Optimal Monetary Policy Rules Under Inflation Range Targeting

We calculate and compare optimal monetary policy (MP) rules for a simple economy under alternative central bank objective (loss) functions. We compare both soft- and hard-edges range (zone) targeting as well as asymmetric loss-functions to a quadratic loss case. The latter represents the standard loss-function for point inflation targeting. The results show that MP aggressiveness under range targeting critically depends on how hard are the edges of this range. If a range is thought of as a thick point objective, MP is always active (there are no inaction zones), although it is less aggressive against inflation and output shocks if range edges are sufficiently soft (vis-à-vis a point target). Harder edges makes MP more aggressive even when the economy is close to the central part of the range. Finally, an asymmetric loss-function for inflation that penalizes positive deviations relatively more generates a bias against output.

Optimal Monetary Policy Rules when the Current Account Matters

This paper explores the implications for optimal monetary policy rules of including a target for the current account (CA) among central bank (CB) objectives. Using a simple but realistic macroeconomic model of the Chilean economy and standard dynamic programming with forward looking variables, the paper finds optimal rules under alternative specifications of a CB quadratic loss-function. The results show that optimal policy reactions change substantially when there is an objective for the CA (besides inflation). Furthermore, once the CA enters the CB objective function, the relative importance of output vis-à-vis inflation variability is less crucial in determining optimal policy rules. Using a simple 2-equation model, the paper then investigates the implications for monetary policy of having an asymmetric objective with respect to the CA. Specifically, it considers the case in which negative deviations from target are considered to be relatively more costly. The results indicate that, in this non-quadratic set-up, monetary policy is clearly more aggressive against positive inflation shocks than in the symmetric case.

La Sociedad Andaluza de Educación Matemática THALES, Medalla de Andalucía 2010

La Sociedad Andaluza de Educación Matemática THALES ha sido galardonada con la Medalla de Andalucía 2010, concedida por la Junta de Andalucía el 28 de febrero de 2010, Día de la Comunidad, en reconocimiento a su labor, que entre otras destaca por la innovación didáctica, la divulgación y popularización de las Matemáticas, y la organización de distintas actividades y proyectos que realiza desde su creación en 1981

The Invariant Two-Parameter Function of Algebras ψ

At present, the research on invariant functions for algebras is very extended since Hrivnák and Novotný defined in 2007 the invariant functions y and j as a tool to study the Inönü–Wigner contractions (IW-contractions), previously introduced by those authors in 1953. In this paper, we introduce a new invariant two-parameter function of algebras, which we call ¯y, as a tool which makes easier the computations and allows researchers to deal with contractions of algebras. Our study of this new function is mainly focused in Malcev algebras of the type Lie, although it can also be used with any other types of algebras. The main goal of the paper is to prove, by means of this function, that the five-dimensional classical-mechanical model built upon certain types of five-dimensional Lie algebras cannot be obtained as a limit process of a quantum-mechanical model based on a fifth Heisenberg algebra. As an example of other applications of the new function obtained, its computation in the case of the Lie algebra induced by the Lorentz group SO(3, 1) is shown and some open physical problems related to contractions are also formulated.Ministerio de Ciencia e Innovación MTM2013-40455-PMinisterio de Ciencia e Innovación FQM-326 (J.N.-V.)Junta de Andalucía FQM-160 (P.P.-F.

Did Fátima de Madrid really exist?

In this paper we firstly pose the question of whether Fátima de Madrid, a Spanish mathematician woman allegedly born in Madrid, X-XI centuries, really existed or, on the contrary, she is only a product of the imagination of several authors wellintentioned and secondly, under the premise that she really existed, we show her life and work according to the consulted sources and our own research

La calidad de vida y el estrés

Se profundiza sobre los conceptos de calidad de vida y estrés con el propósito de brindar al lector un mayor conocimiento de éstos y, de esta forma, conservar o mejorar la calidad de vida y reducir los efectos negativos del estrés.ITESO, A.C

An Application of Total-Colored Graphs to Describe Mutations in Non-Mendelian Genetics

Any gene mutation during the mitotic cell cycle of a eukaryotic cell can be algebraically represented by an isotopism of the evolution algebra describing the genetic pattern of the inheritance process. We identify any such pattern with a total-colored graph so that any isotopism of the former is uniquely related to an isomorphism of the latter. This enables us to develop some results on graph theory in the context of the molecular processes that occur during the S-phase of a mitotic cell cycle. In particular, each monochromatic subset of edges is identified with a mutation or regulatory mechanism that relates any two statuses of the genotypes of a pair of chromatids.Junta de Andalucía FQM-016Junta de Andalucía FQM-32

Planteando problemas de forma poética

En este artículo se plantea la posibilidad de que el profesor de Matemáticas de Secundaria y Bachillerato utilice la poesía como una herramienta más a fin de despertar la curiosidad y conseguir una mayor motivación e interés de sus alumnos por la asignatura. Se muestran algunas de las muchas y variadas poesías relacionadas de alguna manera con las Matemáticas y se indican el contexto y el nivel más apropiados para utilizarlas.The aim of this paper is to introduce the possibility of a Secondary School teacher of Mathematics using poetry as another tool in order to inspire curiosity in students and make them have greater motivation and interest in the subject. Some of the many of varied poems somehow related to Mathematics are also shown and the context and most appropriate level to use them are indicated.Este artigo levanta a possibilidade de que o professor de Matemática do secundário e do ensino médio usam na poesia como uma ferramenta para despertar a curiosidade e obter mais motivação e interesse dos alunos pelo assunto. Mostra alguns dos muitos e variados poemas relacionados de alguma forma com a Matemática e identifica o contexto e ao nível mais adecuado para usá-los