Did quantitative easing affect interest rates outside the US? New evidence based on interest rate differentials. CEPS Working Document No. 416/January 2016

This paper explores the effects of non-standard monetary policies on international yield relationships. Based on a descriptive analysis of international long-term yields, we find evidence that long-term rates followed a global downward trend prior to as well as during the financial crisis. Comparing interest rate developments in the US and the eurozone, it is difficult to detect a distinct impact of the first round of the Fed’s quantitative easing programme (QE1) on US interest rates for which the global environment – the global downward trend in interest rates – does not account. Motivated by these findings, we analyse the impact of the Fed’s QE1 programme on the stability of the US-euro long-term interest rate relationship by using a CVAR (cointegrated vector autoregressive) model and, in particular, recursive estimation methods. Using data gathered between 2002 and 2014, we find limited evidence that QE1 caused the break-up or destabilised the transatlantic interest rate relationship. Taking global interest rate developments into account, we thus find no significant evidence that QE had any independent, distinct impact on US interest rates.

From the initial interest in ‘Why do people often communicate in very "strange" ways on Social Media?’ to a research project on CMC

This presentation is about the inside story of the PhD project El malagueño real, mental y virtual. Configuración de los significados sociales de una variedad urbana in Hispanic Linguistics. That is, the production and perception of the Spanish spoken in the city of Malaga and used on the social network sites Facebook and Tuenti by users from Malaga is analysed. Actually, the southern Spanish variety in question is quite distinct from the national standard in terms of its phonetic features, its prestige, and the attitudes to it. Thus, the project started with the initial interest in «Why do people often communicate in very “strange” ways on social media» which then slightly changed to the final research interest in «What do the different non-standard variants mean in virtual (and real) malagueño?». This long – sometimes hazardous, yet mostly fun – process is exposed in more detail by looking at the research questions, the methods and results. Lastly, the presentation concludes with some lessons learnt and an outlook on possibilities and necessities for further investigation.

U.S. immigration policy and the national interest : the final report and recommendations of the Select Commission on Immigration and Refugee Policy with supplemental views by commissioners.

"Submitted to the Congress and the President of the United States pursuant to Public Law 95-412."