Structural Changes in the Transmission Mechanism of Monetary Policy in Mexico: A Non-linear VAR Approach

In this paper we present a first approach to the study of the transformation in the transmission mechanism of monetary policy that has taken place in Mexico in recent years. For this purpose, we use a non-linear VAR model that allows for regime shifts. The comparison of the different regimes identified leads to the following main findings: a) there was a major structural change in the transmission mechanism around January 2001, date that coincides with the formal adoption of the inflation targeting framework; b) after this change, fluctuations in the real exchange rate have had smaller effects on the process of price formation, the formation of inflation expectations and the nominal interest rate; c) also, there have been stronger reactions of the nominal interest rate to increases in the output gap and the rate of inflation; and d) the movements of the nominal interest rate have a more effective influence on the real exchange rate and the rate of inflation.Monetary policy, Mexico, Monetary transmission mechanism

Uncertainty about the Persistence of Cost-Push Shocks and the Optimal Reaction of the Monetary Authority.

In this paper we formalize the uncertainty about the persistence of cost-push shocks using an open economy optimal control model with Markov regime-switching and robust control. The latter is used in only one of the regimes producing relatively more persistent cost-push shocks in that regime. Conditional on being in the regime with relatively less persistence, we obtain two main results: a) underestimating the probability of switching to the regime with relatively more persistent cost-push shocks causes higher welfare losses than its overestimation; and b) the welfare losses associated with either underestimation or overestimation of such probability increase with the size of the penalty on inflation deviations from its target. Keywords: Model uncertainty, Robustness, Markov regime-switching, Monetary policy, Inflation targeting.Model uncertainty, Robustness, Markov regime-switching, Monetary policy, Inflation targeting

Room temperature ferromagnetic-like behavior in Mn-implanted and post-annealed InAs layers deposited by Molecular Beam Epitaxy

We report on the magnetic and structural properties of Ar and Mn implanted InAs epitaxial films grown on GaAs (100) by Molecular Beam Epitaxy (MBE) and the effect of Rapid Thermal Annealing (RTA) for 30 seconds at 750C. Channeling Particle Induced X- ray Emission (PIXE) experiments reveal that after Mn implantation almost all Mn atoms are subsbtitutional in the In-site of the InAs lattice, like in a diluted magnetic semiconductor (DMS). All of these samples show diamagnetic behavior. But, after RTA treatment the Mn-InAs films exhibit room-temperature magnetism. According to PIXE measurements the Mn atoms are no longer substitutional. When the same set of experiments were performed with As as implantation ion all of the layers present diamagnetism without exception. This indicates that the appearance of room-temperature ferromagnetic-like behavior in the Mn-InAs-RTA layer is not related to lattice disorder produce during implantation, but to a Mn reaction produced after a short thermal treatment. X-ray diffraction patterns (XRD) and Rutherford Back Scattering (RBS) measurements evidence the segregation of an oxygen deficient-MnO2 phase (nominally MnO1.94) in the Mn-InAs-RTA epitaxial layers which might be on the origin of room temperature ferromagnetic-like response observed.Comment: 16 pages, 5 figures. Acepted in J. Appl. Phy

Quaternary glacial evolution in the Central Cantabrian Mountains (Northern Spain)

Peer reviewedPostprin

Colonial Origins of Inequality in Hispanic America? Some reflections based on new empirical evidence

This paper attempts at contributing to the ongoing debate on the historical roots of the high economic inequality of contemporary Iberian America. Basically empirical, our approach departs from mainstream scholarship. We show new data on wages and heights in several viceroyalties that: 1) suggest relatively medium to high levels of material welfare among the commoners in Bourbon Hispanic America; 2) allow us to build indexes of economic inequality. An international comparison of those indexes casts some doubts on the widely accepted view that Viceroyal America’s economy was exclusively based on extremely unequal or extractive institutions, as it has been popularized by the influential works by Engerman and Sokoloff (1994, 2002, 2005), Acemoglu et al. (2002).economic inequality, Iberian America, Viceroyal America’s economy

Predicción de la frescura del aceite de oliva virgen extra durante el almacenamiento mediante espectroscopía de fluorescencia

Virgin olive oil quality relates to flavor and unique health benefits. Some of these properties are at the most desirable level when the oil is just extracted, since it is not a product that improves with age. On the contrary, the concentrations of many compounds change during its shelf-life. These changes reveal the aging of the oil but do not necessarily mean decay in sensory properties, so in some cases an aged oil from healthy olives may be better qualified than a fresh one from olives affected by fermentation. The aim of this work is to analyze different methodologies proposed for assessing the quality of virgin olive oil with implications in freshness and aging of the oil, and to highlight the possibilities of rapid spectrofluorimetric techniques for assessing oil freshness by checking the evolution of pigments during storage. The observed change in the selected spectral features and mathematical modelling over time was compared with the accepted model for predicting the amount of pyropheophytin a, which is based on isokinetic studies. The best regression was obtained for 655 nm (adjustedR2 = 0.91) wavelength, which matches the distinctive band of pigments. The two mathematical models described in this study highlight the usefulness of pigments in the prediction of the shelf-life of extra virgin olive oil.La calidad del aceite de oliva virgen está relacionada con su flavor y sus beneficios únicos para la salud. Algunas de estas propiedades se encuentran en el nivel más deseable cuando el aceite está recién extraído, ya que no es un producto que mejore con el tiempo. Por el contrario, las concentraciones de muchos compuestos cambian a lo largo de la vida útil. Estos cambios revelan el envejecimiento del aceite, pero no implican necesariamente la alteración de las propiedades sensoriales, por lo que en algunos casos un aceite envejecido procedente de aceitunas sanas puede presentar mejor calidad que uno fresco procedente de aceitunas afectadas por procesos de fermentación. El objetivo de este trabajo es estudiar diferentes metodologías propuestas para evaluar la calidad del aceite de oliva virgen con implicaciones en la frescura y el envejecimiento del aceite, destacando las posibilidades de las rápidas técnicas espectrofluorométricas para evaluar la frescura del aceite verificando la evolución de los pigmentos durante el almacenamiento. El cambio observado en las características espectrales seleccionadas y su modelado matemático a lo largo del tiempo se comparó con el modelo aceptado para predecir la cantidad de pirofeofitina a, que se basa en estudios isocinéticos. Los dos modelos matemáticos descritos en este estudio pusieron de manifiesto la utilidad de los pigmentos en la predicción de la vida útil del aceite de oliva virgen extra. La mejor regresión se obtuvo para 655 nm (R2 -ajustado = 0,91), longitud de onda que coincide con la banda distintiva de pigmentos.Secretaría de Estado de Investigación, Desarrollo e Innovación de España-AGL2015-69320-

Predicción de la frescura del aceite de oliva virgen extra durante el almacenamiento mediante espectroscopía de fluorescencia

Virgin olive oil quality relates to flavor and unique health benefits. Some of these properties are at the most desirable level when the oil is just extracted, since it is not a product that improves with age. On the contrary, the concentrations of many compounds change during its shelf-life. These changes reveal the aging of the oil but do not necessarily mean decay in sensory properties, so in some cases an aged oil from healthy olives may be better qualified than a fresh one from olives affected by fermentation. The aim of this work is to analyze different methodologies proposed for assessing the quality of virgin olive oil with implications in freshness and aging of the oil, and to highlight the possibilities of rapid spectrofluorimetric techniques for assessing oil freshness by checking the evolution of pigments during storage. The observed change in the selected spectral features and mathematical modelling over time was compared with the accepted model for predicting the amount of pyropheophytin a, which is based on isokinetic studies. The best regression was obtained for 655 nm (adjustedR2 = 0.91) wavelength, which matches the distinctive band of pigments. The two mathematical models described in this study highlight the usefulness of pigments in the prediction of the shelf-life of extra virgin olive oil.La calidad del aceite de oliva virgen está relacionada con su flavor y sus beneficios únicos para la salud. Algunas de estas propiedades se encuentran en el nivel más deseable cuando el aceite está recién extraído, ya que no es un producto que mejore con el tiempo. Por el contrario, las concentraciones de muchos compuestos cambian a lo largo de la vida útil. Estos cambios revelan el envejecimiento del aceite, pero no implican necesariamente la alteración de las propiedades sensoriales, por lo que en algunos casos un aceite envejecido procedente de aceitunas sanas puede presentar mejor calidad que uno fresco procedente de aceitunas afectadas por procesos de fermentación. El objetivo de este trabajo es estudiar diferentes metodologías propuestas para evaluar la calidad del aceite de oliva virgen con implicaciones en la frescura y el envejecimiento del aceite, destacando las posibilidades de las rápidas técnicas espectrofluorométricas para evaluar la frescura del aceite verificando la evolución de los pigmentos durante el almacenamiento. El cambio observado en las características espectrales seleccionadas y su modelado matemático a lo largo del tiempo se comparó con el modelo aceptado para predecir la cantidad de pirofeofitina a, que se basa en estudios isocinéticos. Los dos modelos matemáticos descritos en este estudio pusieron de manifiesto la utilidad de los pigmentos en la predicción de la vida útil del aceite de oliva virgen extra. La mejor regresión se obtuvo para 655 nm (R2 -ajustado = 0,91), longitud de onda que coincide con la banda distintiva de pigmentos.Secretaría de Estado de Investigación, Desarrollo e Innovación de España-AGL2015-69320-

Massive glosso-cervical arteriovenous malformation: the rationale for a challenging surgical resection

Massive arterivenous malformations (AVM) in the cervico-facial area are rare but potentially life-threatening. Treatment protocols are not well-established. A 41-year old man presented large painless rubber-like mass within the entire neck, which also extended intraorally through the floor of the mouth, showing a slow growing pattern for 5 years. Angiography diagnosed it as cervicofacial AVM. Treatment approach consisted on the embolization of the right upper thyroid, lingual and facial arteries under intravenous sedation. Three days later, bilateral radical neck dissection and subtotal glossectomy was performed. A musculo-cutaneous pectoralis major pedicled flap was harvested to reconstruct the floor of the mouth. Treatment of massive AVMs in the cervico-facial area is challenging due to the associated disfigurement and frequent recurrence rate due to incomplete resection. Also, massive bleeding may be present despite pre-operative super-selective embolization. A new case is presented with focus on surgical treatment considerations

Predictability of the resonance frequency analysis in the survival of dental implants placed in the anterior non-atrophied edentulous mandible

Background: Dental primary implant stability is considered essential in the success of the osseointegration process. The recent advent of the resonance frequency analysis (RFA) seems to effectively measure primary implant stability, although its relationship with implant survival has to be further established. Patients and Methods: Seventy patients with complete mandibular edentulism underwent dental implant rehabilitation by means of the placement of 68 dental implants within the interforaminal region and subsequent placement of an overdenture. Primary implant stability was measured by means of RFA and it was expressed in terms of implant stability quotient (ISQ) on the day of the implant insertion and at the time of the healing abutment placement in a conventional implant two-stage surgical procedure. Results: Overall implant survival rate was 97.1% at the end of the follow-up period. The mean ISQ value for 3.75 and 4.25 mm diameter implants was 78.4 ± 5.46 and 80.83 ± 5.35 respectively, at the time of the implant placement; and 76.68 ± 4.34 and 78.22 ± 6.87 respectively, at the second surgical stage. No statistical differences were observed in relation to changes in mean ISQ value along the healing process Conclusions: No statistical differences in terms of primary and secondary implant stability measured by RFA exists between 3.75 mm and 4.25 mm diameter implants in the conventional implant two-stage surgical procedure in patients with non-atrophied edentulous mandible being restored with an overdenture. Furthermore, no statistical association between RFA and the implant insertion torque was observed for endosseous dental implant placement at the first surgical stage. © Medicina Oral