Adoption of financial technologies: Implications for money demand and monetary policy

In this paper we argue that inventory models are probably not usefulmodels of household money demand because the majority of households does nothold any interest bearing assets. The relevant decision for most people is notthe fraction of assets to be held in interest bearing form, but whether to holdany of such assets at all. The implications of this realization are interesting and important. We find that(a) the elasticity of money demand is very small when the interest rate is small,(b) the probability that a household holds any amount of interest bearing assetsis positively related to the level of financial assets, and (c) the cost ofadopting financial technologies is positively related to age and negatively relatedto the level of education. Unlike the traditional methods of money demand estimation, our methodology allowsfor the estimation of the interest--elasticity at low values of the nominalinterest rate. The finding that the elasticity is very small for interest ratesbelow 5 percent suggests that the welfare costs of inflation are small. At interest rates of 6 percent, the elasticity is close to 0.5. We find thatroughly one half of this elasticity can be attributed to the Baumol--Tobin orintensive margin and half of it can be attributed to the new adopters or extensivemargin. The intensive margin is less important at lower interest rates and moreimportant at higher interest rates.

Mise en Place d’un Dispositif de Formation a Distance a l’universite du Cap-Vert« e-learning » :Les Technologies de L’information et de la Communication dans L’enseignement du Français Langue Etrangere

Ce mémoire est l’occasion de partager le résultat de la mise en place de ce dispositif de formation à distance que nous avons mené dans l’université du Cap-Vert. Dans la première partie, nous décrirons la nature de la politique éducative au Cap-Vert. Nous contextualiserons les principes de l’installation de l’université publique dans ce pays, ainsi que les intentions d’innovation pédagogique de cette université. La deuxième partie portera un regard complémentaire sur l’utilisation des TIC et de l’internet dans l’enseignement/apprentissage d’une langue, cas du français langue étrangère, et nous nous inspirerons des théories constructiviste et socio-constructiviste. Finalement, la troisième partie détaillera toutes les étapes de la conception et de la mise en place du dispositif de formation à distance. Dans cette troisième partie, nous aborderons dans un premier temps la question des enjeux et des risques du e-Learning et nous présenterons notre mission dans le projet « e-Learning.cv » mené par l’université. Puis, dans un deuxième temps nous analyserons quelques cours que nous avons mis en ligne, en sachant qu’un cours en ligne n’est pas la simple reproduction d’un support pédagogique imprimé mais il offre à l’apprenant un environnement multimédia et interactif. Finalement dans un troisième temps nous essayerons de prendre un peu de recul pour faire une analyse critique de ce que nous avons réalisé et essayer par là même de dégager les perspectives pour améliorer le travail effectué.

Implantació de SAP a l'empresa BluTronics Technologies, SA

En aquest treball es presenten les característiques dels sistemes ERP i quines són les necessitats que cobreixen, així com els principals ERP que hi ha al mercat, d'entre els quals se'n seleccionarà un per a la implantació en la nostra empresa, explicant els processos i passos necessaris per a aquesta implantació.

Socio-economic benefits of using space technologies to monitor and respond to earthquakes

Earthquakes represent a major hazard for populations around the world, causing frequent loss of life,human suffering and enormous damage to homes, other buildings and infrastructure. The Technology Resources forEarthquake Monitoring and Response (TREMOR) Team of 36 space professionals analysed this problem over thecourse of the International Space University Summer Session Program and published their recommendations in the formof a report. The TREMOR Team proposes a series of space- and ground-based systems to provide improved capabilityto manage earthquakes. The first proposed system is a prototype earthquake early-warning system that improves theexisting knowledge of earthquake precursors and addresses the potential of these phenomena. Thus, the system willat first enable the definitive assessment of whether reliable earthquake early warning is possible through precursormonitoring. Should the answer be affirmative, the system itself would then form the basis of an operational earlywarningsystem. To achieve these goals, the authors propose a multi-variable approach in which the system will combine,integrate and process precursor data from space- and ground-based seismic monitoring systems (already existing andnew proposed systems) and data from a variety of related sources (e.g. historical databases, space weather data, faultmaps). The second proposed system, the prototype earthquake simulation and response system, coordinates the maincomponents of the response phase to reduce the time delays of response operations, increase the level of precisionin the data collected, facilitate communication amongst teams, enhance rescue and aid capabilities and so forth. It isbased in part on an earthquake simulator that will provide pre-event (if early warning is proven feasible) and post-eventdamage assessment and detailed data of the affected areas to corresponding disaster management actors by means of ageographic information system (GIS) interface. This is coupled with proposed mobile satellite communication hubs toprovide links between response teams. Business- and policy-based implementation strategies for these proposals, suchas the establishment of a non-governmental organisation to develop and operate the systems, are included.

Exact representation of antenna system diversity performance from input parameter description

A simplc formulation Io compute thc envelope correlation of anantenna divemiry system is dcrired. 11 is shown how to compute theenvelope correlation hom the S-parameter descnplian of the antennasystem. This approach has the advantage that i t does not require thecomputation nor the measurement of the radiation panem of theantenna system. It also offers the advantage of providing a clcaunderstanding ofthe effects ofmutual coupling and input match on thediversity performance of the antcnnii system.

Visual activity predicts auditory recovery from deafness after adult cochlear implantation.

Modern cochlear implantation technologies allow deaf patients to understand auditory speech; however, the implants deliver only a coarse auditory input and patients must use long-term adaptive processes to achieve coherent percepts. In adults with post-lingual deafness, the high progress of speech recovery is observed during the first year after cochlear implantation, but there is a large range of variability in the level of cochlear implant outcomes and the temporal evolution of recovery. It has been proposed that when profoundly deaf subjects receive a cochlear implant, the visual cross-modal reorganization of the brain is deleterious for auditory speech recovery. We tested this hypothesis in post-lingually deaf adults by analysing whether brain activity shortly after implantation correlated with the level of auditory recovery 6 months later. Based on brain activity induced by a speech-processing task, we found strong positive correlations in areas outside the auditory cortex. The highest positive correlations were found in the occipital cortex involved in visual processing, as well as in the posterior-temporal cortex known for audio-visual integration. The other area, which positively correlated with auditory speech recovery, was localized in the left inferior frontal area known for speech processing. Our results demonstrate that the visual modality's functional level is related to the proficiency level of auditory recovery. Based on the positive correlation of visual activity with auditory speech recovery, we suggest that visual modality may facilitate the perception of the word's auditory counterpart in communicative situations. The link demonstrated between visual activity and auditory speech perception indicates that visuoauditory synergy is crucial for cross-modal plasticity and fostering speech-comprehension recovery in adult cochlear-implanted deaf patients.

Informe sobre la I International Conference on Multidisciplinary Information Sciences and Technologies - InSciT2006 (Mèrida, 25, 26, 27 i 28 d'octubre de 2006)

Podeu consultar la versió en castellà a http://hdl.handle.net/2445/8955

Informe sobre la I International Conference on Multidisciplinary Information Sciences and Technologies - InSciT2006 (Mérida, 25, 26, 27 y 28 de octubre de 2006)

Podeu consultar la versió en català a http://hdl.handle.net/2445/8954

The mechanisms of agglomeration: Evidence from the effect of inter-industry relations on the location of new firms

The objective of this paper is to explore the relative importance of each of Marshall's agglomeration mechanisms by examining the location of new manufacturing firms in Spain. In particular, we estimate the count of new firms by industry and location as a function of (pre-determined) local employment levels in industries that: 1) use similar workers (labor market pooling); 2) have a customer- supplier relationship (input sharing); and 3) use similar technologies (knowledge spillovers). We examine the variation in the creation of new firms across cities and across municipalities within large cities to shed light on the geographical scope of each of the three agglomeration mechanisms. We find evidence of all three agglomeration mechanisms, although their incidence differs depending on the geographical scale of the analysis.