Pricing decisions under financial frictions : evidence from the WDN survey

En este trabajo se contrastan las predicciones teóricas del modelo elaborado por Duca, Montero, Riggi y Zizza (2017). Este es un modelo de mercados de clientes (customer markets) con costes de cambio de proveedor (switching costs) e imperfecciones en los mercados de capitales, en el cual los márgenes precio-coste se comportan de manera contracíclica (es decir, aumentan durante las recesiones). Para el análisis empírico se utiliza una submuestra de empresas europeas participantes en la edición de 2014 de la encuesta de la Wage Dynamics Network. Además, se emplea una metodología empírica novedosa desarrollada en Aakvik, Heckman y Vytlacil (2005) que permite la estimación de modelos de elección discreta con variables binarias endógenas y controlar por la posible presencia de sesgos de selección por factores inobservables. Los resultados muestran que las empresas europeas que estuvieron sometidas a restricciones financieras tuvieron una mayor probabilidad de elevar sus márgenes que en un escenario contrafactual sin tales restricciones. Además, en general el efecto estimado de los principales determinantes de la probabilidad de aumentar los márgenes tiende a coincidir con las predicciones del modelo teóricoI test the predictions from Duca, Montero, Riggi and Zizza (2017), who develop a customermarket model with consumer switching costs and capital-market imperfections in which price-cost markups behave countercyclically, with a subsample of European firms participating in the Wage Dynamics Network 2014 survey. I use a novel empirical approach developed by Aakvik, Heckman and Vytlacil (2005) for estimating discrete choice models with binary endogenous regressors that allows for selection on unobservables. Results show that firms subject to financial constraints had a significantly higher probability of raising markups than in a counterfactual scenario without such constraints. Moreover, the estimated partial effects for the main variables are in overall accordance with the predictions from the theoretical mode

Characterization of TDI-HEMA homopolymer prepared via an immiscible solvent system. Synthesis and investigation of oligodichloroketene

The objective of this thesis has been divided in two parts. The first part is subdivided into two areas. First a Universal calibration curve for gel permeation chromatography (GPC) was construc-ted using different molecular weight standards of PMMA and MMA-HEMA co-polymers. By measuring the viscosity of the different molecular weight solutions and calculating the Vr, (retention volume), from GPC data, plots of In [ η ] Mw against Vr and In Mw against Vr are obtained. These curves can be used to obtain the molecular weight of any linear (not crosslinked) copolymer by simple measurements of viscosity and GPC data. The second subdivision is the characterization of the forward polymer of TDI-HEMA blocked by p-cresol prepared using the heterogeneous method. The molecular weight was obtained from Light Scattering, Vapor-Pressure Osmometry and viscosity-GPC data, using the Universal calibration curve obtained in the first part. Comparing the molecular weights thus obtained with the molecular weights calculated using the homogeneous preparation method shows that the amount of gel formation has been dramatically reduced. The second part of this work relates to the characterization of the oligomeric material which resulted from the reaction of dichloroacetylcholride and (C2 H5 )3 N. The reason for characterizing the polymeric substance was the possibility that the resulting material would have the structure --( CCl2- CO )n--, which may be hydrolyzed to obtain a polycarbonyl compound. This could be acomplished if the polymerization took effect through the carbon-carbon double bond

Real Exchange Rates, Dollarization and Industrial Employment in Latin America

This paperuses a panel dataset on industrial employment and trade for 9 Latin American countries for which liability dollarization data at the industrial level is available. It tests whether real exchange rate fluctuations have a significant impact on employment, and analyze whether the impact varies with the degree of trade openness and liability dollarization. Econometric evidence supports the view that real exchange rate depreciations can impact employment growth positively, but this effect is reversed as liability dollarization increases. In industries with high liability dollarization, the overall impact of a real exchange rate depreciation can be negative.

La autonomía vasca en la II República: el Estatuto de la Sociedad de Estudios Vascos

Se repasa aquí el proceso que en 1931 se entretejió en torno al Estatuto de la Sociedad de Estudios Vascos, pues fue a esta Sociedad a la que se encargó la redacción del proyecto del prime Estatuto Vasco de Autonomía y se enmarcará este proyecto en la coyuntura política de la época

El entorno del alcázar de Madrid durante la Baja Edad Media.

Sin resume

Speaker Diarization Based on Intensity Channel Contribution

The time delay of arrival (TDOA) between multiple microphones has been used since 2006 as a source of information (localization) to complement the spectral features for speaker diarization. In this paper, we propose a new localization feature, the intensity channel contribution (ICC) based on the relative energy of the signal arriving at each channel compared to the sum of the energy of all the channels. We have demonstrated that by joining the ICC features and the TDOA features, the robustness of the localization features is improved and that the diarization error rate (DER) of the complete system (using localization and spectral features) has been reduced. By using this new localization feature, we have been able to achieve a 5.2% DER relative improvement in our development data, a 3.6% DER relative improvement in the RT07 evaluation data and a 7.9% DER relative improvement in the last year's RT09 evaluation data

Simultaneous spectral imaging at several excitation and emission wavelengths

The inability to complete removal of a tumor during an ontological surgery results in an increase in the rate of recurrence of the tumor and thus, in a repeated surgery. The way to minimize that risk depends mainly on: getting the precise tumor localization, being able to identify it in the molecular level identification and the capability to distinguish the tumor from the non-malignant tissue that surrounds it. Although in last years new techniques for localization pre-operative and intra-operative have been developed, improved and introduced, identification and distinction methods continue being a considerable problem during the surgery. To overcome this challenges, we have developed a real-time fluorescence endoscope that provide the surgeon the capability to distinguish accurately the malignant tissue from the healthy one. For that, the use of an specific tumour-targeted bio-marker able to identify cancer cells and to bind them, thus producing fluorescence only in the determined malignant region. This fluorescence light emitted is detected by the camera and then processed to highlight the fluorescence.Ingeniería Biomédic

Price-cost mark-ups in the Spanish economy : a microeconomic perspective

This paper explores the dynamics of price-cost mark-ups using firm-level data, paying particular attention to the crisis period 2008-2011. To this end, we apply the econometric framework developed by Klette (1999) to a comprehensive sample of Spanish non-financial corporations in order to estimate price-cost mark-ups for the period 1995-2011 at the aggregate and sectoral levels. The results reveal a widespread pattern of increasing pricecost mark-ups since 2008, both by industry and firm size. Moreover, with the aim of interpreting the pattern identified in our findings, we also relate the changes in our industrylevel estimates of price-cost margins between 2007 and 2011 to some relevant industry characteristics suggested by the literature, with an emphasis on the extent of market power and of financial pressure. We find a positive and statistically significant association between the growth rate of estimated mark-ups and both our direct measure of market power and our proxy of financial pressureEste documento analiza la evolución dinámica de los márgenes precio-coste utilizando microdatos de empresas y prestando una atención particular al período de crisis (2008- 2011). Con este fin, se emplea el modelo econométrico desarrollado por Klette (1999) para estimar los márgenes precio-coste marginal a partir de una muestra muy amplia y representativa de sociedades no financieras españolas para el período 1995-2011, tanto a nivel agregado como por ramas de actividad y por tamaños de empresa. Los resultados de las estimaciones revelan un patrón creciente de los márgenes precio-coste bastante generalizado a partir de 2008, tanto por sector como por tamaño de empresa, tras una etapa previa de relativa estabilidad. Además, con el objetivo de interpretar dicho patrón creciente, se han estimado unas regresiones sencillas, que relacionan el cambio entre 2007 y 2011 en los márgenes empresariales en el ámbito del sector a dos dígitos con algunos determinantes sugeridos por la bibliografía económica, con un énfasis especial en los derivados del poder de mercado y de las tensiones financieras. Los resultados de este ejercicio de estimación muestran que existe una relación positiva y estadísticamente significativa entre la tasa de variación de los márgenes estimados y las medidas que aproximan el poder de mercado y el grado de presión financiera en cada rama de activida

Box 5. Migratory flows in Spain during the COVID-19 crisis and their impact on labour supply

Artículo de revistaThis early-release box was published on 22 Marc