Detrending procedures and cointegration testing: ECM tests under structural breaks

It is well known that all the test for unit roots and cointegration depend on the deterministic elements that are in mean of the variables; constant, trend, breaks, outliers, segmented trends, etc. This is a serious inconvenient for empirical work. In this paper we analyze if those problems could be solved by forming the cointegration tests on extended models, on the components of the series obtained from trend cycle decompositions. We do that by Monte Carlo Simulations allowing for several structural breaks in the data generating process

Bootstraping cointegration tests under structural co-breaks: a robust extended ECM test

The aim of the paper is the analysis of ECM bootstrap cointegration tests under structural breaks. Classical ECM tests depend on sorne nuisance parameters, which is an undesirable feature for empirical applications. This problem is overcome by using the bootstrap ECM test, which shows good size and power properties when there are no breaks. In this paper we study the small sample properties of alternative bootstrap ECM tests under different cobreaking situations. ECM test statistics are made robust to partial cobreaking by using extended error correction models or by imposing a common factor restriction

Cointegration Testing Under Structural Breaks: A Robust Extended Error Correction Model

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Ecological psychology is radical enough: A reply to radical enactivists

Ecological psychology is one of the most influential theories of perception in the embodied, anti-representational, and situated cognitive sciences. However, radical enactivists claim that Gibsonians tend to describe ecological information and its ‘pick up’ in ways that make ecological psychology close to representational theories of perception and cognition. Motivated by worries about the tenability of classical views of informational content and its processing, these authors claim that ecological psychology needs to be “RECtified” so as to explicitly resist representational readings. In this paper, we argue against this call for RECtification. To do so, we offer a detailed analysis of the notion of perceptual information and other related notions such as specificity and meaning, as they are presented in the specialized ecological literature. We defend that these notions, if properly understood, remain free of any representational commitment. Ecological psychology, we conclude, does not need to be RECtified

Adverse selection costs, trading activity and price discovery in the NYSE: An empirical analysis

This paper studies the role that trading activity plays in the price discovery process of a NYSE-listed stock. We measure the expected information content of each trade by estimating its permanent price impact. It depends on observable trade features and market conditions. We also estimate the time required for quotes to incorporate all the information content of a particular trade. Our results show that price discovery is faster after risky trades and also at the extreme intervals of the session. The quote adjustment to trade-related shocks is progressive and this causes risk persistency and unusual short-term market conditions.Publicad

Effects of Applying Linear and Nonlinear Filters on Tests for Unit Roots with Additive Outliers

Conventional univariate Dickey-Fuller tests tend to produce spurious stationarity when there exist additive outlying observations in the time series. Correct critical values are usually obtained by adding dummy variables to the Dickey-Fuller regression. This is a nice theoretical result but not attractive from the empirical point of view since almost any result can be obtained just by a convenient selection of dummy variables. In this paper we suggest a robust procedure based on running Dickey-Fuller tests on the trend component instead of the original series. We provide both finite-sample and large-sample justifications. Practical implementation is illustrated through an empirical example based on the US/Finland real exchange rate series.Additive outliers, Dickey-Fuller test, Linear and nonlinear filtering, Bootstrap

Sexismo en la música pop española : análisis desde la autoría e interpretación

Dos hechos destacan en la historia de la música durante el siglo XX: por un lado, el desarrollo de las nuevas tecnologías permite la escucha pasiva de la música a la vez que su masiva difusión por el mundo. Por otro lado, la explosión de la música popular y su internacionalización, siendo actualmente el tipo de música más escuchada. A pesar de estos dos importantes hechos, la musicología académica no se ha preocupado hasta hace bien poco de su estudio de forma equivalente a la música llamada culta. La tradicionalidad de esta misma musicología es también una de las razones por la cual los estudios de género en la música se están incorporando aunque a menor ritmo que en otras disciplinas. La música pop y rock, base de la música popular, es considerada en todo su contexto como una actividad tolerante, rompedora y permisiva, y puede resultar contradictorio encontrar en el proceso musical aspectos que presentan claros sesgos discriminatorios. Herencia de una interiorizada tradición androcéntrica, recorremos algunos aspectos de la producción de música popular española en los último años, centrándonos en la autoría de canciones de éxito y en la interpretación de las mismas, señalando los aspectos significativos desde la perspectiva de género

Una sociedad cautiva. El impacto sociopolítico del cautiverio en la frontera entre el reino de Granada y el Magreb a principios del siglo xvi

Drawing on different primary sources this article analyses the impact of captivity on the configuration of the frontier society between the south-eastern region of the Iberian Peninsula and the Maghreb at the beginning of the sixteenth century. More specifically, it shows how a wide array of actors (from the crown to humble citizens, from military authorities to members of minorities, etcetera) made use of this phenomenon as a means to negotiatetheir power position in the social fabric of this Mediterranean frontier. In this manner, captivity appears as a key factor in the internal configuration of this society, rather than as a mere expression of the clash of civilizations that use to characterise the Mediterranean world of the Early Modern period

Deleuze y Leibniz: el imposible devenir en la filosofía

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