On the impact of exchange rate regimes on tourism

The main objective of this paper is to analyze the effect of the exchange rate arrangements on international tourism. The ambiguity of literature about the effect of exchange rate volatility contrasts with the magnitude of the impact of a common currency on trade. On the basis of a gravity equation we estimate a moderate effect of a currency union on tourism of almost 12%. Furthermore, we estimate a gravity equation for international trade, obtaining that the common currency effect on trade is reduced when tourism is introduced as a regressor. This suggests that tourism flows may contribute to explain the excessive magnitude of the estimated effect of a common currency on trade in this literature. Finally, we analyze the impact of several de facto exchange rate arrangements on tourism, finding that less flexible exchange rates promotes tourism flows.Tourism, Exchange Rate Regime, Common Currency

Revisiting Rose's common currency debate

The main objective of this research is to revisit the estimation of the effect of a common currency on international trade by applying the new methodology proposed by Helpman, Melitz and Rubistein (2008) and incorporating tourism to the theoretical framework. Rose (2000) estimates an empirical model of bilateral trade, finding a significant coefficient for a currency union variable of 1.2, suggesting an effect of currency unions on trade of over a 200%. Rose (2000)’s finding did not receive full acceptance and further research was consequently devoted to find reasons of such high effect. This still remains as a major puzzle in the International Economics. Rose and Van Wincoop (2001) hold that there may still be some omitted factors that drives countries to both participate in currency unions and trade more. In this research a gravity equation for trade is estimated controlling by international tourism.Common currency, tourism, gravity equation

The wage gap between immigrant and native workers in Spain: an analysis using matched employer-employee data

The fact that Spain has witnessed a sharp increase in the number of immigrants over the past decade has generated considerable interest, particularly as regards wages earned by immigrants in host industries. We analyze whether controlling for both observable and unobservable characteristics of employers —in addition to individual variables and the economic context— makes any difference as regards the debate regarding the existence of wage differences between immigrant and native workers in Spain. As we show, doing this considerably reduces (or even eliminates) the inequalities found in previous research, thereby questioning the results attained by previous studies on this issue.Immigration, salaries, assimilation.

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

On the relation between the IR continuum and the active galactic nucleus in Seyfert galaxies

A sample of the brightest known Seyfert galaxies from the CfA sample is analyzed on the basis of ISO photometric and spectroscopic data. Regardless of the Seyfert type, the mid-IR continuum emission from these galaxies is found to be correlated with the coronal line emission arising in the nuclear active region. Conversely, the correlation degrades progressively when moving from the mid- to the far-IR emission, where it ends to vanish. It is concluded that the mid-IR emission is largely dominated by dust heated by processes associated with the active nucleus whereas the far-IR is a different component most probably unrelated with the active region. We suggest that the far-IR component is due to dust heated by the stellar population in the disks of these galaxies.Comment: 6 pages, 3 figures To be published in Astronomy and Astrophysic

Flux-cutting and flux-transport effects in type-II superconductor slabs in a parallel rotating magnetic field

The magnetic response of irreversible type-II superconductor slabs subjected to in-plane rotating magnetic field is investigated by applying the circular, elliptic, extended-elliptic, and rectangular flux-line-cutting critical-state models. Specifically, the models have been applied to explain experiments on a PbBi rotating disk in a fixed magnetic field ${\bm H}_a$, parallel to the flat surfaces. Here, we have exploited the equivalency of the experimental situation with that of a fixed disk under the action of a parallel magnetic field, rotating in the opposite sense. The effect of both the magnitude $H_a$ of the applied magnetic field and its angle of rotation $\alpha_s$ upon the magnetization of the superconductor sample is analyzed. When $H_a$ is smaller than the penetration field $H_P$, the magnetization components, parallel and perpendicular to ${\bm H_a}$, oscillate with increasing the rotation angle. On the other hand, if the magnitude of the applied field, $H_a$, is larger than $H_P$, both magnetization components become constant functions of $\alpha_s$ at large rotation angles. The evolution of the magnetic induction profiles inside the superconductor is also studied.Comment: 12 pages, 29 figure

Mechanism of Alkyl Migration in Diorganomagnesium 2,6-Bis(imino)pyridine Complexes: Formation of Grignard-Type Complexes with Square-Planar Mg(II) Centers

Dialkylmagnesium compounds [MgR2L2] (R = n-Bu, L = none or R = Bn, L = THF) react with 2,6-bis(imino)pyridines (BIP) to afford different types of Mg(II) alkyl complexes, depending on the nature of R. For R = n-Bu, thermally stable products resulting from selective alkyl transfer to the pyridine nitrogen (N1) atom are obtained. However, NMR studies showed that the reaction of [Mg(Bn)2THF2] with iPrBIP at −65 °C leads to a thermally unstable product arising from benzyl migration to position C2 in the pyridine ring. Above +5 °C, this compound rearranges, cleanly yielding a mixture of two isomeric complexes, in which the benzyl group has migrated to positions C3 or C4 of the central ring, respectively. Similar isomeric mixtures were obtained when [Mg(Bn)2THF2] was reacted with iPrBIP or MesBIP at room temperature. Such mixtures are thermally stable below 80 °C, but at this temperature, the 3-benzyl isomer converts into the thermodynamically favored 4-benzyl product, albeit not quantitatively. An alternate route was devised for the selective syntheses of the latter type of compounds. The X-ray diffraction structure of one of them provided an unusual example of a square-planar alkylmagnesium(II) center.Ministerio de Economía e Innovación CTQ2015-68978-

SiGe/Si nanowire axial heterostructures grown by LPCVD using Ga-Au

The use of Ga-Au alloys of different compositions as metal catalysts for the growth of abrupt SiGe/Si nanowire axial heterostructures has been investigated. The heterostructures grown in a continuous process by just switching the gas precursors, show uniform nanowire diameters, almost abrupt compositional changes and no defects between the different sections. These features represent significant improvements over the results obtained using pure Au

Advanced architectural descriptors in foams: novel 3D computational methods

This work presents 3D computational strategies aimed at providing foam de-structuration of the basic components of a cellular material (struts and cell walls) offering the possibility of analysing separately the structural elements that play an important role in the physical properties of thee materials. Two different methodologies have been used depending on the topological similarities existing between the struts and cell walls: 3D erosion-dilation procedure (thick struts) and solid classification algorithm (thin struts). In a second step, analysis of cell walls is performed in order to show the advantages of analysing separately the two foams components. Particularly, cell wall thickness distribution reveals differences that could not be found prior to the de-structuration

Oxygen-Induced Dimerization of Alkyl-Manganese(II) 2,6-Bisiminopyridine Complexes: Selective Synthesis of a New Ditopic NNN-Pincer Ligand

The outcome of the reaction of manganese(II) dialkyls with 2,6-bisiminopyridine (BIP) ligands is dramatically altered by the presence of very small amounts of oxygen (< 0.5 mol %), leading to binuclear species. These arise from the dimerization of the initial product, a Mn(II) 4-alkyl-2,6-bisiminodihydropyridinate alkyl complex. Cleavage of the binuclear Mn products with methanol affords the free dimeric bases, which can be regarded as a special type of ditopic NNN pincer ligand with an unusual tricyclic framework. The coordinative ability of the new ligands has been probed with the syntheses of Zn and Pd organometallic derivativesMinisterio de Economía e Innovación TQ2015- 68978-