Inflation in open economies with complete markets

This paper uses an overlapping generations model to analyze monetary policy in a two-country model with asymetric shocks. Agents insure against risk through the exchange of a complete set of real securities. Each central bank is able to commit to the contingent monetary policy rule that maximizes domestic welfare. In an attempt to improve their country's terms of trade of securities, central banks may choose to commit to costly inflation in favorable states of nature. In equilibrium the effects on the terms of trade wash out, leaving both countries worse off. Countries facing asymmetric shocks may therefore gain from monetary cooperation

Early Retirement and Social Security: A Long Term Perspective

We provide a long-term perspective on the individual retirement behaviour and on the future of retirement. In a Markovian political economic theoretical framework, in which incentives to retire early are embedded, we derive a political equilibrium with positive social security contribution rates and early retirement. Aging has two opposite effects: it leads to lower taxes and fewer (early) retirees, while a poorer median voter will push for higher contributions. The model highlights the existence of crucial income effects: a decrease of the income of young people will induce them to postpone retirement and to vote for less social security.pensions, income effect, tax burden, politico-economic Markovian equilibrium

Early Retirement and Social Security: A Long Term Perspective

We provide a long term perspective on the individual retirement behavior and on the future of retirement. In a Markovian political economic theoretical framework, in which incentives to retire early are embedded, we derive a political equilibrium with positive social security contribution rates and early retirement. While aging has opposite economic and political effects on social security contributions, it may lead to postponing retirement -- by reducing the generosity of pension benefits -- unless the political effect leads to a large increase in contribution and hence higher benefits. Economic slowdowns, captured by a reduction in wage income in youth, will also induce workers to postpone retirement and to vote for less social securitypensions, income effect, tax burden, politico-economic Markovian equilibrium

The political economy of international private insurance and fiscal policy

We consider a two-country model in which international risk-sharing is beneficial. Even though complete contingent markets exist to trade private wealth, the fact that fiscal policy voting decisions have an impact on contingent wealth prices implies that government spending will be inflated in good states and deflated in bad ones, with the following general implications: (i) Prices of contingent wealth are distorted; (ii) Volatility of public spending increases; (iii) Incomplete insurance arises. An example shows that apart from the increase in the volatility of public spending, it is also possible that average spending increases in both countries. These distortions are shown to be stronger the more similar the two countries are in ex ante terms . We compare the decentralized system with a fiscal union contrasting eqUilibrium properties in terms of government spending and allocation of risk

Spain 2011 pension reform

The aim of this paper is to evaluate the impact of the Spanish pension reform enacted in 2011. We use an accounting model with heterogeneous agents and overlapping generations in order to project revenues and expenditures of the pension system for the next four decades. Specifically, we analyze the impact of changes in the replacement rate, in the period of calculation and the delay of the retirement age. We obtain results under two alternative migration scenarios: (i) a combination of the latest figures released by the INE, which forecast a reduced annual immigration net flow of some 70,000 persons; and (ii) a revised scenario featuring a more generous hypothesis concerning this net flow. We demonstrate that the results show that these three changes instigated by the reform could imply a savings of about 3 percentage points of GDP in 2051. However, we couldn’t include in the evaluation the sustainability factor (that transform the Spanish system in a defined contribution scheme) that will start in 2027 due to the lack of details in the text of the Reform. Finally, we analyze the changes in average pensions by gender, skill, and nationalit

Método de Prospección y Caracterización de materias primas

Número de publicación: ES2341697 A1 (24.06.2010)También publicado como: ES2341697 B2 (26.04.2011)Número de Solicitud: Consulta de Expedientes OEPM (C.E.O.) P200803674(23.12.2008)Método de prospección y caracterización geológica de materias primas. El método objeto de la invención consiste en el uso de un sistema SIG para la gestión y utilización de datos obtenidos previamente almacenados en medios de almacenamiento de datos conformando bases de datos independientes que son fusionadas y cuyo resultado es trasferido al sistema SIG para representar las localizaciones y materias primas que se encuentran en dicha ubicación elegida o viceversa.Universidad de Almerí

Caracterización arqueométrica de pigmentos y soportes procedentes de pinturas murales góticas (s. XIII-XV)

A novel investigation on samples of gothic wall paintings (13-15th Centuries) has been carried out. They were found in some Churchs of Slovenia, being not yet studied using technics of materials analysis. One of them is selected: the Church of “Anunciación de María”, city of Crngrob, Slovenia. The scientific investigation of the Gothic wall painting samples was mainly based in the preparation of the so-called stratigraphic sections (cross-sections) from the original small samples. This procedure allows to study the different layers of mortar as support and the painting itself. Next, these preparations were examined using several instrumental techniques commonly applied in materials characterization at the ICMSE, for instance, digital photography, optical and electronic microscopies, IR spectroscopy and EDX for chemical analysis. Aditional information concerning pigments and mortars was obtained by IR transmision spectroscopy using KBr pellets, as well as using XRD. Samples studied at the ICMSE can be classified in two groups, which allows to appreciate two procedures or techniques of wall paintings performed at the Church of Crngrob. The first is typical of Gothic Italian paintings: technic of so-called fresco buono over several layers of mortars, using marble powder to get a white and smooth surface. The results of the present study have also allowed to characterize and identify the inorganic pigments and mortars used in these wall paintings. They were found to be the appropiate for this kind of technical work. For instance, they have been applied iron oxides to get the yellow, orange and even green colours, but surprisingly it has not been found neither malachite (copper pigment of green colour) nor copper compounds to get a green colour. In older layers of wall paintings, the pigment cinnabar was used to get the red colour. It is a mineral used typically in Italy. As revealed in this research, no aglutinant except the lime coming from the mortar as support were used in these Gothic wall paintings. Moreover, this feature, besides of cinnabar application, allows to establish the 1400-1410 wall paintings in the artistic Italian current named Trecento. The second procedure to paint is a typical of North Europe: one or two layer of mortar with a fine layer of lime. This is used to improve the strenght of lime as an aglutinant in the mortar. With this study, it is concluded that the Italian and North-European artistic currents met in Slovenian territory, which is appraisable as much stilistic (Art History) as scientific (Chemical and Physical analysis) point of views. This kind of investigation allows to know better the Central European Art and the Slovenian Art in the Adriatic zone, as well as the general map of European Art in the Middle Age.<br><br>El presente trabajo forma parte de una investigación más amplia sobre pinturas murales góticas (S. XIII-XV). En concreto, se han estudiado las que se encuentran en el interior de varias iglesias de Eslovenia y que no habían sido estudiadas, hasta la fecha, por medio de técnicas instrumentales de análisis de materiales. Una de ellas está situada en la ciudad de Crngrob (Eslovenia) y se ha seleccionado como objeto de este estudio (Iglesia de la Anunciación de María). El estudio científico de las muestras en el ICMSE se basó, principalmente, en la preparación de una serie de secciones estratigráficas a partir de los fragmentos pequeños de las mismas para analizar las diferentes capas de mortero soporte y de la propia pintura. Se examinaron dichas preparaciones por varias técnicas, como son fotografía digital, microscopías óptica y electrónica (MEB), espectroscopía IR (reflexión) y EDX. Una información adicional sobre pigmentos y morteros se obtuvo mediante IR (transmisión), preparando pastillas con KBr, además de DRX. Las muestras estudiadas pueden clasificarse en dos grupos que, a su vez, permiten apreciar dos formas de pintura mural. La primera es típica para pintura italiana gótica: fresco buono sobre varias capas de mortero, con empleo de polvo de mármol para hacerlo más liso y blanco. Los resultados obtenidos han permitido caracterizar e identificar los morteros y pigmentos inorgánicos empleados y que son apropiados para pinturas murales. A título de ejemplo, se han empleado óxidos de hierro para amarillo, naranja, rojo y verde, pero no se ha encontrado malaquita ni existen indicios de compuestos de cobre para el color verde. En capas más antiguas se ha encontrado cinabrio para el color rojo, típico de Italia. Las pinturas fueron realizadas sin emplear otro aglutinante que la propia cal procedente del mortero. Estas características y el empleo de cinabrio, sitúan las pinturas del 1400-1410 en la corriente artística italiana del Trecento. La segunda manera es típica del norte de Europa: técnica de una o dos capas de mortero, con una capa fina de cal superpuesta para dar mayor fuerza a la cal del mortero como aglutinante. Teniendo en cuenta los resultados obtenidos en este estudio sobre los dos tipos de muestras estudiadas, se concluye que las corrientes italiana y norteeuropea se encontraron en territorio esloveno, lo que se aprecia tanto desde el punto de vista estilístico como científicamente. Investigaciones en esta temática ayudan a conocer mejor tanto el Arte de Europa Central y el de Eslovenia con la zona adriática, como el mapa general del Arte Europeo en el tiempo de la Edad Media

Ideas alternativas sobre cambio climático, adelgazamiento de la capa de ozono y lluvia ácida de un grupo de alumnos de centros de enseñanza permanente de adultos

Es mucha la información que recibimos en torno al cambio climático, el adelgazamiento de la capa de ozono y la lluvia ácida, y en relación a ello se generan muchas opiniones e ideas no exentas de polémica y de falta de rigor científico que hacen confundir causas y consecuencias de unos y otros. Se plantea la necesidad de posicionarnos como ciudadanos responsables ante las consecuencias de tan graves problemas, por lo que consideramos clave conocer más sobre las ideas del alumnado y su posible origen. Se ha elaborado y analizado un cuestionario para detectar posibles ideas alternativas relacionadas con los principales problemas de contaminación atmosférica. La muestra está formada por un grupo de alumnos de Educación Permanente de Adultos (EPA)

Procedimiento de Obtención de un Material Cerámico de Forsterita

Número de publicación: ES2345648 A1 (28.09.2010) También publicado como: ES2345648 B2 (21.07.2011 Número de Solicitud: Consulta de Expedientes OEPM (C.E.O.) P200900844(27.03.2009)Procedimiento de obtención de un material cerámico de forsterita. Procedimiento de obtención de un material cerámico a partir de un silicato laminar hidroxilado, preferiblemente talco, que comprende: mezclar una suspensión acuosa de silicato laminar hidroxilado con óxido de magnesio; secar la suspensión obtenida anteriormente a una temperatura de hasta 350 °C; y tratar térmicamente el producto secado a una temperatura de hasta 1600 °C. Además, la invención se refiere a un material cerámico obtenible por el procedimiento descrito que comprende forsterita en una proporción de entre un 70% y un 95% en peso del material cerámico, y a sus aplicaciones como material refractario o como material electrocerámico.Universidad de Almerí