Using common features to understand the behavior of metal-commodity prices and forecast them at different horizons

The objective of this article is to study (understand and forecast) spot metal price levels and changes at monthly, quarterly, and annual frequencies. Data consists of metal-commodity prices at a monthly and quarterly frequencies from 1957 to 2012, extracted from the IFS, and annual data, provided from 1900-2010 by the U.S. Geological Survey (USGS). We also employ the (relatively large) list of co-variates used in Welch and Goyal (2008) and in Hong and Yogo (2009). We investigate short- and long-run comovement by applying the techniques and the tests proposed in the common-feature literature. One of the main contributions of this paper is to understand the short-run dynamics of metal prices. We show theoretically that there must be a positive correlation between metal-price variation and industrial-production variation if metal supply is held fixed in the short run when demand is optimally chosen taking into account optimal production for the industrial sector. This is simply a consequence of the derived-demand model for cost-minimizing firms. Our empirical evidence fully supports this theoretical result, with overwhelming evidence that cycles in metal prices are synchronized with those in industrial production. This evidence is stronger regarding the global economy but holds as well for the U.S. economy to a lesser degree. Regarding out-of-sample forecasts, our main contribution is to show the benefits of forecast-combination techniques, which outperform individual-model forecasts - including the random-walk model. We use a variety of models (linear and non-linear, single equation and multivariate) and a variety of co-variates and functional forms to forecast the returns and prices of metal commodities. Using a large number of models (N large) and a large number of time periods (T large), we apply the techniques put forth by the common-feature literature on forecast combinations. Empirically, we show that models incorporating (short-run) common-cycle restrictions perform better than unrestricted models, with an important role for industrial production as a predictor for metal-price variation.

Inflation when the planner wants less spending

I study optima in a random-matching model of outside money. The examples in this paper show a conflict between private and collective interests. While the planner worry about the extensive and intensive margin effects of trades in a steady state, people want the exhaust the gains from trades immediately, i.e., once in a meeting, consumers prefer spend more for a better output than take the risk of saving money and wait for good meetings in the future. Thus, the conflict can force the planner to choose allocations with a more disperse money distribution, mainly if people are im- patient. When the patient rate is low enough, the planner uses a expansionary policy to generate a better distribution of money for future trades.

A Corrupção burocrática inibe o empreendedorismo? uma análise empírica dos estados brasileiros

This work aims to investigate the relationship between the entrepreneurship and the incidence of bureaucratic corruption in the states of Brazil and Federal District. The main hypothesis of this study is that the opening of a business in Brazilian states is negatively affected by the incidence of corruption. The theoretical reference is divided into Entrepreneurship and bureaucratic corruption, with an emphasis on materialistic perspective (objectivist) of entrepreneurship and the effects of bureaucratic corruption on entrepreneurial activity. By the regression method with panel data, we estimated the models with pooled data and fixed and random effects. To measure corruption, I used the General Index of Corruption for the Brazilian states (BOLL, 2010), and to represent entrepreneurship, firm entry per capita by state. Tests (Chow, Hausman and Breusch-Pagan) indicate that the random effects model is more appropriate, and the preliminary results indicate a positive impact of bureaucratic corruption on entrepreneurial activity, contradicting the hypothesis expected and found in previous articles to Brazil, and corroborating the proposition of Dreher and Gassebner (2011) that, in countries with high regulation, bureaucratic corruption can be grease in the wheels of entrepreneurship

Persistência na lactação para vacas da raça Holandesa criadas no Estado do Rio Grande do Sul via modelos de regressão aleatória

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Predição de valores genéticos para a produção de leite no dia do controle e para a produção acumulada até 305 dias

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Estimação de parâmetros genéticos para peso em diferentes idades para animais da raça Tabapuã

Foram estimados parâmetros genéticos para pesos do nascimento aos 570 dias de idade para 35.308 animais da raça Tabapuã, nascidos entre 1975 e 2000, pertencentes à ABCZ (Associação Brasileira de Criadores de Zebu) sob três modelos distintos. O modelo 1 incluiu o efeito genético aditivo direto como aleatório, além dos efeitos fixos de grupo de contemporâneos, definido pelas variáveis: proprietário, rebanho, criador, rebanho do criador, sexo, condição de criação, ano e mês de nascimento, ano e mês da pesagem, e os efeitos linear e quadrático de idade do bezerro e idade da vaca ao parto como covariáveis. O modelo 2 compreendeu, além dos efeitos supracitados, o efeito de ambiente permanente materno. O modelo 3 constou dos efeitos genético aditivo direto e materno e de ambiente permanente materno (aleatórios) e os mesmos incluídos no modelo 1 (fixos). de acordo com o teste de razão de verossimilhança, o modelo 3 foi o mais adequado para ajustar os efeitos estudados. As estimativas de herdabilidade direta foram baixas a moderadas (0,08 a 0,26), decrescendo do nascimento às idades subseqüentes, com picos aos 90 e aos 180 dias de idade. Aos 345 dias de idade, ocorreu novo aumento nas estimativas, com menor oscilação entre as estimativas subseqüentes até 570 dias de idade. As estimativas de herdabilidade materna foram baixas, sendo maiores no período da desmama.

Dois critérios de seleção na pré-desmama em bovinos da raça Gir. 1. Estimativas de parâmetros genéticos

Dados de 16.592 animais da raça Gir, provenientes do controle de desenvolvimento ponderal da Associação Brasileira dos Criadores de Zebu, nascidos no período de 1978 a 1994, criados em diversas condições de ambiente no Brasil, foram usados para estimar parâmetros genéticos e ambientais das características ganho médio diário do nascimento à desmama (GMD) e dias para atingir 160 kg do nascimento à desmama (D160). As estimativas dos componentes de variância e herdabilidade foram obtidas pelo método da máxima verossimilhança restrita por modelos animais uni-característica. Foram utilizados dois modelos o modelo 1, com grupo de contemporâneos (GC) como efeito fixo e com efeitos genético aditivo de animal e materno, efeito de ambiente permanente materno e erro como aleatórios; e modelo 2, com os mesmos efeitos do modelo 1, mas com covariância genética entre os efeitos direto e materno igual a zero (sigmaam=0). As estimativas de herdabilidade, utilizando-se o Modelo 1, foram iguais a 0,11; 0,04; 0,11 e 0,07 para GMD (efeito direto), GMD (efeito materno), D160 (efeito direto) e D160 (efeito materno), respectivamente. Para o Modelo 2, as estimativas de herdabilidade foram: 0,12; 0,05; 0,10 e 0,05 para GMD (efeito direto), GMD (efeito materno), D160 (efeito direto) e D160 (efeito materno). A diferença entre os modelos pela não inclusão da estrutura de covariância entre os efeitos direto e materno (sigmaam=0), neste trabalho, não foi significativa. A contribuição da variância residual (como porcentagem da variação fenotípica total) foi de 76% para GMD e de 80% para D160, para os dois modelos, indicando a necessidade da melhoria do ambiente de criação, assim como a padronização e formação de lotes de manejo, o que reflete na possibilidade de melhor definição de grupo de contemporâneos.

Uso de dados fotogramétricos no refinamento geométrico de contornos de telhados de edifícios extraídos de dados laser

In this paper, a methodology is proposed for the geometric refinement of laser scanning building roof contours using high-resolution aerial images and Markov Random Field (MRF) models. The proposed methodology takes for granted that the 3D description of each building roof reconstructed from the laser scanning data (i.e., a polyhedron) is topologically correct and that it is only necessary to improve its accuracy. Since roof ridges are accurately extracted from laser scanning data, our main objective is to use high-resolution aerial images to improve the accuracy of roof outlines. In order to meet this goal, the available roof contours are first projected onto the image-space. After that, the projected polygons and the straight lines extracted from the image are used to establish an MRF description, which is based on relations ( relative length, proximity, and orientation) between the two sets of straight lines. The energy function associated with the MRF is minimized by using a modified version of the brute force algorithm, resulting in the grouping of straight lines for each roof object. Finally, each grouping of straight lines is topologically reconstructed based on the topology of the corresponding laser scanning polygon projected onto the image-space. The preliminary results showed that the proposed methodology is promising, since most sides of the refined polygons are geometrically better than corresponding projected laser scanning straight lines.

Photoinduced orientation in natural rubber

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Infant formula and enamel fluorosis A systematic review

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

The effect of refuge on Dermestes ater (Coleoptera : Dermestidae) predation on Musca domestica (Diptera : Muscidae): Refuge for prey or the predator?

It is believed that habitat heterogeneity can change the extent of predator-prey interactions. Therefore, in this study we examined the effect of habitat heterogeneity (characterized here as an addition of refuge) on D. ater predation on M. domestica. Predation of D. ater on M. domestica larvae was carried out in experimental habitats with and without refuge, and examined at different prey densities. The number of prey eaten by beetles over 24 h of predator-prey interaction was recorded, and we investigated the strength of interaction between prey and predator in both experimental habitats by determining predator functional response. The mean number of prey eaten by beetles in the presence of refuge was significantly higher than in the absence of refuge. Females had greater weight gains than males. Logistic regression analyses revealed the type II functional response for both experimental habitats, even though data did not fit well into the random predator model. Results suggest that the addition of refuge in fact enhanced predation, as prey consumption increased in the presence of refuge. Predators kept in the presence of refuge also consumed more prey at high prey densities. Thus, we concluded that the addition of refuge was an important component mediating D. ater-M. domestica population interactions. Refuge actually acted as a refuge for predators from prey, since prey behaviors detrimental to predators were reduced in this case.

Bright solitons in coupled defocusing NLS equation supported by coupling: Application to Bose-Einstein condensation

We demonstrate the formation of bright solitons in coupled self-defocusing nonlinear Schrodinger (NLS) equation supported by attractive coupling. As an application we use a time-dependent dynamical mean-field model to study the formation of stable bright solitons in two-component repulsive Bose-Einstein condensates (BECs) supported by interspecies attraction in a quasi one-dimensional geometry. When all interactions are repulsive, there cannot be bright solitons. However, bright solitons can be formed in two-component repulsive BECs for a sufficiently attractive interspecies interaction, which induces an attractive effective interaction among bosons of same type. (c) 2005 Elsevier B.V. All rights reserved.

Bose-Einstein condensation thermodynamics of a trapped gas with attractive interaction

We study the Bose-Einstein condensation of an interacting gas with attractive interaction confined in a harmonic trap using a semiclassical two-fluid mean-field model. The condensed state is described by the converged numerical solution of the Gross-Pitaevskii equation. By solving the system of coupled equations of this model iteratively we obtain the converged results for the temperature dependencies of the condensate fraction, chemical potential, and internal energy for the Bose-Einstein condensate of Li-7 atoms. (C) 2000 Elsevier B.V. B.V. All rights reserved.

Josephson oscillation of a superfluid Fermi gas

Using the complete numerical solution of a time-dependent three-dimensional rnean-field model we study the Josephson oscillation of a superfluid Fermi gas (SFG) at zero temperature formed in a combined axially-symmetric harmonic plus one-dimensional periodic optical-lattice (OL) potentials after displacing the harmonic trap along the axial OL axis. We study the dependence of Josephson frequency on the strength of the OL potential. The Josephson frequency decreases with increasing strength as found in the experiment of Cataliotti et al. [Science 293, 843 (2001)] for a Bose-Einstein condensate and of the experiment of Pezze et al. [Phys. Rev. Lett. 93, 120401 (2004)] for an ideal Fermi gas. We demonstrate a breakdown of Josephson oscillation in the SFG for a large displacement of the harmonic trap. These features of Josephson oscillation of a SFG can be tested experimentally.

Dipolar Bose-Einstein condensate soliton on a two-dimensional optical lattice

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