Effects of Foreign Exchange Intervention Under Public Information: the Chilean Case

This paper studies the effects of exchange rate interventions using daily and intraday data for Chile, from 1998 to 2003. Its main contribution is the recognition of the role played by transparency and public announcements in the success of the intervention policy, through the existence of an expectations mechanism which directly impacts the exchange rate. Three foreign exchange policy instruments are distinguished –spot, dollar denominated papers (BCD´s) and announcements- and treated as independent interventions. Time series estimations are used to capture the effect of the traditionally studied spot interventions, as well as the effects associated to the announcement channel that we propose as potentially relevant. Results show that the impact of individual interventions (spot and BCD) are extremely small and, in most cases, non-significant. Also, the importance of the hypothesized announcement mechanism is confirmed. The impact of Central Bank actions on the exchange rate’s level and trend seem to be channeled through the public announcements made by the monetary authority. The market adjusts its expectations to the information revealed through them, with the exchange rate responding accordingly. These effects occur on longer time spans than the ones suggested by the traditional literature. The negligible effect of individual interventions is also found, for the year 2001, with the use of intraday data.

Análisis del cambio de cobertura forestal 2005-2015 en Guanacaste, Costa Rica.

Proyecto de Graduación (Licenciatura en Ingeniería Forestal) Instituto Tecnológico de Costa Rica, Escuela de Ingeniería Forestal, 2016.Costa Rica experienced a rapid deforestation between the decades of the 60`s and 70`s, however later drove a series of environmental management policies to reverse this destructive process. For this reason, Costa Rica has registered a significant forest cover recovery since the 80´s and today the Guanacaste Province is one of the most representative examples. The purpose of this study was to analyze the forest cover change in the Guanacaste Province and identify the most important factors influencing in the recovery and loss of forest cover, to provide elements for land use planning and management together with the conservation and management of natural resources. To achieve this objective, we analyzed Landsat 8 satellite imagery with Geographic Information Systems, in order to compare the dynamics of forest cover changes between the years 2005 and 2015. The results indicate that in 2005 the forest cover was equivalent to 51% of the area of the province, this coverage increased to 60% in 2015. The most important factors that seem to contribute to this continuous forest cover recovery are: a decreased of livestock, transformation of the economy towards the tertiary sector - specifically tourism, and a reduction of the pressure of forest for firewood and timber. We also found a loss of than 63,500 ha of forest cover, this land was transformed to pasture (84%) and crops (12%). The detected forest cover loss is presumably associated with frequent and intensive forest fires taking place in this Province. Other land uses identified for 2015 and its extension are: pasture 28% (279,738 ha), agriculture 5.5% (55 502 ha), bare soil 4.1% (41 514 ha), clouds and cloud shadows 0.8% (8612 ha), urban infrastructure 0.4% (3682 ha), water bodies 0.4% (4 566 ha) and other uses non classified 1.4% (14 324 ha)Instituto Tecnológico de Costa Rica; Inter-American Institute for Global Change Research (IAI) CRN3 025, US National Science Foundation (Grant GEO-1128040)

Estudio piloto sobre la ecología alimentaria del Mono Araña de Cabeza Marrón (Ateles fusciceps) en el Chocó ecuatoriano

The Chocó forest in the province of Esmeraldas, Ecuador, is the habitat of the brown-headed spider monkey (Ateles fusciceps). Due to loss of habitat and poaching, this primate is currently categorized as critically endangered (IUCN). The objectives of this study are: to contribute to the understanding of the feeding ecology of A. fusciceps by determining which plant species are consumed during the dry season, and by evaluating the relationship between the forest’s fruit production and the primate’s feeding patterns. Methodology proposed by Miller and Dietz (2004) was applied to calculate the production of fruit trees. Additionally, the method proposed by Snaith and Chapman (2005) was used to measure feeding rates and determine dietary preferences. The nutritional composition of the fruits ate by A. fusciceps was analyzed to determine a correlation between the protein and fat percentage and the total number of fruits ingested. Feeding preferences were registered for Brosimum utile which shows the highest number of bites per fruit, the proportion of individuals feeding from the total of individuals feeding in the tree, the total number of fruits consumed and the percentage of protein.Los bosques del Chocó en la provincia de Esmeraldas, Ecuador, son el hábitat del mono araña de cabeza marrón (Ateles fusciceps) que se encuentra en la categoría de peligro crítico (UICN) principalmente por la pérdida de hábitat y cacería (Cuarón et al., 2010). Este estudio buscó evaluar en qué medida los patrones de alimentación de esta especie están relacionados con la producción de frutas del bosque. Para esto se utilizó la metodología propuesta por Miller y Dietz (2004) para calcular la producción de los árboles frutales, y por Snaith y Chapman (2005) para estimar la tasa de alimentación y así evaluar las preferencias alimentarias. Además se realizó un análisis nutricional de los frutos registrados en la dieta de A. fusciceps para estimar si existe una relación entre el porcentaje de proteína y grasa, yel número de frutos ingeridos. Durante la época seca (julio y agosto 2012), se registraron preferencias por especies de frutos como Brosimum utile que presenta los promedios más altos en el tiempo dedicado a la alimentación, el número de mordiscos por fruto, la proporción de individuos alimentándose en relación al total de individuos en el parche, el número de frutos consumidos y el porcentaje de proteína

Efectos de las Intervenciones en el Mercado Cambiario: El Caso de Chile

Using daily data on intervention activities by the Central Bank of Chile between 1998 and 2003, this paper studies the impact of these actions on the peso/dollar exchange rate. First, results are obtained from an event study, finding no evidence of a significant effect of interventions on the level and trend of the exchange rate. However, these findings could be biased due to the omission of relevant control variables and the simultaneity between interventions and the exchange rate. Time series estimates are used to deal with these potential problems. Statistical evidence of weak exogeneity between intervention and exchange rate shows that the potential endogeneity problem is not relevant given the purpose of the paper. OLS estimations suggest that the effect of daily interventions are not statistically different from zero in 2001, but that the public announcements of the beginning of an intervention period did have an effect in the level and trend of the exchange rate in that year, as well as in 2002-2003. The announcement effect is nil in 1998, as interventions were carried out with less transparency. The results are robust to alternative specifications and instrumental variable estimations.

Evaluación de las propiedades dinámicas de un pórtico plano (MDOF) en una mesa vibratoria

At present, the study of structural dynamics is mainly theoretical with access to certain simulations through software, however, this project attempts that the student may understand and physically observe the dynamic responses of experimental models. These models correspond to 2D - frames with multiple degrees of freedom that are subjected to acceleration in the base; this acceleration is generated by a Shake Table II, and the results obtained will be compared with theoretical results. These theoretical results were obtained based on modal decomposition and Newmark's method for calculating the dynamic response, considering the linear variation in the acceleration of each floor. The application developed, ATH Dynamic Responses, provided the theoretical responses through a graphical interface friendly for the user. The experimental models are constituted by two materials: stainless steel for frame legs and acrylic sheets for floors; these were tested on a Shake Table II”. The data was acquired using accelerometers that were placed in each floor and in the shake table, and they were corrected both by baseline and with the low pass filter. The results obtained show that the instrumentation with the Shake Table II and the data acquisition with accelerometers provide results similar to the theoretical ones regarding dynamic responses and modal properties.Hoy en día, el estudio de la dinámica estructural es fundamentalmente teórico con acceso a ciertas simulaciones vía \emph{software}, sin embargo, este proyecto intenta que el estudiante pueda entender y observar de manera física las respuestas dinámicas de modelos experimentales. Estos modelos corresponden a pórticos planos de múltiples grados de libertad, que están sometidos a aceleración en la base, la cual es generada por una mesa vibratoria. Los resultados obtenidos se compararán con teóricos. Estos fueron obtenidos basándose en la descomposición modal y en el método de Newmark para el cálculo de la respuesta dinámica, considerando variación lineal en la aceleración de cada piso. La aplicación generada, ATH Dynamic Responses, proporcionó las respuestas teóricas, mediante una interfaz gráfica amigable para el usuario. Los modelos experimentales están constituidos por dos materiales: acero inoxidable (parantes) y láminas de acrílico (pisos), y fueron ensayados sobre una mesa vibratoria. La adquisición de datos se realizó mediante acelerómetros que se colocaron en cada piso y sobre la mesa vibratoria, fueron corregidos, tanto por línea base como con el filtro pasa bajo. Los resultados obtenidos muestran que la instrumentación con una mesa vibratoria y adquisición de datos con acelerómetros proporcionan valores muy similares a los teóricos en cuanto a respuestas dinámicas y propiedades modales

Keeping Promises: Municipal communities struggle to fulfill promises to narrow the digital divide with Municipal Community Wireless Networks

Some public elites assert that the digital divide is a serious social problem and that governments must intervene by affording wireless solutions to improve this social ill.  Few studies, however, examine the relationship between the claims-making activities around such interventions, specifically in reference to closing the digital divide, and the perceptions of the actual impact of those initiatives on this divide.  We bring together two data sets.  The first dataset is from a previous study examining the public rhetoric surrounding these initiatives vis-à-vis the digital divide.  The latter is part of a much larger study on the network’s impact on the divide.  We conclude that these networks are necessary but insufficient in bridging the gap