The Balassa-Samuelson Effect and the Wage, Price and Unemployment Dynamics in Spain

This paper provides an empirical investigation of the wage, price and unemployment dynamics that have taken place in Spain during the last two decades. The aim of this paper is to shed some light on the impact of the European economic integration process on Spanish labour market and the convergence to a European level of prosperity. We find some important lessons to be learnt from the Spanish experience that should be relevant for the new member states. First, high competitiveness in the tradable sector seems crucial for the real and nominal convergence to be successful, implying that the increase of wages in the tradable sector, and subsequently in the nontradable sector, should not be allowed to exceed the growth in productivity. Second, before fixing the real exchange rate it seems crucial that it is on its sustainable (competitive) purchasing power parity level. A real appreciation, as a result of high growth rates during the catching-up period, is likely to be harmful for real growth and employment.Balassa-Samuelson effect; nominal and real convergence; unemployment dynamics; purchasing power parity; cointegrated VAR

Testing for convergence among Mercosur countries

The aim of this paper is to analyse the existence of price convergence in Mercosur. Two variables are considered, Consumer Price Indices to assess convergence in the goods and services markets and real interest rates, to analyse convergence in the money markets. The univariate analysis points only to convergence in real interest rates, whilst the multivariate analysis provides evidence of common trends in both markets.Mercosur, economic integration, unit roots, nonlinearities, co-trending.

Unemployment and common smooth transition trends in Central and Eastern European Countries

In the present paper we analyse the existence of common nonlinear trends in several of Central and Eastern European Countries in order to gain some insight about the degree of labour market integration within the area. In order to do so, we test for the order of integration of the unemployment rates, by applying the Leybourne et al. (1998) and Kapetanios et al. (2003) nonlinear unit root tests. Our results pinpoint the fact that five up to eight unemployment rates are stationary around a nonlinear trend and, by means of Anderson and Vahid (1998) approach, we also find that there is a common trend that drives the long run behaviour of that variable in these countries.Unemployment, Central and Eastern Europe, unit roots, smooth transition, nonlinearities.

La calor dels estels freds. De com els estels es van convertir en actors principals de l'Univers

Heat from Cold Stars. How Stars Became Major Players in the Universe.Although they are ever present in the night sky, stars did not attract the attention of scientific astronomy until the late eighteenth century. The exploration of deep space, studies of the behavior of the Sun and spectroscopic analysis were the gateways to a new astronomy, conceived as the Science of the Stars

The Euro-Dollar exchange rate: Is it fundamental?

In this paper we have applied two different but complementary techniques and approaches to the study of the evolution of the dollar real exchange rate in relation with the Euro-area currencies. First, using the panel cointegration methodology for both homogeneous and heterogeneous panels, we study the long-run relationship between the bilateral real exchange rate of the dollar versus 10 European countries, Canada and Japan. Second, in a time series framework, we use Euro-area aggregate or "synthetic" variables to study the behavior of the dollar/Euro real exchange rate. The selected specification obtained using the panel techniques is an eclectic one, that supports the Meese and Rogoff (1988) real interest rate differential model augmented with two supply-side variables: the real oil dependence and the relative productivity in the non-tradables. The Euro-area variables support this type of results, although an additional determinant from the demand-side should be added (the relative public expenditure) whereas the real oil variable would be only significant in the short-run.

Re-examining CO2 emissions. Is the assessment of convergence meaningless?

This paper re-examines CO2 emissions in 22 OECD countries over the period 1870–2006. It contributes to the field of environmental economics trying to clarify the possible sources of the mixed evidence on CO2 emissions convergence. To this end we employ a detailed methodological strategy. First we start with standard linear tests as the ones proposed by Ng and Perron (2001). Then, using the Lee and Strazicich (2003) tests, we take into account the possible existence of structural breaks in the series. Finally, we apply a non-linear test within a smooth transition autoregressive (STAR) framework proposed by Kapetanios et al. (2003). The empirical evidence provided by our methodological strategy suggests that the original per capita CO2 emissions for the largest span, from 1870 to 2006, are stationary, so that to continue with the assessment of convergence in this context would not be adequate. However if we consider instead the period 1950-2006, per capita CO2 emissions are in a non-stationary local regime. Thus, in this case we proceed with the study of convergence. Bearing in mind plausible nonlinearities, CO2 emissions convergence is assessed using two versions of the Kapetanios et al. (2003) test, and conclude that there is no robust convergence among these 22 OECD countries.CO2 emissions, stationarity, non linear test, smooth transition, convergence.

Sensory electrical stimulation during cycling for the rehabilitation of muscle coordination

Gait (a person’s way of walking) is highly complex and involves the musculoskeletal and nervous systems to achieve coordinated movement. Gait is key in daily life, and its impairment greatly reduces the quality of life, personal freedom and self-esteem of afected people. Gait alterations arise from disruption of neuromuscular coordination mechanisms, either due to injury or degeneration (ictus, spinal cord injury...). The long term goal of the line of research that is started with the work presented in this Thesis is to build and validate a neurorehabilitation platform that uses biologically-inspired mechanisms in order to en- hance muscle coordination of walking in neurologically injured patients. As a frst step towards this ambitious goal, this Bachelor’s Thesis involved the design, development and technical validation of the neurorehabilitation platform that combines cycling with sensory electrical stimulation. Furthermore, a pilot study was conducted in order to assess the performance and usability of the neurorehabilitation platform. Prelim- inary results were encouraging, which gives the confdence toward the future applications of the platform. The present Bachelor’s Thesis has developed the necessary setups for performing a variety of experiments related with cycling and electrical stimulation. Future work should focus in further developing the experimental technique used for assessment of muscle coordina- tion, and using the developed neurorehabilitation platform for conducting broader studies with more subjects, both healthy and neurologically injured, with a variety of modali- ties and diverse stimulation patterns. Eventually, and based on the acquired knowledge about stimulation and neurorehabilitation, a commercial neurorehabilitation device could be created and distributed in order to enable low-cost walking rehabilitation for neurolog- ically injured patients.Ingeniería Biomédic

Oil price shocks and labor market fluctuations

We examine the impact of real oil price shocks on labor market flows in the U.S. We first use smooth transition regression (STR) models to investigate to what extent oil prices can be considered as a driving force of labor market fluctuations. Then we develop and calibrate a modified version of Pissarides’ (2000) model with energy costs, which we simulate in response to shocks mimicking the behavior of the actual oil price shocks. We find that (i) these shocks are an important driving force of job market flows; (ii) the job finding probability is the main transmission mechanism of such shocks; and (iii) they bring a new amplification mechanism for the volatility and should thus be seen as complementary of labor productivity shocks. Overall we conclude that shocks in oil prices cannot be neglected in explaining cyclical labor adjustments in the U.S.Oil Prices, Unemployment, Vacancies, Business Fluctuations.

Real unit labour costs in Eurozone countries: Drivers and clusters

We examine the trajectories of the real unit labour costs (RULCs) in a selection of Eurozone economies. Strong asymmetries in the convergence process of the RULCs and its components-real wages, capital intensity, and technology-are uncovered through decomposition and cluster analyses. In the last three decades, the PIIGS (Portugal, Ireland, Italy, Greece, and Spain) succeeded in reducing their RULCs by more than their northern partners. With the exception of Ireland, however, technological progress was weak; it was through capital intensification that periphery economies gained efficiency and competitiveness. Cluster heterogeneity, and lack of robustness in cluster composition, is a reflection of the difficulties in achieving real convergence and, by extension, nominal convergence. We conclude by outlining technology as the key convergence factor, and call for a wider strategy in labour market policies, which should be more oriented to promote the sources of productivity growth

De la espera y la ausencia: acerca del vacío de la comunicación en una relación amatoria virtual

Se afirma que las nuevas tecnologías de la información y la comunicación permiten romper las fronteras y vaciar el espacio y el tiempo. Estas tecnologías permiten conocer otros mundos, otras culturas y lograr infinidad de experiencias virtuales y corporales que las acompañan. Se busca estar conectado por infinidad de razones: contactos laborales, con amigos, familiares y también por relaciones amorosas. Interesan estas últimas. Se asume, generalmente, que las comunicaciones mediadas por tecnologías, permiten el mantenimiento de relaciones íntimas a pesar de la distancia espacio-temporal. Este ensayo propone que esto es un mito provocado por la ilusión de la comunicación