Comparative electrochemical study of 5832-9 stainless steel at different media of biological interest

The electrochemical behavior of ISO 5832-9 stainless steel at 37 degrees C in 0.9% NaCl, Ringer Lactate and minimum essential medium (MEM) has been studied, using linear voltammetry, and surface analysis by SEM and EDS. Mechanical and toxicity tests were made. ISO 5832-9 is passivated at corrosion potential (E) and it does not present pitting corrosion on the media studied from to 50 in V above the transpassivation potential (Ei). SEM and EDS analysis have shown that the sample previously immersed in MEM presents a diffirent behavior at 50 in V above El: the manganese oxide inclusions are absent in the surface. E. values and passivation current density values j(pass) changed according to the following. E(corr, RL) < E(corr,NaCl) < E(corr, MEM) and J (MEM) << j(RL) congruent to j(NaCl) The stainless steel was characterized as non toxic in the cytotoxicity assay

Immobilization of Catalysts of Biological Interest on Porous Oxidized Silicon Surfaces

The present paper deals with the immobilization of redox mediators and proteins onto protected porous silicon surfaces to obtain their direct electrochemical reactions and to retain their bioactivities. This paper shows that MP-11 and viologens are able to establish chemical bonds with 3-aminopropyltriethoxylsilane-modified porous silicon surface. The functionalization of the surfaces have been fully characterized by energy dispersive X-ray analysis (EDX) and X-ray photoelectron spectroscopy (XPS) to examine the immobilization of these mediators onto the solid surface. Amperometric and open circuit potential measurements have shown the direct electron transfer between glucose oxidase and the electrode in the presence of the viologen mediator covalently linked to the 3-aminopropyltriethoxylsilane (APTES)-modified porous silicon surfaces.

Predicting new molecular species of potential interest to atmospheric chemistry: The isomers HSI and HIS

Structural, vibrational, and energetic properties of new molecular species, HSI and HIS are investigated for the first time using a state-of-the-art theoretical approach. These molecules can be easily differentiated by their geometric parameters and vibrational spectra. HSI is much more stable, and a direct unimolecular isomerization is very unlikely. Kinetics estimates predict that only at low temperatures there is a possibility of isolating HIS. For HS-I, we estimate a bond dissociation energy of 46.25 kcal/mol, and a heat of formation at 298.15 K of 12.84 kcal/mol. For the H(2)S + I(2) -> HSI + HI reaction enthalpy, we found 8.40 kcal/ mol. (C) 2008 Elsevier B.V. All rights reserved.

New Molecular Species of Potential Interest to Atmospheric Chemistry: Isomers on the [H, S(2), Br] Potential Energy Surface

This work reports a state-of-the-art theoretical characterization of four new sulfur-bromine species and five transition states on the [H, S(2), Br] potential energy surface. Our highest level theoretical approach employed the method coupled cluster singles and doubles with perturbative contributions of connected triples, CCSD(T), along with the series of correlation-consistent basis sets and with extrapolation to the complete basis set (CBS) limit in the optimization of the geometrical parameters and to quantify the energetic quantities. The structural and vibrational frequencies here reported are unique and represent the most accurate investigation to date of these species. The global minimum corresponds to a skewed structure HSSBr with a disulfide bond; this is followed by a pyramidal-like structure, SSHBr, 18.85 kcal/mol above the minimum. Much higher in energy, we found another skewed structure, HSBrS (50.29 kcal/mol), with one S-Br dative-type bond, and another pyramidal-like one, HBrSS (109.80 kcal/mol), with two S-Br dative-type bonds. The interconversion of HSSBr into SSHBr can occur via a transfer of either the hydrogen or the bromine atom but involves a very high barrier of about 43 kcal/mol. These molecules are potentially a new route of coupling the sulfur and bromine chemistry in the atmosphere, and conditions of high concentration of H(2)S like in volcanic eruptions might contribute to their formation. We note that HSSBr can act as a reservoir molecule for the reaction between the radicals HSS and Br. Also, an assessment of the methods DFT/B3LYP/CBS and MP2/CBS relative to CCSD(T)/CBS provides insights on the expected performance of these methods on the characterization of polysulfides and also of more complex systems containing disulfide bridges.

An ordering of measures of the welfare cost of inflation in economies with interest-bearing deposits

This paper builds on Lucas (2000) and on Cysne (2003) to derive and order six alternative measures of the welfare costs of inflation (five of which already existing in the literature) for any vector of opportunity costs. The ordering of the functions is carried out for economies with or without interestbearing deposits. We provide examples and closed-form solutions for the log-log money demand both in the unidimensional and in the multidimensional setting (when interest-bearing monies are present). An estimate of the maximum relative error a researcher can incur when using any particular measure is also provided.

Cyclical Interest Payments on Inside Money

Rio de Janeiro

Welfare costs of inflation: the case for interest-bearing money and empirical estimates for Brazil

We provide in this paper a closed fonn for the Welfare Cost of Inflation which we prove to be closer than Bailey's expression to the correct solution of the corresponding non-separable differential equation. Next. we extend this approach to ao economy with interest-bearing money, once again presenting a better appoximation than the one given by Bailey's approach. Fmally, empirical estimates for Brazil are presented.

A model to estimate the US term structure of interest rates

The US term structure of interest rates plays a central role in fixed-income analysis. For example, estimating accurately the US term structure is a crucial step for those interested in analyzing Brazilian Brady bonds such as IDUs, DCBs, FLIRBs, EIs, etc. In this work we present a statistical model to estimate the US term structure of interest rates. We address in this report all major issues which drove us in the process of implementing the model developed, concentrating on important practical issues such as computational efficiency, robustness of the final implementation, the statistical properties of the final model, etc. Numerical examples are provided in order to illustrate the use of the model on a daily basis.

Essays on the monetary aspects of the term structure of nominal interest rates

Interest rates are key economic variables to much of finance and macroeconomics, and an enormous amount of work is found in both fields about the topic. Curiously, in spite of their common interest, finance and macro research on the topic have seldom interacted, using different approaches to address its main issues with almost no intersection. Concerned with interest rate contingent claims, finance term structure models relate interest rates to lagged interest rates; concerned with economic relations and macro dynamics, macro models regress a few interest rates on a wide variety of economic variables. If models are true though simplified descriptions of reality, the relevant factors should be captured by both the set of bond yields and that of economic variables. Each approach should be able to address the other field concerns with equal emciency, since the economic variables are revealed by the bond yields and these by the economic variables.

Self-interest and incompetence

All social science’s schools have a common assumption: self-interests is the central variable explaining human behavior in society. The author has no contention about that. But says that in contemporary societies a second variable is turning increasingly relevant when one is willing to explain social outcomes: policymakers’ technical and emotional incompetence. Incompetent policymakers, who fail to choose the alternative more consistent with their own objectives, even when interests were neutralized, always existed. But now, that an increasing number of social outcomes are dependent on government policy, competence turned strategic. Besides selfinterest, competence must be assessed when one evaluates social outcomes.

Does location matter to explain loan interest rates? evidence from Brazilian highly concentrad local markets

O setor bancário brasileiro é altamente concentrado. Embora concentração não signifique necessariamente que o mercado se comporta de forma não competitiva, o grau de competição é freqüentemente questionado no país. Utilizando uma base de dados extensiva e única do mercado de crédito brasileiro, este trabalho procura avaliar muitos dos fatores que contribuem para a variação nas taxas de juros cobradas pelos bancos nos diferentes mercados locais em duas categorias de empréstimos. A concentração não é significante ou mesmo associada a taxas de juros mais baixas, em parte devido ao papel dos bancos públicos. O prêmio de default é positivo e significante, e há alguma evidência de imperfeição de mercado. Neste trabalho, analisamos também o comportamento de precificação dos bancos em diferentes regiões do país, e encontramos que a localização é importante para explicar as taxas de juros dos empréstimos.

Hedged interest parity: ensaios sobre o prêmio pelo risco cambial com uso de opções

Este trabalho propõe a modelagem da paridade hedgeada de juros (HIP, hedged interest parity) – uma alternativa ao uso da paridade descoberta de juros (UIP, uncovered interest parity) que faz uso de opções sobre a taxa de câmbio e pode ser usada no estudo de um dos puzzles ainda não resolvidos na teoria econômica: a não ausência de viés no mercado futuro de câmbio como indicador das expectativas dos agentes. Através das pistas encontradas na revisão da vasta literatura disponível sobre o assunto e considerando a disponibilidade atual de dados sobre o mercado de opções – uma novidade recente - a HIP é proposta. A forma com que a modelagem usando opções se encaixa no framework tradicional é animadora do ponto de vista teórico: a HIP pode ser vista como uma forma genérica que, dependendo dos parâmetros escolhidos, converge para a CIP (covered interest parity) ou para a UIP (uncovered interest parity). Além disso, ela mitiga efeitos de duas das principais explicações tradicionais para as falhas dos testes da UIP, i.e. learning e peso problem, o que a torna potencialmente melhor do que esta como modelo para o estudo das paridades de juros. Mais importante do que isso, ela sugere uma forma funcional para o prêmio pelo risco cambial (PRC) que pode ser testada econométricamente. O ensaio também propõe e implementa um teste comparativo da HIP com a UIP com resultados animadores. Além do coeficiente do forward premium mudar para mais próximo do previsto pela teoria quando se troca a UIP pela HIP, o prêmio pelo risco cambial gerado pela modelagem da HIP apresenta resultados próximos aos previstos por Fama(1984). Isso permite concluir que a investigação do prêmio pelo risco cambial usando os dados do mercado de opções é um caminho fértil para pesquisa futura. O trabalho traz ainda conclusões importantes para a implementação de política monetária, uma vez que propõe a inclusão da volatilidade implícita do câmbio (via custos das opções) na equação de paridade de juros.

Welfare costs of inflation when interest-bearing deposits are disregarded: a calculation of the bias

Most estimates of the welfare costs of in ation are devised considering only noninterest- bearing assets, ignoring that since the 80s technological innovations and new regulations have increased the liquidity of interest-bearing deposits. We investigate the resulting bias. Suscient and necessary conditions on its sign are presented, along with closed-form expressions for its magnitude. Two examples dealing with bidimensional bilogarithmic money demands show that disregarding interest-bearing monies may lead to a non-negligible overestimation of the welfare costs of in ation. An intuitive explanation is that such assets may partially make up for the decreased demand of noninterest-bearing assets due to higher in ation.