A Note on the Volatilities of the Interest Rate and the Exchange Rate Under Different Monetary Policy Instruments: Mexico 1998-2008.

To advance our understanding of the mechanisms through which monetary policy affect the economy, in this note we analyze the volatilities of the Mexican short-term interest rate and of the peso-Dollar exchange rate under two monetary policy instruments: a non-borrowed reserves requirement target (the "Corto") and an interest rate target. Using tests for multiple structural changes, we document that both volatilities decreased around the time Banco de México started the transition from the former to the latter. With respect to the volatility transmission from interest rates to exchange rates and vice versa, we find, using a bivariate GARCH model and causality-in-variance tests, bi-causality during the period of the Corto, but no causal relation after the transition started.Corto, granger causality, multiple structural breaks, multivariate volatility.

Forecasting Exchange Rate Volatility: The Superior Performance of Conditional Combinations of Time Series and Option Implied Forecasts

This paper provides empirical evidence that combinations of option implied and time series volatility forecasts that are conditional on current information are statistically superior to individual models, unconditional combinations, and hybrid forecasts. Superior forecasting performance is achieved by both, taking into account the conditional expected performance of each model given current information, and combining individual forecasts. The method used in this paper to produce conditional combinations extends the application of conditional predictive ability tests to select forecast combinations. The application is for volatility forecasts of the Mexican Peso-US Dollar exchange rate, where realized volatility calculated using intra-day data is used as a proxy for the (latent) daily volatility.Composite Forecasts, Forecast Evaluation, GARCH, Implied volatility, Mexican Peso-U.S. Dollar Exchange Rate, Regime-Switching

Análisis económico del conflicto Palestino-Israelí en el periodo 1980-2008

El análisis de factores históricos, políticos, religiosos y culturales que determinan cambios estructurales en las economías mundiales hace necesaria la consideración de modelos econométricos de cambio estructural para comprobar que dichos factores son los determinantes de la evolución o retroceso del sistema económico como un todo. En el presente ensayo se pretende evaluar la importancia de componentes políticos y religiosos en la evolución del conflicto árabe-Israelí para periodo 1980-2008 mediante la implementación de un modelo econométrico de cambio estructural basado en series estadísticas obtenidas del Banco Mundial. La principal conclusión es que dada la segunda intifada entre 1999-2000 se genera un cambio estructural en las variables de producto nacional bruto y desempleo de la economía israelí. Esto se comprueba bajo los modelos econométricos que se desarrollan a lo largo del documento. Es evidente el papel preponderante de los cambios históricos del conflicto árabe- Israelí en el periodo analizado, ya que diferentes acuerdos firmados han puesto de manifiesto el irrespeto por la vida de la población civil o infringir las leyes internacionales y el Derecho internacional Humanitario sin consecuencia aparente en los países de oriente próximo.Pregrad

The initial public offering of high-technology firms: female executive managers and innovation

This study addresses how gender diversity in management teams influences the success of the IPO of research-intensive firms, and how critical indicators of innovation capabilities for those types of firms can mediate the gender effect

Regulation and Competition in Mobile Telephony in Latin America

This paper addresses three areas of regulatory policy involving mobile telephony in Latin America. These questions are examined in relation to case studies on Colombia, Bolivia, and the Dominican Republic, followed by policy recommendations. First, in the area of access regulation, government regulation and the adoption of private-sector agreements on the basis of a model contract are preferable to voluntary negotiations. Second, local fixed-line service providers should ideally be excluded from mobile telephony. When this is not possible, they should only participate in geographic areas where they do not dominate local fixed-line service, and they should be required to maintain strict managerial, accounting, and legal separation of mobile and fixed-line activities. Third, unlimited entry into mobile phone markets is preferable to concessions through exclusive licenses or auctions.

Morphology Within the Parallel Architecture Framework : the Centrality of the Lexicon Below the Word Level

The Parallel Architecture (PA) framework (Jackendoff 2002, 2007, Culicover & Jackendoff 2005) is one of the most complete constraint-based linguistic theories that encompasses phonology, syntax and semantics. However, it lacks a fully developed model of word formation. More recently, a theory called Relational Morphology (RM) (Jackendoff & Audring 2020) has been developed, that integrates into the PA. The current study shows how the Slot Structure model (Benavides 2003, 2009, 2010), which is compatible with the PA and is based on the dual-route model and percolation of features (Pinker 1999, 2006; Huang & Pinker 2010), can provide a better account of morphology than RM, and can also be incorporated into the PA, thus contributing to make this a more explanatory framework. Spanish data are used as the basis to demonstrate the implementation of the SSM. The current paper demonstrates two key problems for RM: inconsistent and confusing coindexation, and a proliferation of schemas, and shows that these issues do not arise in the Slot Structure model. Overall, the paper points out significant drawbacks in the RM framework, while at the same time showing how the PA's morphological component can be enriched with the Slot Structure model

Response to "Alternative theories of morphology in the Parallel Architecture : a reply to Benavides 2022"

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Herramientas y recursos para la elaboración y análisis de mapas electorales

A través de la comunicación, el presente autor pretender dar a conocer cuales son las herramientas (QGIS, CartoDB, OpenStreetMap, MapBox,Google Maps, D3.js y NVD3, Excel, Google Refine, etc...) y recursos existentes para elaborar un mapa electoral en el que se muestren los resultados electorales por debajo del nivel municipal (distritos, secciones y colegios electorales), investigando cuales son las limitaciones existentes tanto a nivel práctico como legal en relación a la información aportada por la administración, que tal y como se podrá comprobar a lo largo de este documento es manifiestamente mejorable, así como su utilización en diferentes medios de comunicación. En una segunda parte se darán recursos para poder hacer un uso correcto de las terminologías existente en cuanto se plantee el debate cíclico de la reforma de la "ley electoral" que como se podrá comprobar resala un concepto ambiguo y que abarca una amplia gama de conceptos que agrupa en verdad el "sistema electoral", cuyas consecuencias sobre los votantes pueden ayudar a la vez a explicar parte de los datos mostrados en la representaciones geográficas que son abordadas en esta comunicación