Crises and Recoveries in an Empirical Model of Consumption Disasters

We estimate an empirical model of consumption disasters using a new panel data set on personal consumer expenditure for 24 countries and more than 100 years, and study its implications for asset prices. The model allows for permanent and transitory effects of disasters that unfold over multiple years. It also allows the timing of disasters to be correlated across countries. Our estimates imply that the average disaster reaches its trough after 6 years, with a peak-to-trough drop in consumption of about 30%, but that roughly half of this decline is reversed in a subsequent recovery. Uncertainty about consumption growth increases dramatically during disasters. Our estimated model generates a sizable equity premium from disaster risk, but one that is substantially smaller than in models in which disasters are permanent and instantaneous. It yields new predictions for the dynamics of risk-free interest rates, the term structure of interest rates, and the pricing of short-term versus long-term risky assets. The persistence of consumption declines in our model implies that a large value of the intertemporal elasticity of substitution is necessary to explain stock-market crashes at the onset of disasters.

Absenteeism, burnout and symptomatology of teacher stress: sex differences

Although numerous studies have been carried out confirming the high levels in the symptomatology of stress and depression in the teaching profession, research focusing on the sex differences in these problems has been both scarce and inconclusive. The objective of this study is to analyze the differences with regards to sex in the incidence of absenteeism, work-related stress, symptomatology of depression, level of burnout and psychiatric symptomatology. The sample consists of 71 teachers, 31 men and 40 women, all of them from Secondary Education. The tools used were the Questionnaire of Teacher Burnout (CBP-R), the Beck Depression Inventory (BDI), the Symptomatology Checklist-90-R (SCL-90-R) and a socio-demographic and work-situation questionnaire. Female teachers were expected to report higher level of absenteeism whereas their male counterparts were expected to show higher levels of symptomatology, burnout, particularly in Depersonalization, and similar levels of depressive symptoms are expected in both sexes. Results show sex differences only in Somatization, which mean was significantly higher in women than in men, and in the types of illness that caused sick leaves. In conclusion, this research support the results of other studies that have not found different patterns of stress, burnout and depression between female and male teachers

Jornadas de salud para el corazón

Las enfermedades cardiovasculares constituyen un gran problema en nuestra población, siendo la primera causa de mortalidad en nuestros días. Este proyecto trata de realizar un programa de educación en salud dirigido a la población de entre 50 y 70 años que son pacientes y reciben los cuidados en el consultorio de salud de Marcilla, pueblo de la ribera de Navarra. El fin de este trabajo es promover estilos de vida saludables en personas de esta edad para evitar la aparición de enfermedades cardiovasculares y, en el caso de pacientes con diabetes, colesterol e hipertensión, que éstos sepan llevar un autocontrol de su enfermedad de manera adecuada, evitando así la aparición de complicaciones y mejorando su calidad de vida y la de su entorno. Será llevado a cabo por una enfermera y respaldado por los diferentes profesionales del consultorio de salud, en el ámbito de la atención primaria y a través de talleres educativos que contarán con la ayuda de elementos informativos como son medios audiovisuales y folletos de información para facilitar la transmisión de mensajes y la comprensión por parte de los usuarios. Los talleres se llevaran a cabo en la sala de cultura de Marcilla en el mes de septiembre, en un horario en función de la disponibilidad tanto de la/s enfermera/s como de los usuarios.Graduado o Graduada en Enfermería por la Universidad Pública de NavarraErizaintzan Graduatua Nafarroako Unibertsitate Publikoa

Algunas vías de acceso a la teoría evolucionista del conocimiento / Epistemología evolucionista.

Sin resume

Stock-Market Crashes and Depressions

Long-term data for 30 countries up to 2006 reveal 232 stock-market crashes (multi-year real returns of –25% or less) and 100 depressions (multi-year macroeconomic declines of 10% or more), with 71 of the cases matched by timing. The United States has two of the matched events—the Great Depression 1929–33 and the post-WWI years 1917–21, likely driven by the Great Influenza Epidemic. 41% of the matched cases are associated with war, and the two world wars are prominent. Conditional on a stock-market crash (return of –25% or less) in a non-war environment, the probability of a minor depression (macroeconomic decline of at least 10%) is 22% and of a major depression (at least 25%) is 3%. For contexts of currency or banking crises that occur during times of global distress, these probabilities rise to 46% and 8%, respectively. These depression odds applied to the stock-market crashes of 2008 in the United States and many other countries. In reverse and again in a non-war environment, the probability of a stock-market crash (return of –25% or worse) is 67%, conditional on a depression of 10% or more, and 83% for 25% or more. Thus, the largest depressions are particularly likely to be accompanied by stock-market crashes. We allow for flexible timing between stock-market crashes and depressions for the 71 matched cases to compute the covariance between stock returns and an asset-pricing factor, which depends on the proportionate decline of consumption during a depression. If we assume a coefficient of relative risk aversion around 3.5, this covariance is large enough to account in a familiar looking asset-pricing formula for the observed average (levered) equity premium of 7% per year. This finding complements previous analyses that were based on the probability and size distribution of macroeconomic disasters but did not consider explicitly the covariance between macroeconomic declines and stock returns.

Gran Colisionador de Hadrones (LHC)

106 páginas.-- Trabajo de divulgación que nos acerca al Large Hadron Collider (LHC - Gran Colisionador de Hadrones).Peer reviewe