Fortune or Virtue: Time-Variant Volatilities Versus Parameter Drifting in U.S. Data

This paper compares the role of stochastic volatility versus changes in monetary policy rules in accounting for the time-varying volatility of U.S. aggregate data. Of special interest to us is understanding the sources of the great moderation of business cycle fluctuations that the U.S. economy experienced between 1984 and 2007. To explore this issue, we build a medium-scale dynamic stochastic general equilibrium (DSGE) model with both stochastic volatility and parameter drifting in the Taylor rule and we estimate it non-linearly using U.S. data and Bayesian methods. Methodologically, we show how to confront such a rich model with the data by exploiting the structure of the high-order approximation to the decision rules that characterize the equilibrium of the economy. Our main empirical findings are: 1) even after controlling for stochastic volatility (and there is a fair amount of it), there is overwhelming evidence of changes in monetary policy during the analyzed period; 2) however, these changes in monetary policy mattered little for the great moderation; 3) most of the great performance of the U.S. economy during the 1990s was a result of good shocks; and 4) the response of monetary policy to inflation under Burns, Miller, and Greenspan was similar, while it was much higher under Volcker.DSGE models, Stochastic volatility, Parameter drifting, Bayesian methods

Reading the recent monetary history of the United States, 1959-2007

In this paper the authors report the results of the estimation of a rich dynamic stochastic general equilibrium (DSGE) model of the U.S. economy with both stochastic volatility and parameter drifting in the Taylor rule. They use the results of this estimation to examine the recent monetary history of the United States and to interpret, through this lens, the sources of the rise and fall of the Great Inflation from the late 1960s to the early 1980s and of the Great Moderation of business cycle fluctuations between 1984 and 2007. Their main findings are that, while there is strong evidence of changes in monetary policy during Chairman Paul Volcker's tenure at the Federal Reserve, those changes contributed little to the Great Moderation. Instead, changes in the volatility of structural shocks account for most of it. Also, although the authors find that monetary policy was different under Volcker, they do not find much evidence of a big difference in monetary policy among the tenures of Chairmen Arthur Burns, G. William Miller, and Alan Greenspan. The difference in aggregate outcomes across these periods is attributed to the time-varying volatility of shocks. The history for inflation is more nuanced, as a more vigorous stand against it would have reduced inflation in the 1970s, but not completely eliminated it. In addition, they find that volatile shocks (especially those related to aggregate demand) were important contributors to the Great Inflation.Monetary policy - United States ; Economic conditions - United States

Reading the Recent Monetary History of the U.S., 1959-2007

In this paper we report the results of the estimation of a rich dynamic stochastic general equilibrium (DSGE) model of the U.S. economy with both stochastic volatility and parameter drifting in the Taylor rule. We use the results of this estimation to examine the recent monetary history of the U.S. and to interpret, through this lens, the sources of the rise and fall of the great American inflation from the late 1960s to the early 1980s and of the great moderation of business cycle fluctuations between 1984 and 2007. Our main findings are that while there is strong evidence of changes in monetary policy during Volcker’s tenure at the Fed, those changes contributed little to the great moderation. Instead, changes in the volatility of structural shocks account for most of it. Also, while we find that monetary policy was different under Volcker, we do not find much evidence of a big difference in monetary policy among Burns, Miller, and Greenspan. The difference in aggregate outcomes across these periods is attributed to the time-varying volatility of shocks. The history for inflation is more nuanced, as a more vigorous stand against it would have reduced inflation in the 1970s, but not completely eliminated it. In addition, we find that volatile shocks (especially those related to aggregate demand) were important contributors to the great American inflation.DSGE models, Stochastic volatility, Parameter drifting, Bayesian methods.

Supply-side policies and the zero lower bound

This paper examines how supply-side policies may play a role in fighting a low aggregate demand that traps an economy at the zero lower bound (ZLB) of nominal interest rates. Future increases in productivity or reductions in mark-ups triggered by supply-side policies generate a wealth effect that pulls current consumption and output up. Since the economy is at the ZLB, increases in the interest rates do not undo this wealth effect, as we will have in the case outside the ZLB. The authors illustrate this mechanism with a simple two-period New Keynesian model. They discuss possible objections to this set of policies and the relation of supply-side policies with more conventional monetary and fiscal policies.Supply-side economics ; Keynesian economics

Plan de cuidados enfermeros a una mujer víctima de violencia de género

La violencia de género se define como cualquier agresión, física, psicológica, sexual, inclusive amenazas de estos actos y la privación arbitraria de libertad hacia las mujeres, ocasionada por su pareja u otra anterior, produciendo daños físicos, psíquicos, y aislamiento social. Para una correcta actuación, la detección precoz y el tratamiento adecuado son fundamentales. El objetivo de este trabajo es analizar a través de un caso clínico el itinerario asistencial de una mujer con antecedentes de violencia de género desde la perspectiva enfermera. En la elaboración del plan de cuidados personalizado se ha seguido el modelo de valoración de Marjory Gordon y utilizado la Taxonomía NANDA, NIC y NOC. Se formularon y priorizaron los problemas de salud detectados, se establecieron unos resultados y para lograrlo se realizan unas actividades, se ejecutan estas actuaciones y se evalúa el plan propuesto.Gender violence is defined as any aggression, physical, psychological, sexual, including threats of these acts and arbitrary deprivation of liberty against women, caused by their partner or earlier, producing physical, psychological damage, and social isolation. For proper intervention, early detection and appropriate treatment are essential. The objective of this study is to analyze through a clinical case the itinerary care of a woman with a history of domestic violence from the perspective nurse. In developing personalized care plan has followed the rating system supported functional patterns Marjory Gordon and Taxonomy NANDA, NIC and NOC. They were formulated and prioritized health problems detected, some results were established and to achieve some activities are performed, these actions are implemented and evaluated the proposed plan

Novel silver containing antimicrobial coatings for implant materials. new applications of Ag(I) coordination networks

Modern medicine continuously develops new artificial short-term or permanent devices to assist in the performance of physiological functions. Implantation of medical devices represents one of the most important risk factors of all nosocomial infections, when implant materials become infected due to bacterial adhesion and subsequent formation of bio films. The latter are impossible to treat with antibiotics and represent a dramatic complication for the patient, leading to implant replacement, in the worst case to death. Therefore, prevention of bacterial adhesion and bio film formation is important. We have developed new coordination compounds with silver ions and specially designed ligands. This way, one can tune the structure, the light stability and, most importantly for the biological application, the solubility. With an appropriate chemical linker, one is able to connect such compounds to metallic surfaces forming a nano-structured coating. We analyzed the coated surfaces and present the nano-structured surface topography. The chemical composition of the coating on Au(111) as a model surface, the antimicrobial properties of the coated implants, and, on a molecular level, the interaction of silver ions with peptide sequences and subsequent silver nanoparticle formation are presented in this thesis. We have investigated this coating using several methods, namely powder X-ray, XPS, AFM, SEM, micro- and nano-calorimetry and antimicrobial studies with different bacteria. XPS and powder x-ray analyses have shown that the deposited compound is [Ag(L)NO3], described previously. The AFM revealed peak-like nano-structures and the SEM measurements the bigger sized crystalline structures 0.5-1000 µm. AAS method have been used to determine the silver loading on the surface in function the crystallisation time and the concentration. The results show that we are able to control the silver loading on the surface choosing the appropriate treating conditions. Our silver coordination compound was shown to form regular material coatings on different metal substrates. Several anti-microbial tests were carried out. Flow-chamber experiments with S. sanguinis have been done to test the coating on dental implant material. The vitality of adhered bacteria was evaluated by applying a dual fluorescent staining, with the result that 99% of bacteria were killed. Plating of coated samples (Au(111) and titanium and steel restorative implant materials) in agar in presence of S. epidermis or S. aureus for 24h showed the formation of large inhibition zones of the order of >2 cm. In vivo microbiological assays show a high efficiency of the silver coating against S. epidermis. The antimicrobial properties were confirmed by microcalorimetry, measuring the bacterial cell multiplication heat. Furthermore the antimicrobial properties are proven for dental as well as general implant materials. To study the working mechanism of the silver inside of the bacteria and determining the silver affinity of some amino acids and short amino acid sequences, on-bead screening of split-and-mix libraries have been used. It is a powerful tool for the identification of peptides that attach the silver and induce the formation of silver nanoparticles (AgNPs) when using either light or a chemical reducing agent. It allowed identifying simple tripeptides that would have been difficult to predict rationally. In addition, the study revealed peptide motives that generate AgNPs with distinctly different sizes. Some microbiological assays have been done using isothermal microcalorimetry method to test the antimicrobial effect of the generated AgNPs. We have thus developed a new coating which is able to stop bacterial adhesion and multiplication, while being biocompatible with fibroblasts

Supply-Side Policies and the Zero Lower Bound

This paper examines how supply-side policies may play a role in fighting a low aggregate demand that traps an economy at the zero lower bound (ZLB) of nominal interest rates. Future increases in productivity or reductions in mark-ups triggered by supply-side policies generate a wealth effect that pulls current consumption and output up. Since the economy is at the ZLB, increases in the interest rates do not undo this wealth effect, as we will have in the case outside the ZLB. We illustrate this mechanism with a simple two-period New Keynesian model. We discuss possible objections to this set of policies and the relation of supply-side policies with more conventional monetary and fiscal policies.

Proyecto de Investigación: La formación de los paisajes agrarios del Noroeste peninsular durante la Edad Media (siglos V al XII)

Presentamos los objetivos y los primeros resultados del proyecto de investigación La formación de los paisajes del Noroeste Peninsular durante la Edad Media (siglos V al XII). Exponemos los presupuestos teóricos y metodológicos de la arqueología agraria y nos acercamos a los resultados preliminares obtenidos en los tres casos de estudio abordados en nuestra investigación. [ABSTRACT] The paper introduces the aims and the preliminary outcomes of the research project entitled ‘The formation of agricultural landscapes in north western Iberia during the Middle Ages (V – XII centuries)’. Also, the text sets out the theoretical and methodological underpinnings of agrarian archaeology. Finally, the paper presents and explains the results achieved hitherto in the three archaeological case studies under investigation

Editorial

Editorial Monográfico "Economía, gestión y márketing en organizaciones deportivas

La ambivalencia del paisaje: de la genealogía a la arqueología agraria

En el mundo clásico y medieval, tanto mediterráneo como germánico, el paisaje se refería a las relaciones inmanentes entre grupos humanos, sus territorios y las formas de estructurar estas relaciones. Con la ruptura que supone la modernidad y el pensamiento abstracto renacentista y científico, surge la dualidad del paisaje; por un lado como realidad, por otro como la representación que de esa misma realidad se hace un sujeto ajeno a ella. Pretendemos conectar esta genealogía del paisaje con la práctica arqueológica contemporánea, reclamando una noción de paisaje relacional, que nos permita realizar intervenciones más allá de la arqueología, pero desde ella, es decir, intervenciones indisciplinadas. Reflexionamos sobre el trabajo del grupo de investigación en Arqueología Agraria en Asturias (España), un ámbito dominado cada vez más por la práctica disciplinar no reflexiva y una escasa preocupación por la percepción social de la arqueología y su potencial político. En este contexto, reclamamos una arqueología social que se apropie del concepto de paisaje. Pero esto no implica abandonar las prácticas arqueológicas disciplinares, ya que éstas, a su vez, están amenazadas por la liberalización de la academia y el ocaso de la arqueología de contrato