6,776 research outputs found
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 AndrĂ©, PĂ©rez and MartĂn (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, SebastiĂĄn and VallĂ©s (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 EUâs 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 Eurostatâs 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)âs 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 postraumåtico en los supervivientes al cåncer: una revisión de los tratamientos psicológicos disponibles
Objective: Posttraumatic stress disorder (PTSD) appears frequently in cancer survivors, but not all survivors meet the criteria propoÂsed 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 depresÂsion, anxiety or quality of life, However, theÂre 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 surÂvivors in the last 10 years was performed. The data bases used were PubMed, Web of Science (WOS) and PsycInfo with the following desÂcriptors: PTSD (posttraumatic stress disorder) treatment cancer survivors y PTSS (posttrauÂmatic stress symptoms) treatment cancer surÂvivors. Results: The psychological interventions with more evidence are: cognitive-behavioral therapy and mindfulness, ahead other strateÂgies such as stress management training, neuÂro-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 estrĂ©s postrauÂmĂĄtico (TEP) aparece con frecuencia en los suÂpervivientes al cĂĄncer, pero no todos los superÂvivientes cumplen con los criterios propuestos por el DSM-V para ser diagnosticados. Esta situaciĂłn puede provocar la subestimaciĂłn del problema y ademĂĄs, en este grupo de pacienÂtes el TEP se relaciona con diferentes aspectos del bienestar psicolĂłgico, como la depresiĂłn, la ansiedad o la calidad de vida. Sin embargo, solo hay unas pocas intervenciones psicolĂłgiÂcas diseñadas para reducir estos sĂntomas en los supervivientes al cĂĄncer. MĂ©todo: Se realizĂł una revisiĂłn de los traÂtamientos psicolĂłgicos disponibles para el TEP en los supervivientes al cĂĄncer en los Ășltimos 10 años. Las bases de datos utilizadas fueron PubMed, Web of Science (WOS) y PsycInfo con los siguientes descriptores: PTSD (postÂtraumatic stress disorder), treatment cancer survivors y PTSS (posttraumatic stress sympÂtoms) treatment cancer survivors. Resultados: Las intervenciones psicolĂłgiÂcas con una mayor evidencia son: la terapia de tipo cognitivo-conductual y el mindfulness, por delante del entrenamiento en el manejo del estrĂ©s, la terapia neuro-emocional, el enÂtrenamiento en habilidades de afrontamiento y el counseling. Conclusiones: A pesar de la relevancia del TEP en este grupo de pacientes, las intervenÂciones psicolĂłgicas necesitan de una mayor evidencia para establecer su eficacia para reÂducir estos sĂntomas en los supervivientes
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