Fiscal data revisions in Europe

Public deficit figures are subject to revisions, as most macroeconomic aggregates are. Nevertheless, in the case of Europe, the latter could be particularly worrisome given the role of fiscal data in the functioning of EU’s multilateral surveillance rules. Adherence to such rules is judged upon initial releases of data, in the framework of the so-called Excessive Deficit Procedure (EDP) Notifications. In addition, the lack of reliability of fiscal data may hinder the credibility of fiscal consolidation plans. In this paper we document the empirical properties of revisions to annual government deficit figures in Europe by exploiting the information contained in a pool of real-time vintages of data pertaining to fifteen EU countries over the period 1995-2008. We build up such real-time dataset from official publications. Our main findings are as follows: (i) preliminary deficit data releases are biased and non-efficient predictors of subsequent releases, with later vintages of data tending to show larger deficits on average; (ii) such systematic bias in deficit revisions is a general feature of the sample, and cannot solely be attributed to the behaviour of a small number of countries, even though the Greek case is clearly an outlier; (iii) Methodological improvements and clarifications stemming from Eurostat’s decisions that may lead to data revisions explain a significant share of the bias, providing some evidence of window dressing on the side of individual countries; (iv) expected real GDP growth, political cycles and the strength of fiscal rules also contribute to explain revision patterns; (v) nevertheless, if the systematic bias is excluded, revisions can be considered rational after two years. JEL Classification: E01, E21, E24, E31, E5, H600data revisions, fiscal statistics, news and noise, Rationality, real-time data

Fiscal policy shocks in the euro area and the US: an empirical assessment

We analyse the impact of fiscal policy shocks in the euro area as a whole, using a newly available quarterly dataset of fiscal variables for the period 1981-2007. To allow for comparability with previous results on euro area countries and the US, we use a standard structural VAR framework, and study the impact of aggregated and disaggregated government spending and net taxes shocks. In addition, to frame euro area results, we apply the same methodology for the same sample period to US data. We also explore the sensitivity of the provided results to the inclusion of variables aiming at measuring “financial stress” (increases in risk) and “fiscal stress” (sustainability concerns). Analysing US and euro area data with a common methodology provides some interesting insights on the interpretation of fiscal policy shocks. JEL Classification: E62, H30euro area, Fiscal multipliers, Fiscal shocks, SVAR

Current sensorless power factor correction based on digital current rebuilding

A new digital control technique for power factor correction is presented. The main novelty of the method is that there is no current sensor. Instead, the input current is digitally rebuilt, using the estimated input current for the current loop. Apart from that, the ADCs used for the acquisition of the input and output voltages have been designed ad-hoc. Taking advantage of the slow dynamic behavior of these voltages, almost completely digital ADCs have been designed, leaving only a comparator and an RC filter in the analog part. The final objective is obtaining a low cost digital controller which can be easily integrated in an ASIC along with the controller of paralleled and subsequent power section

A Quarterly Fiscal Database Fit for Macroeconomic Analysis

The study of the macroeconomic effects of tax changes and public spending plans has regained footing recently. Nevertheless, in many occasions, the shortcomings of available official data pose limits to the type of approach analysts can pursue. While this issue receives traditionally limited attention, it is of utmost relevance for policy makers and academics alike. Against this framework, in this paper we construct a quite disaggregated quarterly fiscal database of Spanish seasonallyadjusted public finance variables for the period 1986Q1-2015Q4, in national accounts terms. Following a recent strand of the literature, we pose special emphasis on the models and data ingredients used. The later includes a rich set of input fiscal data taken from budgetary accounts. We illustrate the use of our data by providing key stylized facts on the cyclical properties of fiscal policies over the past three decades

Optically active Er–Yb doped glass films prepared by pulsed laser deposition

3 pages, 2 figures.Active rare-earth Er3 + –Yb3 + co-doped phosphate glass films are produced in a single step by pulsed laser deposition. The films are multimode waveguides and exhibit the highest refractive index, optical density and 1.54 µm photoluminescence intensity and lifetime when deposited at low oxygen pressure (Pox4 (menor o igual) 10–5 Torr). The density of the films obtained under these conditions is higher than that of the target material as a consequence of the high kinetic energy of the species generated during ablation. Luminescent emission can be excited by optical pumping the Er3 + ions either directly or through cross-relaxation of the Yb3 + . Post-deposition annealing allows us to improve the luminescence performance.This work has been partially supported by CICYT (Spain) under Project No. TIC96-0467. One of the authors (J.M.B.) acknowledges financial support from the Spanish Ministry of Education.Peer reviewe

Four Years of Realtime GRB Followup by BOOTES-1B (2005-2008)

Four years of BOOTES-1B GRB follow-up history are summarised for the first time in the form of a table. The successfully followed events are described case by case. Further, the data are used to show the GRB trigger rate in Spain on a per-year basis, resulting in an estimate of 18 triggers and about 51 h of telescope time per year for real time triggers. These numbers grow to about 22 triggers and 77 h per year if we include also the GRBs observable within 2 hours after the trigger.Comment: 16 pages, Accepted into Proceedings of AstroRob Malaga 200

Membership in the Franchising System: A Worldwide Analysis

The franchising system is one of the sectors on which many management researchers are increasingly focusing their attention. The internationalisation and globalisation of franchising is an unstoppable fact. However, there is not enough research to show exactly how the membership of franchising associations is developing worldwide. One of the main goals of franchising associations is the defence of ethical rules or deontology, fixing the theoretical bases that should guide the application of balanced relationships between franchisors and franchisees. This paper centres on the world analysis of the following aspects: the current situation and evolution of franchising, the level of association or membership of Franchisor Associations and its evolution, and, finally, the explanation of the reasons for franchising membership

Pitfalls in spontaneous in vitro transformation of human mesenchymal stem cells

Spontaneous in vitro transformation of human primary cells was, and continues to be, a scarcely described phenomenon. Only the description of the generation of the HaCAT cell line [1] is a canonical example, worldwide accepted. More recent examples included the emergence of tumorogenic populations upon in vitro culture of fetal human mesenchymal stem cells (hMSC), induced by GM-CSF and IL-4, [2] and bone marrow hMSC [3]. Other examples have also been reported after very long-term in vitro culture of telomerized hMSCTerT [4]. In this scenario, our previous results [5-7] were only a new observation to be added to this list. Only very recently similar results have been published [8], reporting spontaneous malignant transformation in 46 % of bone marrow–derived hMSC long-term cultures (5–106 weeks). However, other authors reported opposite results.S

Fiscal policy shocks in the euro area and the US : an empirical assessment

We analyse the impact of fiscal policy shocks in the euro area as a whole, using a newly available quarterly dataset of fiscal variables for the period 1981-2007. To allow for comparability with previous results on euro area countries and the US, we use a standard structural VAR framework, and study the impact of aggregated and disaggregated government spending and net taxes shocks. In addition, to frame euro area results, we apply the same methodology for the same sample period to US data. We also explore the sensitivity of the provided results to the inclusion of variables aiming at measuring "financial stress" (increases in risk) and "fiscal stress" (sustainability concerns). Analysing US and euro area data with a common methodology provides some interesting insights on the interpretation of fiscal policy shock

Actualización de las recomendaciones para la determinación de biomarcadores en el carcinoma de pulmón avanzado de célula no pequeña. Consenso Nacional de la Sociedad Española de Anatomía Patológica y de la Sociedad Española de Oncología Médica

En el año 2011 se inició un proyecto conjunto entre la Sociedad Española de Oncología Médica (SEOM) y la Sociedad Española de Anatomía Patológica (SEAP) para establecer unas recomendaciones basadas en la evidencia actual con respecto a la determinación de biomarcadores en pacientes con carcinoma de pulmón de célula no pequeña (CPCNP) avanzado. La mayoría de estas recomendaciones siguen siendo válidas; sin embargo, existen nuevas evidencias que hacen necesaria la actualización de algunos aspectos. En concreto, se modifica la recomendación de qué biomarcadores hay que analizar y en qué pacientes, y se define el manejo óptimo de la muestra tumoral así como las características del material mínimo necesario para la determinación de biomarcadores. Además, se revisan las técnicas adecuadas para la determinación de las mutaciones de EGFR y el reordenamiento de ALK, y se consensúa en qué situaciones se debe llevar a cabo una re-biopsi