Large Hoardings of International Reserves: Are They Worth It?

We empirically assess the contribution of international reserves vis- à -vis institutional variables in reducing the risk of a currency crisis. We find that the ratio of reserves to short-term debt is robust in explaining international crisis, even after controlling for financial development and political variables. Based on our estimates on crisis probabilities we compute the optimal level of reserves for a set of East Asian economies and for Chile. The results of this exercise turn out to be very sensitive to the data utilized and to the assumptions regarding the cost of a crisis. For our benchmark estimate we conclude that the current stocks of reserves for most of the cases are consistent with an optimal selfinsurance policy under reasonable assumptions regarding the cost of a crisis.

Oil Shocks and Monetary Policy in an Estimated DSGE Model for a Small Open Economy

This paper analyzes the effects of oil-price shocks from a general equilibrium standpoint. We develop a dynamic stochastic general equilibrium (DSGE) model, estimated by Bayesian methods for the Chilean economy. The model explicitly includes oil in the consumption basket and also in the technology used by domestic firms. With the estimated model we simulate how monetary policy and other variables would respond to an oil-price shock under the policy rule that best describes the behavior of the Central Bank of Chile (CBC). We also simulate the counterfactual responses in a flexible prices and wages equilibrium, and under alternative monetary frameworks. We show that a 13% increase in the real price of oil leads to a fall in output of about 0.5% and an increase in inflation of about 0.4%. The contractionary effect of the oil shock is mainly due to the endogenous tightening of the monetary policy.

The Chilean Business Cycles Through the Lens of a Stochastic General Equilibrium Model

This paper uses an estimated dynamic stochastic general equilibrium model with nominal and real rigidities, to describe the sources of business cycle fluctuations in Chile. Our results show that foreign shocks and domestic supply shock account for a large share of output fluctuations over the last 20 years. Relatively tight domestic monetary conditions have contributed to contain inflationary pressures arising from other shocks, namely a slowdown in productivity by mid 90s. Foreign factors are also behind the large swings exhibited by the real exchange rate, although a monetary contraction in 1998 explains part of the delayed adjustment of the exchange rate in response to effects of the Asian crisis. The tight monetary policy around 1998 also contributes to the slow recovery of the employment afterwards.

Non-radial pulsations in the Be/X binaries 4U0115+63 and SAXJ2103.5+4545

The discovery of non-radial pulsations (NRP) in the Be/X binaries of the Magellanic Clouds (MC, eg. Fabrycky 2005, Coe et al. 2005, Schmidtke & Cowley 2005) provided a new approach to understand these complex systems, and, at the same time, favoured the synergy between two different fields: stellar pulsations and X-ray binaries. This breakthrough was possible thanks to the MACHO and OGLE surveys. However, in our Galaxy, only two Be/X have been reported to show NRP: GROJ2058+42 (Kiziloglu et al. 2007) and LSI+61 235 (Sarty et al. 2009). Our objective is to study the short-term variability of Galactic Be/X binaries, compare them to the Be/X of the MC and to the isolated Galactic Be observed with CoRoT and Kepler. We present preliminary results of two Be/X stars, namely 4U0115+63 and SAXJ2103.5+4545 showing multiperiodicity and periodicity respectively, most probably produced by non-radial pulsations.Comment: 2 pages, 2 figures, IAUS 272 "Active OB stars: structure, evolution, mass loss and critical limits" conference, Paris, July 2010, submitte

What Drives the Current Account in Commodity Exporting Countries? The Cases of Chile and New Zealand

This paper uses an open economy DSGE model with a commodity sector and nominal and real rigidities to ask what factors account for current account developments in two small commodity exporting countries. We estimate the model, using Bayesian techniques, on Chilean and on New Zealand data, and investigate the structural factors that explain the behaviour of the two countries’ current accounts. We find that foreign financial conditions, investment-specific shocks, and foreign demand shocks account for the bulk of the variation of the current accounts of the two countries. In the case of New Zealand, fluctuations in commodity export prices have also been important. Counterfactual experiments indicate that (i) a peso denomination of the Chilean external debt would reduce the impact of external shocks on the exchange rate and domestic variables, and the influence of monetary policy on the current account; and (ii) more or less aggressive monetary policy in New Zealand offers little scope for stabilizing the exchange rate and the current account.

What Drives the Current Account in Commodity Exporting Countries? The Cases of Chile and New Zealand

This paper uses an open economy DSGE model with a commodity sector and nominal and real rigidities to ask what factors account for current account developments in two small commodity exporting countries. We estimate the model, using Bayesian techniques, on Chilean and on New Zealand data, and investigate the structural factors that explain the behaviour of the two countries’ current accounts. We find that foreign financial conditions, investment-specific shocks, and foreign demand shocks account for the bulk of the variation of the current accounts of the two countries. In the case of New Zealand, fluctuations in commodity export prices have also been important. Counterfactual experiments indicate that (i) a peso denomination of the Chilean external debt would reduce the impact of external shocks on the exchange rate and domestic variables, and the influence of monetary policy on the current account; and (ii) more or less aggressive monetary policy in New Zealand offers little scope for stabilizing the exchange rate and the current account.

Dynamics of Price Adjustments: Evidence From Micro Level Data for Chile

This paper characterizes the dynamics of price adjustments in Chile using data at the establishment level of goods in the CPI basket. Our results show that nominal rigidities are lower when measured at micro-level compared to estimates based on macro data. The frequency of price adjustments appears to be relatively stable over the sample period 1999-2005. On the other hand, if we decompose price adjustments in upward and downward changes, we observe that these frequencies of adjustments for some groups of products are correlated with the level of aggregate inflation. Thus, the data shows that the intensive and extensive margins of price adjustment play a role in determining price dynamics. Finally, we find a considerable degree of synchronization in price adjustments across establishments and a moderate increase in price dispersion since 1999

Viaducto de la Goutte-Vignole. Solución alternativa a la construida

El presente proyecto fin de carrera de ingeniería de caminos, canales y puertos (proyecto del viaducto de la Goutte Vignole), parte de la base de un proyecto de especialidad realizado en Francia en la assgnatura “Projet de ponts” de la École Nationale de Ponts et Chaussées. Pratiendo de dicha base, se ha creado esta memoria con sus correspondientes anejos, añadiendo aquellos que no se habían realizado para el proyecto francés, así como un estudio de alternativas. Los anejos que se habían realizado para el proyecto se han dejado en francés (Cálculo estructural y otros) ya que, respecto a lo acordado con el profesor Aparicio, su traducción no aporta valor docente. Además, para este proyecto se han tomado como base los Planos realizados para dicho proyecto, mejorándolos y añadiendo aquellos que no se habían realizado previamente y se han creado el Presupuesto, el Pliego de prescripciones técnicas y el Estudio de seguridad y salud

The Helsinki public library, Re-Thinking the public library

THE HELSINKI PUBLIC LIBRARY “Re-thinking the public library” Through the last decades information has become more approachable, easy to influence and deliver; technology specifically internet has change the ways and accessibility to knowledge, if a couple of decades ago we were dependent on main stream media and traditional sources of information, now we are facing a new paradigm where the receiver can become to be a source of information through different tools such as: Tweeter, Facebook, Blogs, etc. The main sources of knowledge are now to be approached almost by anyone, any time, anywhere. Google, Wikipedia, Youtube, and many other search engines are now some how replacing our teachers, librarians and storytellers… Considering this new context, where do we position the role of the public library? The understanding of different human groups, their social circumstances and the direction where the nation may be moving to, give us some clues on where to start to dig and what are the signs we may follow. In order to maintain a meaningful role in the society, the public library needs to develop alternative functions and give attention to new user groups. The traditional way of classifying library users might be obsolete; different interest areas often related to specific personal interest are greater motivators than gender, age or ethnic background. The challenge now is to understand these new motivations and transform them into new products and services the library can offer. On this study I will describe the design process that took place reformulating the functions of the public library of Helsinki, in a process that concluded with the guidelines for future services and a new interior architecture prototype, implemented on the library of Oulunkylä neighbourhood of Helsinki. The whole project was developed in close cooperation between the library staff and administration, the design team of the company I was representing by that time, and the community of Oulunkylä. A number of meetings, workshops and consultation rounds where taking place in order to create and deliver a solution as close as possible to the expectations and needs of the different stakeholders. Various methods and tools were used to approach different matters related to the design process. By defining a new spatial program and functions was also possible to enhance the interaction between different user groups and to overcome the generational conflict that changes can produce in a public service. The library will keep on having an important role on the development of the Finnish society, certainly its function has change dramatically from a printed knowledge storage place into a experience public enabler with a strong social role to play. The challenge now for the library is to “stay tuned” to the needs and changes on the people it serves; I believe the library as well as many other public services will require constant rethinking of their functions, placing the user in the centre of any development attempt. Without exhaustive observation, understanding and the participation of different stakeholders, changes can always become to be merely aesthetic or technical “face lifts”, losing momentum and weakening institutions we all have to protect

Computational Thinking : a welcome addition to the LOMLOE

If there is one thing we cannot deny it is how digital computing has revolutionised how we interact with the world around us. Everything from communicating with loved ones to operating on our bank accounts has been transformed in what appears to be a relentless drove towards an ever more connected world. However, the proportion of individuals who actually understand the ideas underpinning this revolution is minuscule. In an effort to promote the understanding of these underlying concepts, several countries have included Computational Thinking (CT) in their curricula: Spain has followed suit with the latest and current teaching law; the LOMLOE. In this thesis we strive to explain how CT is much more than ‘knowing how to use computers’ whilst shining a light on the intricate relation between computational thinking and mathematics. Spain is not the first country to mention CT in its national education regulation: other countries have beaten us to this milestone. That is why we can look at how the different strategies panned out to learn from both mistakes and successful implementations. We devote part of the ensuing discussion to analysing different curricula in East Asia and the European Union to that effect. One of CT’s most appealing features is how transversal it is: the lessons derived from it can be applied to a myriad of fields. In the same fashion as with other areas of knowledge, the synergy between mathematics and computation is so evident and potentially beneficial that it is high time we explored it and included it in our national curriculum. In an effort to land the topic at hand we also provide examples of how CT can be leveraged from a mathematics class. Keywords: Computational Thinking, Mathematics, Teaching.Máster Universitario en Formación del Profesorado de ESO, Bachillerato, Formación Profesional y Enseñanza de Idiomas. Especialidad en Matemáticas (M088