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Inflation persistence, inflation targets and monetary policy rules
Get PDF[ESP]Esta tesis doctoral analiza los efectos de las decisiones de estrategia de un banco central que trata de estabilizar la senda temporal de las variables macroeconómicas clave. El primer capítulo explora la instrumentación de la política monetaria en España durante el periodo 1984-1998, explotando el conjunto de información (en parte confidencial) que el Banco de España disponía a la hora de decidir los ajustes en el tipo de interés. La principal conclusión es que, desde 1988 a 1998, el comportamiento del Banco de España se puede aproximar mediante una regla simple de tipos de interés. El segundo capítulo analiza la persistencia de la tasa de inflación con un modelo de equilibrio general dinámico y estocástico, que incluye cláusulas de indización salarial. El principal resultado reside en que un grado de indización a la inflación pasada tan razonablemente pequeño como los observados en la práctica no es capaz de explicar la elevada autocorrelación que presenta la tasa inflación estadounidense durante las últimas décadas. El tercer capítulo profundiza en las implicaciones que la existencia de un límite inferior a los tipos de interés plantea para la toma de decisiones de política monetaria. Se explora la elección del objetivo de inflación del banco central usando un modelo de equilibrio general dinámico con expectativas racionales, en el que la respuesta de la economía ante una perturbación depende del margen de que disponga la autoridad monetaria para modificar los tipos de interés. Su principal resultado es que la probabilidad de que el límite inferior se alcance aumenta rápidamente para objetivos de inflación por debajo del 1%. Finalmente, el cuarto capítulo examina la persistencia en los tipos de interés de política monetaria. Se analiza si la probabilidad de alcanzar el límite inferior a los tipos de interés disminuye al incrementarse el grado de inercia del instrumento de política. El principal resultado del capítulo se puede resumir en que el grado óptimo de inercia es bastante elevado, muy en la línea con el comportamiento observado en la mayoría de bancos centrales. [ENG] This thesis analyses the effects of monetary policy strategy decisions adopted by a central bank whose goal is to stabilise the path of key macroeconomic variables. The first chapter explores monetary policy decisions in Spain during the period 1984-1998, using the partly-confidential information set available to the Bank of Spain when taking monetary policy actions. The main result of this chapter is that, from 1988 to 1998, the behaviour of the Bank of Spain may be approximated by a simple interest-rate rule. The second chapter analyses the persistence of inflation rates using a stochastic, dynamic general-equilibrium model with wage-indexation clauses. Its main finding is that a reasonably low degree of wage indexation cannot explain the relatively high autocorrelations of the US inflation rate during last decades. The third chapter investigates the monetary-policy implications from the existence of a zero-lower bound on the nominal interest rate. A dynamic general-equilibrium model with rational expectations is built to explore the choice of the central bank’s inflation target when the response of the economy to a shock depends on how much the central bank can cut its policy rate. The main conclusion from this chapter is that the probability of hitting the zero-lower bound rises rapidly when the inflation target falls below 1%. Finally, the fourth chapter examines the degree of persistence found on nominal policy rates, exploring whether the probability of hitting the zero-lower bound on nominal interest rates diminishes when the persistence of policy rates rises. The main finding of this chapter is that the optimal degree of policy-rate persistence is relatively high, very much in line with the observed behaviour of most central banks in developed economies
Estructura financiera y decisiones reales en la empresa : el efecto de la responsabilidad limitada
No full textPremio Extraordinario, Área de Sociales y Jurídica
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
koamabayili/VECTRON-author-checklist: VECTRON author checklist
No full textWe have done our best to complete the author checklist relating to the use of animals in the hut study. Note that the objective for the hut study was to evaluate the IRS treatment applications for residual efficacy against Anopheles mosquitoes, including the local An. coluzzii mosquito population. Cows were only used to attract mosquitoes into the huts and no tests were carried out directly on the cows. The author checklist is intended for use with studies where experiments are carried out on animals, which is why we have had such difficulty in completing this for the hut study, as many of the questions do not relate to how the cows were used
Author-wise bibliometric analysis based on entropy.
No full textAuthor-wise bibliometric analysis based on entropy.</p
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