Recursive Thick Modeling and the Choice of Monetary Policy in Mexico.

The choice of monetary policy is the most important concern of central banks. However, this choice is always confronted, inter alia, with two relevant aspects of economic policy: parameter instability and model uncertainty. This paper deals with both types of uncertainty using a very specific class of models in an optimal control framework. For optimal policy rates series featuring the first two moments similar to those of the actual nominal interest rates in Mexico, we show that recursive thick modeling gives a better approximation than recursive thin modeling. We complement previous work by evaluating the usefulness of both recursive thick modeling and recursive thin modeling in terms of direction-of-change forecastability.Macroeconomic policy, Model uncertainty, Optimal control, Monetary policy, Inflation targeting

Analysis of the Performance of Mexican Pension Funds: Evidence from a Stationary Bootstrap Application

This paper assesses the performance of Mexican pension funds (AFORES) by using an asset pricing model that includes macroeconomic factors and benchmark portfolios to explain returns. We apply a bootstrap statistical technique to obtain the cross-sectional distribution of performance measures (alphas) across all pension funds. This is done to determine whether a pension fund manager adds value to the portfolio before commissions charges, or if the performance observed, after controlling for the relevant factors, is simply explained by luck. Moreover, by comparing pension fund alphas to the distributions of alphas corresponding to lower rankings, we can find out if a particular fund statistically distinguishes itself from others. Our results provide evidence that pension funds managers do not add value to the portfolio and that funds are not distinguishable from each other.Pension funds, Performance evaluation, Stationary bootstrap

Frequency and voltage partitioning in presence of renewable energy resources for power system (example: North Chile power network)

This paper investigates techniques for frequency and voltage partitioning of power network based on the graph-theory. These methods divide the power system into distinguished regions to avoid the spread of disturbances and to minimize the interaction between these regions for frequency and voltage control of power system. In case of required active and reactive power for improving the performance of the power system, control can be performed regionally instead of a centralized controller. In this paper, renewable energy sources are connected to the power network to verify the effect of these sources on the power systems partitioning and performance. The number of regions is found based on the frequency sensitivity for frequency partitioning and bus voltage for voltage partitioning to disturbances being applied to loads in each region. The methodology is applied to the north part of Chile power network. The results show the performance and ability of graph frequency and voltage partitioning algorithm to divide large scale power systems to smaller regions for applying decentralized controllers.Peer ReviewedPostprint (published version

A Verilog HDL digital architecture for delay calculation

A method for the calculation of the delay between two digital signals with central frequencies in the range [20, 300] Hz is presented. The method performs a delay calculation in order to determine the bearing angle of a sound source. Computing accuracy is tested against a previous implementation of the Cross Correlation Derivative method. A Verilog RTL model of the method has been tested on a Xilinx® FPGA in order to evaluate the real performance of the method. Simulations of an ASIC design on a standard CMOS technology predict a power saving of about 25 times per delay stage over previous implementations.Fil: Chacón-Rodríguez, A.. Universidad de Mar del Plata. Laboratorio de Componentes Electrónicos; ArgentinaFil: Martín-Pirchio, F. N.. Universidad Nacional del Sur. Departamento de Ingeniería Eléctrica y de Computadoras; ArgentinaFil: Julian, Pedro Marcelo. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto de Investigaciones en Ingeniería Eléctrica "Alfredo Desages". Universidad Nacional del Sur. Departamento de Ingeniería Eléctrica y de Computadoras. Instituto de Investigaciones en Ingeniería Eléctrica "Alfredo Desages"; ArgentinaFil: Mandolesi, Pablo Sergio. Universidad Nacional del Sur. Departamento de Ingeniería Eléctrica y de Computadoras; Argentin

Linear basal cell carcinoma of the lower eyelid: Reconstruction with a musculocutaneous transposition flap

Linear basal cell carcinoma (LBCC) is a rare morphologic variant of basal cell carcinoma. It is defined as a basal cell carcinoma that grows following a linear pattern, with a longitudinal diameter longer that its width. This entity was first reported by Lewis in 1985,1 and since then approximately 50 new cases have been described. LBCC characteristically spreads following relaxed skin tension lines, and the most frequent site is the lower eyelid. Currently, some controversy exists regarding the most appropriate surgical approach and reconstructive technique for LBCC. For this reason, we present 2 cases recently managed in our center

Daily Solar Energy Estimation for Minimizing Energy Storage Requirements in PV Power Plants

This paper proposes an optimized energy management strategy (EMS) for photovoltaic (PV) power plants with energy storage (ES) based on the estimation of the daily solar energy production. This EMS produces a constant-by-hours power reference which mitigates the stochastic nature of PV production typically associated to the solar resource, and enables PV power plants to take part in the day and intraday electricity markets. The possibility of using the intraday market sessions to refine the plant's power reference paves the way to minimizing the energy capacity ratings of the ES system required to operate the PV power plant without incurring excessive production deviations. This proposal is analyzed on an annual basis using actual irradiance data and theoretical irradiance models extracted from official databases

Predictive Power Control for PV Plants With Energy Storage

This work presents a model predictive control (MPC) approach to manage in real-time the energy generated by a grid-tied photovoltaic (PV) power plant with energy storage (ES), optimizing its economic revenue. This MPC approach stands out because, when a long enough prediction horizon is used, the saturation of the ES system (ESS) can be advanced by means of a prediction model of the PV panels production. Therefore, the PV+ES power plant can modify its production so as to manage the power deviations with regard to that committed in the daily and intraday electricity markets, with the objective of reducing economic penalties. The initial power commitment is supposed in this work to be given by a higher level energy management operator. By a proper definition of its objective function, the predictive control allows us to economically optimize the PV+ES power plant performance. This control strategy is tested in simulations with actual data measured for different days with varying meteorological conditions. Results provide a good reference on the economic benefits which can be obtained thanks to the MPC introduction

Early Serpukhovian conodonts from the Guadiato Area (Córdoba, Spain)

The conodont assemblages of three stratigraphic sections from lower Serpukhovian rocks of the Guadiato Area (southwestern Spain) are composed of fifteen taxa, included in nine genera. Many of them are identified in open nomenclature due to the poor preservation of the specimens, of which most of them are fragmented, the presence of juvenile specimens, and the current controversy in the recognition of some multielement apparatuses. Generally, the faunas are not highly diversified and there is a low abundance of specimens in the horizons that yield conodonts. The assemblages include: Cavusgnathus navicula, Cavusgnathus cf. navicula, Gnathodus girtyi, of which two subspecies were identified, Gnathodus girtyi girtyi and Gnathodus girtyi meischneri, Hindeodontoides? sp., Hindeodus cristula, Idioprioniodus healdi, Idioprioniodus spp., Kladognathus macrodentata?, Kladognathus tenuis-complectens, Lochriea? sp., Mestognathus bipluti, Synclydognathus geminus, Synclydognathus spp. and many unidentifiable fragments

Kardar-Parisi-Zhang universality in first-passage percolation: the role of geodesic degeneracy

We have characterized the scaling behavior of the first-passage percolation (FPP) model on two types of discrete networks, the regular square lattice and the disordered Delaunay lattice, thereby addressing the effect of the underlying topology. Several distribution functions for the link-times were considered. The asymptotic behavior of the fluctuations for both the minimal arrival time and the lateral deviation of the geodesic path are in perfect agreement with the Kardar-Parisi-Zhang (KPZ) universality class regardless of the type of the link-time distribution and of the lattice topology. Pre-asymptotic behavior, on the other hand, is found to depend on the uniqueness of geodesics in absence of disorder in the local crossing times, a topological property of lattice directions that we term geodesic degeneracy. This property has important consequences on the model, as for example the well-known anisotropic growth in regular lattices. In this work we provide a framework to understand its effect as well as to characterize its extent.We acknowledge fruitful conversations with E. Korutcheva. This work has been supported by MINECO/FEDER (Spain/EU) grants FIS2015-66020-C2-1-P and FIS2015-69167-C2-1-P