Current Account imbalances, thriftiness and the real exchange rate in a growing economy

This paper analyses the theoretical relevance of the dynamical aspects of growth on the discussion about the observed positive correlation between per capita real income and real exchange rates. With this purpose, we develop a simple exogenous growth model where the internal, external and intertemporal equilibrium conditions of a typical macroeconomic model are imposed; this last one through the inclusion of a balanced growth path for the foreign assets accumulation. The main result under this consideration is that the relationship defended by the Balassa-Samuelson hypothesis is no more so straightforward. In our particular approach, the mentioned bilateral relationship depends on a parameter measuring thriftiness in the economy. Therefore, the probability of ending up with a positive relationship between growth and real exchange rates -as the classical economic theory predicts- will be higher when the economy is able to maintain a minimum saving ratio. Moreover, given that our model considers a simple Keynesian consumption function, some explosive paths can also be possible.

El impacto de los fondos estructurales: convergencia real y cohesión interna

En este trabajo se presenta una estimación de la contribución de los Fondos Estructurales de la Unión Europea al crecimiento del producto y el empleo del conjunto de las regiones españolas Objetivo 1. Los resultados indican que las ayudas europeas han contribuido de forma muy significativa al acercamiento de la renta española al nivel medio de la UE y han ayudado a mitigar las disparidades internas, relajando de alguna forma el trade-off entre crecimiento agregado y cohesión territorial. La previsible pérdida de buena parte de estas ayudas en un futuro no muy lejano constituye un reto importante para el que convendría empezar a prepararse.

Real equilibrium exchange rates. A panel data approach for advanced and emerging economies.

Based on an behavioral equilibrium exchange rate model, this paper examines the determinants of the real effective exchange rate and evaluates the degree of misalignment of a group of currencies since 1980. Within a panel cointegration setting, we estimate the relationship between exchange rate and a set of economic fundamentals, such as traded-nontraded productivity differentials and the stock of foreign assets. Having ascertained the variables are integrated and cointegrated, the long-run equilibrium value of the fundamentals are estimated and used to derive equilibrium exchange rates and misalignments. Although there is statistical homogeneity, some structural differences were found to exist between advanced and emerging economies.

The short and long-run determinants of the real exchange rate in Mexico

This paper explores the real exchange rate behavior in Mexico from 1960 until 2005. Since the empirical analysis reveals that the real exchange rate is not mean reverting, we propose that economic fundamental variables affect its evolution in the long-run. Therefore, based on equilibrium exchange rate paradigms, we propose a simple model of real exchange rate determination which includes the relative labor productivity, the real interest rates and the net foreign assets over a long period of time. Our analysis also considers the dynamic adjustment in response to shocks through impulse response functions derived from the multivariate VAR model.

Real rank zero algebras have the corona factorization property

The purpose of this short note is to prove that a stable separable C*-algebra with real rank zero has the so-called corona factorization property, that is, all the full multiplier projections are properly in finite. Enroute to our result, we consider conditions under which a real rank zero C*-algebra admits an injection of the compact operators (a question already considered in [21]).

El mundo ficticio contra el mundo real; El caso de Ince Memed

La literatura tiene la capacidad de mostrarse real a través de los textos literarios que no son totalmente diferentes de los textos históricos. Cada narración tiene un paralelismo entre sí pero hay una condición humana que hace que se perciba de distintas maneras, por tanto, se pueden escribir historias diferentes de un mismo acontecimiento. De algún modo, cada obra depende de la subjetividad humana. He probado de demostrarlo con la novela Ince Memed, del género ‘novela histórica’ explicando que el mundo literario de la novela genera uno imaginario ‘real’ sobre Turquía y su historia.

The Benefits of building barrier-free: a contingent valuation of accessibilty as an attribute of housing

Estimating the social benefits of barrier-free building has always required indirect solutions, such as calculating the savings in social services, hospitalisation or adaptations made possible by the increase in accessibility. This research uses the Contingent Valuation Method to gain a direct appraisal of the benefits from barrier-free housing. When comparing two similar dwellings, with the only difference being their accessibility conditions, the 1,007 randomly chosen households that answered the direct survey would pay, on average 12.5 per cent more for being barrier-free. None of the different appraisals made on accessibility costs reaches 5 per cent. This confirms the social profitability of building without barriers and shows the potential size of the private market for those housing developers that meet the demand. Accessibility is a general concern, an economic good or attribute that most households value, irrespective of the physical conditions of their members.

Calibration of CES functions for real-world multisectoral modeling

We show how to calibrate CES production and utility functions when indirect taxation affecting inputs and consumption is present. These calibrated functions can then be used in computable general equilibrium models. Taxation modifies the standard calibration procedures since any taxed good has two associated prices and a choice of reference value units has to be made. We also provide an example of computer code to solve the calibration of CES utilities under two alternate normalizations. To our knowledge, this paper fills a methodological gap in the CGE literature.

El Real Conservatorio de Artes (1824-1850): Orígenes y gestación de la ingeniería industrial moderna

El "Conservatorio de Artes" tuvo un origen Ilustrado, emulando a su homónimo parisino, pero nació durante el absolutismo (1824), tras un frustrado intento afrancesado (1810). Absorbió al "Gabinete de Máquinas" y tuvo como primer director a López de Peñalver. Supuso un puente entre la Ilustración y la Ingeniería Industrial decimonónica, sobre todo, a partir de la institucionalización del envío de pensionados a la "École Centrale des Arts et Manufactures" parisina, con cuyo retorno consigue transformarse en "Real Instituto Industrial" (1850). Aparte destaca su proyección social, tanto en su papel de oficina de patentes como en la promoción de exposiciones industriales.

Planificación de aplicaciones best-effort y soft real-time en NOWs

La aparición de nuevos tipos de aplicaciones, como vídeo bajo demanda, realidad virtual y videoconferencias entre otras, caracterizadas por la necesidad de cumplir sus deadlines. Este tipo de aplicaciones, han sido denominadas en la literatura aplicaciones soft-real time (SRT) periódicas. Este trabajo se centra en el problema de la planificación temporal de este nuevo tipo de aplicaciones en clusters no dedicados.

The influence of building materials on the residual action of BHC

Residual insecticide activity of BHC vapors from various building materials in controlled humidity chambers in the laboratory were significantly different. Laboratory-reared, first instar nymphs of Dipetalogaster maximus were exposed to vapors of BHC which were being released from the treated surfaces of building materials taken from Mambaí, Goiás.

Anàlisi del sistema operatiu RTLinux e implementació d'un entorn de desenvolupament de tasques en temps real (aplicat al control de processos)

El projecte "Anàlisi del sistema operatiu RTLinux i implementació d'un entorn de desenvolupament de tasques en temps real" analitza la possibilitat de crear un entorn de desenvolupament de tasques en temps real per poder crear sistemes de control complex, tot això mitjançant codi lliure. Inicialment es fa un aprenentatge sobre el concepte de temps real, després s'elegeix el sistema operatiu en temps real RTLinux per a crear l'entorn de desenvolupament utilitzant el llenguatge de programació Tcl/Tk. Es creen un conjunt d'aplicacions (pel control computacional) per estudiar la viabilitat de la construcció de l'entorn desitjat per facilitar la tasca de l'usuari final. Aquest projecte obre multitud de possibles camins a continuar: comunicació remota, implementació de planificadors, estudi de controladors, etc.

Portal web inmobiliario

Aquest projecte neix d'una demanda real d'una empresa del sector immobiliari, amb la finalitat d'actualitzar i augmentar les funcionalitats que presenta la web d'aquesta, s'ha implementat un aplicatiu que satisfà tant a l'empresa com als seus clients potencials. S'ha elaborat una completa documentació que inclou una memòria on es descriuen detalladament totes les etapes seguides en el desenvolupament del projecte, un manual d'usuari documentat gràficament, una valoració econòmica del projecte i una descripció de cadascun dels scripts utilitzats per facilitar el manteniment de l'aplicació.