Interest rate determination in the interbank market

The purpose of this paper is to study the determinants of equilibrium in the market for daily funds. We use the EONIA panel database which includes daily information on the lending rates applied by contributing commercial banks. The data clearly shows an increase in both the time series volatility and the cross section dispersion of rates towards the end of the reserve maintenance period. These increases are highly correlated. With respect to quantities, we find that the volume of trade as well as the use of the standing facilities are also larger at the end of the maintenance period. Our theoretical model shows how the operational framework of monetary policy causes a reduction in the elasticity of the supply of funds by banks throughout the reserve maintenance period. This reduction in the elasticity together with market segmentation and heterogeneity are able to generate distributions for the interest rates and quantities traded with the same properties as in the data. JEL Classification: E52, E58Eonia panel, monetary policy instruments, Overnight interest rate

Interest Rate Determination in the Interbank Market

The purpose of this paper is to study the determinants of equilibrium in the market for daily funds. We use the EONIA panel database which includes daily information on the lending rates applied by contributing commercial banks. The data clearly shows an increase in both the time series volatility and the cross section dispersion of rates towards the end of the reserve maintenance period. These increases are highly correlated. With respect to quantities, we find that the volume of trade as well as the use of the standing facilities are also larger at the end of the maintenance period. Our theoretical model shows how the operational framework of monetary policy causes a reduction in the elasticity of the supply of funds by banks throughout the reserve maintenance period. This reduction in the elasticity together with market segmentation and heterogeneity are able to generate distributions for the interest rates and quantities traded with the same properties as in the data.Overnight interest rate; Monetary policy instruments; Eonia panel

Mapping the energy flows and GHG emissions of a medium-size city: The case of Valladolid (Spain)

Producción CientíficaValladolid (Spain) is a medium-size city (~300,000 inhabitants) that established a greenhouse (GHG) emissions reduction target in 2011 of 20% from 2010–2020. However, tracking the evolution of GHG in medium-size cities is challenging due to the general lack of compulsory data collection at this scale and issues with boundaries when attempting alternative estimates. Here, we propose and apply a novel method to estimate the evolution of GHG emissions due to energy consumption for the period of 2010–2019 in Valladolid, combining top-down and bottom-up data following a physical energy flows approach. The energy consumption of the city is estimated by main sectors and types of energies. The results show that, throughout the past decade, both total energy consumption and its sector end-use share did not significantly change: final energy consumption remained at around 24 MWh (86.5 GJ) per capita and was still highly dependent on fossil fuels, especially natural gas and oil products (over 70% of total energy supply). The GHG reduction by 2019 was ~11% with relation to 2010 and, thus, had not reached the set objective; in per capita terms, the GHG reduction was lower (~6%) due to population loss during the period. The trend, however, has not been monotone and has instead followed a U-shape strongly correlated with the economic crisis and subsequent recovery, suggesting that transition policies have had, at most, a modest effect on the overall results. The analysis shows, first of all, the limitations of statistical sources at a local level, both for energy and mobility, which do not allow more accurate results in identifying the main energy consumers to be reached; and, secondly, the need for strong decarbonization measures which have to be set urgently at all the relevant institutional levels. Reaching GHG neutrality in the city by 2050 requires reducing the GHG emissions by ~13%/year, which is ~20 times faster than for the 2010–2019 average of 0.6%/year

¿Qué tienen en cuenta los profesores cuando seleccionan el contenido de enseñanza? Cambios y dificultades tras un programa de formación

The selection and sequencing of syllabus content is one of the main tasks the teacher has to approach in his/her new role as curriculum designer. The teaching proposals produced should be theoretically-driven so that specific procedures are suggested for the analysis of disciplinary content and pupils' characteristics. Knowledge regarding teachers' beliefs about these proposals, the difficulties involved in learning them and their scope of application is necessary in order to analyze how adequate they might be for inducing educational changes. In this paper, we present the initial teaching beliefs and teaching practices of a group of secondary school teachers who had previously received a training course in which a teaching proposal was presented. Also, some information is outlined concerning their assessment of the proposal as well as the learning and educational changes effected

Improvement of Virtual Screening Predictions using Computational Intelligence Methods

Virtual Screening (VS) methods can considerably aid clinical research, predicting how ligands interact with drug targets. However, the accuracy of most VS methods is constrained by limitations in the scoring function that describes biomolecular interactions, and even nowadays these uncertainties are not completely understood. In order to improve accuracy of scoring functions used in most VS methods we propose a hybrid novel approach where neural networks (NNET) and support vector machines (SVM) methods are trained with databases of known active (drugs) and inactive compounds, this information being exploited afterwards to improve VS predictions.We thank the Catholic University of Murcia (UCAM) under grant PMAFI/26/12. This work was partially supported by the computing facilities of Extremadura Research Centre for Advanced Technologies (CETA-CIEMAT), funded by the European Regional Development Fund (ERDF). CETA-CIEMAT belongs to CIEMAT and the Government of Spain

Improving drug discovery using hybrid softcomputing methods

Virtual screening (VS) methods can considerably aid clinical research, predicting how ligands interact with drug targets. Most VS methods suppose a unique binding site for the target, but it has been demonstrated that diverse ligands interact with unrelated parts of the target and many VS methods do not take into account this relevant fact. This problem is circumvented by a novel VS methodology named BINDSURF that scans the whole protein surface in order to find new hotspots, where ligands might potentially interact with, and which is implemented in last generation massively parallel GPU hardware, allowing fast processing of large ligand databases. BINDSURF can thus be used in drug discovery, drug design, drug repurposing and therefore helps considerably in clinical research. However, the accuracy of most VS methods and concretely BINDSURF is constrained by limitations in the scoring function that describes biomolecular interactions, and even nowadays these uncertainties are not completely understood. In order to improve accuracy of the scoring functions used in BINDSURF we propose a hybrid novel approach where neural networks (NNET) and support vector machines (SVM) methods are trained with databases of known active (drugs) and inactive compounds, being this information exploited afterwards to improve BINDSURF VS predictions.We thank the Catholic University of Murcia (UCAM) under grant PMAFI/26/12. This work was partially supported by the computing facilities of Extremadura Research Centre for Advanced Technologies (CETA-CIEMAT), funded by the European Regional Development Fund (ERDF). CETA-CIEMAT belongs to CIEMAT and the Government of Spain

Fidel Semantics for Propositional and First-Order Version of the Logic of CG’3

Paraconsistent extensions of 3-valued Gödel logic are studied as tools for knowledge representation and nonmonotonic reasoning. Particularly, Osorio and his collaborators showed that some of these logics can be used to express interesting nonmonotonic semantics. CG’3 is one of these 3-valued logics. In this paper, we introduce Fidel semantics for a certain calculus of CG’3 by means of Fidel structures, named CG’3-structures. These structures are constructed from enriched Boolean algebras with a special family of sets. Moreover, we also show that the most basic CG’3-structures coincide with da Costa–Alves’ bi-valuation semantics; this connection is displayed through a Representation Theorem for CG’3-structures. By contrast, we show that for other paraconsistent logics that allow us to present semantics through Fidel structures, this connection is not held. Finally, Fidel semantics for the first-order version of the logic of CG’3 are presented by means of adapting algebraic tools

I see you

“I see you” es una instalación Media-Art que consta de cinco monitores de ordenador anclados a una pared, así como de cinco cámaras repartidas por la habitación, mostrándola así desde distintos ángulos. En la misma sala existen unas gafas dispuestas especialmente para el espectador. Las pantallas se encuentran encendidas y conectadas mediante un cable VGA y cinco adaptadores VGA-USB a un único portátil.Conceptualmente la experiencia de la pieza habla de cómo gracias a las gafas se muestra una “verdad oculta” y de cómo a la vez se pervierte y modifica la manera de mirar, siendo posible volver al sujeto un elemento más, un sujeto partícipe e imprescindible, envuelto en un diálogo visual junto a los monitores y cámaras, y de este modo, el observador se convierte en el observado, a la vez que parte inexorable de esta obra