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

El coto de Casasoá (Maceda, Ourense) en la Edad Media: estudio y colección documental

Se editan los tres pergaminos medievales que forman parte del archivo familiar correspondiente al pazo de Casasoá (Santiago de Zorelle, Maceda, Ourense). La publicación de esta documentación inédita se aprovecha para elaborar la historia medieval de un señorío de pequeñas dimensiones que, nacido en la edad media, logrará pervivir hasta la edad contemporánea. [gl] Edítanse os tres pergameos medievais que forman parte do arquivo familiar correspondente ao pazo de Casasoá (Santiago de Zorelle, Maceda, Ourense). A publicación desta documentación inédita aprovéitase para elaborar a historia medieval dun señorío de pequenas dimensións que, nacido na Idade media, logrará sobrevivir ata a Idade Contemporánea

Gestión de la pérdida de datos en redes PTN para servicios con requisitos de QoS

La presente tesis desarrolla un nuevo esquema para la gestión dinámica del rendimiento de Forwarding Equivalence Classes (FEC) en dominios Multiprotocol Label Switching Transport Profile (MPLS-TP) congestionados. Propone algoritmos auto-gestionados que permite a los Label Switched Routers (LSRs) del núcleo de la red utilizar mecanismos desde el propio MPLS-TP para notificar eficientemente la pérdida de datos. Además, se desarrolla un método para elegir rutas más cortas para los datos retransmitidos. Todo ello hace que los datos perdidos de flujos prioritarios se recuperen más eficientemente. La propuesta recibe el nombre de Gossipbased Local Recovery Policy (GLRP) y se facilita como una función Operation And Management (OAM) para MPLS-TP. Incluye dos componentes o fases básicas: Primero, la creación del entorno de gestión, en paralelo a la señalización del Label Switched Path (LSP), en el Plano de Control y segundo, la notificación y recuperación de paquetes perdidos en el Plano de Reenvío. Estos componentes dan lugar a dos extensiones del protocolo de señalización Resource Reservation Protocol with Traffic Engineering (RSVP-TE), proporcionando la capacidad adicional que permite gobernar el comportamiento de GLRP en algunos nodos LSR ante la pérdida de paquetes de flujos prioritarios. También se analiza la funcionalidad adicional de GLRP en diferentes ámbitos, con el objetivo de facilitar la integración de GLRP en infraestructuras MPLS-TP existentes. De esta forma, se proporcionan datos analíticos y de simulación que muestran la eficiencia de la propuesta bajo diferentes condiciones. Finalmente, se identifican algunas líneas de trabajo futuro.This thesis elaborates a novel scheme to dynamically manage the performance of prioritized Forwarding Equivalence Classes (FEC) in congested Multiprotocol Label Switching Transport Profile (MPLS-TP) domains. It proposes a self-managed algorithm that allows Label Switched Routers (LSRs) within the network to utilize mechanisms within MPLS-TP to notify packet loss earlier. Moreover, the use of shorter routes is proposed for re-transmitted data. This all results in a more efficient recovery of lost packets of prioritized flows. The proposal is known as Gossip-based Local Recovery Policy (GLRP) and is offered as an Operation and Management (OAM) function for MPLS-TP. It consists of two main components or stages: First, the establishing of the management domain in parallel with the LSP signaling in the Control Plane and secondly notification and recovery of lost packets in the Forwarding Plane. They result in two novel extensions of the signaling protocol Resource Reservation Protocol with Traffic Engineering (RSVP-TE), which provides additional functionality in order to govern the behavior of some core LSRs when packet loss of prioritized flows arises. In addition, the extra features are discussed to improve the performance of the scheme and the ease with which the scheme can be integrated into an existing MPLS-TP infrastructure. Thus analytical and simulation data are provided in order to show the efficiency of the proposal under different conditions. Finally, topics for future research are identified

Los cabildos catedralicios gallegos en la Edad Media (siglos XII-XIV)

Se estudia la organización interna de los cinco cabildos gallegos entre los siglos XII y XIV mostrando su estructuración en dignidades, canónigos, porcioneros y clerecía menor de la catedral. Asimismo se observa el nacimiento de las mesas capitulares y la manera en que cada cabildo las organizó mediante el sistema de tenencias, en Compostela, y de administraciones, en las cuatro sedes restantes

Nanostructures with Group IV nanocrystals obtained by LPCVD and thermal annealing of SiGeO layers

Nanocrystals embedded in an oxide matrix have been fabricated by annealing SiGeO films deposited by LPCVD. The composition of the oxide layers and its evolution after annealing as well as the presence and nature of nanocrystals in the films have been studied by several experimental techniques. The results are analyzed and discussed in terms of the main deposition parameters and the annealing temperature