The Spanish term structure of interest rates revisited: cointegration with multiple structural breaks, 1974-2010

In this paper we consider the possibility that a linear cointegrated regression model with multiples structural changes would provide a better empirical description of the term structure model of interest rates. Our methodology is based on instability tests recently proposed in Kejriwal and Perron (2010) as well as the cointegration test in Arai and Kurozumi (2007) and Kejriwal (2008) developed to allow for multiple breaks under the null hypothesis of cointegration.Term structure of interest rates; Cointegration; Multiple Structural Breaks.

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.

The present value model of US stock prices revisited: long-run evidence with structural breaks, 1871-2010

According to several empirical studies, the Present Value model fails to explain the behavior of stock prices in the long-run. In this paper we consider the possibility that a linear co integrated regression model with multiple structural changes would provide a better empirical description of the Present Value model of u.S. stock prices. Our methodology is based on instability tests recently proposed in Kejriwal and Perron (2008, 2010) as well as the cointegration tests developed in Arai and Kurozumi (2007) and Kejriwal (2008). The results obtained are consistent with the existence of linear cointegration between the log stock prices and the log dividends. However, our empirical results also show that the cointegrating relationship has changed over time. In particular, the Kejriwal-Perron tests for testing multiple structural breaks in co integrated regression models suggest a model of three or two regime

The present value model of US stock prices revisited: long-run evidence with structural breaks, 1871-2010

According to several empirical studies, the Present Value model fails to explain the behavior of stock prices in the long-run. In this paper we consider the possibility that a linear co integrated regression model with multiple structural changes would provide a better empirical description of the Present Value model of u.S. stock prices. Our methodology is based on instability tests recently proposed in Kejriwal and Perron (2008, 2010) as well as the cointegration tests developed in Arai and Kurozumi (2007) and Kejriwal (2008). The results obtained are consistent with the existence of linear cointegration between the log stock prices and the log dividends. However, our empirical results also show that the cointegrating relationship has changed over time. In particular, the Kejriwal-Perron tests for testing multiple structural breaks in co integrated regression models suggest a model of three or two regime

Boosting Backward Search Throughput for FM-Index Using a Compressed Encoding

The rapid development of DNA sequencing technologies has demanded for com- pressed data structures supporting fast pattern matching queries. FM-index is a widely-used compressed data structure that also supports fast pattern matching queries. It is common for the exact matching algorithm to be memory bound, resulting in poor performance. Searching several symbols in a single step improves data locality, although the memory bandwidth requirements remains the same. We propose a new data-layout of FM-index, called Split bit-vector, that compacts all data needed to search k symbols in a single step (k-step), reducing both memory movement and computing requirements at the cost of increasing memory footprint.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

Regímenes cambiarios de iure y de facto. El caso de la peseta/dólar, 1965-1998

En este trabajo se aplican tres procedimientos estadísticos alternativos al tipo de cambio peseta/dólar norteamericano, con el objetivo de conocer el verdadero régimen cambiario al que estuvo sujeto durante el período 1965-1998. El estudio toma la perspectiva que señala la divergencia entre regímenes cambiario de facto y de iure. Los resultados indican que la peseta, al igual que otras monedas, no exhibió el régimen flotante que de iure tenía en relación al dólar durante las tres últimas décadas de su existencia. Por el contrario, el tipo de cambio peseta/dólar se movió dentro de un corredor más bien estrecho en dichos años.In this paper we apply three different statistical procedures to the peseta/dollar exchange rate with the aim of discovering the true foreign exchange regime followed by the monetary authorities during the 1965-1998 period. The study´s perspective emphasizes the divergence between de jure and de facto exchange regimes. The results seem to imply that the peseta, as well as other currencies, did not exhibit the floating regime that de jure had in relation to the US dollar in the last three decades of its existence. On the contrary, the peseta/dollar exchange rate moved within rather narrow fluctuation bands during those years.Apoyo financiero del Ministerio de Educación y Ciencia (Plan Nacional I+D: SEJ-2005 09094/ECON)Publicad

On the application of extended reality technologies for the evaluation of product characteristics during the initial stages of the product development process

[EN] Fast-growing global markets are forcing companies to continuously re-assess customer needs when designing new products. Product evaluation is a critical task to ensure success, but it can require significant financial and time investments. From an end-user standpoint, consumers must also evaluate multiple design options before purchasing a product, which is often a complex process, especially in online environments where traditional formats coexist with more sophisticated media. Modern extended reality technologies have become an effective tool for product assessment in professional design environments as well as a powerful mechanism for consumers during decision making activities. However, the modality used to view and evaluate the product may affect the perceptual response and thus the user¿s overall evaluation. In this paper, we examine the influence of visual media in product assessment using different designs of a particular product typology. We discuss two studies where a group of participants used the semantic differential technique to evaluate four chair designs displayed in three different media. In our first study, participants used simultaneous evaluation to assess the products as presented in photographs, a non-immersive environment, and an Augmented Reality (AR) experience. In the second study, participants evaluated the product separately as viewed in non-photorealistic rendering, AR, and virtual reality (VR). We used the ¿Aligned Rank Transform¿ proceedings to find differences between groups for the semantic scales, the overall evaluation, the purchasing decision, and the response confidence. Our results show that visual media influences product perception. Certain characteristics in Jordan's physio-pleasure category are particularly significant as perceptual differences are more pronounced. Immersive media can highlight some product attributes and a joint evaluation can help minimize these differences.The authors would like to thank the team at Clon Digital for providing us with a software license to perform the experiment, and students Jenny Trieu, Abizer Raja, Arturo Barrera, and Carrah Kaijser from the University of Houston for the inspiration for the chair designs used in our study.Palacios-Ibáñez, A.; Navarro-Martínez, R.; Blasco-Esteban, J.; Contero, M.; Dorribo-Camba, J. (2023). On the application of extended reality technologies for the evaluation of product characteristics during the initial stages of the product development process. Computers in Industry. 144. https://doi.org/10.1016/j.compind.2022.10378014

Regímenes cambiarios de iure y de facto. El caso de la Peseta/Dólar, 1965-1998

In this paper we apply three different statistical procedures to the peseta/dollar exchange rate with the objective of discovering the true foreign exchange regime followed by the monetary authorities during the 1965-1998 period. The study´s perspective emphasizes the divergence between de jure and de facto exchange regimes. The results seem to imply that the peseta, as well as other currencies, did not exhibit the floating regime that de jure had in relation to the US dollar in the last three decades of its existence. On the contrary, the peseta/dollar exchange rate moved within rather narrow fluctuation bands during those years.Foreign exchange regime; fluctuation bands; fixed and floating exchange rates, peseta/dollar exchange rate.

The Carbonation of Wollastonite: A Model Reaction to Test Natural and Biomimetic Catalysts for Enhanced CO2 Sequestration

One of the most promising strategies for the safe and permanent disposal of anthropogenic CO2 is its conversion into carbonate minerals via the carbonation of calcium and magnesium silicates. However, the mechanism of such a reaction is not well constrained, and its slow kinetics is a handicap for the implementation of silicate mineral carbonation as an effective method for CO2 capture and storage (CCS). Here, we studied the different steps of wollastonite (CaSiO3) carbonation (silicate dissolution -> carbonate precipitation) as a model CCS system for the screening of natural and biomimetic catalysts for this reaction. Tested catalysts included carbonic anhydrase (CA), a natural enzyme that catalyzes the reversible hydration of CO2(aq), and biomimetic metal-organic frameworks (MOFs). Our results show that dissolution is the rate-limiting step for wollastonite carbonation. The overall reaction progresses anisotropically along different [hkl] directions via a pseudomorphic interface-coupled dissolution–precipitation mechanism, leading to partial passivation via secondary surface precipitation of amorphous silica and calcite, which in both cases is anisotropic (i.e., (hkl)-specific). CA accelerates the final carbonate precipitation step but hinders the overall carbonation of wollastonite. Remarkably, one of the tested Zr-based MOFs accelerates the dissolution of the silicate. The use of MOFs for enhanced silicate dissolution alone or in combination with other natural or biomimetic catalysts for accelerated carbonation could represent a potentially effective strategy for enhanced mineral CCS.This research was funded by the Spanish Government (grants CGL2015-70642-R, CGL2015-73103-EXP, CTQ2017-84692-R), EU FEDER funding, the University of Granada (“Unidad Científica de Excelencia” UCE-PP2016-05) and the Junta de Andalucía (grant P11-RNM-7550 and Research Group RNM-179). We thank the personnel of the Centro de Instrumentación Científica (CIC) of the University of Granada for their help during TG-DSC, FESEM, -XRD, and ICP-OES analyses

Non-infectious granulomatous disorders of the upper lip: clinicopathological analysis of 11 patients

Background Non-infectious granulomatous disorders of the upper lip represent a special chapter of oral and maxillofacial pathology. In this work we report a case-series of this process, to analyse its main clinicopathological features and find differential data that allow us improve its diagnosis and understand its pathogenesis. Methods We present 11 cases of non-infectious granulomatous disorders of the upper lip, 8 women and 3 men with an age range of 29-84 years, who have been attended at the Oral Medicine Department of the IUCT (France) and the Oral Medicine Unit of the UPV/EHU (Spain). All clinicopathological data were collected in a specific protocol. Results We recognized 4 different subtypes of non-infectious granulomatous disorders of the upper lip: (1) associated with Crohn's disease (1 case), (2) associated with foreign body (2 cases), (3) associated with gingivitis lichenoid-like (4 cases), (4) idiopathic (4 cases). Conclusions Clinicopathological differences were identified between these subtypes. A good differential diagnosis is necessary in all cases to rule out the presence of local or systemic etiopathogenic factors