Human capital as a factor of growth and employment at the regional level. The case of Spain

We use statistical techniques to quantify the effects of school attainment on individual wages, participation rates and employment probabilities in Spain, and to measure the contribution of education to labour productivity at the regional level. These estimates are then combined with data on private and public expenditure on education and with information on taxes and social benefits to construct measures of the private and social returns to schooling, to explore the effects of public policies on private incentives to invest in human capital, and to analyse the long-term effects of schooling on public finances. The results are used, together with estimates of the returns to alternative assets, to draw some tentative conclusions regarding the adequacy of the aggregate investment patterns observed in the regions of Spain, and to identify changes in the design of national and EU cohesion and growth policies that may help enhance their effectiveness.

Are one factor logarithmic volatility models useful to fit the features of financial data? An application to microsoft data.

This paper provides empirical evidence that continuous time models with one factor of volatility, in some conditions, are able to fit the main characteristics of financial data. It also reports the importance of the feedback factor in capturing the strong volatility clustering of data, caused by a possible change in the pattern of volatility in the last part of the sample. We use the Efficient Method of Moments (EMM) by Gallant and Tauchen (1996) to estimate logarithmic models with one and two stochastic volatility factors (with and without feedback) and to select among them.

Inflation and factor shares

We use results from the literature on the determinants of price-cost margins to derive an equation relating labor's share of national income to the inflation rate (as well as to the output gap, the unemployment rate and the capital stock per worker). The equation is tested with a panel of 15 OECD countries. We obtain a robust positive relationship between inflation and the labor share. Our results suggest that disinflation is not distributively neutral, provide empirical support for the distinct concern about price stability shown by trade unions and employers' organizations, and help explaining the negative impact of inflation on growth.

Factor decomposition of spatial income inequality: a revision

Duro and Esteban (1998) proposed an additive decomposition of Theil populationweighted index by four income multiplicative factors (in spatial contexts). This note makes some additional methodological points: first, it argues that interaction effects are taken into account in the factoral indexes although only in a fairly restrictive way. As a consequence, we suggest to rewrite the decomposition formula as a sum of strict Theil indexes plus the interactive terms; second, it might be instructive to aggregate some of the initial factors; third, this decomposition can be immediately extended to the between- and within-group components.

Estudos anatômicos e histológicos sôbre a subfamília Triatominae (Heteroptera, Reduviidae): VIII parte: observações sôbre a superfície dos ovos das espécies mais importantes

Nesta comunicação analisa-se a formação do cório e a amostra da sua superfícies do ovo maduro. As amostras superficiais do cório, apresentadas em esquemas, são características para cada espécie examinada, de maneira que estas estruturas servem para a classificação das espécies.

Catálogo sistemático dos pólens das plantas arbóreas do Brasil meridional: VIII - Leguminosae (Mimosoideae)

In order to finish the study of pollen grains of arboreal Leguminosae from south brazilian rain forests, this part of our Pollen Catalogue deals with the subfamily Mimosoideae. The grains of all examined species are grouped, from tetrads (like Mimosa taimbensis) to polyads with 32 grains (like Inga lentiscifolia). In relation to the morphology of these polyads, the pollen grains from the present species were distributed in five different groups. However, these groups are not in correspondence with the five Tribus in which these species are distributed, in opposition with our observations in Papilionatae and Caesalpinioideae. We were no able to found clear separations between the pollen grains of the subfamilies studies. The tricolporated type, a little prolate, occurs frequently in the three subfamilies, whereas the Mimosoideae are caracterized by polyads. However this last subfamily may present also isolated grains.

An analysis of strategic paths through the decomposition of total factor productivity: the case of Spanish savings banks

The Spanish savings banks attracted quite a considerable amount of interest within the scientific arena, especially subsequent to the disappearance of the regulatory constraints during the second decade of the 1980s. Nonetheless, a lack of research identified with respect to mainstream paths given by strategic groups, and the analysis of the total factor productivity. Therefore, on the basis of the resource-based view of the firm and cluster analysis, we make use of changes in structure and performance ratios in order to identify the strategic groups extant in the sector. We attain a threeways division, which we link with different input-output specifications defining strategic paths. Consequently, on the basis of these three dissimilar approaches we compute and decompose a Hicks-Moorsteen total factor productivity index. Obtained results put forward an interesting interpretation under a multi-strategic approach, together with the setbacks of employing cluster analysis within a complex strategic environment. Moreover, we also propose an ex-post method of analysing the outcomes of the decomposed total factor productivity index that could be merged with non-traditional techniques of forming strategic groups, such as cognitive approaches.

Clearing factor pancreático

Dosou-se o "clearing factor" (lipase lipoproteica), em pâncreas de ratos normais após serem submetidos a algumas condições experimentais. As seguintes conclusões podem ser extraídas: a) O pãncreas é o órgão mais rico nesta enzima (8 vezes mais que o tecido adiposo, até então considerado o mais rico em CF); b) O jejum total de 48 horas diminui significamente a atividade de CF; c) O complamin, o derivado do ácido nicotínico, agindo sobre a arteriosclerose experimental, não afeta a atividade da enzima; d) O ácido épsilon-aminocapróico (AEAC) potente antagonista da heparina, inibe a ativdade do Cf pancreático; e) Ratos com arteriosclerose experimental apresentam níveis diminuídos desta enzima no pâncreas.

Estudios sobre Trypanosoma rangeli Tejera, 1920: VIII. Respuesta a las reinfecciones en dos mamíferos

Bajo condiciones experimentales se estudia el curso de la infección primaria y la respuesta a las reinfecciones por Trypanosoma rangeli en ratones albinos y Didelphis marsupialis. Durante el curso de la infección primaria en ratones, se observa una parasitemia relativamente baja y de corta duración. Los mismos muestran durante la primera reinfección una parasitemia escasa de cuatro días de duración, siendo resistentes a las sucesivas reinfecciones con T. rangeli. Los ejemplares de D. marsupialis exhiben una parasitemia de más larga duración, pero con un nivel de parásitos sanguícolas mucho menor que el detectado en el modelo ratón, siendo la respuesta a las reinfecciones similar a la observada en ratones. Se detectan anticuerpos hemaglutinantes en los sueros inmunes de ratones y Didelphis marsupialis, sometidos a la reinfección por T. rangeli. Se especula sobre la posible acción sinérgica de una respuesta inmune en el sitio de deposición en contra de las formas metacíclicas de T. rangeli y la acción de anticuerpos circulantes en contra de las formas sanguícolas, para explicar la resistencia de ambos modelos a las reinfecciones por T. rangeli.

Generalized factor models: a bayesian approach

There is recent interest in the generalization of classical factor models in which the idiosyncratic factors are assumed to be orthogonal and there are identification restrictions on cross-sectional and time dimensions. In this study, we describe and implement a Bayesian approach to generalized factor models. A flexible framework is developed to determine the variations attributed to common and idiosyncratic factors. We also propose a unique methodology to select the (generalized) factor model that best fits a given set of data. Applying the proposed methodology to the simulated data and the foreign exchange rate data, we provide a comparative analysis between the classical and generalized factor models. We find that when there is a shift from classical to generalized, there are significant changes in the estimates of the structures of the covariance and correlation matrices while there are less dramatic changes in the estimates of the factor loadings and the variation attributed to common factors.

Nuclear factor I-C links platelet-derived growth factor and transforming growth factor beta1 signaling to skin wound healing progression.

Transforming growth factor beta (TGF-beta) and platelet-derived growth factor A (PDGFAlpha) play a central role in tissue morphogenesis and repair, but their interplay remain poorly understood. The nuclear factor I C (NFI-C) transcription factor has been implicated in TGF-beta signaling, extracellular matrix deposition, and skin appendage pathologies, but a potential role in skin morphogenesis or healing had not been assessed. To evaluate this possibility, we performed a global gene expression analysis in NFI-C(-/-) and wild-type embryonic primary murine fibroblasts. This indicated that NFI-C acts mostly to repress gene expression in response to TGF-beta1. Misregulated genes were prominently overrepresented by regulators of connective tissue inflammation and repair. In vivo skin healing revealed a faster inflammatory stage and wound closure in NFI-C(-/-) mice. Expression of PDGFA and PDGF-receptor alpha were increased in wounds of NFI-C(-/-) mice, explaining the early recruitment of macrophages and fibroblasts. Differentiation of fibroblasts to contractile myofibroblasts was also elevated, providing a rationale for faster wound closure. Taken together with the role of TGF-beta in myofibroblast differentiation, our results imply a central role of NFI-C in the interplay of the two signaling pathways and in regulation of the progression of tissue regeneration.