Prices and Exchange Rates: A Theory of Disconnect

I present a sticky-wage model of exchange rate pass-through with heterogeneous producers and endogenous markups. The model shows that low levels of exchange rate pass-through to firm- and aggregate-level import prices coexist with large in trade flows. After an exchange rate shock, aggregate import prices are subject to a composition bias due to changes in the extensive margin of trade (the number of goods traded between countries). At the firm level, each producer adjusts its markups depending on its own productivity and the change in the competitive environment generated by the exchange rate movement. Firm-level price responses are asymmetric---different for appreciations and depreciations---and adjustments in the intensive margin of trade (firm-level exports) are substantial. In general equilibrium, the model shows that firm reallocations increase the persistence exogenous shocks.Exchange rate pass-through; Expenditure switching regime; Heterogenous firms; Endogenous markups

Nonlinear Exchange Rate Predictability

We study whether the nonlinear behavior of the real exchange rate can help us account for the lack of predictability of the nominal exchange rate. We construct a smooth nonlinear error-correction model that allows us to test the hypotheses of nonlinear predictability of the nominal exchange rate and nonlinear behavior on the real exchange rate in the context of a fully specified cointegrated system. Using a panel of 19 countries and three numeraires, we find evidence of nonlinear predictability of the nominal exchange rate and of nonlinear mean reversion of the real exchange rate. Out-of-sample Theil's U-statistics show a higher forecast precision of the nonlinear model than the one obtained with a random walk specification. Although the robustness of the out-of-sample results over different forecast windows is somewhat limited, we are able to obtain significant predictability gains--from a parsimonious structural model with PPP fundamentals--even at short-run horizons.Exchange rates; Predictability; Nonlinearities; Purchasing power parity

Trade Costs and Job Flows: Evidence from Establishment-Level Data

We present evidence of the impact of input and output trade liberalization on establishment-level job flows. Using a longitudinal database containing the universe of manufacturing establishments in California from 1992 to 2004, we find that a decline in input or output trade costs causes job destruction in the least productive establishments, job creation in the most productive establishments, and an increase in the death likelihood of the least productive establishments. The evidence is consistent with predictions of models of trade with heterogeneous firms. We also show that input trade liberalization has larger effects on establishment-level job flows than output trade liberalization.Heterogeneous firms; Job flows; Trade costs

Open innovation : organizational challenges of a new paradigm of innovation management

The goal of this paper is to analyze the main problems that emerge from the open innovation model. Adopting as analytical framework an organizational perspective we divide the main challenges that arise from the management of open innovation in two main categories: coordination problems as a result of open the innovation system to ideas and knowledge that may lie outside the boundaries of the firm and, incentive problems related with the creation and value capture of ideas an knowledge by the innovator. We describe and analyze several problems related with coordination and incentives.peer-reviewe

Offshoring, Exporting, and Jobs

We construct a two-sector model - one producing a homogeneous good and the other producing differentiated goods - with labor market frictions to study the impact of offshoring on intrafirm, intrasectoral, and intersectoral reallocation of jobs, and on the economy-wide unemployment rate. A reduction in the offshoring cost affects intrafirm and intrasectoral reallocation in the differentiated-good sector through a job-relocation effect, a productivity effect, and a competition effect. The key parameters determining the impact of offshoring on reallocation of jobs at various margins as well as on the economy-wide unemployment rate are the elasticity of substitution between inputs and the elasticity of demand for differentiated goods. Allowing differentiated-good firms to export creates an additional channel through which a reduction in the cost of offshoring affects jobs and unemployment. We also show that the implications of a reduction in the cost of trading final goods are different from those of a reduction in the offshoring cost

Trade Costs and Job Flows: Evidence from Establishment-Level Data

Changes in the costs of trading inputs or final goods affect establishment-level job flows. Using a longitudinal database containing the universe of manufacturing establishments in California from 1992 to 2004, we find that a decline in input or final-good trade costs is associated with job destruction in the least productive establishments, job creation in the most productive establishments, and an increase in the death likelihood of the least productive establishments. The evidence is consistent with predictions of models of trade with heterogeneous firms. Additionally, the evidence shows that the effects of input trade costs on establishment-level job flows are larger than the effects of final-good trade costs

Interest groups’ incentives to cooperate in the production of information in the context of the EU policy-making

The literature on information economics serves the European Commission to justify the participation of interest groups in response to problems of asymmetric information in the European Union (EU) policy-making processes. Using the framework of the agency theory, the role of interest groups as information producers is incorporated into a model where the types of conditions in which they would have the incentive to cooperate in the production of information are examined. The results of the model show that the interest group’s expected utility when acting independently is equal to the reserve utility, while it increases when acting cooperatively. It can therefore be concluded that incentives for cooperation in the production of information among interest groups exist. One potential policy implication for the EU is that the EC could decrease the conditions of the contracts, thereby diminishing the costs of obtaining information.peer-reviewe

Raytracing optical analysis of a solar funnel cooker

Funnel type solar cookers rely on a multifaceted reflector to concentrate solar radiation on a cooking pot that is placed inside a transparent enclosure to create a greenhouse effect. This work aims to analyze the optical performance of this type of solar cooker using raytracing techniques. The open source Soltrace software tool is used to create an optical model of a solar funnel cooker. Numerous raytracing simulations are conducted in order to complete a parametric analysis of the optical performance against a set of influence variables, such as the elevation angle, sun tracking errors, optical quality of the different elements involved ( reflectors, greenhouse, cooking pot), etc.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

Sistemas de evaluación flexibles como instrumento de mejora de los resultados académicos de los estudiantes

Esta comunicación continúa describiendo la experiencia de los firmantes en la aplicación de las nuevas metodologías docentes descritas en una comunicación anterior [1]. En primer lugar se recuerdan dichas nuevas metodologías y se resumen los resultados obtenidos con la aplicación de las mismas en los últimos cursos académicos. Se ha constatado en la práctica que, tanto el aprendizaje efectivo del alumno como sus resultados académicos alcanzados, dependen fuertemente del sistema de evaluación adoptado, condicionando incluso la estrategia de estudio y seguimiento de la asignatura por parte del alumno. En base a ello, y siguiendo las tendencias de autonomía del estudiante en su aprendizaje, auspiciadas por el Espacio Europeo de Educación Superior, se ha propuesto en el curso académico actualmente vigente (2012-2013) un nuevo sistema de evaluación más flexible que, intentando medir objetivamente el rendimiento de los estudiantes, le motive a éste a configurar de forma voluntaria las distintas actividades valorables en los distintos componentes de la evaluación. El objetivo principal de este nuevo sistema es reducir la tasa de abandono prematuro de la asignatura por parte de los estudiantes y la consecuente mejora de sus resultados académicos en la misma. REFERENCIAS. [1] RODRÍGUEZ GARCÍA, E. A. CARRILLO ANDRÉS, A. SERRANO CASARES, F. DOMÍNGUEZ MUÑOZ, F. "La evaluación continua y la tutoría virtual como herramientas eficientes en el proceso de enseñanza-aprendizaje de los estudiantes”. En Actas VII Congreso Nacional de Ingeniería Termodinámica, (Bilbao 15, 16 y 17 de junio de 2011)

Evaluation of a dehumidifier in a mild weather greenhouse

The high humidity that surrounds crop plants, aggravated in mild weather greenhouses by high transpiration and lack of ventilation, encourages plant diseases and physiological disorders. A heat pump dehumidifier (HPD) has been installed in a mild weather greenhouse. Its development and the characteristics of the dehumidification process have been studied. The results indicate that the HPD reduced the risk of crop damage caused by humidity. Its effectiveness was related to the temperature value and the air humidity inside the greenhouse. HPD operation was not suitable under dry weather conditions. Conversely, when humidity was excessive, the HPD did not eliminate the risk of moisture damage. The appropiate conditions for using an HPD to eliminate humidity damage risk are relative humidity between 84% and 88%, and air temperature higher than 15.0 °C. Under these conditions, the condensed steam production value was 14.2 kg h−1, the specific moisture extraction rate was 2.3 kg (kW h−1), and the coefficient of performance was 2.5