Efecto de la densidad de siembra y nivel de fertilizacion nitrogenada sobre el rendimiento de Moringa oleifera en suelo franco arcilloso. Universidad Nacional Agraria (UNA). Managua, Nicaragua

El presente trabajo se realizó con el objetivo de evaluar el efecto de dos densidades de siembra y cuatro niveles nitrogenados sobre la producción de Moringa oleífera. El ensayo se llevó a cabo en la finca Santa Rosa, localizada geográficamente de 12°08’15’’ a latitud Norte y 86°09’36’’ a longitud e ste, municipio de Managua, de mayo 2008 a septiembre 2009; el diseño experimental fue un bifactorial con parcela dividida usando las densidades como parcela principal (100,000 plantas ha-1 y 166,666 plantas ha-1) y los niveles de fertilización (0 kg N ha año-1, 446 kg N ha año-1, 906.2 kg N ha año-1, 1334 kg N ha año-1)como sub -parcela. Las variables de estudio fueron: rendimiento de materia fresca total (RMFT), rendimiento de materia fresca fracción fina (RMFFF), rendimiento de materia fresca fracción gruesa (RMFFG), rendimiento de materia seca total (RMST), rendimiento de materia seca fracción fina (RMSFF), rendimiento de materia seca fracción gruesa (RMFFG), a ltura promedio de plantas, Mortalidad de plantas y Tasa de crecimiento (TC). Se realizó análisis de varianza (ANDEVA) y comparaciones con la prueba de Tukey utilizando MINITAB, versión 13.0. Los resultados en el ANDEVA, mostraron que la fertilización presentó efecto significativo (P<0.05) con los mejores rendimientos el nivel 150 %, con RMFT (69.17 to n ha año-1), RMFFF (60.72 ton ha año-1), RMFG (8.45 ton ha año-1), RMST (10.81 ton ha año-1), RMSFF (9.69 ton ha año -1), RMSFG (1.12 ton ha año-1), Altura de las plantas(1.33 m) y TC( 28.91), la densidad de siembra presentó efectos significativos (P<0.05)sólo para la variable Mortalidad con (18.08 %).

La restitución como objetivo y el problema de los leonesismos en los Spanish Grail Fragments editados por Karl Pietsch

Integran este número de la revista ponencias presentadas en Studia Hispanica Medievalia VIII: Actas de las IX Jornadas Internacionales de Literatura Española Medieval, 2008, y de Homenaje al Quinto Centenario de Amadis de Gaula

The Impact of Regulation on Pricing Behavior in the Spanish Electricity Market

In this paper we measure the impact of regulatory measures which affected the Spanish electricity wholesale market in the period 2002-2005. Our approach is based on the fact that regulation changes firms' incentives and therefore their market behavior. In the absence of any regulation firms would choose profit- maximizing prices on their residual demands so that the observed gap between optimal and actual prices provides a measure of the effect of regulation. Our results indicate that regulation has decreased wholesale prices considerably, but became less effective at the end of the sample period which explains the change of regulatory regime introduced in 2006.

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.

The Weekend-Dividend Effect in the Spanish Market

Revised: 2006-05

A Supply Function Competition Model for the Spanish Wholesale Electricity Market

We model the Spanish wholesale market as a multiplant linear supply function competition model. According to the theory, the larger generators should have supply curves for each plant which are to the left of the supply curves of plants owned by smaller generators. We test this prediction for fuel plants using data from the Spanish Market Operator (OMEL) from May 2001 to December 2003. Our results indicate that the prediction of the model holds.

Market Power in the Spanish Electricity Auction

Published as an article in: Journal of Regulatory Economics, 2010, vol. 37, issue 1, pages 42-69.

Strategic Behavior and Collusion: An Application to the Spanish Electricity Market

The paper has two major contributions to the theory of repeated games. First, we build a supergame oligopoly model where firms compete in supply functions, we show how collusion sustainability is affected by the presence of a convex cost function, the magnitude of both the slope of demand market, and the number of rivals. Then, we compare the results with those of the traditional Cournot reversion under the same structural characteristics. We find how depending on the number of firms and the slope of the linear demand, collusion sustainability is easier under supply function than under Cournot competition. The conclusions of the models are simulated with data from the Spanish wholesale electricity market to predict lower bounds of the discount factors.

Asset pricing and systematic liquidity risk: an empirical investigation of the Spanish stock market

Systematic liquidity shocks should affect the optimal behavior of agents in financial markets. Indeed, fluctuations in various measures of liquidity are significantly correlated across common stocks. Accordingly, this paper empirically analyzes whether Spanish average returns vary cross-sectionally with betas estimated relative to two competing liquidity risk factors. The first one, proposed by Pastor and Stambaugh (2002), is associated with the strength of volume-related return reversals. Our marketwide liquidity factor is defined as the difference between returns highly sensitive to changes in the relative bid-ask spread and returns with low sensitivities to those changes. Our empirical results show that neither of these proxies for systematic liquidity risk seems to be priced in the Spanish stock market. Further international evidence is deserved.

Markov Switching Risk Premium and the term structure of interest rates. Empirical evidence from US post-war interest rates

This paper considers the basic present value model of interest rates under rational expectations with two additional features. First, following McCallum (1994), the model assumes a policy reaction function where changes in the short-term interest rate are determined by the long-short spread. Second, the short-term interest rate and the risk premium processes are characterized by a Markov regime-switching model. Using US post-war interest rate data, this paper finds evidence that a two-regime switching model fits the data better than the basic model. The estimation results also show the presence of two alternative states displaying quite different features.

The changing behaviour of the term structure of post-war US

Using U.S. interest rate data covering the period 1950:1-1992:7, this paper tests the rational expectations model of the term structure of interest rates. We show evidence that the rational expectations model of the term structure is supported by the data during the seventies and a period lasting from the mid-eighties to the end of the sample. However, during the …fties, sixties and a period that covers most of the Volcker’s office term (from September 1979 to April 1986) the term structure model is rejected by the data. Moreover, wefind evidence of regime changes in the short-term rate process and the term structure of interest rates. These regime switches roughly coincide with changes in the Federal Reserve chairman. The switches in monetary policy taking place when the chairmanship of the Federal Reserve changes therefore seem to play an important role in characterizing the term structure of interest rates.

Copia de la Correspondencia remitida al Administrador Apostólico de la Diócesis de Vitoria por un grupo de sacerdotes vascos presos en la Prisión de Dueñas. Incluye copia de una minuta enviada por el Obispo de Palencia al General Franco, en la que se pide la supresión de la prisión para los sacerdotes.

Fecha: 26/28-5-1939 (>1970 copia) / Unidad de instalación: Carpeta 45 - Expediente 2-5 / Nº de pág.: 7 (mecanografiadas)

Copia de cartas remitidas al Obispo de Palencia por los sacerdotes vascos presos en Dueñas, y modelos de carta a remitir al General Franco.

Fecha: 26/27-5-1939 / Unidad de instalación: Carpeta 45 - Expediente 2-8 / Nº de pág.: 4 (mecanografiadas)

Switching Regimes in the Term Structure of Interest Rates During U.S. Post-War: A case for the Lucas proof equilibrium?

Published as an article in: Studies in Nonlinear Dynamics & Econometrics, 2004, vol. 8, issue 1, pages 5.

Informe sobre la situación de los combatientes vascos prisioneros de Franco.

Fecha: s.f. (>1970 copia) / Unidad de instalación: Carpeta 45 - Expediente 2-28 / Nº de pág.: 15 (mecanografiadas)