Suchergebnisse

The model developed in this paper builds on Cagan's demand for money by considering that a share of government expenditure is spent on servicing foreign debt obligations and fixed in foreign currency. Given this fiscal policy the choice of the depreciation rate implies a passive money supply rule. We show in this model that two types of high-inflation path exist. One type is driven by crawling peg rules of the official exchange rate and is characterized by the saddle-stable path dynamics. The other type characterizes hyperinflationary dynamics. This latter type is a consequence of the global dynamics of the model. The existence of these two types of path can generate recurrent hyperinflation. Moreover, hyperinflation can arise independently of government spending. ; A partir de la función de demanda de dinero de Cagan, el modelo desarrollado en este artículo considera que una fracción del gasto gubernamental se destina al pago de intereses asociado a la deuda externa y que dicho pago es constante medido en unidades de la moneda extranjera. Dada esta política fiscal, la elección de una tasa de depreciación del tipo de cambio implica una política monetaria pasiva. En este modelo, mostramos que dos tipos de sendas de alta inflación existen. Un tipo de estas sendas se deriva de la adopción de reglas sobre la tasa de depreciación del tipo de cambio oficial, conocidas como crawling peg rules. Este tipo de sendas están caracterizadas por una dinámica de punto de silla. El otro tipo de sendas caracterizan dinámicas hiperinflacionarias. Este último tipo es una consecuencia de la dinámica global del modelo. La coexistencia de estos dos tipos de sendas puede generar hiperinflaciones recurrentes. Además, las hiperinflaciones pueden surgir independientemente de variaciones del gasto del gobierno.

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U.S. inflation has experienced a great moderation in the last two decades. This paper examines the factors behind this and other stylized facts, such as the weaker correlation of inflation and nominal interest rate (Gibson paradox). Our findings point at lower exogenous variability of supply-side shocks and, to a lower extent, structural changes in money demand, monetary policy, and firms' sticky pricing behavior as the main driving forces of the changes observed in recent U.S. business cycles. ; The authors acknowledge financial support from the Spanish government (research projects ECO2010-16970 and ECO2011-24304 from Ministerio de Ciencia e Innovación y Ministerio de Economía y Competitividad, respectively).

Revisions of US macroeconomic data are not white-noise. They are persistent, correlated with real-time data, and with high variability (around 80% of volatility observed in US real-time data). Their business cycle effects are examined in an estimated DSGE model that distinguishes real-time data from final data. Both the consumption habit formation and the price indexation to lagged inflation fall significantly in the estimation. The model also shows that revision shocks of both output and inflation are expansionary because they occur when real-time published data are too low and the Fed reacts by cutting interest rates. Consumption revisions, by contrast, are countercyclical as consumption habits mirror the observed reduction in real-time consumption. Finally, revisions of the three variables explain 9.3% of changes of output in its long-run variance decomposition. ; The authors would like to acknowledge financial support from the Spanish government (research projects ECO2008-02641 and ECO2010-16970 from Ministerio de Ciencia e Innovación, respectively).

As one alternative to search frictions, wage stickiness is introduced in a New-Keynesian model to generate endogenous unemployment fluctuations due to mismatches between labor supply and labor demand. The effects on an estimated New-Keynesian model for the U.S. economy are: i) the Calvo-type probability on wage stickiness rises, ii) the labor supply elasticity falls, iii) the implied second-moment statistics of the unemployment rate provide a reasonable match with those observed in the data, and iv) wage-push shocks, demand shifts and monetary policy shocks are the three major determinants of unemployment fluctuations. ; The authors would like to acknowledge financial support from the Spanish government (research projects ECO2008-02641, ECO2009-11151 and SEJ2007-66592-C03-01/ECON from Ministerio de Ciencia e Innovación, respectively). The first author also thanks Fundación Ramón Areces (VII Concurso Investigación en Economía) for financial support.

Erceg, Henderson and Levin (2000, Journal of Monetary Economics) introduce sticky wages in a New-Keynesian general-equilibrium model. Alternatively, it is shown here how wage stickiness may bring unemployment fluctuations into a New-Keynesian model. Using Bayesian econometric techniques, both models are estimated with U.S. quarterly data of the Great Moderation. Estimation results are similar and provide a good empirical fit with the crucial difference that our proposal delivers unemployment fluctuations. Thus, second-moment statistics of U.S. unemployment are replicated reasonably well in our proposed New-Keynesian model with sticky wages. In the welfare analysis, the cost of cyclical fluctuations during the Great Moderation is estimated at 0.60% of steady-state consumption. ; The first and third authors would like to acknowledge financial support from the Spanish government (research projects ECO2008-02641 and SEJ2007-66592C03-01/ECON from Ministerio de Ciencia e Innovación, respectively). The first author also thanks Fundación Ramón Areces (VII Concurso Investigación en Economía) for financial support.

Television en la banda de UHF existe en Mexico desde 1963. Pero casi unicamente son las regiones fronterizas en el norte del pais donde hay emision televisiva de este tipo, porque solo alli existen los aparatos receptores necesarios, de produccion extranjera. Ahora se considera empezar la emision de canales en UHF tambien en otras regiones, sobre todo en la capital. El articulo explica el funcionamiento tecnico de las bandas radioelectronicas y la situacion legal en el campo de la television (acuerdos internacionales). Trata la distribucion de las concesiones para los futuros canales de television en UHF que se van a establecer en los proximos anos. Los autores argumentan que la planeada introduccion de television en UHF en el interior de Mexico conducira a una comercializacion adicional d

This document is the unedited Author's version of a Submitted Work that was subsequently accepted for publication in The Journal of Physical Chemistry Letters, copyright © 2018 American Chemical Society after peer review. To access the final edited and published work see https://pubs.acs.org/doi/10.1021/acs.jpclett.7b03220 ; Direct measurement of autoionization lifetimes by using time-resolved experimental techniques is a promising approach when energy-resolved spectroscopic methods do not work. Attosecond time-resolved experiments have recently provided the first quantitative determination of autoionization lifetimes of the lowest members of the well-known Hopfield series of resonances in N2. In this work, we have used the recently developed XCHEM approach to study photoionization of the N2molecule in the vicinity of these resonances. The XCHEM approach allows us to describe electron correlation in the molecular electronic continuum at a level similar to that provided by multireference configuration interaction methods in bound state calculations, a necessary condition to accurately describe autoionization, shakeup, and interchannel couplings occurring in this range of photon energies. Our results show that electron correlation leading to interchannel mixing is the main factor that determines the magnitude and shape of the N2photoionization cross sections, as well as the lifetimes of the Hopfield resonances. At variance with recent speculations, nonadiabatic effects do not seem to play a significant role. These conclusions are supported by the very good agreement between the calculated cross sections and those determined in synchrotron radiation and attosecond experiments ; This work has been supported by the ERC advanced grant 290853 - XCHEM - within the seventh framework programme of the European Union, the ERC proof-of-concept grant 780284 - Imaging-XChem - within the Horizon2020 Framework Programme, and the MINECO projects FIS2013-42002-R and FIS2016-77889-R (AEI/FEDER, UE). We also acknowledge computer time from CCC-UAM and Marenostrum Supercomputer Centers. L.A. acknowledges support from the TAMOP NSF Grant No. 1607588, as well as UCF funding