Resumen: This paper deals with some problems related to the application of monetary policy following
the Taylor Rule in the theoretical context of a “3-equation model”. The first problem arises if the
real interest rate does not affect the equilibrium income level itself –as in the IS curve- but its
rate of growth –as in the dynamic IS that we propose. Secondly, the Taylor Rule is incapable of
reaching the inflation target when the central
bank does not correctly estimate its parameters
(the neutral interest rate and potential income) or these parameters vary. Our objective is to
propose an alternative to the Taylor Rule which overcomes both problems. This alternative has
been called the Tracking Rule, because instead of trying to estimate the neutral interest rate or
the potential output, the central bank “tracks” these values based on the economy’s evolution,
particularly on variations in the inflation and unemployment rates. After justifying the dynamic IS
and explaining the logic of this rule in detail, the paper compares the Tracking Rule with the
Taylor Rule, simulating both of them in the context of different types of shock in the modified
three equation model. The results, measured by a loss function, show that the Tracking Rule is
superior in every single case. It is particularly interesting to evaluate central bank reactions
derived from the two rules when the economy suffers a large contractive shock such as the
current crisis. The results show that, with the same shock, the economy is more likely to fall into
the liquidity trap when the Taylor Rule is applied.
Palabras clave: Monetary Policy, Taylor Rule, Liquidity Trap, Simulations
Resumen: In this paper we define the weighted serial cost sharing rule for the cost allocation problem.We apply this new rule to the problem of sharing delay costs in a PERT network. This rule belongs to the Core and is the Weighted Shapley Value for a particular game. Furthermore, we present a characterization of this rule and a polynomial algorithm for its calculation.
style='list-style-image:none;'>Palabras clave: PERT; Serial cost sharing; Delay cost; Weighted Shapley Value
Resumen: In this paper, we define a new rule for the resolution of the slack allocation problem in a PERT network. This problem
exists of allocating existing extra time in some paths among the activities belonging to those paths. The allocation rule that we propose assigns extra time to the activities proportionally to their durations in such a way that no path
duration exceeds the completion time of the whole project. This time allocation enables us to make a schedule for the PERT project under study. We give two characterizations of the rule and we compare it with others that have been previously defined in the literature.
Resumen: In this article we will show that independence is not enough to impose a given inflation target when the Central Bank is following a Taylor rule, moreover in such a case, the fiscal authority will be able to set a different objective from the one sought by the monetary authority. On the other hand, if the fiscal authority is acting in accordance with a rule in which there is a estimated equilibrium expenditure G* similar to the estimated
real interest rate r* in the Taylor rule, neither the government will be able to establish its inflation target value. In this sense, the type of rule that the economic authorities implement is essential for stabilization purposes. The different periods of implementation in fiscal and monetary policy are taken into account although they did not change the main conclusions.
Resumen: In dynamic settings with public capital, it is common to assume that the government
claims a constant fraction of public investment to total output each period, which is
clearly a restrictive assumption. The goal of the paper is twofold: first, to find out a more
reasonable rule for public investment, consistent with US data, than the constant-ratio
rule; second, to analyze the impact of that rule on welfare and judge the public investment
downsizing process
held in US since the end of the sixties. Calibrating for US, the model
simulation captures the public investment downsizing process held during 1960-2001, as
well as the post-1970 slowdown in private factors productivity. Downsizing would be
optimal whenever the public capital elasticity is approximately smaller than 0.09, a lower
level than the general consensus in the literature. Thus, it is more likely that our result
be consistent to Aschauer (1989) and Munnell (1990), which put forth that policymakers
would have reduced the stock of public capital below its optimum level along this time.
Palabras clave: Public investment rule, Policy coordination, Transitional dynamics, Endogenous
growth, Public capital elasticity
Resumen: In dynamic settings with public capital, it is common to assume that the government
claims a constant fraction of public investment to total output each period, which is
clearly a restrictive assumption. The goal of the paper is twofold: first, to find out a more
reasonable rule for public investment, consistent with US data, than the constant-ratio
rule; second, to analyze the impact of that rule on welfare and judge the public investment
downsizing process
held in US since the end of the sixties. Calibrating for US, the model
simulation captures the public investment downsizing process held during 1960-2001, as
well as the post-1970 slowdown in private factors productivity. Downsizing would be
optimal whenever the public capital elasticity is approximately smaller than 0.09, a lower
level than the general consensus in the literature. Thus, it is more likely that our result
be consistent to Aschauer (1989) and Munnell (1990), which put forth that policymakers
would have reduced the stock of public capital below its optimum level along this time.
Palabras clave: Public investment rule, Policy coordination, Transitional dynamics, Endogenous
growth, Public capital elasticity
Resumen: Se analiza, dado un objetivo a largo plazo del ratio inversión pública/PIB, este ratio, además va a reaccionar a lo largo de la transición según el estado de la economía. Esta regla de inversión pública es mas flexible que la que es comunmente considerada en la literatura, donde la ratio inversión publica/PIB es constante. En comparación con esta simple regla, y bajo regímenes impositivos alternativos, se obtienen importantes ganancias de bienestar al coordinar de
manera óptima la política de corto y largo plazo.
Modelling the accumulation rule evolving public investment is an issue of utmost interest
among economists and politicians. The present paper extends the Barro (1990)
model of productive government expenditure by considering a time-adapted rule for the
public investment/output ratio. The rule allows a particular target on the public investment
ratio to be achievable in the long-run. Additionally, throughout the transition, the
government may adjust its period-by-period public investment/output ratio in response
to the current productivity of public capital relative to its long-run level. The degree of
this response depends on a short-run policy instrument, which is decided by the fiscal
authority simultaneously to the long-run target ratio. That way, the government problem
could be interpreted as a coordination problem between short- and long-term policies. In
comparison with a constant-ratio rule, and under alternative taxing scenarios, important
welfare improvements are found when coordinating the short- and the long-run policy
instruments in an optimal way.
Palabras clave: Política fiscal, ratio inversión publica/PIB
Resumen: Tras la adopción del Reglamento Roma II, la UE cuenta con una norma unificada sobre la ley aplicable a la infracción de derechos de propiedad industrial e intelectual, que incorpora el criterio lex loci protectionis, ampliamente extendido en el panorama comparado. Este artículo aborda las relaciones de esa norma con los convenios internacionales básicos sobre propiedad
industrial e intelectual, al tiempo que detalla las características de la norma comunitaria y plantea de cara al futuro el debate acerca de la posible introducción de alternativas o límites a la lex loci protectionis tradicional recogida en el Reglamento, en tanto que norma de conflicto imperativa y absoluta, en el sentido de que excluye el recurso a la autonomía conflictual y no admite excepciones. El limitado ámbito de aplicación material del Reglamento determina que la unificación sea sólo parcial, pues ciertos aspectos del régimen de los derechos de propiedad industrial e intelectual no son objeto de regulación. El Reglamento no abarca la determinación de la ley aplicable a la titularidad originaria de los derechos, aspecto en el que ciertos Estados miembros mantienen reglas diferentes a la lex loci protectionis y en el que existe un intenso debate acerca de las ventajas de la superación de esa regla de cara a facilitar la explotación internacional de las obras. Dos soluciones alternativas a la lex loci protectionis revisten especial interés de cara a una eventual revisión del Reglamento: la autonomía conflictual y la búsqueda de un estatuto unitario respecto de infracciones llevadas a cabo a través de medios con repercusión en muchos países e incluso potencialmente en todo el mundo. Las posibles ventajas de esas modificaciones y sus límites son objeto de análisis.
ABSTRACT: The Rome II Regulation has unified within the EU the law aplicable to non-contractual obligations arising from an infringement of an IP right. Its provision on that issue adopts the lex loci protectionis principle, widely accepted internationally. This article discusses the main features of that rule as enacted in the Regulation and its coordination with the basic international conventions on intellectual property. The traditional lex loci protectionis rule contained in the Regulation excludes party autonomy and other possible exceptions or alternatives to the rule. Future perspectives concerning the debate about possible alternatives or limitations to the lex loci protectionis rule are discussed in connection with the main international conventions in this area. The Regulation only achieves partial unification given its limited substantive scope of application to IP matters. Hence significant issues of IP protection are not covered by the Regulation. Among those issues, the original authorship or entitlement is the focus of special attention given the diversity of conflict rules between Member States on that issue and the current debate about the disadvantages of the lex loci protectionis rule as regards the international exploitation of works. Two other alternatives or limitations to the lex loci protectionis may be of special interest in a future review of the Regulation: party autonomy and the trend to apply a single law to so-called ubiquitous infringements. The possible advantages of those changes and their limits are also discussed.
Palabras clave: Propiedad industrial e intelectual; Ley aplicable; Territorialidad; Soluciones alternativas;
Intellectual property; Choice of law; Territoriality; Alternatives
Resumen: El presente trabajo pretende analizar los principales estándares de revisión de la conducta de los administradores aplicados por los tribunales norteamericanos en operaciones de M&A. Los criterios de revisión de la conducta de los administradores han sufrido una profunda transformación en Estados Unidos desde 1980 debido, fundamentalmente, a los cambios en los procesos de fusiones
y adquisiciones. ABSTRACT The present article summarizes the standards of review of directors’ care in M&A applied by US Courts. The standards of review of directors’ duty of care in M&A have deeply evolved since the 1980s due to the changes in mergers and acquisitions processes.
Palabras clave: Fusiones, Adquisiciones, Deber de diligencia, Administradores, Criterios de revisión, Business judgment rule, Entire fairness review, Estándares intermedios, Mergers, Acquisitions, Duty of care, Directors, Standards of review, Business judgment rule, Entire fairness review, Enhanced scrutiny tests
Departamento: Fac. de Derecho - Depto. de Derecho Mercantil
Notas: Ponencia presentada en "VIII Seminar Harvard-Complutense" celebrado los días 27, 28, 29 y 30 de septiembre de 2010 con el título "Mergers and acquisitions in the context of the financial crisis"
Resumen: Argumentamos en contra de la posibilidad de definir una noción de probabilidad condicionada en física cuántica que sea comprensible tanto a un nivel matemático como físico. Defendemos que la probabilidad definida por la regla de Lüders, la única candidata posible para desempeñar este papel, no puede ser interpretada como tal. Esta afirmación se sostiene tanto si interpretamos los eventos cuánticos como operadores de proyección en un espacio
de Hilbert abstracto, como valores físicos asociados a éstos, o como resultados de medida, tanto desde una perspectiva sincrónica como diacrónica. La regla de Lüders define una noción de probabilidad condicionada únicamente a un nivel exclusivamente instrumental. Asimismo mostramos que las probabilidades cuánticas no condicionadas también sólo pueden ser interpretadas como probabilidades bajo una perspectiva instrumental. Enmarcamos esta discusión dentro del debate general sobre el cambio conceptual en ciencia y mostramos como, de forma general, el hecho de que dos conceptos sean co-extensivos en su dominio conjunto de aplicación – como lo son la probabilidad definida por la regla de Lüders y la probabilidad condicionada clásica – no garantiza que el concepto más general sea una extensión conceptual del concepto más limitado. Para elaborar una teoría general acerca de la extensión conceptual mostramos que los conceptos presentan una ‘textura abierta' que no permite dar un conjunto de condiciones necesarias y suficientes que caractericen el concepto extendido, y formulamos una nueva teoría, a saber la teoría del ‘Cluster of Markers', en términos de un conjunto de indicadores que se suelen dar para el concepto extendido. Argumentamos que esta teoría puede capturar la complejidad de las situaciones reales de cambio conceptual en ciencia, además de dar cuenta del hecho de que existen conceptos que, aun siendo co-extensivos en su dominio compartido de aplicación, no comparten suficiente significado como para que esté justificado considerarlos como un mismo concepto.
In this disssertation we argue against the possibility of defining a notion of conditional probability in quantum theory, both at a mathematical and physically meaningful level. We defend that the probability defined ty the Lüders rule, the only possible candidate to play such a role, cannot be interpreted as such. This claim holds wheter quantum events are interpreted as projection operators in an abstract Hilbert space, as the physical values associated to them, or as measurement outcomes, both from a synchronic and a diachronic perspective. The only notion of conditional probability the Lüders rule defines is a purely instrumental one. In addition, we show that the unconditional quantum probabilities can also be interpreted as probabilities only under a purely instrumental perspective, where the difficulties in interpreting them non-instrumentally are, ultimately, the same as those we encounter in giving a non-instrumental conditional interpretation of the probability defined by the Lüders rule. We frame this discussion within the general issue of conceptual change in science and show how, generally, the fact that two concepts are co-extensive in their shared domain of application - as the probability defined by the Lüders rule and classical conditional probability are for compatible events- does not guarantee that the more general concept is a conceptual extension of the more limited one. To give an appropriate account of concepts extension, we show that concepts present an "open texture" that does not allow for a set of jointly necessary and sufficient conditions to characterize an extended concept, and thus formulatea new account, namely the "Cluster of Markers account", in terms of a cluster of markers which are expected to hold for the extended concept. This account, we argue, can capture the complexity involved in actual cases of conceptual change in science and can account for the fact that there are concepts which, even if coextensive in their shared domain of application, do not share enough meaning to justify regarding them as defining the same concept.
Palabras clave: Interpretaciones de la Mecánica Cuántica. Interpretaciones de la Probabilidad. Filosofía de la Ciencia.
