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

Decir verdad: transgresión y libertad

According Foucault-Deleuze's philosophy this article pretends to give interpretative lineaments about Diógenes de Sínope's figure from "parrhesiasta" practises and seditous actions known as an instalation in a autocratic topology, understood by an instante of necessary transgression that permites the establishment in the "Outside", as a kind of freedom that implies an philosophical "ethos".En el marco de la filosofía Foucaultiana-Deleuziana, el presente trabajo pretende brindar líneas interpretativas sobre la figura del Diógenes de Sínope a partir de su práctica "parresiástica" y acciones sediciosas, entendidas como una instalación en una topología autárquica, mediada por una instancia de necesaria transgresión que permite la instauración en el "Afuera", una libertad que implica un "ethos" filosófico

La letra y la verdad: Askesis, escritura y prácticas subjetivantes en el estoicismo romano

The present work's aim is to analyze the important role that writing plays as practice constituting the ethical-aesthetic subject in the philosophical outlines of the Roman stoics. Through a Joucaultiano-deleuzeana perspective, this work seeks to investigate writing practices as a form of askesis that puts tension life, the word and the truth, configuring a techne of the order etho-poietica where they bend intensive planes of subjectivity, providing the consolidation of a subject of truth.El presente trabajo intenta analizar la importancia que juega la escritura como práctica constitutiva del sujeto ético-estético en los esquemas filosóficos de los estoicos romanos. Partiendo desde una perspectiva vincular foucaultiano-deleuzeana se pretende indagar en la práctica escritural como una forma de askesis que pone en tensión la vida, la palabra y la verdad, configurando una techné de orden etho-poiética donde se pliegan planos intensivos de subjetividad brindando la consolidación de un sujeto de verdad

Crítica dunha identidade sentimental de Galicia: sentimento, razón e historia en Daniel Cortezón

This article offers a first contribution to the philosophical and political criticism surrounding the sentimental idea of Galicia in the essays of Daniel Cortezón (1927-2009). Using Helena Miguélez-Carballeira’s analysis in Galicia, a Sentimental Nation (2013) as a starting point, the investigation explores notions of sentimentality, history and reason in Cortezón’s key theoretical writing, including several unedited texts.El presente artículo constituye una primera aportación al estudio de la crítica filosófica y política de la idea sentimental de Galicia que llevó a cabo Daniel Cortezón (1927-2009) en su obra ensayística. Partiendo del análisis de Helena Miguélez-Carballeira en su Galicia, a Sentimental Nation (2013) se estudian los conceptos de sentimiento, historia y razón en los principales textos teóricos del autor, incluyendo algunos inéditos.O presente artigo constitúe unha primeira achega ao estudo da crítica filosófica e política da idea sentimental de Galicia que levou a cabo Daniel Cortezón (1927-2009) na súa obra ensaística. Partindo da análise de Helena Miguélez-Carballeira no seu Galicia, a Sentimental Nation (2013) estúdanse os conceptos de sentimento, historia e razón nos principais textos teóricos do autor, incluíndo algúns inéditos

Osteocondrosis metafisaria cubital : 4 casos clínicos

Se presentan cuatro casos afectados de osteocondrosis metafisaria cubital distal. En todos los casos se trato de establecer una conexion entre los signos radiograficos y el grado de manifestacion clinica. El tratamiento fue, en tres casos, ostectomia diafisaria cubital y conservador en un caso. La evolucion fue valorable excepto en un caso

Institutional Reforms, Federal Transfers, and Subnational Taxation

Although Argentina does not rank badly in democratic indexes, actual levels of institutional quality in subnational units do not always scale down evenly. Some Argentinian provinces and municipalities are truly obscure places in terms of law enforcement, bureaucratic effectiveness and state accountability. This thesis explores channels leading to these pervasive institutional characteristics. I argue that some of these particularities can be rooted in subnational socio-economic and fiscal conditions. In the first two chapters I broadly analyse unintended consequences from the Federal Tax-sharing Agreement (FTSA) in Argentina. The FTSA, or "Coparticipation", is the building block of subnational finances, both for provinces and for municipalities. I posit that the current system generates a number of effects, ranging from allowing mayors to rely on opaque tax structures, to facilitating constitutional reforms to relax term limits in some provinces. In the last chapter, this appetite for constitutional tailoring is further explored for Municipal Charters (MC), connecting it to local levels of socio-economic segregation and spatial inequality