THE MONETARY POLICY RULE DURING THE TRANSITION TO A STABLE LEVEL OF INFLATION: THE CASE OF COLOMBIA

Abstract. We distinguish two types of monetary policy rules: those depen- dent on particular models and loss functions and those robust to them. While dependent rules are useful for monetary policy implementation, robust rules are powerful tools to characterize the behavior of the monetary authority over a time span. Robust rules are estimated directly from observable data usually under the assumption that the targets, the nominal interest rate and the infla- tion rate are stationary. During the transition from a moderately high level of in°ation to a stable, internationally accepted level ¼, the commitment with this goal imply that the in°ation rate, targets, nominal interest rates and nominal equilibrium interest rates are non-stationary. Acknowledging this later fact has important implications for the dynamic behavior of transmission mechanisms models during the transition. In this note we set up a robust monetary policy rule useful to characterize the behavior of a central bank during the transition to a stable inflation level. As in previous research, estimation may be carried out by GMM on a nonlinear equation. We illustrate these results by charac- terizing the behavior of the Colombian central bank during the period of full in°ation targeting, that is after 2000. Our results agree with the prevailing policy in the sample span: A gentle in°ation stabilization program, a stronger one on the output gap, and a high degree of interest rate smoothing. Combin- ing these evidence with that of previous works our results suggests that the policy rule is time varying, a useful fact for policy implementation.

DOES THE SPOT CURVE CONTAIN INFORMATION ON FUTURE MONETARY POLICY IN COLOMBIA?

In order to asses the credibility of their targets and policies, inflation targeting central banks always keep an eye on market expectations of the future inflation rates and short maturity interest rates. In economies with developed financial markets the prices of financial assets are a prime source of expectations. Thespot curve, in particular, is thought to contain a great deal of information on market expectations. In this paper we study the possibility to obtain market expectations on short maturity interest rates, that is, on the future monetary policy. A natural starting point in the program of deriving expectations from the spot curve is the Expectations Hypothesis of the Term Structure of the Interest Rates. According to this hypothesis the slope of the spot curve, the forward curve, represents the market expectations on interest rates aside from a negligible or at least time invariant forward term premium. For this note we developed a unique database of spot curves spanning the period from Nov-1999 to Sep-2006 in order to test the validity of the Expectations Hypothesis for short maturities in Colombia. Our results indicate that the spot curve contains information on the future behavior of short maturity interest rates only for very short horizons. Moreover, we found that The forward termpremium tend to be time varying. These result comprise in the rejection of the Expectations Hypothesis. Although these results imply that market expectations on future short maturity interest rates can not be obtained as easily as just applying the prescription of the Expectations Hypothesis, they do not Rule out the possibility to obtain market expectations of the future monetary policy from the time series of spot curves.Market Expectations of future Monetary Policy, Expectations Hypothesis, Term Structure. Classification JEL: E43; E44; E52.

Determinants of innovativeness in SMEs. disentangling core innovation and technology adoption capabilities

This paper studies innovativeness in SMEs from a set of innovation indicators at the firm level, capturing various types of innovation (product, process, organisational, and marketing innovations) and the level of innovativeness in these firm’s developments. The article identifies two separate dimensions in the innovativeness of Spanish SMEs, using factor analysis techniques. One dimension is associated with the capabilities for core/internal innovation and the other with the capabilities for the adoption of technology. The paper shows that significant differences exist in the personal and organisational factors that favour these two dimensions. The entrepreneur’s motivation, business planning, and cooperation in R&D activities constitute significant factors when considering the core dimension of a firm’s innovativeness, but have no effect on the firm’s capabilities for technology adoption. However, the use of external consultancy services seems to have no significant effect on the core dimension of the innovativeness of anSME, whereas it is a relevant factor for its technology adoption. Furthermore, it is shown that the entrepreneur’s education plays a more significant role in the core dimension of a firm’s innovativeness than in its capabilities for technology adoption. Depending on the policy objectives, these differences should lead to the application of specific policy approaches when an attempt to stimulate innovation in SMEs is made

Determinants of technology adoption in the retail trade industry - the case of SMEs in Spain

This paper analyzes the determinants of small and medium-sized enterprises’ technology adoption in the retail trade industry. From the theoretical perspective, two types of influential factors are differentiated in this respect: the personal characteristics of the manager/business owner and the business’s organizational characteristics. The empirical analysis is based on a survey of 268 small and medium-sized enterprises in the Spanish retail trade sector. A logistic regression specification is used as an econometric method. The results indicate that both the acquisition of new technical and electronic equipment and the obtaining of new software are affected by the two types of determinants previously pointed out. The manager/business owner’s entrepreneurial motivation and educational background have significant influences on technology adoption in this type of companies. Furthermore, being part of a business group, carrying out training activities for the employees and inter-firm cooperation also positively influence technology adoption in the retail trade industry

Heterogeneidad estructural e integración de las pequeñas explotaciones familiares vitícolas en el departamento de Luján de Cuyo, Mendoza, Argentina durante la posconvertibilidad : (2002-2012)

La presente ponencia tiene dos objetivos : por un lado, observar la persistencia o desaparición de los pequeños productores familiares vitivinícolas durante el período de la posconvertibilidad (2002-2012). Y por el otro, analizar las relaciones de integración asimétrica que entablan con el sector bodeguero, que trae aparejado la aparición de nuevas figuras como la del productor supervisado. Este trabajo utilizara fuentes estadísticas del INV y los Censos Nacionales Agropecuarios para observar el comportamiento del complejo vitivinícola durante el período analizado. Y a través de entrevistas observar las relaciones que entablan los pequeños productores con el sector bodeguero. El recorte espacial de este estudio es el Departamento de Luján de Cuyo ubicado en la Primera Zona de Riego irrigado por el Río Mendoza.Fil: Román, Juan Ignacio. Universidad Nacional de Cuyo. Facultad de Ciencias Políticas y Sociale

Electrochemical SERS spectra of isonicotinic acid analyzed under a photoinduced charge-transfer mechanism

Isonicotinic (IN) acid is one of the three monocarboxilic derivatives of pyridine in which the acid group is located in para-position of the heterocyclic ring. It is a weak acid (pK2=4.86) and therefore, it is not completely ionized in neutral aqueous solutions, being the zwitterion and the anion the majority chemical species at neutral pH. In acidic solutions (pK1=1.84) the pyridinic nitrogen atom can be protonated yielding a third chemical species with positive charge [1]. In addition, IN acid shows two functional centres that can interact with the silver metallic surface such as the carboxilate group and the aromatic nitrogen atom. Therefore, the analysis of the SERS spectra of IN has been focused on identifying the chemical species adsorbed on the silver surface and its centre of interaction by considering the participation of a photoinduced charge-transfer (CT) mechanism in each particular SERS record as we have previously detected in the SERS of pyridine derivatives [2]. SERS spectra of the IN acid (5x10-3 M) have been recorded on silver at electrode potentials ranging from 0.00 up to -1.00 V and at different pH by using 0.1 M Na2SO4 aqueous solution as electrolyte. The figure shows the SERS recorded at basic pH. The experimental set up is described elsewhere and the excitation line of 514.5 nm wavelength was used. [2]. The detection of the presence of CT processes, which are similar to resonance Raman, requires to carry out quantum mechanical calculations [2].Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tec

Reduction of polysymplectic manifolds

The aim of this paper is to generalize the classical Marsden-Weinstein reduction procedure for symplectic manifolds to polysymplectic manifolds in order to obtain quotient manifolds which in- herit the polysymplectic structure. This generalization allows us to reduce polysymplectic Hamiltonian systems with symmetries, such as those appearing in certain kinds of classical field theories. As an application of this technique, an analogous to the Kirillov-Kostant-Souriau theorem for polysymplectic manifolds is obtained and some other mathematical examples are also analyzed. Our procedure corrects some mistakes and inaccuracies in previous papers [29, 50] on this subject.Comment: Latex file. 33 pages. New examples, comments and references are adde

Percepción de la música en la discapacidad visual

Este trabajo busca hacer aportes, desde mi experiencia personal específica como invidente, para que estudiantes con discapacidad visual puedan tener mayor y mejor acceso a la educación universitaria, en la medida en que también los docentes quieran asumir este reto sin temores y con la satisfacción de dar oportunidad a que dichas personas se sientan incluidas y aceptadas y puedan llegar a lograr su profesionalización -- Presento entonces mi experiencia como invidente que logró superar algunas dificultades y que tuvo que establecer en ciertos momentos sus propias estrategias de trabajo, sin desligarse de las reglas y preceptos establecidos por la academia, pero convirtiendo la discapacidad visual en una oportunidad de acceso al aprendizaje de la música por otras vías -- En primer lugar, expondré entonces aquellas herramientas tradicionales de la pedagogía musical, indudablemente importantes pero que no son los únicos medios para lograr un buen desempeño en la formación como músico profesional -- Luego daré cuenta de la manera en que fueron surgiendo las estrategias que utilicé para el aprendizaje, entre ellas la musicografía Braille, ya existente, pero también “la orquesta mental” y el “piano mental”, desarrolladas por mis propios medios y que se convierten en la propuesta pedagógica de este trabaj

Gradín, Pilar: La canción de mujer en la lírica medieval.

Sin resume

“Jordi Juan Riquer, el primer novelista de Ibiza. Metges… o traficants?, su única novela”.

On 2005 we have celebrate 100 years from the birthday of Jordi Juan Riquer, the first Ibiza’s romancier. Just a very small literary circle knows him and his opera, and even has been ignored several years by Catalanish Literature History. So, our purpose is to focus on his personality and his written production