Level, Slope, Curvature of Sovereign Yield Curve and Fiscal Behaviour

We study fiscal behaviour and the sovereign yield curve in the U.S. and Germany in the period 1981:I-2009:IV. The latent factors, level, slope and curvature, obtained with the Kalman filter, are used in a VAR with macro and fiscal variables, controlling for financial stress conditions. In the U.S., fiscal shocks have generated (i) an immediate response of the short-end of the yield curve, associated with the monetary policy reaction, lasting between 6 and 8 quarters, and (ii) an immediate response of the longend of the yield curve, lasting 3 years, with an implied elasticity of about 80% for the government debt ratio shock and about 48% for the budget balance shock. In Germany, fiscal shocks entail no significant reactions of the latent factors and no response of the monetary policy interest rate. In particular, while (i) budget balance shocks created no response from the yield curve shape, (ii) surprise increases in the debt ratio caused some increase in the short-end and the long-end of the yield curve in the following 2nd and 3rd quarters.yield curve, fiscal policy, financial markets.

Level, slope, curvature of sovereign yield curve and fiscal behaviour

We study fiscal behaviour and the sovereign yield curve in the U.S. and Germany in the period 1981:I-2009:IV. The latent factors, level, slope and curvature, obtained with the Kalman filter, are used in a VAR with macro and fiscal variables, controlling for financial stress conditions. In the U.S., fiscal shocks have generated (i) an immediate response of the short-end of the yield curve, associated with the monetary policy reaction, lasting between 6 and 8 quarters, and (ii) an immediate response of the longend of the yield curve, lasting 3 years, with an implied elasticity of about 80% for the government debt ratio shock and about 48% for the budget balance shock. In Germany, fiscal shocks entail no significant reactions of the latent factors and no response of the monetary policy interest rate. In particular, while (i) budget balance shocks created no response from the yield curve shape, (ii) surprise increases in the debt ratio caused some increase in the short-end and the long-end of the yield curve in the following 2nd and 3rd quarters.FC

Assessing local acid mine drainage impacts on natural regeneration-revegetation of São Domingos mine (Portugal) using a mineralogical, biochemical and textural approach

São Domingos sulfide mine was shut down more than 50 years ago leaving behind eroded and depositional surfaces due to acid mine drainage (AMD). The aim of this study was to assess six selected sites subjected to AMD, considered phytotoxic regions characterized by vegetation scarcity. Two main criteria, nature and composition of soluble fractions and total chemistry of surficial products related to jarosites presence, enabled to set up an overall dichotomy between superficial proximal/discharge and distal/sedimentation areas. Wet and dry sieving results comparison revealed that samples have a predominant sandy texture and lithic (phyllite, quartzite and volcanic country rocks) composition. Quartz, and subordinate feldspar enrichment is also detected in the coarse silt fraction. The results also suggest that the materials under study, when subjected to the local torrential hydrologic regime, have a high mechanical vulnerability, facilitating erosion and mud transport, both critical for vegetation support, and triggering contamination transfer and dispersion. The vicinity and ground-level surfaces of discharging areas are enriched in the jarosite group minerals whereas the sedimentation ones present hypersaline aluminous tendency. The formation of jarosite is considered as an efficient positive environmental contribution to metals and metalloids sequestration/immobilization. The remediation/revegetation solutions to be adopted in each location must have into consideration these differentiating aspects

Catalytic bi-reforming of methane for carbon dioxide ennoblement

New processes that may reduce the net carbon emissions and contribute to a more circular economy are needed. Bi-reforming of methane (BRM) is a promising method for syngas production, with a hydrogen-to-carbon monoxide ratio of two in the reaction products, relevant for example when the purpose is methanol synthesis. In this work, reaction studies were carried out over a nickel-based catalyst varying the temperature (798-1123 K). Three main temperature zones have been identified; a low temperature zone where the conversion of carbon dioxide is almost null, a middle temperature range where steam reforming of methane (SRM) is dominant while the conversion of carbon dioxide via dry reforming of methane (DRM) is low, and finally a high temperature range where DRM becomes more significant. The results show that syngas can be successfully produced using this process. For the range of operating conditions studied, the carbon dioxide and methane conversions increase with temperature, reaching 40% and 100%, respectively at the largest temperature studied. However, the production of syngas in a molar ratio of 1:2 for CO-to-H-2 requires the use of high temperatures. Most probably the nickel agglomerates on top of the gamma-alumina support are responsible for the poor catalyst performance. (C) 2019 Published by Elsevier Ltd

For sale… but for how long? a methodological proposal for estimating time-on-the-market

Residential real estate assumes crucial importance in a country's socioeconomic development. It is an important field of study, and much work has gone into better understanding the sector and the factors determining sales within it, such as time-on-the-market (TOM). TOM can be influenced by a variety of elements; a fact that in effect raises a lot of issues, because these determinants are often interpreted in an ambiguous or unstructured way. This study aims to bring greater accuracy and structure to our understanding of these factors, by showing that the integrated use of cognitive mapping with the Analytic Hierarchy Process (AHP) can give rise to a conceptually coherent and empirically valid framework to calculate TOM indices in the residential real estate market. Because it takes into account both tangible and intangible characteristics of a house, this measurement framework also boosts strategic planning support and allows for more informed business planning, which we believe can be a real contribution to the development of the real estate market. The practical implications and limitations of this evaluation system are also discussed