Extracting GDP Signals From the Monthly Indicator of Economic Activity: Evidence From Chilean Real-Time Data

With real-time data it is analyzed what information Chile’s monthly indicator of economic activity (IMACEC) contains about the final GDP, defined as the growth rate that has been subject to at least two annual revisions. Data are presented and revisions briefly analyzed. It is argued that when three months of IMACEC data are available, it is possible to extract signals about the final GDP, which are as reliable as those contained in the first release of the growth rate. This result is obtained with the evaluation in-sample as well as out-of-sample. It is then investigated how much extra information IMACEC data provide of the final GDP compared to what is already present in historical data. The in-sample analysis indicates statistically significant improvements when more IMACEC data of the quarter are available. Measured by the root mean square nowcast error (RMSNE) the out-of-sample performance also improves as more monthly data are published, although when only the first IMACEC data of the quarter are available, this is not statistically significant.

An Alternative Measure of Core Inflation

We combine the ideas of the trimmed mean and the Edgeworth index to construct an alternative measure of core inflation named “Trim of most volatile components (TMVC)”. At each point of time this measure trims away the components of the price index, which have been most volatile in the past. TMVC tracks trend inflation better than other core inflation measures in the euro zone, but in the US the evidence is weaker.

Propagation of Shocks to Food and Energy Prices: an International Comparison

The present paper analyzes propagation of shocks to food and energy prices in 46 countries with data from the period 1999-2010. The empirical evidence suggests that in only one of the countries considered, a shock to the price of either energy or food shows no propagation to the prices of the goods and services included in the core inflation measure. In general, the propagation effect of food price shocks is larger than that of energy price shocks. Emerging economies are more affected by propagation than advanced ones. The results advocate that policy makers concerned with price stability should pay special attention to shocks affecting domestic food prices.

A polymer condenser microphone on silicon with on-chip cmos amplifier

In this paper the development of a capacitive microphone with integrated preamplifier is described. The condenser microphone is made by micromachining of polyimide on silicon, and is compatible with CMOS technology. Therefore, the structure can be realised by post processing on substrates containing integrated circuits, independently of the IC process. Microphones with a required DC bias voltage of 4 V have been realised on a CMOS substrate containing PMOS buffer preamplifiers. From the measurements on these structures, it is illustrated how an immediate improvement of 4.8 dB of the microphone sensitivity and noise level can be obtained by using the integrated preamplifier. The measured sensitivity of the integrated condenser microphone was 2.5 mV/Pa and the equivalent noise level (ENL) was 29.5 dB(A) SP

High-performance condenser microphone with fully integrated CMOS amplifier and DC-DC voltage converter

The development of a capacitive microphone with an integrated detection circuit is described. The condenser microphone is made by micromachining of polyimide on silicon. Therefore, the structure can be realized by postprocessing on substrates containing integrated circuits (IC's), independently of the IC process, integrated microphones with excellent performances have been realized on a CMOS substrate containing dc-dc voltage converters and preamplifiers. The measured sensitivity of the integrated condenser microphone was 10 mV/Pa, and the equivalent noise level (ENL) was 27 dB(A) re. 20 ¿Pa for a power supply voltage of 1.9 V, which was measured with no bias voltage applied to the microphone. Furthermore, a back chamber of infinite volume was used in all reported measurements and simulation

Knowledge Flows through Informal Contacts in Industrial Clusters Myths or Realities?

The role of informal networks in the development of regional clusters has received a lot of attention in the literature recently. Informal contact between employees in different firms is argued to be one of the main carriers of knowledge between firms in a cluster. This paper empirically examines the role of informal contacts in a specific cluster. In a recent questionnaire, we ask a sample of engineers in a regional cluster of wireless communication firms in Northern Denmark, a series of questions on informal networks. We analyze whether the engineers actually acquire valuable knowledge through these networks. We find that the engineers do share even valuable knowledge with informal contacts. This shows that informal contacts are important channels of knowledge diffusion.Informal contacts, regional clusters, communication technology

Entrepreneurial Founder Effects in the Growth of Regional Clusters How Early Success is a Key Determinant

How can the growth of regional clusters be explained? This paper studies in great detail the growth of the wireless communication cluster in Northern Denmark. Unlike the dominant theories, we argue that initial success of the first firms are the main driving force behind the generation of new firms that eventually lead to the formation of clusters. The success of the first firms tends to generate spin-offs, which become successful themselves due to the background of the founders.Agglomeration, Clusters, Spin-offs, Knowledge Diffusion