DSGE model with banking sector for emerging economies : estimated using Bayesian methodology for Brazil

Economias emergentes sofrem importantes restrições de crédito quando comparadas com economias desenvolvidas, entretanto, modelos estocásticos de equilíbrio geral (DSGE) desenhados para economias emergentes ainda precisam avançar nessa discussão. Nós propomos um modelo DSGE que pretende representar uma economia emergente com setor bancário baseado em Gerali et al. (2010). Nossa contribuição é considerar uma parcela da renda esperada como colateral para empréstimos das famílias. Nós estimamos o modelo proposto para o Brasil utilizando estimação Bayesiana e encontramos que economias que sofrem restrição de colateral por parte das famílias tendem a sentir o impacto de choques monetários mais rapidamente devido a exposição do setor bancário a mudanças no salário esperado.

Essays in Corporate Bankruptcy

Esta tese é composta por três ensaios sobre o mercado de crédito e as instituições que regem bancarrota corporativa. No capítulo um, trazemos evidências que questionam a ideia de que maiores níveis de proteção ao credor sempre promovem desenvolvimento do mercado de crédito. Desde a publicação dos artigos seminais de La Porta et al (1997,1998), a métrica de proteção ao credor que os autores propuseram -- o índice de proteção ao credor -- tem sido amplamente utilizada na literatura de Law and Finance como variável explicativa em modelos de regressão linear em forma reduzida para determinar a correlação entre proteção ao credor e desenvolvimento do mercado de crédito. Neste artigo, exploramos alguns problemas com essa abordagem. Do ponto de vista teórico, essa abordagem geralmente supõe uma relação monotônica entre proteção ao credor e expansão do crédito. Nós apresentamos um modelo teórico para um mercado de crédito com seleção adversa em que um nível intermediário de proteção ao credor é capaz de implementar equilíbrios first best. Este resultado está de acordo com diversos outros artigos teóricos, tanto em equilíbrio geral quanto em equilíbrio parcial. Do ponto de vista empírico, tiramos proveito das reformas realizadas por alguns países durante as décadas de 1990 e 2000 para implementar uma estratégia inspirada na literatura de treatment effects e estimar o efeito sobre o valor de mercado e sobre a dívida de: i) permitir automatic stay a firmas em recuperação; e ii) conceder aos credores o direito de afastar os administradores. Os resultados que obtivemos apontam para um impacto positivo de automatic stay sobre todas as variáveis que dependem do valor de mercado da firma. Não encontramos efeito sobre dívida, e não encontramos efeitos significativos do direito de afastar administradores sobre valor de mercado ou dívida. O capítulo dois avalia as consequências empíricas de uma reforma na lei de falências sobre um mercado de crédito pouco desenvolvido. No início de 2005, o Congresso Nacional brasileiro aprovou uma nova lei de falências, a lei 11.101/05. Usando dados de firmas brasileiras e não-brasileiras, nós estimamos, usando dois modelos diferentes, o efeito da reforma falimentar sobre variáveis contratuais e não-contratuais de dívida. Ambos os modelos produzem resultados similares. Encontramos um aumento no volume total de dívida e na dívida de longo prazo, e uma redução no custo de dívida. Não encontramos efeitos significativos sobre a estrutura de propriedade da dívida. No capítulo três, desenvolvemos um modelo estimável de equilíbrio em search direcionado aplicado ao mercado de crédito, modelo este que pode ser usado para realizar avaliações ex ante de mudanças institucionais que afetem o crédito (como reformas em leis de falência). A literatura em economia há muito reconhece uma relação causal entre instituições (como leis e regulações) e desenvolvimento dos mercados financeiros. Essa conclusão qualitativa é amplamente reconhecida, mas há pouca evidência de sua importância quantitativa. Com o nosso modelo, é possível estimar como contratos de dívida mudam em resposta a mudanças nos parâmetros que descrevem as instituições da economia. Também é possível estimar o impacto sobre investimentos realizados pelas firmas, bem como caracterizar a distribuição do tamanho, idade e produtividade das firmas antes e depois da mudança institucional. Como ilustração, realizamos um exercício empírico em que usamos dados de firmas brasileiras para simular o impacto de variações na taxa de recuperação de créditos sobre os valores médios e totais de dívida e capital das firmas. Encontramos dívida crescente e capital quase sempre também crescente na taxa de recuperação.

Essays on health care reform, wealth inequality, and demography

This thesis contains three chapters. The first chapter uses a general equilibrium framework to simulate and compare the long run effects of the Patient Protection and Affordable Care Act (PPACA) and of health care costs reduction policies on macroeconomic variables, government budget, and welfare of individuals. We found that all policies were able to reduce uninsured population, with the PPACA being more effective than cost reductions. The PPACA increased public deficit mainly due to the Medicaid expansion, forcing tax hikes. On the other hand, cost reductions alleviated the fiscal burden of public insurance, reducing public deficit and taxes. Regarding welfare effects, the PPACA as a whole and cost reductions are welfare improving. High welfare gains would be achieved if the U.S. medical costs followed the same trend of OECD countries. Besides, feasible cost reductions are more welfare improving than most of the PPACA components, proving to be a good alternative. The second chapter documents that life cycle general equilibrium models with heterogeneous agents have a very hard time reproducing the American wealth distribution. A common assumption made in this literature is that all young adults enter the economy with no initial assets. In this chapter, we relax this assumption – not supported by the data – and evaluate the ability of an otherwise standard life cycle model to account for the U.S. wealth inequality. The new feature of the model is that agents enter the economy with assets drawn from an initial distribution of assets. We found that heterogeneity with respect to initial wealth is key for this class of models to replicate the data. According to our results, American inequality can be explained almost entirely by the fact that some individuals are lucky enough to be born into wealth, while others are born with few or no assets. The third chapter documents that a common assumption adopted in life cycle general equilibrium models is that the population is stable at steady state, that is, its relative age distribution becomes constant over time. An open question is whether the demographic assumptions commonly adopted in these models in fact imply that the population becomes stable. In this chapter we prove the existence of a stable population in a demographic environment where both the age-specific mortality rates and the population growth rate are constant over time, the setup commonly adopted in life cycle general equilibrium models. Hence, the stability of the population do not need to be taken as assumption in these models.

Simulação do escoamento monofásico em um estágio de uma bomba centrífuga utilizando técnicas de fluidodinâmica computacional

Oil production and exploration techniques have evolved in the last decades in order to increase fluid flows and optimize how the required equipment are used. The base functioning of Electric Submersible Pumping (ESP) lift method is the use of an electric downhole motor to move a centrifugal pump and transport the fluids to the surface. The Electric Submersible Pumping is an option that has been gaining ground among the methods of Artificial Lift due to the ability to handle a large flow of liquid in onshore and offshore environments. The performance of a well equipped with ESP systems is intrinsically related to the centrifugal pump operation. It is the pump that has the function to turn the motor power into Head. In this present work, a computer model to analyze the three-dimensional flow in a centrifugal pump used in Electric Submersible Pumping has been developed. Through the commercial program, ANSYS® CFX®, initially using water as fluid flow, the geometry and simulation parameters have been defined in order to obtain an approximation of what occurs inside the channels of the impeller and diffuser pump in terms of flow. Three different geometry conditions were initially tested to determine which is most suitable to solving the problem. After choosing the most appropriate geometry, three mesh conditions were analyzed and the obtained values were compared to the experimental characteristic curve of Head provided by the manufacturer. The results have approached the experimental curve, the simulation time and the model convergence were satisfactory if it is considered that the studied problem involves numerical analysis. After the tests with water, oil was used in the simulations. The results were compared to a methodology used in the petroleum industry to correct viscosity. In general, for models with water and oil, the results with single-phase fluids were coherent with the experimental curves and, through three-dimensional computer models, they are a preliminary evaluation for the analysis of the two-phase flow inside the channels of centrifugal pump used in ESP systems

Endogamia em um rebanho da raça Guzerá

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Old beagle dogs have lower faecal concentrations of some fermentation products and lower peripheral lymphocyte counts than young adult beagles

The effects of age on microbiota composition, gut fermentation end-product formation and peripheral lymphocyte numbers were compared between old and young adult Beagle dogs fed four kibble diets differing in yeast cell wall contents. The experiment had a double 4 x 4 Latin square design, one with four mature dogs (4 years old) and the other with four old dogs (10 years old), with four replicates (diets) per dog. In each period a 15d adaptation period preceded a 5d total collection of faeces for the digestibility trial. on day 21, fresh faecal samples were collected for the determination of bacterial enumeration, pH, biogenic amine and short-chain fatty acid. Flow cytometry was used for immunophenotypic evaluation. Dogs were fed four kibble diets with similar composition with 0, 0.15, 0.30 and 0.45% of yeast cell wall (as-fed), respectively. Data were evaluated using general linear models of Statistical Analysis Systems statistical software (P<0.05). No evidence of a difference in faecal bacteria counts between ages was found (total aerobes, total anaerobes, Bifidobacterium, Lactobacillus, Clostridium and Escherichia coli: P. 0.15). Faecal concentrations of butyrate, histamine, agmatine and spermine were lower (P <= 0.05) and faecal pH was higher (P=0.03) in older dogs than in mature adult dogs, suggesting an alteration in bacterial metabolic activity, or in the rate of intestinal absorption of these compounds. Concentrations of T-lymphocytes, T-cytotoxic lymphocytes and B-lymphocytes were also lower (P <= 0.01) in older dogs than in mature adult dogs. The study confirmed alterations in peripheral lymphocytes and revealed a reduced concentration of some fermentation end products in the colon of old dogs.

Phylogeny, Ecology, and Heart Position in Snakes

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

A comparison of global estimates of marine primary production from ocean color

The third primary production algorithm round robin (PPARR3) compares output from 24 models that estimate depth-integrated primary production from satellite measurements of ocean color, as well as seven general circulation models (GCMs) coupled with ecosystem or biogeochemical models. Here we compare the global primary production fields corresponding to eight months of 1998 and 1999 as estimated from common input fields of photosynthetically-available radiation (PAR), sea-surface temperature (SST), mixed-layer depth, and chlorophyll concentration. We also quantify the sensitivity of the ocean-color-based models to perturbations in their input variables. The pair-wise correlation between ocean-color models was used to cluster them into groups or related output, which reflect the regions and environmental conditions under which they respond differently. The groups do not follow model complexity with regards to wavelength or depth dependence, though they are related to the manner in which temperature is used to parameterize photosynthesis. Global average PP varies by a factor of two between models. The models diverged the most for the Southern Ocean, SST under 10 degrees C, and chlorophyll concentration exceeding 1 mg Chlm(-3). Based on the conditions under which the model results diverge most, we conclude that current ocean-color-based models are challenged by high-nutrient low-chlorophyll conditions, and extreme temperatures or chlorophyll concentrations. The GCM-based models predict comparable primary production to those based on ocean color: they estimate higher values in the Southern Ocean, at low SST, and in the equatorial band, while they estimate lower values in eutrophic regions (probably because the area of high chlorophyll concentrations is smaller in the GCMs). Further progress in primary production modeling requires improved understanding of the effect of temperature on photosynthesis and better parameterization of the maximum photosynthetic rate. (c) 2006 Elsevier Ltd. All rights reserved.

Assessing the uncertainties of model estimates of primary productivity in the tropical Pacific Ocean

Depth-integrated primary productivity (PP) estimates obtained from satellite ocean color-based models (SatPPMs) and those generated from biogeochemical ocean general circulation models (BCGCMs) represent a key resource for biogeochemical and ecological studies at global as well as regional scales. Calibration and validation of these PP models are not straightforward, however, and comparative studies show large differences between model estimates. The goal of this paper is to compare PP estimates obtained from 30 different models (21 SatPPMs and 9 BOGCMs) to a tropical Pacific PP database consisting of similar to 1000 C-14 measurements spanning more than a decade (1983-1996). Primary findings include: skill varied significantly between models, but performance was not a function of model complexity or type (i.e. SatPPM vs. BOGCM); nearly all models underestimated the observed variance of PR specifically yielding too few low PP (< 0.2 g Cm-2 d(-1)) values; more than half of the total root-mean-squared model-data differences associated with the satellite-based PP models might be accounted for by uncertainties in the input variables and/or the PP data; and the tropical Pacific database captures a broad scale shift from low biomassnormalized productivity in the 1980s to higher biomass-normalized productivity in the 1990s, which was not successfully captured by any of the models. This latter result suggests that interdecadal and global changes will be a significant challenge for both SatPPMs and BOGCMs. Finally, average root-mean-squared differences between in situ PP data on the equator at 140 degrees W and PP estimates from the satellite-based productivity models were 58% lower than analogous values computed in a previous PP model comparison 6 years ago. The success of these types of comparison exercises is illustrated by the continual modification and improvement of the participating models and the resulting increase in model skill. (C) 2008 Elsevier BY. All rights reserved.

Blood parameters of chicks from eggs injected with ascorbic acid and subjected to thermal stress

This study was aimed to verify if chicks from eggs injected with ascorbic acid and subjected to thermal stress would have higher immunity than chicks from incubation at thermoneutrality without injection of ascorbic acid. The parameters evaluated were temperature on oxygen saturation in hemoglobin, glucose, number of erythrocytes, hematocrit rate and number of hemoglobins of newly hatched male chicks, hatched from eggs injected with ascorbic acid (AA) and subjected to thermal stress during incubation. The experimental design was completely randomized in factorial scheme 5 (application levels of ascorbic acid) x 2 (incubation temperatures). The data were subjected to analysis of variance using the General Linear Model procedure (GLM) of SAS ®. For the parameters (number of erythrocytes, rate of hematrocit and values of hemoglobin), there was significant interaction (p <0.05) between treatments in egg and incubation temperatures. Analyzing the interactions for these parameters, it was observed that the application of 0% ascorbic acid in egg minimized the effect of heat stress when compared with treatment without injection. The application of ascorbic acid levels in eggs incubated under heat stress failed to maximize the immunity of newly hatched chicks. It is assumed that the increased liquid in the amniotic fluid, in those embryos injected with water, favored the lower heat conductance for these embryos, thus helping in their development in relation to immunity. Considering that hemoglobin is related to the transport of gases, these data suggest that increasing the concentration of AA solution inoculated may influence the respiratory rates of eggs.

Balance of pH of chicks from eggs injected with ascorbic acid and subjected to thermal stress

This study aimed to verify that chicks from eggs injected with ascorbic acid and subjected to heat stress would have changes in acid-base balance, compared to chicks incubated at thermoneutral without injection of ascorbic acid. The parameters evaluated were blood pressure of carbon dioxide and oxygen, base excess, total carbon dioxide, concentration of sodium, potassium, ionized calcium, bicarbonate and pH of newly hatched male chicks, hatched from eggs injected with acid ascorbic acid (AA) and subjected to heat stress during incubation. The experimental design was completely randomized in factorial scheme 5 (application levels of ascorbic acid) x 2 (incubation temperatures). The data were subjected to analysis of variance using the General Linear Model procedure (GLM) of SAS ®. For the blood pH was observed significant interaction (p <0.05) between treatments with application in eggs and incubation temperatures. For the other parameters were not significant effects (p< 0.05) of AA level and neither temperature of incubation. Analyzing the unfolding of the interaction to pH was observed that chicks from eggs injected with 6% ascorbic acid and subjected to heat stress during incubation had a higher pH value compared with the thermoneutral temperature incubated (p <0.05). Therefore, it is suggested that the incubation of eggs in high temperature (39°C) can alter the metabolic rate of these embryos.

Influência de componentes locais e da paisagem na estrutura de uma metacomunidade de anfíbios anuros em uma paisagem fragmentada na Região Neotropical

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Delineamentos ótimos para experimentos farmacocinéticos

Pós-graduação em Biometria - IBB

Respostas cardiorrespiratórias e metabólicas de frangos de corte incubados em ambiente com altas concentrações de CO2

Pós-graduação em Zootecnia - FCAV