TERM PREMIUM AND EQUITY PREMIUM IN ECONOMIES WITH HABIT FORMATION

In this paper we investigate the size of the risk premium and the term premium in an representative agent exchange model economy where households preferences are subject to habit formation. As a novel feature, we develop theoretical measures for risk premium and term premium that can be used even when the consumption growth process is serially autocorrelated. We find that habit formation increases risk aversion significantly but increases much more the aversion to variations of consumption across dates. This induces a substantial increase in the precautionary demand of short term assets and a significant fall in the precautionary demand of long term assets. As a result, the term premium increases substantially with habit formation. Next we calibrate our model economy and examine the quantitative predictions of our theoretical measures of equity premium, risk premium and term premium. In line with previous literature, we show that it is possible to find a reasonable calibration for which the equity premium is that observed in the data. However, we find that around 70 percent of the equity premium is just term premium. That is, a very large fraction of the increase in the equity premium is due to the asymmetric effect that habit formation has on the precautionary demand of an asset depending on its maturity.

Credit and inflation under borrower’s lack of commitment

Here we investigate the existence of credit in a cash-in-advance economy where there are complete markets but for the fact that agents cannot commit to repay their debts. Defectors are banned from the credit market but they can use money balances for saving purposes. Without uncertainty, deflation crowds out credit completely. The equilibrium allocation, however, is efficient if the government deflates at the time preference rate. Efficiency can also be restored with positive inflation. For any non negative inflation rate below the optimal level, the volume of credit and the real interest rate increase with inflation. Our results hold when idiosyncratic uncertainty is introduced and households are sufficiently impatient but in one instance: efficiency cannot be restored if the deflation rate is nearby the rate of time preference. Our numerical examples suggest that the optimal inflation rate is not too large for reasonable levels of patience and risk aversion. Finally, we present a framework where the use of money arises endogenously and show that it is tantamount to our cash-in-advance framework. Our results hold in this modified environment.

ON THE USER COST AND HOMEOWNERSHIP

This paper studies the determinants of housing tenure choice and the differences in the cost of housing services across households in an overlapping generations model with household-specific uninsurable earnings risk and housing prices that vary over time. We model houses as illiquid assets that provide collateral for loans. To analyze the impact of preferential housing taxation on the tenure choice, we consider a tax system that mimics that of the U.S. economy in a stylized way. We find that a mixture of idiosyncratic earnings uncertainty, house price risk, down payments and transaction costs are needed for the model to deliver life cycle patterns of homeownership and portfolio composition similar to those found in the data. Through simulations, we also show that a rental equivalence approach (relative to a user cost approach) overestimates the mean unit cost of housing by approximately 3 percent.

Reconstitución del edificio monumental de Contrebia Belaisca (Botorrita, Zaragoza)

Sin resume

Realidad Aumentada y Educación

Reseña sobre el libro "Realidad aumenta y educación. Innocación en contextos formativos

Effects of drought and water pulses on microbial functionality and the role of Cyanoprokaryota in the rhizospheres of gypsophytes

In the rhizospheres of three gypsophytes and in non-rhizospheric soil, two samplings were carried out - the first during a summer drought and the second during spring - to detect the responses to the availability of water in the soil. Urease and protease showed higher values after the drought whereas β-glucosidase was highest in the spring. This pattern was the same for all the rhizospheres tested. However, the arylsulfatase and alkaline phosphatase did not change. Surprising results were obtained when water retention and water loss were studied, with the highest values being obtained for the dry season due to the association of Cyanoprokaryota with the rhizospheres. The results are also explained by two water pulses that occurred before the samplings. Several parameters, whose values changed markedly due to the microbiological activation just after the drought and water pulses, are proposed as indicators of this activation: microbial biomass carbon and basal respiration rate, together with urease and protease. However, it was the dehydrogenase activity in spring that best reflected the microbiology associated with the carbon cycle, together with β-glucosidase. The interrelationships between carbon and nitrogen were shown through the indices: water soluble nitrogen and water soluble carbon. We propose three functional adaptation mechanisms of these plants associated with the Cyanoprokaryota in their rhizospheres and related to the water availability as determined by drought and water pulse effects. Herniaria fruticosa is a pioneer with the greatest diversity of Cyanoprokaryota, in both summer and spring (10 species and 11 species, respectively), and with high-medium abundance (5–30%). Teucrium balthazaris exhibits an intermediate strategy, with greater diversity of Cyanoprokaryota in spring (7 species) and predominance of high-medium abundance (5–30%). Finally, Helianthemum squamatum has lower diversity, with one species in summer (with low abundance, <5%) and no species in spring

O Inca Garcilaso de la Vega e seu trânsito entre a colônia e a metrópole: revisionismo histórico e literário

Os primeiros textos literários coloniais de autoria indígena e mestiça foram publicados na América hispânica no século XVII. Primeiramente foi publicado o livro intitulado Comentarios Reales de los Incas (1609) escrito pelo mestiço peruano Inca Garcilaso de la Vega (1539-1616), e em 1615 foi publicada a Nueva corónica y buen gobierno de autoria do cronista indígena Felipe Guaman Poma de Ayala (1534-1615). Essas obras constituem parte importante do corpus literário colonial, pois se situam nas denominadas zonas de contacto (PRATT, 2010, p. 31). Esses textos coloniais escritos por mestiços ou indígenas apresentam um relato oposto ao desenvolvido pelos cronistas europeus no que se refere à representação do indígena, e revelam uma versão pessoal e diferente da história desses povos. Dentro desse contexto, a obra do Inca Garcilaso de la Vega pode ser considerada uma das primeiras fontes escritas por um mestiço que enfrentou a história oficial da conquista. O Inca Garcilaso participou ativamente na construção e narração de sua própria história, acabando com a posição secundária e passiva que lhe conferiam os cronistas espanhóis

Retirement Intentions and Behaviors of Hispanics Compared to Non-Hispanics in the United States: A Three-Paper Dissertation

Thesis advisor: Christina MatzThesis advisor: Ce ShenThe aging of the population has imposed sustainability issues to Social Security, which has led to a glowing debate about what the full retirement age (FRA) should be and whether working longer is a fair and realistic expectation for everyone – or just for those who have a certain level of control over their retirement decision. It was estimated that by 2013, there were over 50% household at risk of financial insecurity in retirement. Thus, having to retire earlier might mean that individuals are in a particular precarious situation financially. Evidence suggests that in order to make ends meet, workers intend to stay on the job longer. About 27% of workers state they plan to work at retirement and 24% state they plan to continue to work until they are not able to do so. However, 50% of retiree retired earlier than planned, and only 24% of them did so because they realized they could afford retirement, while the remaining 76% retired involuntarily due to health or lay-offs. Evidence suggest that there are startling ethno-racial differences regarding retirement preparedness and planning. Hispanics tend to do little to none retirement planning, and tend to face retirement insecurity, which is expressed as high dependency in Social Security and poverty rates three times higher compared to non-Hispanic Whites. Some recent qualitative research has pointed out that for Hispanics there might be cultural elements at play. Few studies have explored ethno-racial disparities regarding retirement planning and decisions and the results are inconsistent. Ethno-racial and cultural variables are some of the most understudied variables in the retirement planning literature. The present dissertation seeks to contribute to fill some of these gaps by exploring ethno-racial differences between Hispanics and non-Hispanics in the U.S. regarding, retirement planning, retirement decisions and retirement outcomes. Results indicate that there are significant differences between Hispanics and non-Hispanics, especially foreign-born Hispanics. This as the result of the complex relationship of Hispanics’ culture and their migration experience that has been marked by diminished labor market conditions, which along with Hispanics’ lack of education and English proficiency has limited their working opportunitiesThesis (PhD) — Boston College, 2019.Submitted to: Boston College. Graduate School of Social Work.Discipline: Social Work

Atención y procesamiento sensorial en alumnos de primer grado de primaria de un colegio privado de Lima, 2022

El proceso de atención, así como las características del niño para manejar la información sensorial de su cuerpo y de su entorno, son importante importantes pilares para el desarrollo de las diferentes experiencias educativas, ambos aspectos se van desarrollando en la medida que el niño tenga las oportunidades de estimulación, en un entorno apropiado, ello se ha visto interferido a raíz del confinamiento debido a la pandemia mundial de la cual estamos saliendo. Es por todo ello que se plantea investigar qué relación guardan ambos procesos. La investigación es cuantitativa, básica, correlacional, de diseño no experimental transversal, con un método hipotético deductivo. Se trabajó con una población de 79 estudiantes de primer grado de primaria, donde se aplicó la prueba “Test de Caras R” para hallar el nivel de atención y cuestionario “Perfil Sensorial” para padres, que nos brindó información del procesamiento sensorial. Los resultados a través del análisis de correlación de Rho Spearman, arrojaron un puntaje -,394, confirmando una relación significativa inversa entre ambas variables, es decir un menor nivel de atención, se relaciona con mayores desordenes en el procesamiento sensorial, además de obtener una significancia bilateral de ,00 (<,05), lo cual permitió aceptar la hipótesis planteada

O CARÁTER FRONTEIRIÇO DO SUJEITO CITADINO EM PABLO NERUDA

ABSTRACT: The imagetic process in Pablo Neruda&#39;s work is built through the creation of images resulting from life experiences kept in memories. It is also an existential questioning of the poet based upon the critical look on the historical and personal moment. In this creative process, Neruda&#39;s imagetic world strongly references Temuco&#39;s natural aspects, the everyday setting of his childhood and adolescence, part of the scenery that remained in his memory and crystalized in his works. The ascertainment that Neruda, in the transition from province to metropolis, does not reach his emotional final destination, remaining in a long transitory state (threshold), allowing us to highlight the emergence of a &quot;border subject&quot;, situated between the provincial universe and the urban universe. In Neruda, the concept of border does not only references a territorial boundary between two regions that are politically and culturally different, but also temporal boundaries, since in his stay in the city the poet turns into a body that experiences the location and establishes a critical relationship towards it: he describes it poetically and develops a temporal mobility from the city to the province. This border state shows an intermediary position in individuals that by moving within his/her own country feel in the margins of his/her own culture. In neruda, the notion of border is a recurring issue in the subject of cities, in which the border is related to the geographical space (country, city and harbor) with the time space (present and past), and with cultural space in which concerns the regional identity differences of a certain country. Thus, it is important to approach the analysis of border overcoming regarding the geographical and cultural issues, but above all to the subjective formulations as a result of interpersonal processes. KEYWORDS: Border; Identity; Pablo Neruda.O processo imagético na obra de Pablo Neruda se constrói através da criação de imagens resultantes do resgate das experiências de vida guardadas na memória. Trata-se também de um questionamento existencial do poeta com base no olhar crítico sobre o momento histórico e pessoal. Neste processo criativo o mundo imagético de Neruda faz uma forte referência aos elementos da natureza de Temuco, cenário cotidiano de sua infância e adolescência, constituintes da paisagem que permaneceu em sua memória e se cristalizou em sua obra. A constatação de que na passagem da província para a capital Neruda não atinge emocionalmente seu destino final, permanecendo num longo estado de transição (limiar), permite apontar para o surgimento de um ‘sujeito fronteiriço’ situado entre o universo provinciano e o universo urbano.  Em Neruda, o conceito de fronteiriço não alude somente a uma demarcação territorial entre duas regiões que são política e culturalmente diferentes, mas também a delimitações temporais, já que em sua permanência na cidade o poeta se transforma num corpo que experimenta o lugar e estabelece uma relação crítica frente a ele: descreve-o poeticamente e desenvolve uma mobilidade temporal da cidade à província. Este estado fronteiriço demonstra uma posição intermediária em indivíduos que ao se deslocarem dentro do próprio país se sentem à margem de sua própria cultura. Em Neruda a noção de fronteira é uma problemática recorrente na temática das cidades, onde o fronteiriço tem relação com o espaço geográfico (campo, metrópole e porto), com o espaço temporal (presente e passado) e com o espaço cultural, no que se refere às diferenças identitárias regionais de um mesmo país. Por isto, é importante abordar a análise da superação de fronteiras no que diz respeito às questões de ordem geográfica e cultural, mas sobre tudo às formulações subjetivas decorrentes dos processos interpessoais