2,447 research outputs found

    The mirage of floating exchange rates

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    This note summarizes some of the highlights of my longer paper with Guillermo Calvo”Fear of Floating.” Many emerging market countries have suffered financial crises. One view blames soft pegs for these crises. Adherents to that view suggest that countries move to corner solutions--hard pegs or floating exchange rates. We analyze the behavior of exchange rates, reserves, and interest rates to assess whether there is evidence that country practice is moving toward corner solutions. We focus on whether countries that claim they are floating are indeed doing so. We find that countries that say they allow their exchange rate to float mostly do not--there seems to be an epidemic case of “fear of floating.”fear of floating fixed exchange rates interest rates reserves

    La polifacética personalidad musical de Luis Antonio Calvo

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    This article is a reelaboration of a lecture by the author in one of the halls surrounding the Luis A. Calvo Auditorium of the Industrial University of Santander in the city of Bucaramanga, Colombia, in the occasion of one of the first Piano Festivals celebrated there since 1984. The piano examples were then played by an assistent pianist. Those fragmentary examples of romantic, postromantic and nationalist characteristic pieces from Europe and both Americas were used by the author to demonstrate the true influences on the piano works of Calvo, his compositive capacities and the mistaken reppresentation of him as the Colombian Chopin.El presente trabajo fue originalmente una conferencia que el autor leyó en una de las salas del Auditorio “Luis A. Calvo” de la Universidad Industrial de Santander, durante la celebración de uno de los primeros Festivales de Piano que se celebran desde 1984, en la ciudad de Bucaramanga. En aquella ocasión el autor fue secundado en los ejemplos musicales con la ayuda de un pianista. Lo que sigue a continuación es una versión remozada, revisada y expurgada del contenido original. Con la ayuda de ejemplos de compositores románticos, postrománticos y nacionalistas de Europa y América, especialmente de las llamadas piezas de salón, el autor logra demostrar las verdaderas influencias y capacidades compositivas operantes en  las piezas pianísticas de Luis A. Calvo y cómo es bastante errado llamarlo el Chopin colombiano

    La polifacética personalidad musical de Luis Antonio Calvo

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    The present work was originally a conference that the author read in one of the rooms of the Auditorium “Luis A. Calvo” of the Industrial University of Santander, during the celebration of one of the first Piano Festivals that have been held since 1984, in the Bucaramanga city. On that occasion the author was seconded in the musical examples with the help of a pianist. What follows is a revised, revised and expunged version of the original content. With the help of examples of romantic, post-Romantic and nationalist composers from Europe and America, especially the so-called salon pieces, the author manages to demonstrate the true influences and compositional abilities operating in the piano pieces of Luis A. Calvo and how he is quite wrong Call it the Colombian Chopin.El presente trabajo fue originalmente una conferencia que el autor leyó en una de las salas del Auditorio “Luis A. Calvo” de la Universidad Industrial de Santander, durante la celebración de uno de los primeros Festivales de Piano que se celebran desde 1984, en la ciudad de Bucaramanga. En aquella ocasión el autor fue secundado en los ejemplos musicales con la ayuda de un pianista. Lo que sigue a continuación es una versión remozada, revisada y expurgada del contenido original. Con la ayuda de ejemplos de compositores románticos, postrománticos y nacionalistas de Europa y América, especialmente de las llamadas piezas de salón, el autor logra demostrar las verdaderas influencias y capacidades compositivas operantes en las piezas pianísticas de Luis A. Calvo y cómo es bastante errado llamarlo el Chopin colombiano

    Reality fetishism. An interpretation of Agustín García Calvo through Marx and Nietzsche

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    El objetivo de este artículo es tratar de comprender uno de los aspectos fundamentales de la obra de Agustín García Calvo, su crítica a la Realidad, a través del pensamiento de Marx y Nietzsche. El autor sostiene que la obra de García Calvo realiza un original aprovechamiento de las críticas de Marx y Nietzsche y puede servir como herramienta de interpretación del presente. Esto es, en definitiva, lo que este artículo trata de mostrar, afirmando que, tal como Marx teorizó sobre el fetichismo de la mercancía y Nietzsche utilizó también el término ‘fetichismo’ para referirse a los procesos lingüísticos, García Calvo expuso, en su ataque a la Realidad, algo que podríamos describir como fetichismo de la Realidad.The aim of this article is to try to understand one of the fundamental aspects of the work of Agustín García Calvo, his criticism of Reality, through the thought of Marx and Nietzsche. The author asserts that the work of García Calvo makes an original use of the criticisms of Marx and Nietzsche and can be used as a tool of interpretation of the present. This is, in short, what this article tries to show, claiming that, as Marx theorized about the commodity fetishism and Nietzsche used also the term ‘fetishism’ to refer to linguistic processes, García Calvo stated, in his attack to Reality, something that we can describe as Reality fetishism

    Moral y poder en el teatro de Joaquín Calvo Sotelo

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    Joaquín Calvo Sotelo in his plays is markedly concerned with resolving the moral conflicts of his characters. On many occasions these very conflicts are organised around an ambition, a doubt, a desire for restitution, a testimony of faith and of doctrine, which clash with an iron-like power partnership which is studied in this article, through nine works by the author of La muralla and in particular through the appropriately titled El poder.En el teatro de Joaquín Calvo Sotelo destaca una marcada preocupación por resolver conflictos morales de sus personajes. Y en no pocas ocasiones tales conflictos se organizan sobre una ambición, una duda, un deseo de restitución, un testimonio de fe y de doctrina, que chocan contra una férrea estructura de poder. Así pues el binomio moral-poder es lo que se estudia en este trabajo, a través de nueve obras del autor de "La muralla", y especialmente de la justamente titulada "El poder"

    TOWARD AN ECONOMIC THEORY OF REALITY: AN INTERVIEW WITH GUILLERMO A. CALVO

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    Guillermo Calvo is one of the most influential economists in the field of international macroeconomics of the past 30 years. He has produced seminal articles in every area of macroeconomics and international economics that he has worked on, including his early classic articles on capacity utilization and time inconsistency, his 1980 s works on efficiency wages, price stickiness, and policy credibility, and his recent studies on sudden stops and emerging market crises. Yet, the defining feature of Guillermo Calvo s contribution to our profession is not the depth and wide scope of the economic theories he has developed, but the central emphasis he puts in all his work on the role of economics as a tool for understanding reality and improving the quality of human life.Guillermo Calvo s passion for the policy implications of economic theory is obvious to anyone who has met him since his days as Senior Advisor of the Research Department of the IMF in the mid-1980 s. This feature of his professional interests was much less obvious to those who interacted with him during his early years as an important figure of the rational expectations revolution. It was probably hard to see that behind the highly technical treatment presented in his articles at that time was an author who had his feet soundly set on the ground and focused on understanding how society could benefit from the renaissance of macroeconomic theory that was taking place. Interestingly, Michael Rothschild did figure out the true nature of Guillermo Calvo in those early years. When the University of California at San Diego tried to hire Calvo in the mid-1980 s, Rothschild explained to Calvo that he was an excellent fit for San Diego because he was a particular type of theoretician: Most theoreticians make theory out of theory, Rothschild noted, but Calvo was different because he made theory out of reality, taking what is really out there and presenting it in a much wider and complex form than a well-developed but narrow theory. The following pages are excerpts from three interview sessions that Guillermo Calvo and I had at his office in the Inter-American Development Bank in the spring of 2003. These interviews provide a clear summary picture of Calvo as the theoretician of reality that Michael Rothschild described. The recollection of the conversation with Rothschild is one of many fascinating memories of Calvo s personal life and professional career that emerged during our meetings. We taped and transcribed the three meetings in Spanish and then Calvo and I together edited that material to produce this much shorter interview in English for Macroeconomic Dynamics.

    Agustín García Calvo en el 15M

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    This article delves into the thought of an author who has not been studied. Besides, it understands that the best way to begin this study is through the Free Assembly of Puerta del Sol in Madrid on May 15th. García Calvo’s position was not influential in this Movement, but it can help us understand it in its origin, in the subsequent development and even in current days. Especially in its inner contradictions: those so called two M15’s souls. The article also analyzes the relationship of the Indignants’ Movement with the 1965’s students’ riot, where García Calvo was also a protagonist. Finally, the article focuses on one of the biggest discrepancies of the thinker from Zamora about the Spanish Revolution, concerning the assessment of Information and Communication Technologies.Este artículo se adentra en el pensamiento de un autor que no ha sido estudiado. Además, entiende que la mejor manera de iniciar su estudio es la Asamblea libre de la Puerta del Sol de Madrid en el 15-M. La posición de García Calvo no fue influyente en este movimiento, pero puede ayudar a comprenderlo: en su origen, en su desarrollo posterior e incluso en nuestros días. Especialmente en sus contradicciones internas, en la dialéctica de esas dos almas del 15-M de las que se ha hablado. El artículo analiza, igualmente, la relación del movimiento de los indignados con la revuelta estudiantil de 1965, del que García Calvo fue también protagonista. Finalmente, se centra en una de las mayores discrepancias del pensador zamorano con la Spanish Revolution, en lo que respecta a la valoración de las tecnologías de la información y la comunicación

    A dynamic thermal ATR-FTIR/chemometric approach to the analysis of polymorphic interconversions. Cimetidine as a model drug

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    Crystal polymorphism of active ingredients is relevant to the pharmaceutical industry, since polymorphic changes taking place during manufacture or storage of pharmaceutical formulations can affect critical properties of the products. Cimetidine (CIM) has several relevant solid state forms, including four polymorphs (A, B, C and D), an amorphous form (AM) and a monohydrate (M1). Dehydration of M1 has been reported to yield mixtures of polymorphs A, B and C or just a single form. Standards of the solid forms of CIM were prepared and unequivocally characterized by FTIR spectroscopy, digital microscopy, differential scanning calorimetry and solid state 13C NMR spectroscopy. Multivariate curve resolution with alternating least squares (MCR-ALS) was coupled to variable temperature attenuated total reflectance Fourier transform infrared spectroscopy (ATR-FTIR) to dynamically characterize the behavior of form M1 of CIM over a temperature range from ambient to 160 °C, without sample pretreatment. MCR-ALS analysis of ATR-FTIR spectra obtained from the tested solid under variable temperature conditions unveiled the pure spectra of the species involved in the polymorphic transitions. This allowed the simultaneous observation of thermochemical and thermophysical events associated to the changes involved in the solid forms, enabling their unequivocal identification and improving the understanding of their thermal behavior. It was demonstrated that under the experimental conditions, dehydration of M1 initially results in the formation of polymorph B; after melting and upon cooling, the latter yields an amorphous solid (AM). It was concluded that the ATR-FTIR/MCR association is a promising and useful technique for monitoring solid-state phase transformations.Fil: Calvo, Natalia Lorena. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Rosario. Instituto de Química Rosario; ArgentinaFil: Maggio, Ruben Mariano. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Rosario. Instituto de Química Rosario; ArgentinaFil: Kaufman, Teodoro Saul. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Rosario. Instituto de Química Rosario; Argentin

    An eco-friendly strategy, using on-line monitoring and dilution coupled to a second-order chemometric method, for the construction of dissolution curves of combined pharmaceutical associations

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    A simple, precise, economic and minimally operator-dependent method was developed under green analytical chemistry principles, for the simultaneous construction of the dissolution curves of a pharmaceutical association in short time and without employing organic solvents, allowing important savings of labor and resources. The carvedilol (CAR) and hydrochlorothiazide (HCT) combined formulation was employed as a model. The method (OD/UV-MCR) involves on-line sample dilution (OD) and UV detection of the analytes, coupled to multivariate curve resolution with alternating least squares (MCR-ALS). OD/UV-MCR proved to be robust and was successfully validated in accordance to ICH guidelines, fulfilling acceptance criteria for specificity (r2 of spectral correlation > 0.950), linearity [r > 0.999 (N = 25) in the ranges 1.00–31.1 mg l−1 and 0.51–15.2 mg l−1 for CAR and HCT, respectively] and precision (RSD < 2%). Accuracy was assessed by point-to-point comparison between the dissolution profiles furnished by the proposed method with those provided by HPLC analysis, evidencing the usefulness of this monitoring system. In addition, OD/UV-MCR was successfully employed for the comparative analysis of three lots of commercial formulations of the CAR–HCT pharmaceutical association, belonging to a couple of different brands, employing Moore and Flanner's f2 similarity indicator.Fil: Maggio, Ruben Mariano. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Rosario. Instituto de Química Rosario; ArgentinaFil: Kaufman, Teodoro Saul. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Rosario. Instituto de Química Rosario; ArgentinaFil: Calvo, Natalia Lorena. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Rosario. Instituto de Química Rosario; Argentin
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