to the level of emissions reduction targeted by the EU.

FORTH for NOAA/MLML Instruments

This report describes FORTH software written for several instruments used in the NASA-sponsored project to design and build Marine Optical Buoy System (MOBS) and in the NOAA-sponsored project "EOS MODIS Execution: Oceanographic Profiling, Data Acquisition and Management for the Marine Optical Buoy System·'. In the NOAA project MLML and NOAA personnel will participate in quarterly cruises at the MOBS Hawaiian site to validate performance of SeaWiFS and will participate in several extended "process" cruises to provide wide geographic surface truthing investigations similar to those lead by Dennis Clark (NOAA) following the "launch of CZCS in 1979. In the NASA project we are designing and building MOBS, a high resolution spectroradiometer that will operate autonomously in a buoy moored west of Lanai in the Hawaiian Islands. That instrument, the "Marine Optical System" (MOS), will transmit by cellular phone in near real time observations of upwelled radiance and downwelled irradiance from three depths. [PDF contains 90 pages]

Diseño e implementación de un taller de teatro musical en Educación Primaria

[SPA] Las disciplinas artísticas siempre han sido un campo tan beneficioso como poco utilizado en educación. En esta propuesta de taller de teatro musical en educación primaria se ha indagado en el mundo de la pedagogía teatral y su relación con la música y el juego como técnicas de transmisión de valores y desarrollo de aprendizajes. La puesta en práctica mediante el diseño e implementación de un taller por parte del mediador ha logrado que los alumnos muestren avances significativos en diversos campos como el autoconocimiento corporal o el descubrimiento de nuevos géneros musicales, además de favorecer a la dinámica grupal dentro y fuera del taller. De cara al futuro, este proceso ha abierto las puertas a nuevas propuestas en el ámbito de la dramatización infantil así como al interés formativo del propio educador.

Cost effectiveness of a combination of instruments for global warming: a quantitative approach for Spain

4 p.