On the economic link between asset prices and real activity.

This paper presents a model linking two financial markets (stocks and bonds) with real business cycle, in the framework of the Consumption Capital Asset Pricing Model with Generalized Isoelastic Preferences. Besides interest rate term spread, the model includes a new variable to forecast economic activity: stock market term spread. This is the slope of expected stock market returns. The empirical evidence documented in this paper suggests systematic relationships between business cycle’s state and the shapes of two yield curves (interest rates and expected stock returns). Results are robust to changes in measures of economic growth, stock prices, interest rates and expectations generating mechanisms.Stock market; Interest rates; Economic growth; Term structure;

Can output explain the predictability and volatility of stock returns?.

This paper examines whether a general equilibrium asset pricing model can explain two important empirical regularities of asset returns, extensively documented in the literature: (i) returns can be predicted by a set of macro variables, and (ii) returns are very volatile. We derive a closed-form solution for the equilibrium asset pricing model that relates asset returns to output by using an approximate method proposed by Campbell (Am. Econ. Rev. 83 (1993) 487) and Restoy and Weil (W.P. NBER, No. 6611 (1998)). We obtain evidence on eight OECD economies using both quarterly and annual observations. Equilibrium models seem to fin fewer difficultie in explaining the volatility of returns than their predictability for general output processes. In the case of the US, the observed predictability and volatility of asset returns, for annual frequencies, are broadly compatible with the predictions of equilibrium models for a reasonableGeneralized isoelastic preferences; Asset returns; Real activity; Volatility;

Evolutive 3D modeling: A proposal for a new generative design methodology

At present, traditional 3D modeling programs consist of a set of tools that reflect conventional means of mechanical manufacturing and have limitations in relation with the current manufacturing capacities. On the other hand, organic and morphing 3D modeling programs are designed to transform a model from one known shape to another also known shape. Generative design helps the designers to detach themselves during the design process and can provide them with completely unexpected geometrical solutions. In this paper, starting from 3D morphing techniques and genetic algorithms, a new methodology of product shape definition is developed, capable of imitating processes that occur in nature and aimed at creating new and different product designs. This methodology enables to overcome the limitations imposed by design fixation and allows better exploitation of the great possibilities granted by the new manufacturing techniques, most notably additive manufacturing. The initial process of research and information gathering gives this work a solid basis to develop the new methodology. The results of this initial process are briefly resumed in this paper in order to explain the main motivation for developing this work. The workflow of this methodology is presented as a theoretical process, since its implementation has not been, at least for the moment, put into practice. Before presenting the conclusion for this proposal, several examples have been formulated in order to help the reader to catch the point of the entire process

Análisis y contextualización de la sonata para piano no 2, op. 36 del compositor Serguéi Rajmáninov

En el presente trabajo se evidencia que la Sonata para piano número 2, op. 36 de Rajmáninov es, sin lugar a dudas, una de las más importantes a principios del siglo XX en este género. Esta sonata, no sólo se destaca por su dificultad técnica, sino también por su elaboración temática que genera una unidad durante toda la obra. Al elaborar el análisis se va mostrando como el contenido temático de la sonata se deriva de los tres motivos, de los cuales se desprenden los temas. Este tipo de construcción motivica es lo que logra generar un elemento de unión entre los tres movimientos logrando un equilibrio y unidad. Este tipo de procedimientos es muy típico de los compositores románticos, sobre todo de la segunda mitad del siglo XIX, en donde los temas del primer movimiento vuelven a presentarse en los demás movimientos. Un primer movimiento en forma de sonata con sus dos temas contrastantes, un desarrollo y una re-exposición. Un segundo movimiento con forma ternaria y un tercer movimiento en forma de rondó como en las sonatas clásicas. Sin embargo, el compositor logra un equilibrio y una unidad en toda la sonata, basándose en los tres motivos de los cuales se desprende todo el material temático de la obra.ABSTRACT: In this paper, it is shown that Rachmaninov’s piano sonata n° 2 Op. 36 is one of the most important compositions at the beginning of the 20th century in this genre. This sonata, not only stands out because of its technical difficulty, but also by its thematic development that creates unity during the entire work. During the development of this analysis, it is shown how the sonata thematic content is derived from three motifs, which its themes emerge from. This type of progression allows to generate an union element between the three movements, achieving a sense of equilibrium and unity. This type of procedures is rather typical amongst romantic composers, especially in the second half of the 19th century, where the themes of the first movement recur in other movements. A first movement in the form of sonata with its two contrasting themes; a development and a recapitulation. A second movement with ternary form and a third movement in rondo form as in the classical sonatas. However, the composer achieved balance and unity during the entire sonata based on the three motifs, from which all the thematic material of the work is developed.Maestrí

Generalized MGF of Beckmann Fading with Applications to Wireless Communications Performance Analysis

The Beckmann distribution is a general multipath fading model for the received radio signal in the presence of a large number of scatterers, which can thence be modeled as a complex Gaussian random variable where both the in-phase and quadrature components have arbitrary mean and variance. However, the complicated nature of this distribution has prevented its widespread use and relatively few analytical results have been reported for this otherwise useful fading model. In this paper, we derive a closed-form expression for the generalized moment-generating function (MGF) of the signal-to-noise ratio (SNR) of Beckmann fading, which permits to circumvent the inherent analytical complexity of this model. This is a new and useful result, as it is key for evaluating several important performance metrics of different wireless communication systems and also permits to readily compute the moments of the output SNR. Thus, we obtain simple exact expressions for the energy detection performance in Beckmann fading channels, both in terms of the receiver operating characteristic (ROC) curve and of the area under ROC curve. We also analyze the outage probability in interference limited systems affected by Beckmann fading, as well as the outage probability of secrecy capacity in wiretap Beckmann fading channels. Monte Carlo simulations have been performed to validate the derived expressions.Universidad de Málaga. Campus de Excelencia Internacional. Andalucía Tech

Use of Natural Light vs. Cold LED Lighting in Installations for the Recovery of Victims of Gender Violence: Impact on Energy Consumption and Victims’ Recovery

The efficiency of lighting installations is a major challenge concerning Governments, productive sectors and individuals. However, the importance of accurate lighting in some areas, especially those related to Health and Wellbeing is so critical that the constraints of energy efficiency and sustainability are not always a priority. This situation has become more critical with the current boom in the application of non-visual effects of light to these areas. In this study, the effects oftwo different kinds of lighting on femalevictims of gender violence are compared and analyzed in terms of positive results and impact on energy consumption and sustainability. The lighting technologies used are integrated in facilities where these women carry out different activities aimed at their integration into daily life after their traumatic experiences. The results are expected to become a tool for professionals working with these collectives and for installation designers. In spite of the well-known effects of cold light, especially for tasks involving arousal, sleepiness and other critical variables, it is demonstrated that daylight, which is obviously cheaper from productive and environmental perspectives, is better for this application.This work was conducted under funding from CAPES (Coordination of Improvement of Higher Education Personnel—Brazil) which has granted scholarships Doctoral number BEX 0947/14-8

Thermal rectification in mass-graded next-nearest-neighbor Fermi-Pasta-Ulam lattices

We study the thermal rectification efficiency, i.e., quantification of asymmetric heat flow, of a one-dimensional mass-graded anharmonic oscillator Fermi-Pasta-Ulam lattice both with nearest-neighbor (NN) and next-nearestneighbor (NNN) interactions. The system presents a maximum rectification efficiency for a very precise value of the parameter that controls the coupling strength of the NNN interactions, which also optimizes the rectification figure when its dependence on mass asymmetry and temperature differences is considered. The origin of the enhanced rectification is the asymmetric local heat flow response as the heat reservoirs are swapped when a finely tuned NNN contribution is taken into account. A simple theoretical analysis gives an estimate of the optimal NNN coupling in excellent agreement with our simulation results.J.M.L.thanks Direccion General de Investigación Científica y Técnica, MINECO (Spain) for financial support through the project No. FIS2014-59462-P

A FPGA Spike-Based Robot Controlled with Neuro-inspired VITE

This paper presents a spike-based control system applied to a fixed robotic platform. Our aim is to take a step forward to a future complete spikes processing architecture, from vision to direct motor actuation. This paper covers the processing and actuation layer over an anthropomorphic robot. In this way, the processing layer uses the neuro-inspired VITE algorithm, for reaching a target, based on PFM taking advantage of spike system information: its frequency. Thus, all the blocks of the system are based on spikes. Each layer is implemented within a FPGA board and spikes communication is codified under the AER protocol. The results show an accurate behavior of the robotic platform with 6-bit resolution for a 130º range per joint, and an automatic speed control of the algorithm. Up to 96 motor controllers could be integrated in the same FPGA, allowing the positioning and object grasping by more complex anthropomorphic robots.Ministerio de Ciencia e Innovación TEC2009-10639-C04-02Ministerio de Economía y Competitividad TEC2012-37868-C04-0

La fotografía como recurso educativo en el tercer ciclo de Educación Primaria

El presente trabajo trata sobre la importancia de considerar la fotografía como recurso educativo dentro del tercer ciclo de Educación Primaria, así como las aplicaciones en el aula y en la vida de los alumnos

Salicilato y antiinflamatorios no esteroideos inhiben la entrada de calcio y la proliferación de células de adenocarcinoma de páncreas

El adenocarcinoma de páncreas (neoplasia maligna más frecuente en este órgano) presenta muy mal pronóstico con una supervivencia a los 5 años del 5% y un repertorio terapéutico limitado solo siendo el 20% de los pacientes candidatos a la cirugía (única técnica curativa). Estudios epidemiológicos correlacionan el consumo de aspirina y otros AINEs con una menor incidencia de diferentes tipos de cáncer, entre ellos el de páncreas. El mecanismo clásico antiinflamatorio de estos fármacos no explica este fenómeno por lo que se propone la hipótesis de que el salicilato inhibe la proliferación de las células tumorales inhibiendo parcialmente la entrada capacitativa del calcio (SOCE), principal vía de entrada de calcio al citosol en células no excitables. Esta inhibición se realizaría a través de un efecto desacoplante mitocondrial disipando el potencial electroquímico de la membrana mitocondrial interna lo que inhibiría la capacidad de la mitocondria de aclarar los incrementos de calcio favoreciendo la inactivación de los canales de calcio implicados en SOCE. Se propone la entrada capacitativa de calcio como nueva diana terapéutica ya que se ha demostrado que en el cáncer se produce una alteración de la homeostasis del calcio intracelular (remodelado). En este trabajo se estudia el efecto del FCCP (desacoplante mitocondrial conocido), salicilato y sulindac en la proliferación de la línea celular Panc-1. Para comprobar el posible efecto sobre SOCE sobre estos fármacos se realizan estudios de imagen de calcio citosólico por fluorescencia. Los resultados obtenidos demuestran que el FCCP, salicilato y sulindac tienen un efecto antiproliferativo e inhibidor de SOCE. Por tanto, ambos experimentos apoyan la hipótesis de que la entrada capacitativa de calcio es una nueva diana terapéutica frente al cáncer de páncreas. Serían necesarios más estudios en esta línea para poder contemplar las posibilidades de traslación a la clínica.Grado en Medicin