Dept. Economic Analysis Research Seminars Dear all,   Next week, we'll have a double header with an internal seminar joint with the Taller de Avances (Programa Doctorado Facultad CCEE) on TUESDAY and a regular seminar on WEDNESDAY.       Department of Economic Analysis & ICAE Internal Seminar & Taller Avances (Programa Doctorado Facultad CCEE): TUESDAY,  May 25th, 2021 Conrado Brum (Banco Central Uruguay & PhD UCM) Title: : An indicator of monetary bias for emerging and dollarized economies: The case of Uruguay (joint with A García-Hiernaux ICAE UCM) Abstract: The instability of the relationships between interest rates, amount of money, and exchange rate, and the transmission problems between different interest rates hinder the measurement of monetary policy through a single variable. This difficulty is particularly relevant in emerging and dollarized economies. This paper proposes a multivariate indicator of monetary bias for these economies in which the monetary and financial variables are considered according to the impact they have on inflation in each period. We analyze the case of Uruguay and use a Factor Augmented Vector AutoRegressive Moving Average model with eXogenous variables (FAVARMAX) to estimate these effects. Using the evolution of the indicator proposed, called the Monetary Conditions Index (MCI), we characterize the policy adopted by the Central Bank of Uruguay between 2010-2019, a period of inflation targeting.     JOIN WEBINAR_         Department of Economic Analysis & ICAE Research Seminars: WEDNESDAY, May 26 th, 2021, 13:00 h Lidia Sanchis-Marco (Univ Castilla-La Mancha)   Title: Spillover effects between commodity and stock markets: A SDSES approach. Abstract: In this paper, we developed a state-dependent sensitivity expected shortfall (SDSES) approach using expectiles. This model enabled us to quantify the direction, size, and persistence of risk spillovers among the US and emerging market stock indices and different individual commodities as a function of the state of financial markets (tranquil, normal, and volatile). We obtained high and more significant spillovers and financialization process evidence in the volatile state after Lehman Brothers bankruptcy and market stock indices appeared to play a major role in the transmission of shocks to other markets.       You can join both  seminars through Google Hangout Meets at the following link:   JOIN WEBINAR_   @ucm accounts are granted immediate access to the webinar. External accounts require explicit approval by the moderators. You can find the recording of the talk  as well as previous sessions, papers, and the schedule of upcoming seminars at the seminar’s webpage Hope to see you all there. Best, Jimenez-Martin, Juan-Ángel  Rodríguez Álvarez, Carmelo  Rodríguez Hernández, Juan Gabriel Sartarelli, Marcello