La reinserción social de la drogodependencia en los programas de UNAT.

Sin resume

The New Keynesian Monetary Model: Does it Show the Comovement Between Output and Inflation in the U.S.?

Published as article in: Journal of Economic Dynamics and Control (2008), 32(May), pp. 1466-1488.comovement, VAR forecast errors, optimal policy, NKM model

Term Structure and the Estimated Monetary Policy Rule in the Eurozone

Published as an article in: Spanish Economic Review, 2008, vol. 10, issue 4, pages 251-277.NKM model, term structure, policy rule, indirect inference

Explosive Hyperinflation, Inflation Tax Laffer Curve and Modelling the use of Money

This paper analyzes the existence of an inflation tax Laffer curve (ITLC) in the context of two standard optimizing monetary models: a cash-in-advance model and a money in the utility function model. Agents’ preferences are characterized in the two models by a constant relative risk aversion utility function. Explosive hyperinflation rules out the presence of an ITLC. In the context of a cash-in-advance economy, this paper shows that explosive hyperinflation is feasible and thus an ITLC is ruled out whenever the relative risk aversion parameter is greater than one. In the context of an optimizing model with money in the utility function, this paper firstly shows that an ITLC is ruled out. Moreover, it is shown that explosive hyperinflations are more likely when the transactions role of money is more important. However, hyperinflationary paths are not feasible in this context unless certain restrictions are imposed.inflation tax, hyperinflation, Laffer curve

Markov Switching Risk Premium and the term structure of interest rates. Empirical evidence from US post-war interest rates

This paper considers the basic present value model of interest rates under rational expectations with two additional features. First, following McCallum (1994), the model assumes a policy reaction function where changes in the short-term interest rate are determined by the long-short spread. Second, the short-term interest rate and the risk premium processes are characterized by a Markov regime-switching model. Using US post-war interest rate data, this paper finds evidence that a two-regime switching model fits the data better than the basic model. The estimation results also show the presence of two alternative states displaying quite different features.term-structure, risk premium, Markov regime-switching

Planificación de la accesibilidad urbana basada en índices jerárquicos analíticos

La accesibilidad urbana está relacionada con la posibilidad de conseguir bienes y servicios, realizar actividades y alcanzar destinos. El fin último de la gran parte de los desplazamientos en las ciudades es el acceso. La medida de la accesibilidad suele basarse en cuestiones de tiempo, coste, comodidad y riesgo necesarios para llegar a las oportunidades que ofrece la ciudad. Medir la accesibilidad globalmente es una tarea compleja puesto que en ella influye una gran cantidad de factores, pero imprescindible en cualquier proceso de planificación orientado a la mejora de la movilidad. En los últimos años se vienen utilizando algunos indicadores relacionados con la movilidad. En muchos casos estos índices sólo reflejan una perspectiva parcial en la planificación. Un alternativa es definir índices globales que ponderen los factores relevantes de acuerdo con los objetivos perseguidos. En este contexto, el análisis multicriterio basado en procesos jerárquicos analíticos es una herramienta muy útil para eliminar en lo posible la subjetividad inherente a la asignación de prioridades en la ponderación. Además, la utilización de los Sistemas de Información Geográfica puede ayudar en la representación espacial de este análisis, aportando información alfanumérica a los elementos gráficos que definen el modelo. Se propone un “índice de accesibilidad sostenible” que permitirá cuantificar la accesibilidad urbana. Esto hará posible diagnosticar los problemas esenciales de movilidad, proponer soluciones adecuadas y evaluar la eficacia de las medidas adoptadas. Todo ello constituirá un proceso dinámico encaminado a la mejora sostenible de la calidad de vida en las ciudades

On the Informational Role of Term Structure in the U.S. Monetary Policy Rule

This paper uses a structural approach based on the indirect inference principle to estimate a standard version of the new Keynesian monetary (NKM) model augmented with term structure using both revised and real-time data. The estimation results show that the term spread and policy inertia are both important determinants of the U.S. estimated monetary policy rule whereas the persistence of shocks plays a small but significant role when revised and real-time data of output and inflation are both considered. More importantly, the relative importance of term spread and persistent shocks in the policy rule and the shock transmission mechanism drastically change when it is taken into account that real-time data are not well behaved.NKM model, term structure, monetary policy rule, indirect inference, real-time

When risk becomes illness: The personal and social consequences of cervical intraepithelial neoplasia medical surveillance

[Abstract] Background, After the early detection of cervical intraepithelial neoplasia (CIN), medical surveillance of the precancerous lesions is carried out to control risk factors to avoid the development of cervical cancer. Objective. To explore the effects of medical surveillance on the personal and social lives of women undergoing CIN follow-up and treatment. Methodology. A generic qualitative study using a poststructuralist perspective of risk management was carried out in a gynecology clinic in a public hospital of the Galician Health Care System (Spain). Participants were selected through purposive sampling. The sample consisted of 21 women with a confirmed diagnosis of CIN. Semistructured interviews were recorded and transcribed, and a thematic analysis was carried out, including researcher triangulation to verify the results of the analysis. Findings. Two main themes emerged from the participants’ experiences: CIN medical surveillance encounters and risk management strategies are shaped by the biomedical discourse, and the effects of “risk treatment” for patients include (a) profound changes expected of patients, (b) increased patient risk management, and (c) resistance to risk management. While doctors’ surveillance aimed to prevent the development of cervical cancer, women felt they were sick because they had to follow strict recommendations over an unspecified period of time and live with the possibility of a life-threatening disease. Clinical risk management resulted in the medicalization of women’s personal and social lives and produced great uncertainty. Conclusions. This study is the first to conceptualize CIN medical surveillance as an illness experience for patients. It also problematizes the effects of preventative practices in women’s lives. Patients deal with great uncertainty, as CIN medical surveillance performed by gynecologists simultaneously trivializes the changes expected of patients and underestimates the effects of medical recommendations on patients’ personal wellbeing and social relations

Term Structure and the Estimated Monetary Policy Rule in the Eurozone

Published as an article in: Spanish Economic Review, 2008, vol. 10, issue 4, pages 251-277.In this paper we estimate a standard version of the New Keynesian Monetary (NKM) model augmented with term structure in order to analyze two issues. First, we analyze the effect of introducing an explicit term structure channel in the NKM model on the estimated parameter values of the model, with special emphasis on the interest rate smoothing parameter using data for the Eurozone. Second, we study the ability of the model to reproduce some stylized facts such as highly persistent dynamics, the weak comovement between economic activity and inflation, and the positive, strong comovement between interest rates observed in actual Eurozone data. The estimation procedure implemented is a classical structural method based on the indirect inference principle.Financial support from Ministerio de Ciencia y Tecnología and Universidad del País Vasco (Spain) and Fundación Séneca through projects SEJ2004-04811/ECON, 9/UPV00035.321-13511/2001 and I02937/PHCS/05, respectively, is gratefully acknowledged. The first author also thanks Fundación Ramón Areces for financial support

The New Keynesian Monetary Model: Does it Show the Comovement Between Output and Inflation in the U.S.?

Published as article in: Journal of Economic Dynamics and Control (2008), 32(May), pp. 1466-1488.This paper analyzes the performance of alternative versions of the New Keynesian monetary (NKM) model in order to replicate the comovement observed between output and inflation during the Greenspan era. Following Den Haan (2000), we analyze that comovement by computing the correlations of VAR forecast errors of the two variables at different forecast horizons. The empirical correlations obtained show a weak comovement. A simple NKM model under a standard parametrization provides a high negative comovement at any forecast horizon. However, a generalized version including habit formation and a forward-looking Taylor rule is able to mimic the observed weak comovement. The good performance of this generalized version also extends to the case in which the policymaker is committed to following an optimal contingent plan under certain parametrizations.Financial support from Fundación BBVA, Ministerio de Ciencia y Tecnología and Universidad del País Vasco (Spain) through projects 1/BBVA00044.321-15466, SEJ2004-04811/ECON and 9/UPV00035.321- 13511/2001, respectively, is gratefully acknowledged