Less of a Puzzle: a new look at the forward forex market

The two-country monetary model is extended to include a consumption externality with habit persistence. The model is simulated using the artificial economy methodology. The 'puzzles' in the forward market are re-examined. The model is able to account for: (a) the low volatility of the forward discount; (b) the higher volatility of expected forward speculative profit; (c) the even higher volatility of the spot return; (d) the persistence in the forward discount; (e) the martingale behavior of spot exchange rates; and (f) the negative covariance between the expected spot return and expected forward speculative profit. It is unable to account for the forward market bias because the volatility of the expected spot return is too large relative to the volatility of the expected forward speculative profit.

Devolving Housing Policy and Practice in Northern Ireland 1998 - 2002

This paper reviews the effect of devolution on housing policy and practice in Northern Ireland. It outlines the history and context of devolution and housing policy in Northern Ireland, including the legacy and persistence of intense social conflict. Current devolution arrangements are reviewed, including the implications of enforced coalition for policy governance. The paper focuses on three dimensions of housing and housing-related policy development and implementation: social housing, especially the distinctive history and changing organisation of social housing provision; policies affecting the housing market, including the changing regime for spatial planning; and, regeneration and tenant participation. The paper argues that housing policy has tended to converge with policies in England, rather than moving towards a distinctively local agenda. Local political agendas remain dominated by disagreements over constitutional status, thus policy formulation is determined more by officials than by elected politicians.

La valoración que los graduados tienen sobre su formación universitaria desde su situación laboral actual

En este artículo analizamos la valoración de los titulados universitarios sobre la formación recibida y su utilidad en la ocupación actual. El objetivo es analizar si existen diferencias por el nivel formativo de origen y el sexo de los estudiantes. A su vez, examinamos si las características de la situación laboral intervienen en estas relaciones afectando diferencialmente según las características sociodemográficas. Los resultados muestran la existencia de diferencias valorativas entre los jóvenes según su origen social y sexo, siendo las mujeres y los jóvenes de clase trabajadora los que valoran mejor su formación recibida. Finalmente, con la introducción de la situación laboral como variable de control constatamos que, en algunos casos, estas diferencias valorativas son debidas al contexto laboral actual de los graduados más que a diferencias sociodemográficas.

Transmission loss allocation in a deregulated electrical energy market

This paper presents a new method for transmission loss allocation in a deregulated electrical power market. The proposed method is based on physical flow through transmission lines. The contributions of individual loads to the line flows are used as basis for allocating transmission losses to different loads. With minimum assumptions, that sound to be reasonable and cannot be rejected, a novel loss allocation formula is derived. The assumptions made are: a number of currents sharing a transmission line distribute themselves over the cross section in the same manner; that distribution causes the minimum possible power loss. Application of the proposed method is straightforward. It requires only a solved power flow and any simple algorithm for power flow tracing. Both active and reactive powers are considered in the loss allocation procedure. Results of application show the accuracy of the proposed method compared with the commonly used procedures.