Extracting GDP Signals From the Monthly Indicator of Economic Activity: Evidence From Chilean Real-Time Data

With real-time data it is analyzed what information Chile’s monthly indicator of economic activity (IMACEC) contains about the final GDP, defined as the growth rate that has been subject to at least two annual revisions. Data are presented and revisions briefly analyzed. It is argued that when three months of IMACEC data are available, it is possible to extract signals about the final GDP, which are as reliable as those contained in the first release of the growth rate. This result is obtained with the evaluation in-sample as well as out-of-sample. It is then investigated how much extra information IMACEC data provide of the final GDP compared to what is already present in historical data. The in-sample analysis indicates statistically significant improvements when more IMACEC data of the quarter are available. Measured by the root mean square nowcast error (RMSNE) the out-of-sample performance also improves as more monthly data are published, although when only the first IMACEC data of the quarter are available, this is not statistically significant.

High-performance condenser microphone with fully integrated CMOS amplifier and DC-DC voltage converter

The development of a capacitive microphone with an integrated detection circuit is described. The condenser microphone is made by micromachining of polyimide on silicon. Therefore, the structure can be realized by postprocessing on substrates containing integrated circuits (IC's), independently of the IC process, integrated microphones with excellent performances have been realized on a CMOS substrate containing dc-dc voltage converters and preamplifiers. The measured sensitivity of the integrated condenser microphone was 10 mV/Pa, and the equivalent noise level (ENL) was 27 dB(A) re. 20 ¿Pa for a power supply voltage of 1.9 V, which was measured with no bias voltage applied to the microphone. Furthermore, a back chamber of infinite volume was used in all reported measurements and simulation

Entry by Spinoff in a High-tech Cluster

Recently empirical studies have focused on how capabilities of new entering firms are important for the evolution of industries over time. The performance of new entrants appears to be significantly influenced by their pre-entry background. The general impression of the literature is that firms founded by former employees of successful incumbents have shown larger propensities to survive than other categories of new entrants. In the present paper, we use this approach to study the emergence and growth over the past three decades of a wireless telecommunications cluster around Aalborg in North Jutland, Denmark (NorCOM). The aim is to analyse the dominating forces behind the growth of NorCOM using detailed information about the founding events and organizational background of the individual entrants in the cluster. We show that the technological successes of firms in the region have powered a spinoff process, which can account for the majority of the growth in number of firms and employment in the cluster.Clusters, Spinoffs, Evolution of Industries, Entrepreneurs

Entrepreneurial Founder Effects in the Growth of Regional Clusters How Early Success is a Key Determinant

How can the growth of regional clusters be explained? This paper studies in great detail the growth of the wireless communication cluster in Northern Denmark. Unlike the dominant theories, we argue that initial success of the first firms are the main driving force behind the generation of new firms that eventually lead to the formation of clusters. The success of the first firms tends to generate spin-offs, which become successful themselves due to the background of the founders.Agglomeration, Clusters, Spin-offs, Knowledge Diffusion