Monetary and fiscal policies interactions in a monetary union with country-size asymmetry

Within a country-size asymmetric monetary union, idiosyncratic shocks and national fiscal stabilization policies cause asymmetric cross-border effects. These effects are a source of strategic interactions between noncoordinated fiscal and monetary policies: on the one hand, due to larger externalities imposed on the union, large countries face less incentives to develop free-riding fiscal policies; on the other hand, a larger strategic position vis-à-vis the central bank incentives the use of fiscal policy to, deliberately, influence monetary policy. Additionally, the existence of non-distortionary government financing may also shape policy interactions. As a result, optimal policy regimes may diverge not only across the union members, but also between the latter and the monetary union. In a two-country micro-founded New-Keynesian model for a monetary union, we consider two fiscal policy scenarios: (i) lump-sum taxes are raised to fully finance the government budget and (ii) lump-sum taxes do not ensure balanced budgets in each period; therefore, fiscal and monetary policies are expected to impinge on debt sustainability. For several degrees of country-size asymmetry, we compute optimal discretionary and dynamic non-cooperative policy games and compare their stabilization performance using a union-wide welfare measure. We also assess whether these outcomes could be improved, for the monetary union, through institutional policy arrangements. We find that, in the presence of government indebtedness, monetary policy optimally deviates from macroeconomic to debt stabilization. We also find that policy cooperation is always welfare increasing for the monetary union as a whole; however, indebted large countries may strongly oppose to this arrangement in favour of fiscal leadership. In this case, delegation of monetary policy to a conservative central bank proves to be fruitful to improve the union’s welfare.

Stabilization constraints from different-average public debt levels in a Monetary Union with country-size asymmetry

In the sequence of the recent financial and economic crisis, the recent public debt accumulation is expected to hamper considerably business cycle stabilization, by enlarging the budgetary consequences of the shocks. This paper analyses how the average level of public debt in a monetary union shapes optimal discretionary fiscal and monetary stabilization policies and affects stabilization welfare. We use a two-country micro-founded New-Keynesian model, where a benevolent central bank and the fiscal authorities play discretionary policy games under different union-average debt-constrained scenarios. We find that high debt levels shift monetary policy assignment from inflation to debt stabilization, making cooperation welfare superior to noncooperation. Moreover, when average debt is too high, welfare moves directly (inversely) with debt-to-output ratios for the union and the large country (small country) under cooperation. However, under non-cooperation, higher average debt levels benefit only the large country.

Controlador dedicado de Ecrãs LCD/TFT

Para dar resposta aos grandes avanços tecnológicos e, consequentemente, à postura mais exigente dos clientes, a empresa Francisco Parracho – Electrónica Industrial, Lda., que tem actividade no ramo dos elevadores, decidiu introduzir no mercado um controlador dedicado de ecrãs Liquid Crystal Display / Thin Film Transistor (LCD / TFT). O objectivo é substituir um sistema suportado por um computador, caracterizado pelas suas elevadas dimensões e custos, mas incontornável até à data, nomeadamente para resoluções de ecrã elevadas. E assim nasceu este trabalho. Com uma selecção criteriosa de todos os componentes e, principalmente, sem funcionalidades inúteis, obteve-se um sistema embebido com dimensões e custos bem mais reduzidos face ao seu opositor. O ecrã apontado para este projecto é um Thin Film Transistor – Liquid Crystal Display (TFT-LCD) da Sharp de 10.4” de qualidade industrial, com uma resolução de 800 x 600 píxeis a 18 bits por píxel. Para tal, foi escolhido um micro-controlador da ATMEL, um AVR de 32 bits que, entre outras características, possui um controlador LCD que suporta resoluções até 2048 x 2048 píxeis, de 1 a 24 bits por píxel. Atendendo ao facto deste produto ser inserido na área dos elevadores, as funcionalidades, quer a nível do hardware quer a nível do software, foram projectadas para este âmbito. Contudo, o conceito aqui exposto é adjacente a quaisquer outras áreas onde este produto se possa aplicar, até porque o software está feito para se tornar bem flexível. Com a ajuda de um kit de desenvolvimento, foram validados os drivers dos controladores e periféricos base deste projecto. De seguida, aplicou-se esse software numa placa de circuito impresso, elaborada no âmbito deste trabalho, para que fossem cumpridos todos os requisitos requeridos pela empresa patrocinadora: - Apresentação de imagens no ecrã consoante o piso; - Possibilidade de ter um texto horizontalmente deslizante;Indicação animada do sentido do elevador; - Representação do piso com deslizamento vertical; - Descrição sumária do directório de pisos também com deslizamento vertical; - Relógio digital; - Leitura dos conteúdos pretendidos através de um cartão SD/MMC; - Possibilidade de actualização dos conteúdos via USB flash drive.

Influence of crystallite size of nanophased hydroxyapatite on fibronectin and osteonectin adsorption and on MC3T3-E1 osteoblast adhesion and morphology

The characteristic topographical features (crystallite dimensions, surface morphology and roughness) of bioceramics may influence the adsorption of proteins relevant to bone regeneration. This work aims at analyzing the influence of two distinct nanophased hydroxyapatite (HA) ceramics, HA725 and HA1000 on fibronectin (FN) and osteonectin (ON) adsorption and MC3T3-E1 osteoblast adhesion and morphology. Both substrates were obtained using the same hydroxyapatite nanocrystals aggregates and applying the sintering temperatures of 725ºC and 1000ºC, respectively. The two proteins used in this work, FN as an adhesive glycoprotein and ON as a counter-adhesive protein, are known to be involved in the early stages of osteogenesis (cell adhesion, mobility and proliferation). The properties of the nanoHA substrates had an important role in the adsorption behavior of the two studied proteins and clearly affected the MC3T3- E1 morphology, distribution and metabolic activity. HA1000 surfaces presenting slightly larger grain size, higher root-mean-square roughness (Rq), lower surface area and porosity, allowed for higher amounts of both proteins adsorbed. These substrates also revealed increased number of exposed FN cell-binding domains as well as higher affinity for osteonectin. Regarding the osteoblast adhesion results, improved viability and cell number were found for HA1000 surfaces as compared to HA725 ones, independently of the presence or type of adsorbed protein. Therefore the osteoblast adhesion and metabolic activity seemed to be more sensitive to surfaces morphology and roughness than to the type of adsorbed proteins.

QoS-based surrogates selection and service proposal formulation in offloading environments

Resource constraints are becoming a problem as many of the wireless mobile devices have increased generality. Our work tries to address this growing demand on resources and performance, by proposing the dynamic selection of neighbor nodes for cooperative service execution. This selection is in uenced by user's quality of service requirements expressed in his request, tailoring provided service to user's speci c needs. In this paper we improve our proposal's formulation algorithm with the ability to trade o time for the quality of the solution. At any given time, a complete solution for service execution exists, and the quality of that solution is expected to improve overtime.

Distributed active traction control system applied to the RoboCup middle size league

This work addresses the problem of traction control in mobile wheeled robots in the particular case of the RoboCup Middle Size League (MSL). The slip control problem is formulated using simple friction models for ISePorto Team robots with a differential wheel configuration. Traction was also characterized experimentally in the MSL scenario for relevant game events. This work proposes a hierarchical traction control architecture which relies in local slip detection and control at each wheel, with relevant information being relayed to a higher level responsible for global robot motion control. A dedicated one axis control embedded hardware subsystem allowing complex local control, high frequency current sensing and odometric information procession was developed. This local axis control board is integrated in a distributed system using CAN bus communications. The slipping observer was implemented in the axis control hardware nodes integrated in the ISePorto robots and was used to control and detect loss of for traction. %and to detect the ball in the kicking device. An external vision system was used to perform a qualitative analysis of the slip detection and observer performance results are presented.

Supplier's selection model based on an empirical study

The problem of selecting suppliers/partners is a crucial and important part in the process of decision making for companies that intend to perform competitively in their area of activity. The selection of supplier/partner is a time and resource-consuming task that involves data collection and a careful analysis of the factors that can positively or negatively influence the choice. Nevertheless it is a critical process that affects significantly the operational performance of each company. In this work, there were identified five broad selection criteria: Quality, Financial, Synergies, Cost, and Production System. Within these criteria, it was also included five sub-criteria. After the identification criteria, a survey was elaborated and companies were contacted in order to understand which factors have more weight in their decisions to choose the partners. Interpreted the results and processed the data, it was adopted a model of linear weighting to reflect the importance of each factor. The model has a hierarchical structure and can be applied with the Analytic Hierarchy Process (AHP) method or Value Analysis. The goal of the paper it's to supply a selection reference model that can represent an orientation/pattern for a decision making on the suppliers/partners selection process

Analysis of the domain of applicability of an algorithm for a resources system selection problem for Distributed/Agile/Virtual Enterprises integration

The process of resources systems selection takes an important part in Distributed/Agile/Virtual Enterprises (D/A/V Es) integration. However, the resources systems selection is still a difficult matter to solve in a D/A/VE, as it is pointed out in this paper. Globally, we can say that the selection problem has been equated from different aspects, originating different kinds of models/algorithms to solve it. In order to assist the development of a web prototype tool (broker tool), intelligent and flexible, that integrates all the selection model activities and tools, and with the capacity to adequate to each D/A/V E project or instance (this is the major goal of our final project), we intend in this paper to show: a formulation of a kind of resources selection problem and the limitations of the algorithms proposed to solve it. We formulate a particular case of the problem as an integer programming, which is solved using simplex and branch and bound algorithms, and identify their performance limitations (in terms of processing time) based on simulation results. These limitations depend on the number of processing tasks and on the number of pre-selected resources per processing tasks, defining the domain of applicability of the algorithms for the problem studied. The limitations detected open the necessity of the application of other kind of algorithms (approximate solution algorithms) outside the domain of applicability founded for the algorithms simulated. However, for a broker tool it is very important the knowledge of algorithms limitations, in order to, based on problem features, develop and select the most suitable algorithm that guarantees a good performance.

Influence of the abrasive particles size in the micro-abrasion wear tests of TiAlSiN thin coatings

Ball rotating micro-abrasion tribometers are commonly used to carry out wear tests on thin hard coatings. In these tests, different kinds of abrasives were used, as alumina (Al2O3), silicon carbide (SiC) or diamond. In each kind of abrasive, several particle sizes can be used. Some studies were developed in order to evaluate the influence of the abrasive particle shape in the micro-abrasion process. Nevertheless, the particle size was not well correlated with the material removed amount and wear mechanisms. In this work, slurry of SiC abrasive in distilled water was used, with three different particles size. Initial surface topography was accessed by atomic force microscopy (AFM). Coating hardness measurements were performed with a micro-hardness tester. In order to evaluate the wear behaviour, a TiAlSiN thin hard film was used. The micro-abrasion tests were carried out with some different durations. The abrasive effect of the SiC particles was observed by scanning electron microscopy (SEM) both in the films (hard material) as in the substrate (soft material), after coating perforation. Wear grooves and removed material rate were compared and discussed.

Trace metals in size-fractionated particulate matter in a Portuguese hospital: exposure risks assessment and comparisons with other countries

Hospitals are considered as a special and important type of indoor public place where air quality has significant impacts on potential health outcomes. Information on indoor air quality of these environments, concerning exposures to particulate matter (PM) and related toxicity, is limited though. This work aims to evaluate risks associated with inhalation exposure to ten toxic metals and chlorine (As, Ni, Cr, Cd, Pb, Mn, Se, Ba, Al, Si, and Cl) in coarse (PM2.5–10) and fine (PM2.5) particles in a Portuguese hospital in comparison with studies representative of other countries. Samples were collected during 1 month in one urban hospital; elemental PM characterization was determined by proton-induced X-ray emission. Noncarcinogenic and carcinogenic risks were assessed according to the methodology provided by the United States Environmental Protection Agency (USEPA; Region III Risk-Based Concentration Table) for three different age categories of hospital personnel (adults, >20, and <65 years) and patients (considering nine different age groups, i.e., children of 1–3 years to seniors of >65 years). The estimated noncarcinogenic risks due to occupational inhalation exposure to PM2.5-bound metals ranged from 5.88×10−6 for Se (adults, 55–64 years) to 9.35×10−1 for As (adults, 20–24 years) with total noncarcinogenic risks (sum of all metals) above the safe level for all three age categories. As and Cl (the latter due to its high abundances) were the most important contributors (approximately 90 %) to noncarcinogenic risks. For PM2.5–10, noncarcinogenic risks of all metals were acceptable to all age groups. Concerning carcinogenic risks, for Ni and Pb, they were negligible (<1×10−6) in both PM fractions for all age groups of hospital personnel; potential risks were observed for As and Cr with values in PM2.5 exceeding (up to 62 and 5 times, respectively) USEPA guideline across all age groups; for PM2.5–10, increased excess risks of As and Cr were observed particularly for long-term exposures (adults, 55–64 years). Total carcinogenic risks highly (up to 67 times) exceeded the recommended level for all age groups, thus clearly showing that occupational exposure to metals in fine particles pose significant risks. If the extensive working hours of hospital medical staff were considered, the respective noncarcinogenic and carcinogenic risks were increased, the latter for PM2.5 exceeding the USEPA cumulative guideline of 10−4. For adult patients, the estimated noncarcinogenic and carcinogenic risks were approximately three times higher than for personnel, with particular concerns observed for children and adolescents.

Size matters when we talk about corporate social responsibility: the case of portuguese companies

Social responsibility arises as a measure of the corporate policy that goes beyond the production activity, thus covering also the social and environmental activities. This issue has been gaining importance over time. The number of companies that are implementing socially responsible actions has been growing steadily even though it is still centered on large and medium sized companies. Social responsibility is an accessible theme to any company of any size, once the social and environmental issues are resolved through concrete actions, but in the small and micro-sized companies there are factors that inhibit such actions. Some of these factors are: reduced investment capacity; minimal expectations of medium to long term returns; or even the short-term management focus that is aimed at survival. Such facts can be verified in the case of Portuguese companies, where out of the 41 companies certified by SA 8000 only 5 are micro-sized or small and even these are linked to large organizations.

A estrutura de financiamento das PMEs exportadoras do setor do calçado

Dissertação de Mestrado apresentada ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob orientação do Dr. Carlos Mota

Autoconsumo fotovoltaico, um elemento de eficiência energética. Caso de estudo: ISEP

Mestrado em Energias Sustentáveis

Finding a school technological partner: a multicriteria method for school information system producer selection

The choice of an information systems is a critical factor of success in an organization's performance, since, by involving multiple decision-makers, with often conflicting objectives, several alternatives with aggressive marketing, makes it particularly complex by the scope of a consensus. The main objective of this work is to make the analysis and selection of a information system to support the school management, pedagogical and administrative components, using a multicriteria decision aid system – MMASSITI – Multicriteria Method- ology to Support the Selection of Information Systems/Information Technologies – integrates a multicriteria model that seeks to provide a systematic approach in the process of choice of Information Systems, able to produce sustained recommendations concerning the decision scope. Its application to a case study has identi- fied the relevant factors in the selection process of school educational and management information system and get a solution that allows the decision maker’ to compare the quality of the various alternatives.

Group decision making for selection of an information system in a business context

The main objective of this work is to report on the development of a multi-criteria methodology to support the assessment and selection of an Information System (IS) framework in a business context. The objective is to select a technological partner that provides the engine to be the basis for the development of a customized application for shrinkage reduction on the supply chains management. Furthermore, the proposed methodology di ers from most of the ones previously proposed in the sense that 1) it provides the decision makers with a set of pre-defined criteria along with their description and suggestions on how to measure them and 2)it uses a continuous scale with two reference levels and thus no normalization of the valuations is required. The methodology here proposed is has been designed to be easy to understand and use, without a specific support of a decision making analyst.