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.

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.

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.

An Analysis of English, Spanish and Basque Demonstratives in Narrative: a Matter of Viewpoint

[EN]This paper undertakes the study of the occurrence of non-corresponding demonstrative forms in Spanish, Basque and English in exactly the same linguistic context. It is proposed that the differenccs in the choice of the demonstratives result from the differences in the kind of iniormation that must be coded in each of the languages. Thus, I will argue that in Spanish and Basque the obligatory coding of the aspectual categories of the imperfect and the preterit has the function of imposing specific viewing arrangements onto the situations they designate. By contrast, in English, where the aspectual distinction is not overtly coded, the demonstrativcs are proposed to fulfil this function.

Internationalisation, multilingualism and English-medium instruction: the teacher's perspective

[EN]In the newEuropean higher education space, Universities in Europe are exhorted to cultivate and develop multilingualism. The European Commission’s 2004–2006 action plan for promoting language learning and diversity speaks of the need to build an environment which is favourable to languages. Yet reality indicates that it is English which reigns supreme and has become the main foreign language used as means of instruction at European universities. Internationalisation has played a key role in this process, becoming one of the main drivers of the linguistic hegemony exerted by English. In this paper we examine the opinions of teaching staff involved in English-medium instruction, from pedagogical ecologyof-language and personal viewpoints. Data were gathered using group discussion. The study was conducted at a multilingual Spanish university where majority (Spanish), minority (Basque) and foreign (English) languages coexist, resulting in some unavoidable linguistic strains. The implications for English-medium instruction are discussed at the end of this paper.

Voyages and travels into Brasil and east-Indies : containing an exact description of the dutch Brasil and divers parts of the east-Indies, their provinces, cities, living creatures, and products, the manners, customs, habits and religion the inhabitants : with a particular account of all the remarkable passages that happened during the author's stay of nine years in Brasil, especially in relation to the revolt of the portugueses, and the intestine war carried on there from 1640 to 1649 : as also a most ample description of the most famous city of batavia in the east-Indies

Joan Nieuhoff, viajante alemão, nasceu em Usen, Vesfália, em 1618, e morreu em Madagascar, em 1672. Trabalhou na Companhia das Índias Orientais, foi nomeado agente em Batávia, em 1654. Em 1655, foi à China tratar da abertura dos portos daquele país ao comércio holandês. Governou o Ceilão de 1662 a 1667. Em 1672, desembarcando em Madagascar, foi morto pelos nativos.

Case study: Digital approaches to English and mathematics

Case study on six partner organisations in the eastern region and how they have supported learners on apprenticeship and traineeship programmes.

Yves Bonnefoy and Translation into English: when poets, linguists and translators think alike

Santamaría, José Miguel; Pajares, Eterio; Olsen, Vickie; Merino, Raquel; Eguíluz, Federico (eds.)

The question of cultural transfer: Martial arts fiction in English translation

Santamaría, José Miguel; Pajares, Eterio; Olsen, Vickie; Merino, Raquel; Eguíluz, Federico (eds.)

Cross-cultural communication in film translation a study of the english subtitled and dubbed versions of "Le déclin de l' Empire américain"

Santamaría, José Miguel; Pajares, Eterio; Olsen, Vickie; Merino, Raquel; Eguíluz, Federico (eds.)