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AbstractWe analyze, using the micro data of the Household Financial Survey (HFS) of the Bank of Spain, the consumption consequences of the household balance sheets and debt accumulation during the real estate bubble of 2002–2005, the Great Recession (2008–2011) and the subsequent economic recovery phase (2014–2017). Using quantile regression models, we find heterogeneity in household consumption behavior with respect to income and net worth levels, and in response to changes in household net worth in the last two periods. During the considered real estate bubble period, this heterogeneity in behavior is diminished, and only occurs in relation to the level of net wealth, in line with Hyman Minsky's Paradox of Tranquility. These findings favor the post-Keynesian theory on consumption. The greater inequality leads to a higher propensity of certain households to consume in response to changes in housing and financial net worth. This is compatible with the relative income hypothesis extended in expenditure cascades models. Otherwise, households will be willing to take on more risk during economic boom periods associated with a real estate bubble, which translates into debt-financed consumption that virtually makes such heterogeneity practically disappear.

This paper examines the perceptions of firms in April 2020, one month after the Spanish Government declared the state of alarm, about how the COVID-19 pandemic will affect their business activity in the following months, and what employment decisions they expect to make in response. The data for the study was collected by the Government of the region of Aragon (Spain) through a survey of a non-randomly selected sample of firms located in the region. In addition to prospects and intended actions, firms were asked whether or not they had applied for ERTE aid (the Spanish job retention scheme to contain the pandemic crisis). We find that firms participating (voluntarily and anonymously) in the survey anticipated rather well the severity of the effects of the pandemic in the following months. The ERTE aid helped firms to maintain the jobs of their inactive employees, while firms that did not ask for aid responded by laying off employees. Further, the ERTE aid helped to maintain the jobs of furloughed employees, but the firms receiving ERTE aid expected to lay off the same proportion of employees as firms without that aid, controlling for the different anticipated effects of the pandemic in the two groups of firms.

In this article the instabilities appearing in a liquid layer are studied numerically by means of the linear stability method. The fluid is confined in an annular pool and is heated from below with a linear decreasing temperature profile from the inner to the outer wall. The top surface is open to the atmosphere and both lateral walls are adiabatic. Using the Rayleigh number as the only control parameter, many kind of bifurcations appear at moderately low Prandtl numbers and depending on the Biot number. Several regions on the Prandtl-Biot plane are identified, their boundaries being formed from competing solutions at codimension-two bifurcation points. ; The code developed for this article was finished during a visit of S. Hoyas to the Lehrstuhl fur Stromungsmechanik of the University of Erlangen-Nurnberg, funded by the Government of Valencia and the Universitat Politecnica de Valencia. S. Hoyas would like to thank to Prof. Delgado and Dr. Ausmeier for their support and kindness. Last, but not least, S. Hoyas is and always will be, in debt with his PhD advisors, Prof. Herrero, Prof. Mancho and Prof. Pardo. ; Torregrosa, AJ.; Hoyas, S.; Pérez Quiles, MJ.; Mompó Laborda, JM. (2013). Bifurcation Diversity in an Annular Pool Heated from Below: Prandtl and Biot Numbers Effects. Communications in Computational Physics. 13(2):428-441. doi:10.4208/cicp.090611.170212a ; S ; 428 ; 441 ; 13 ; 2 ; Shi, W., Ermakov, M. K., Li, Y.-R., Peng, L., & Imaishi, N. (2009). Influence of Buoyancy Force on Thermocapillary Convection Instability in the Differentially Heated Annular Pools of Silicon Melt. Microgravity Science and Technology, 21(S1), 289-297. doi:10.1007/s12217-009-9118-8 ; SCHWABE, D., ZEBIB, A., & SIM, B.-C. (2003). Oscillatory thermocapillary convection in open cylindrical annuli. Part 1. Experiments under microgravity. Journal of Fluid Mechanics, 491, 239-258. doi:10.1017/s002211200300541x ; Pelacho, M. A., & Burguete, J. (1999). Temperature oscillations of hydrothermal waves in thermocapillary-buoyancy ...

Documento con firmas autógrafas ; Contiene: Título de Barón de Aragón, concedido por Carlos IV a Joaquín Arascot y Balaguer. --- Toma de razón del depacho en las Contadurías Generales de Valores y Distribución de la Real Hacienda, realizada por Pedro Martínez de la Mata y Leandro de Borbón.-- Testimonio de la presentación en el Real Acuerdo de Zaragoza, por Juan Laborda, escribano de la Real Audiencia.-- Certificación del rey de armas Juan Félix de Rújula.-- Certificación de los escribanos del Rey: Manuel de Viscenquillo de Frías, Manuel de Velo y José Mateo y Aguado.-- Certificación de Manuel de Pinedo.-- Testimonio de la presentación en el Ayuntamiento de Teruel por el secretario del Ayuntamiento Miguel Igual ; Junto con las firmas constan sellos pegados en cada documento; en la h. [1] aparece una firma añadida posteriormente : "Francisco de Goya"; tiene anotaciones del pago de los derechos en la h. [4]v.; posée sello real de cera pendiente dentro de caja metálica; la h. [1] final sin foliar en bl. ; En la h. [1]r. figura el sello estampado de Carlos IV sobre el que se ha pintado la corona real y manto, y debajo una miniatura con la figura de Carlos IV dentro de óvalo y con atributos militares, con la intitulación: "DON CARLOS"; en la h. [6]r. escudo de armas de Joaquín Arascot y Balaguer; en la h. [7]r. que está, que está pleg., es el árbol genealógico ascendente de la familia de Joaquín Arascot y Balaguer; en la h. 8r. escudo real estampado, sobre él corona real y manto, y debajo figuras alegóricas con la intitulación: "DON JUAN FELIX DE RUJULA"; en la certificación del Rey de Armas se han pintado los escudos de varios apellidos; aparecen iniciales iluminadas y titulillos de adorno a lo largo de todo el manuscrito; miniaturas protegidas por h. de seda