Robust Stylized Facts on Comovement for the Spanish Economy

In this article we further develop the suggestion of obtaining stylized facts on comovement on the basis of prewhitened time series proposed in André, Pérez and Martín (2002). Firstly, we show some examples on the robustness of the method. Secondly, we test the relevance of such a proposal by revisiting some of the existing stylized facts on comovement for the Spanish economy in Dolado, Sebastián and Vallés (1993).Stylized Facts, Comovement, Cross Correlation Function, HP-Filter, Prewhitening

COMPUTING ROBUST STYLIZED FACTS ON COMOVEMENT

We propose an alternative method of obtaining stylized facts on comovement, based on the cross-correlation function of the prewhitened time series, which only depends on the purely stochastic components of the series and the cross efects between them. This approach has the property of being robust to the filtering procedure and hence to the cicle definition. The usual approach consists of obtaining the cross-correlation function of filtered variables, which reflect a mixture of both the existing cross-correlation between the variables and the autocorrelation structure of each of them. The autocorrelation structure, in turn, crucially depends on the filtering procedure. The relevance of such an approach is tested by revisiting some of the facts reported by Kydland and Prescott (1990).Prewhitening, Business Cycle, Stylized Facts, Comovement.

What Does Influence the Neonatal Microbiome?

: This editorial aims to provide a concise summary of the factors involved in the dynamics of microbiome establishment and maturation. At the same time, it briefly updates the current knowledge and opens new questions in this regard. Many factors act as drivers of the microbiota's development at both pre- and post-natal levels (e.g., maternal factors, antibiotic usage, type of delivery, dietary pattern, post-natal feeding type, etc.). However, it is interesting to research into its real impact, the relationship between these external modulators, and how to modulate them. The are great opportunities for new research in the field

Fiscal data revisions in Europe

Public deficit figures are subject to revisions, as most macroeconomic aggregates are. Nevertheless, in the case of Europe, the latter could be particularly worrisome given the role of fiscal data in the functioning of EU’s multilateral surveillance rules. Adherence to such rules is judged upon initial releases of data, in the framework of the so-called Excessive Deficit Procedure (EDP) Notifications. In addition, the lack of reliability of fiscal data may hinder the credibility of fiscal consolidation plans. In this paper we document the empirical properties of revisions to annual government deficit figures in Europe by exploiting the information contained in a pool of real-time vintages of data pertaining to fifteen EU countries over the period 1995-2008. We build up such real-time dataset from official publications. Our main findings are as follows: (i) preliminary deficit data releases are biased and non-efficient predictors of subsequent releases, with later vintages of data tending to show larger deficits on average; (ii) such systematic bias in deficit revisions is a general feature of the sample, and cannot solely be attributed to the behaviour of a small number of countries, even though the Greek case is clearly an outlier; (iii) Methodological improvements and clarifications stemming from Eurostat’s decisions that may lead to data revisions explain a significant share of the bias, providing some evidence of window dressing on the side of individual countries; (iv) expected real GDP growth, political cycles and the strength of fiscal rules also contribute to explain revision patterns; (v) nevertheless, if the systematic bias is excluded, revisions can be considered rational after two years. JEL Classification: E01, E21, E24, E31, E5, H600data revisions, fiscal statistics, news and noise, Rationality, real-time data

Reflexiones en torno al modus operandi de la franquicia en el deporte.

Our paper is aimed at showing other sports business models, covered with contracts legally "franchise" and its various forms, and with a success based on the binomial sport-profit that perhaps we should consider in the not too distant future, no longer with the model in its purest aspect, but at least with some hybrid between the legal formula described and the current, which allow profit generating the best sporting event, especially by adjusting the sport to new trends and market needs

On the impact of exchange rate regimes on tourism

The main objective of this paper is to analyze the effect of the exchange rate arrangements on international tourism. The ambiguity of literature about the effect of exchange rate volatility contrasts with the magnitude of the impact of a common currency on trade. On the basis of a gravity equation we estimate a moderate effect of a currency union on tourism of almost 12%. Furthermore, we estimate a gravity equation for international trade, obtaining that the common currency effect on trade is reduced when tourism is introduced as a regressor. This suggests that tourism flows may contribute to explain the excessive magnitude of the estimated effect of a common currency on trade in this literature. Finally, we analyze the impact of several de facto exchange rate arrangements on tourism, finding that less flexible exchange rates promotes tourism flows.Tourism, Exchange Rate Regime, Common Currency

Revisiting Rose's common currency debate

The main objective of this research is to revisit the estimation of the effect of a common currency on international trade by applying the new methodology proposed by Helpman, Melitz and Rubistein (2008) and incorporating tourism to the theoretical framework. Rose (2000) estimates an empirical model of bilateral trade, finding a significant coefficient for a currency union variable of 1.2, suggesting an effect of currency unions on trade of over a 200%. Rose (2000)’s finding did not receive full acceptance and further research was consequently devoted to find reasons of such high effect. This still remains as a major puzzle in the International Economics. Rose and Van Wincoop (2001) hold that there may still be some omitted factors that drives countries to both participate in currency unions and trade more. In this research a gravity equation for trade is estimated controlling by international tourism.Common currency, tourism, gravity equation

El trastorno por estrés postraumático en los supervivientes al cáncer: una revisión de los tratamientos psicológicos disponibles

Objective: Posttraumatic stress disorder (PTSD) appears frequently in cancer survivors, but not all survivors meet the criteria propo­sed by the DSM-V to be diagnosed with PTSD. This situation may lead an underestimation of the problem and furthermore, in this patient group, PTSD is related with different aspects of psychological well-being, such as depres­sion, anxiety or quality of life, However, the­re are only a few psychological interventions designed to reduce these symptoms in cancer survivors. Method: A review of the psychological treatments available for PTSD in cancer sur­vivors in the last 10 years was performed. The data bases used were PubMed, Web of Science (WOS) and PsycInfo with the following des­criptors: PTSD (posttraumatic stress disorder) treatment cancer survivors y PTSS (posttrau­matic stress symptoms) treatment cancer sur­vivors. Results: The psychological interventions with more evidence are: cognitive-behavioral therapy and mindfulness, ahead other strate­gies such as stress management training, neu­ro-emotional therapy, coping skills training and counseling. Conclusions: Despite the relevance of PTSD in this patients group, psychological interventions needs more evidence to establish their efficacy to reduce these symptoms in survivors.Objetivo: El trastorno por estrés postrau­mático (TEP) aparece con frecuencia en los su­pervivientes al cáncer, pero no todos los super­vivientes cumplen con los criterios propuestos por el DSM-V para ser diagnosticados. Esta situación puede provocar la subestimación del problema y además, en este grupo de pacien­tes el TEP se relaciona con diferentes aspectos del bienestar psicológico, como la depresión, la ansiedad o la calidad de vida. Sin embargo, solo hay unas pocas intervenciones psicológi­cas diseñadas para reducir estos síntomas en los supervivientes al cáncer. Método: Se realizó una revisión de los tra­tamientos psicológicos disponibles para el TEP en los supervivientes al cáncer en los últimos 10 años. Las bases de datos utilizadas fueron PubMed, Web of Science (WOS) y PsycInfo con los siguientes descriptores: PTSD (post­traumatic stress disorder), treatment cancer survivors y PTSS (posttraumatic stress symp­toms) treatment cancer survivors. Resultados: Las intervenciones psicológi­cas con una mayor evidencia son: la terapia de tipo cognitivo-conductual y el mindfulness, por delante del entrenamiento en el manejo del estrés, la terapia neuro-emocional, el en­trenamiento en habilidades de afrontamiento y el counseling. Conclusiones: A pesar de la relevancia del TEP en este grupo de pacientes, las interven­ciones psicológicas necesitan de una mayor evidencia para establecer su eficacia para re­ducir estos síntomas en los supervivientes