An empirical examination of exchange-rate credibility determinants in the EMS

This paper provides empirical evidence on the determinants of exchange rate credibility under the European Monetary System (EMS). To that end, we have considered both economic variables and political factors using data of eight currencies participating in the Exchange Rate Mechanism, covering the complete EMS history (1979-1998). Our results suggest that the level of international reserves, the real interest rate and right-wing governments would have positively affected the credibility of a given central parity, while the unemployment rate and the inflation rate would have negative influenced such credibility.Credibility, Political variables, Exchange rates, European Monetary System

On the impact of exchange rate regimes on tourism

The main objective of this paper is to analyze the effect of the exchange rate arrangements on international tourism. The ambiguity of literature about the effect of exchange rate volatility contrasts with the magnitude of the impact of a common currency on trade. On the basis of a gravity equation we estimate a moderate effect of a currency union on tourism of almost 12%. Furthermore, we estimate a gravity equation for international trade, obtaining that the common currency effect on trade is reduced when tourism is introduced as a regressor. This suggests that tourism flows may contribute to explain the excessive magnitude of the estimated effect of a common currency on trade in this literature. Finally, we analyze the impact of several de facto exchange rate arrangements on tourism, finding that less flexible exchange rates promotes tourism flows.Tourism, Exchange Rate Regime, Common Currency

Revisiting Rose's common currency debate

The main objective of this research is to revisit the estimation of the effect of a common currency on international trade by applying the new methodology proposed by Helpman, Melitz and Rubistein (2008) and incorporating tourism to the theoretical framework. Rose (2000) estimates an empirical model of bilateral trade, finding a significant coefficient for a currency union variable of 1.2, suggesting an effect of currency unions on trade of over a 200%. Rose (2000)’s finding did not receive full acceptance and further research was consequently devoted to find reasons of such high effect. This still remains as a major puzzle in the International Economics. Rose and Van Wincoop (2001) hold that there may still be some omitted factors that drives countries to both participate in currency unions and trade more. In this research a gravity equation for trade is estimated controlling by international tourism.Common currency, tourism, gravity equation

On the Credibility of a Target Zone: Evidence from the EMS

We provide some new evidence on the credibility of the Exchange Rate Mechanism of the European Monetary System. To that end, we use of several credibility indicators, analysing the complete EMS history. We also compare the prediction qualities of the different indicators, and apply them to the experience of the new ERM linking the currencies of non-euro area Member States to the euro.Exchange rates, European Monetary System.

Prensa tradicional vs. digital. Caso diario El Liberal de Popayán.

The written press has had a series of challenges throughout its history to position itself and maintain itself, but today it faces one of its greatest challenges because Information and Communication Technologies have led to changes in the ways of consuming information or being aware of what is happening around us, thus emerging what is called the digital press, which has reached a level of acceptance so strong that it has shaken solid, recognized and decades-old publishing houses in the news information market , as happened with the newspaper El Liberal de Popayán, a newspaper that closed its doors in December 2012 after 74 years of operation, largely due to the fact that people were no longer acquiring the newspaper as it was a decade ago, instead, he preferred to read it for free through the internet.La prensa escrita ha tenido una serie de desafíos a lo largo de su historia para posicionarse y mantenerse, pero hoy enfrenta uno de sus mayores retos porque las Tecnologías de la Información y la Comunicación han llevado a que varíen los modos de consumir información o de estar enterados de lo que pasa a nuestro alrededor, surgiendo así lo que se denomina como prensa digital, la cual ha alcanzado un nivel de aceptación tan fuerte que ha puesto a temblar a casas editoriales sólidas, reconocidas y con décadas en el mercado de la información noticiosa, tal y como ocurrió con el diario El Liberal de Popayán, un periódico que en diciembre de 2012 cerró sus puertas tras 74 años de funcionamiento, esto debido en gran parte, a que la gente ya no estaba adquiriendo el periódico como hace una década, sino que prefería leerlo gratis a través de la internet

Physically-insightful equivalent circuit models for electromagnetic periodic structures

In this presentation it will be discussed how to obtain analytical or quasi-analytical equivalent circuits to deal with periodic structures such as frequency selective surfaces and/or metasurfaces. Both the topology and the values of the involved elements of these circuits are obtained from a basic rationale to solve the corresponding integral equation. This procedure, besides providing a very efficient analysis/design tool, allows for a good physical insight into the operating mechanisms of the structure in contrast with the almost blind numerical scheme of commercial simulators.Ministerio de Economía y Competitividad TEC2013-41913-PJunta de Andalucía P12-TIC-143

On the Computation of the Dispersion Diagram of Symmetric One-Dimensionally Periodic Structures

A critical discussion on the computation of the dispersion diagram of electromagnetic guiding/radiating structures with one-dimensional periodicity using general-purpose electromagnetic simulation software is presented in thiswork. In thesemethods, full-wave simulations of finite sections of the periodic structure are combined with appropriate simplifying network models. In particular, we analyze the advantages and limitations of two different combined methods, with emphasis on the determination of their range of validity. Our discussion is complemented with several selected numerical examples in order to show the most relevant aspects that a potential user of these methods should be aware of. Special attention is paid to the relevant role played by the high-order coupling between adjacent unit cells and between the two halves of unit cells exhibiting reflection, inversion, and glide symmetries.Ministerio de Ciencia, Innovación y Universidades TEC2017-84724-

Some advances in the circuit modeling of extraordinary optical transmission

The phenomenon of extraordinary optical transmission (EOT) through electrically small holes perforated on opaque metal screens has been a hot topic in the optics community for more than one decade. This experimentally observed frequency-selective enhanced transmission of electromagnetic power through holes, for which classical Bethe's theory predicts very poor transmission, later attracted the attention of engineers working on microwave engineering or applied electromagnetics. Extraordinary transmission was first linked to the plasma-like behavior of metals at optical frequencies. However, the primary role played by the periodicity of the distribution of holes was soon made evident, in such a way that extraordinary transmission was disconnected from the particular behavior of metals at optical frequencies. Indeed, the same phenomenon has been observed in the microwave and millimeter wave regime, for instance. Nowadays, the most commonly accepted theory explains EOT in terms of the interaction of the impinging plane wave with the surface plasmon-polariton-Bloch waves (SPP-Bloch) supported by the periodically perforated plate. The authors of this paper have recently proposed an alternative model whose details will be briefly summarized here. A parametric study of the predictions of the model and some new potential extensions will be reported to provide additional insight.Ministerio de Ciencia e Innovación TEC2007-65376, CSD2008-0006

Circuit model for a periodic array of slits sandwiched between two dielectric slabs

This paper proposes an equivalent circuit model that uses lumped elements and transmission lines to explain the transmission of electromagnetic waves through a conducting screen periodically perforated with slits and sandwiched between two different dielectric slabs. The present model relies on the impedance-matching point of view, previously introduced by some of the authors, rather than on the surface plasmon polariton concept. Thus, the model constitutes a simple and insightful framework that easily leads to accurate qualitative and quantitative predictions about the nature of the transmission spectrum of such structures.Ministerio de Ciencia e Innovación TEC2007-65376, CSD2008-00066Junta de Andalucía TIC-459

Application of total least squares to the derivation of closed-form green's functions for planar layered media

A new technique is presented for the numerical derivation of closed-form expressions of spatial-domain Green's functions for multilayered media. In the new technique, the spectral-domain Green's functions are approximated by an asymptotic term plus a ratio of two polynomials, the coefficients of these two polynomials being determined via the method of total least squares. The approximation makes it possible to obtain closed-form expressions of the spatial-domain Green's functions consisting of a term containing the near-field singularities plus a finite sum of Hankel functions. A judicious choice of the coefficients of the spectral-domain polynomials prevents the Hankel functions from introducing nonphysical singularities as the horizontal separation between source and field points goes to zero. The new numerical technique requires very few computational resources, and it has the merit of providing single closed-form approximations for the Green's functions that are accurate both in the near and far fields. A very good agreement has been found when comparing the results obtained with the new technique with those obtained via a numerically intensive computation of Sommerfeld integrals.Ministerio de Educación y Ciencia TEC2004-03214Junta de Andalucía TIC-25