Plumas letradas en la Revista Latinidad (1939-1947) : el aporte de intelectuales locales en una publicación de la colectividad franco-argentina

Resumen: En el presente trabajo se analiza el aporte que un grupo de poetas, políticos e intelectuales argentinos en la revista Latinidad –creada por el impresor francés Mauricio Bouxin en 1920 y reeditada entre 1939 y 1947–, para dar cuenta de una posible apertura en la recepción de colaboraciones. Esto, en una variedad de sentidos: en cuanto a la nacionalidad y pertenencia de quienes escribían, su espectro ideológico y militancia, el posicionamiento en cuanto a la Segunda Guerra Mundial –tópico principal de la publicación– y, en cuanto a opiniones sobre política interna argentina. Plantearemos cómo la latinidad fue propuesta como un factor cohesionante, no sólo dentro de la propia comunidad francesa, sino en el contexto latinoamericano con el que pretendían estrechar lazos de identidad compartida, en el marco del conflicto bélico mundial.

Structural and magnetic properties of insulating Zn1-xCoxO thin films

Cobalt-doped ZnO (Zn1-xCoxO) thin films were fabricated by reactive magnetron cosputtering. The processing conditions were carefully designed to avoid the occurrence of Co precipitations. The films are c-axis oriented, and the solubility limit of Co in ZnO is less than 17%, determined by x-ray diffraction. X-ray photoemission spectroscopy measurements show Co ions have a chemical valance of 2+. In this paper, hysteresis loops were clearly observed for Zn1-xCoxO films at room temperature. The coercive field, as well as saturation magnetization per Co atom, decreases with increasing Co content, within the range of 0.07realized in Zn1-xCoxO without carrier incorporation. (C) 2004 American Institute of Physics.

On dispersion-controlled principles for non-oscillatory shock-capturing schemes

The role of dispersions in the numerical solutions of hydrodynamic equation systems has been realized for long time. It is only during the last two decades that extensive studies on the dispersion-controlled dissipative (DCD) schemes were reported. The studies have demonstrated that this kind of the schemes is distinct from conventional dissipation-based schemes in which the dispersion term of the modified equation is not considered in scheme construction to avoid nonphysical oscillation occurring in shock wave simulations. The principle of the dispersion controlled aims at removing nonphysical oscillations by making use of dispersion characteristics instead of adding artificial viscosity to dissipate the oscillation as the conventional schemes do. Research progresses on the dispersion controlled principles are reviewed in this paper, including the exploration of the role of dispersions in numerical simulations, the development of the dispersion-controlled principles, efforts devoted to high-order dispersion-controlled dissipative schemes, the extension to both the finite volume and the finite element methods, scheme verification and solution validation, and comments on several aspects of the schemes from author's viewpoint.

Efectos de la política monetaria en un modelo de precios rígidos en distintas monedas

Resumen: En un modelo dinámico, de dos países y con precios rígidos, este trabajo analiza la transmisión de la política monetaria cuando las empresas fijan sus precios en distintas monedas. Siguiendo el modelo de Betts y Devereux (2000) suponemos que las empresas pueden fijar un único precio para el mercado local y extranjero en moneda del país al cual exportan. Algunas empresas segmentan el mercado por país y otras fijan un único precio en su propia moneda o en la del país vecino. Los precios rígidos en moneda del país vecino aumentan la variabilidad del tipo de cambio y reducen los efectos positivos que la política monetaria tiene sobre el consumo y la tasa de interés real, respecto a una situación donde las empresas sólo segmentan el mercado o fijan un único precio en su propia moneda. En ausencia de segmentación de mercado, a mayor número de empresas que fijen su precio en moneda del país vecino, mayor es el efecto positivo que un shock monetario en el país extranjero tiene sobre su bienestar y el del otro, pero es menor en ambos cuando se produce en el país local.

El Modelo de los Cinco Factores de Personalidad : contribución predictiva al rendimiento académico

Resumen: La presente revisión tiene como objetivo conocer cuáles son los principales rasgos de personalidad que permiten predecir el éxito académico e identificar la relación de los mismos con otras variables psicológicas tales como la inteligencia, los intereses, las creencias de autoeficacia y las metas de rendimiento. Especialmente se ha utilizado el Modelo de los Cinco Factores de Personalidad, ya que es considerada una de las explicaciones más exhaustivas y con mejores perspectivas para la medición de la personalidad. De la revisión realizada puede decirse que de los cinco factores de personalidad, el más consistentemente asociado con el éxito académico es el factor Responsabilidad. Con respecto a los restantes rasgos de personalidad, la asociación es menos clara. Se espera que la información aportada ayude a investigadores y profesionales del ámbito educativo a comprender e identificar cuál es el patrón psicológico que facilita el éxito académico. Se mencionan algunas limitaciones y se proponen nuevas directrices.

Fantasmas da televisão : o debate sobre a TV digital no Congresso Nacional

Analisa o debate político relativo à implantação da TV digital no Brasil, tendo como referência a audiência pública da Comissão de Ciência, Tecnologia, Comunicação e Informática da Câmara dos Deputados, realizada em 31 de janeiro de 2006, com a participação do ministro das Comunicações, Hélio Costa. Parte-se do pressuposto de que o Congresso Nacional exerceu relevante papel no debate relativo ao tema, mas não exerceu nenhuma influência na escolha do modelo de TV digital, rendendo-se à proposta do Executivo que, por sua vez, acatou o projeto de interesse dos empresários do setor. Constata-se que existem pelo menos três fantasmas que perseguem as empresas brasileiras de televisão: 1) a possibilidade de um novo marco regulatório para o setor de radiodifusão; 2) o aumento da concorrência; e 3) e a ameaça do fim do broadcast, o sistema de difusão de informações utilizado pelo rádio e pela televisão, em que há apenas um emissor e diversos receptores simultaneamente.

A reserva estatal de atividade econômica e a propriedade do petróleo e do gás natural

A partir de uma pesquisa histórica sobre a regulação da atividade petrolífera nacional, constatou-se que as jazidas de petróleo e de gás natural são bens públicos cuja exploração é constitucionalmente reservada ao Estado. Ademais, a delegação da exploração desses bens, por meio de concessão ou de partilha de produção, mantém a propriedade estatal desses recursos naturais.

Long Term Dynamics in CO2 Allowance Prices and Carbon Capture Investments

In this paper we analyse the behaviour of the EU market for CO2 emission allowances; specifically, we focus on the contracts maturing in the Kyoto Protocol's second period of application (2008 to 2012). We calibrate the underlying parameters for the allowance price in the long run and we also calibrate those from the Spanish wholesale electricity market. This information is then used to assess the option to install a carbon capture and storage (CCS) unit in a coal-fired power plant. We use a two-dimensional binomial lattice where costs and profits are valued and the optimal investment time is determined. In other words, we study the trigger allowance prices above which it is optimal to install the capture unit immediately. We further analyse the impact of several variables on the critical prices, among them allowance price volatility and a hypothetical government subsidy. We conclude that, at current permit prices, from a financial point of view, immediate installation does not seem justified. This need not be the case, though, if carbon market parameters change dramatically and/or a specific policy to promote these units is adopted.

Fiscal Policy and Economic Stability: Does PIGS stand for Procyclicality In Government Spending?

The Financial Crisis has hit particularly hard countries like Ireland or Spain. Procyclical fiscal policy has contributed to a boom-bust cycle that undermined fiscal positions and deepened current account deficits during the boom. We set up an RBC model of a small open economy, following Mendoza (1991), and introduce the effect of fiscal policy decisions that change over the cycle. We calibrate the model on data for Ireland, and simulate the effect of different spending policies in response to supply shocks. Procyclical fiscal policy distorts intertemporal allocation decisions. Temporary spending boosts in booms spur investment, and hence the need for external finance, and so generates very volatile cycles in investment and the current account. This economic instability is also harmful for the steady state level of output. Our model is able to replicate the relation between the degree of cyclicality of fiscal policy, and the volatility of consumption, investment and the current account observed in OECD countries.

Going Multinational under Exchange Rate Uncertainty

Published as an article in: Journal of International Money and Finance, 2010, vol. 29, issue 6, pages 1171-1191.

Does the Term Spread play a role in the FED's reaction function? An Empirical Investigation

Using US data for the period 1967:5-2002:4, this paper empirically investigates the performance of a Fed’s reaction function (FRF) that (i) allows for the presence of switching regimes, (ii) considers the long-short term spread in addition to the typical variables, (iii) uses an alternative monthly indicator of general economic activity suggested by Stock and Watson (1999), and (iv) considers interest rate smoothing. The estimation results show the existence of three switching regimes, two characterized by low volatility and the remaining regime by high volatility. Moreover, the scale of the responses of the Federal funds rate to movements in the rate of inflation and the economic activity index depends on the regime. The estimation results also show robust empirical evidence that the importance of the term spread in the FRF has increased over the sample period and the FRF has been more stable during the term of office of Chairman Greenspan than in the pre-Greenspan period.

An empirical comparison of the performance of alternative option pricing models

Published as an article in: Investigaciones Economicas, 2005, vol. 29, issue 3, pages 483-523.

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.

The role of the term spread in an augmented Taylor rule: An empirical investigation

Using US data for the period 1967:5-2002:4, this paper empirically investigates the performance of an augmented version of the Taylor rule (ATR) that (i) allows for the presence of switching regimes, (ii) considers the long-short term spread in addition to the typical variables, (iii) uses an alternative monthly indicator of general economic activity suggested by Stock and Watson (1999), and (iv) considers interest rate smoothing. The estimation results show the existence of switching regimes, one characterized by low volatility and the other by high volatility. Moreover, the scale of the responses of the Federal funds rate to movements in the term spread, inflation and the economic activity index depend on the regime. The estimation results also show robust empirical evidence that the ATR has been more stable during the term of office of Chairman Greenspan than in the pre-Greenspan period. However, a closer look at the Greenspan period shows the existence of two alternative regimes and that the response of the Fed funds rate to inflation has not been significant during this period once the term spread is considered.

Los Modelos Implícitos de Valoración de Opciones

[ES] Los modelos implícitos constituyen uno de los enfoques de valoración de opciones alternativos al modelo de Black-Scholes que ha conocido un mayor desarrollo en los últimos años. Dentro de este planteamiento existen diferentes alternativas: los árboles implícitos, los modelos con función de volatilidad determinista y los modelos con función de volatilidad implícita. Todos ellos se construyen a partir de una estimación de la distribución de probabilidades riesgo-neutral del precio futuro del activo subyacente, congruente con los precios de mercado de las opciones negociadas. En consecuencia, los modelos implícitos proporcionan buenos resultados en la valoración de opciones dentro de la muestra. Sin embargo, su comportamiento como instrumento de predicción para opciones fuera de muestra no resulta satisfactorio. En este artículo se analiza la medida en la que este enfoque contribuye a la mejora de la valoración de opciones, tanto desde un punto de vista teórico como práctico.