Determinants of the euro real effective exchange rate: a BEER/PEER approach

This paper presents an empirical analysis of the medium-term determinants of the euro effective exchange rate. The empirical analysis builds on synthetic quarterly data from 1975 to 1998, and derives a Behavioural Equilibrium Exchange Rate (BEER) and a Permanent Equilibrium Exchange Rate (PEER). Four different model specifications are retained, due to the difficulties encountered in specifying an encompassing model. Results indicate that differentials in real interest rates and productivity, and (in some specifications) the relative fiscal stance and the real price of oil, have a significant influence on the euro effective exchange rate. Assessing the existence and the extent of the over- or undervaluation of the exchange rate is not straightforward, since these different specifications often lead to contrasting findings. However, all four models point unambiguously to the undervaluation of the euro in 2000, although the extent of this undervaluation largely depends on the specification chosen.euro, equilibrium exchange rates, cointegration, gonzalo- granger decomposition, fundamental analysis, BEER, PEER

Determinants of the euro real effective exchange rate: a BEER/PEER approach

This paper presents an empirical analysis of the medium-term determinants of the euro effective exchange rate. The empirical analysis builds on synthetic quarterly data from 1975 to 1998, and derives a Behavioural Equilibrium Exchange Rate (BEER) and a Permanent Equilibrium Exchange Rate (PEER). Four different model specifications are retained, due to the difficulties encountered in specifying an encompassing model. Results indicate that differentials in real interest rates and productivity, and (in some specifications) the relative fiscal stance and the real price of oil, have a significant influence on the euro effective exchange rate. Assessing the existence and the extent of the over- or undervaluation of the exchange rate is not straightforward, since these different specifications often lead to contrasting findings. However, all four models point unambiguously to the undervaluation of the euro in 2000, although the extent of this undervaluation largely depends on the specification chosen JEL Classification: F31, F32

Towards the estimation of equilibrium exchange rates for CEE acceding countries: methodological issues and a panel cointegration perspective

This paper provides a discussion of methodological issues relating to the estimation of the long-run relationship between exchange rates and fundamentals for Central and Eastern European acceding countries, focusing on the so-called behavioural equilibrium exchange rate (BEER) approach. Given the limited availability and reliability of data as well as the rapid structural change acceding countries have been undergoing in the transition phase, this paper identifies several pitfalls in following the most straightforward and standard econometric procedures. As an alternative, it looks at the merits of a two-step strategy that consists of estimating the relationship between exchange rates and economic fundamentals in a panel cointegration setting - using a sample which excludes acceding countries - and then "extrapolating" the estimated relationships to the latter. While focusing on the first step of such a strategy, the paper also delves into discussing technical aspects underlying the "extrapolation" stage. As a result, the paper endows the reader with the methodological and empirical ingredients for computing equilibrium exchange rates for acceding countries, providing estimates for the long-run coefficients between real exchange rates and economic fundamentals and a discussion of how to apply these results to acceding countries data. JEL Classification: C23, F31acceding countries, BEER, Equilibrium exchange rates, Panel Cointegration

Programa de Intercambio entre operadores de telecentros. Una nueva generación de redes en el movimiento de telecentros panamericano.

This article analyzes the Telecenters Exchange Program, a pilot program implemented in the last six months of 2006. It describes the agents that have participated in its design and execution, the processes conducted, challenges, and the major learning achievements faced towards joint drafting of network-based projects.El presente artículo analiza el Programa de Intercambio entre Telecentros (PIT), un proyecto piloto implementado durante los últimos seis meses del año 2006. A lo largo del artículo se describen los actores que han participado en su elaboración y ejecución, los procesos desarrollados, los desafíos y los mayores aprendizajes encontrados de cara a la elaboración conjunta de proyectos basados en red

La construcción identitaria en la red, como lugar de resistencia desde las prácticas artísticas ciberfeministas y el activismo digital

Actualmente la Sociedad de la Información ejerce una influencia cada vez mayor en prácticas artísticas relacionadas con movimientos activistas de carácter político y social. Ofreciendo grandes posibilidades desde el punto de vista de la comunicación interactiva, el tratamiento de imágenes, el acceso a la información y el manejo de todo tipo de datos, que pueden llegar a un mayor número de personas. En esta investigación realizaremos un análisis de prácticas artísticas ciberfeministas, desarrolladas en entornos virtuales con discurso feminista. Observaremos sus aplicaciones y las diversas propuestas metodológicas relacionadas con los contextos sociales donde se desarrollan. Estudiando su identidad en el ciberespacio y su construcción en la red, de manera individual y colectiva. Se pretende dar visibilidad a mujeres artistas que emplean como herramienta, medio y soporte de su obra las nuevas tecnologías y el espacio virtual. Mostrando de este modo las transformaciones sociales que se desarrollan en torno a ellas.At present the Information Society exerts an increasing influence on artistic practices related to activists movements of political and social character. Offering big possibilities from the point of view of the interactive communication, the treatment of images, the access to information and the handling of all kinds of information, which can come to a major number of persons. In this investigation we will realize an analysis of cyberfeminist artistic practices, developed in virtual environments with feminist speech. We will observe its applications and the diverse methodological proposals related to the social contexts where they develop. Studying its identity in the cyberspace and its construction in the network, in an individual and collective way. One tries to give visibility to women artists who use like tool, way and support of its work the new technologies and the virtual space. Showing this way the social transformations that develop concerning them

La cerámica calcolítica en la región cantábrica. Los restos de la cueva de la llana. Andrín. Asturias

Jornadas de Jóvenes en Investigación Arqueológica, JIA (3as : 5-7 de mayo 2010 : Universitat Autònoma de Barcelona). Sesión 8. El producto cerámico.El conjunto cerámico documentado en la cueva de La Llana (Andrín, Asturias) se caracteriza por su profusa decoración inciso-impresa, adscribible al "Horizonte Trespando". Este material, localizado en superficie, ha sido relacionado con una pequeña placa de cobre arsenical, identificada como una Punta Palmela, y a un esqueleto humano. El trabajo discute la asociación entre cerámica inciso-impresa y elementos del conjunto campaniforme, teniendo en cuenta su distribución diferencial en el marco de la Región Cantabrica.The ceramic set of La Llana cave (Andrín, Asturias) are characterized by its incised-impressed decoration, ascribed to the "Trespando Horizon". This sherds, located in surface, has been related to a small arsenical copper plate, identified like a Palmela, and to a human skeleton. The paper discusses the association between incised-impressed ceramics and elements of the campaniforme package and its distribution differential in the Cantabric Region.El conjunt ceràmic documentat en la cova de La Llana (Andrín, Astúries) es caracteritza per la seva profusa decoració incisivo-impresa, adscrivible al "Horitzó Trespando". Aquest material, localitzat en la superfície, ha estat relacionat amb una petita placa de coure arsenical, identificada com una Punta Palmela, i a un esquelet humà. El treball discuteix l'associació entre ceràmica incisivo-impresa i elements del conjunt campaniforme, tenint en compte la seva distribució diferencial en el marc de la Regió Cantàbrica

Control de Congestión TCP y mecanismos AQM

En los últimos años se ha ido poniendo énfasis particularmente en la importancia del retraso sobre la capacidad. Hoy en día, nuestras redes se están volviendo más y más sensibles a la latencia debido a la proliferación de aplicaciones y servicios como el VoIP, la IPTV o el juego online donde un retardo bajo es esencial para un desempeño adecuado y una buena experiencia de usuario. La mayor parte de este retraso innecesario se debe al mal funcionamiento de algunos búferes que pueblan internet. En vez de desempeñar la tarea para la que fueron creados, absorber eventuales ráfagas de paquetes con el fin de prevenir su pérdida, hacen creer al mecanismo de control de congestión que la ruta hacia el destino actual tiene más ancho de banda que el que posee realmente. Cuando la pérdida de paquetes ocurre, si es que lo hace, es demasiado tarde y el daño en el enlace, en forma de tiempo de transmisión adicional, ya se ha producido. En este trabajo de fín de grado intentaremos arrojar luz sobre una solución específica cuyo objetivo es el de reducir el retardo extra producido por esos hinchados búferes, la Gestión Avanzada de Colas o Active Queue Management (AQM). Hemos testeado un grupo de estos algoritmos AQM junto con diferentes modificaciones del control de congestión de TCP con el fín de entender las interacciones generadas entre esos dos mecanismos, realizando simulaciones en varios escenarios caracterísiticos tales como enlaces transoceánicos o enlaces de acceso a red, entre otros.In recent years, the relevance of delay over throughput has been particularly emphasized. Nowadays our networks are getting more and more sensible to latency due to the proliferation of applications and services like VoIP, IPTV or online gaming where a low delay is essential for a proper performance and a good user experience. Most of this unnecessary delay is created by the misbehaviour of many bu ers that populate Internet. Instead of performing the task for what they were created for, absorbing eventual packet bursts to prevent loss, they deceive the sender's congestion control mechanisms into believing that the current path to the destination has more bandwidth than it really has. When the loss event occurs, if it does, it's too late and the damage on the path, in terms of additional transmission time, has been done. On this bachelor thesis we will try to throw light over an speci c solution that aims to reduce the extra delay produced by these bloated bu ers: Active Queue Management. We have tested a bunch of AQM algorithms with di erent TCP modi cations in order to understand the interactions between these two mechanisms. We performed simulations testing various characteristic scenarios like Transoceanic links or Access link scenarios, among other.Ingeniería Telemátic