The role of income inequality on fiscal multipliers

A Work Project, presented as part of the requirements for the Award of a Masters Double Degree in Economics from the Nova School of Business and Economics and University of Maastricht

Essay on secular stagnation

In this paper we show that a closed economy, with a balanced budget and unable to increase public spending, can avoid or leave a persistent slump through adequate and timely combination of monetary and fiscal policy based on distortionary taxation. We use a three generations OLG New Keynesian model in which a permanent slump is possible without any self-correcting force to full-employment. Complementing recent work on Secular Stagnation using lump-sum taxation and government spending as fiscal instruments, our contribution is to use distortionary taxes over labor, consumption and capital, in a balanced budget environment with constant (or decreasing) government spending.

Macroeconomic effects of monetary policy in the Eurozone

To study the macroeconomic effects of unconventional monetary policy across the different countries of the eurozone, I develop an identification scheme to disentangle conventional from non-conventional policy shocks, using futures contracts on overnight interest rates and the size of the European Central Bank balance sheet. Setting these shocks as endogenous variables in a structural vector autoregressive (SVAR) model, along with the CPI and the employment rate, estimated impulse response functions of policy to macroeconomic variables are studied. I find that unconventional policy shocks generated mixed effects in inflation but had a positive impact on employment, with the exception of Portugal, Spain, Greece and Italy where the employment response is close to zero or negative. The heterogeneity that characterizes the responses shows that the monetary policy measures taken in recent years were not sufficient to stabilize the economies of the eurozone countries under more severe economic conditions.

Case study preparation: The whatsApp acquisition from Facebook

The purpose of this work project is to analyze the acquisition of WhatsApp from Facebook occurred on 19th February 2014. The main research has the aim to understand if the price tag of $19 billion paid by Mark Zuckerberg was fair. Along the reaction of Facebook’s EPS on the keydays after the purchase, a balanced assessment of the acquisition was obtained and discussed. Results suggest that the price tag could be reasonable. However, taking into account the industry in which the two companies operate, where competition is quite intense, Facebook should assess this deal in a longerterm perspective.

Atrial flutter complicating severe leptospirosis: a case report

Cardiac disturbances are relatively common and electrocardiographic abnormalities may be found in more than 70% of patients with leptospirosis. We report the case of a 68 year-old male with severe leptospirosis who developed atrial flutter. Effective treatment was done with amiodarone. The patient became clinical stable, with complete recovery. Rigorous clinical observation and continuous electrocardiogram (ECG) monitoring may facilitate the identification of rhythm disorders, and thus prevent a probable fatal outcome, in severe cases of leptospirosis.

Dengue infection in children and adolescents: Clinical profile in a reference hospital in northeast Brazil

Introduction This study aimed to describe the clinical spectrum of dengue in children and adolescents from a hyperendemic region who were admitted for hospitalization. Methods A retrospective study was conducted on patients diagnosed with dengue infection upon admission to a reference center in Fortaleza, Brazil. Results Of the 84 patients included, 42 underwent confirmatory testing. The main symptoms were fever, abdominal pain and vomiting. The median level of serum aspartate aminotransferase was 143.5±128mg/dL. Conclusions A peculiar clinical profile was evident among children and adolescents with dengue infection in a reference center in northeast Brazil, including gastrointestinal symptoms and liver involvement.

Drilling deeper: Understanding trade in Angola

The present study analyzes Angola’s trading partners from 2005 to 2015 in order to understand the main drivers of Exports and Imports growth. Departing from a gravity model, foreign GDP growth and real exchange rate fluctuations were interpreted as demand and supply disturbances on Exports. While nominal and real exports both increase with demand expansions, they react differently to supply shocks. Imports are growing at the same rate as Angola’s economy while exchange rate fluctuations capture the wealth effect of Oil price in the economy.

Migrant networks and migrant intentions to return

Social ties are potentially an important determinant of migrants’ intention to return to their home country, and yet this topic has not been addressed in the existing economics literature on international migration. This study examines the absolute and relative importance of migrant social networks both at destination and at origin. We base our research on experimental data from Batista and Narciso (2013)1. By defining networks according to different characteristics of their members and migrant return intentions with respect to three different time horizons, we are able to dissect the network effect into its components. After controlling for unobserved heterogeneity and reverse causality biases we find that network at home seems to be the most important determinant of the migrant’s intention to return home within five and ten years.

Improving accuracy of inflation forecasts using macroeconomic information

This thesis examines the effects of macroeconomic factors on inflation level and volatility in the Euro Area to improve the accuracy of inflation forecasts with econometric modelling. Inflation aggregates for the EU as well as inflation levels of selected countries are analysed, and the difference between these inflation estimates and forecasts are documented. The research proposes alternative models depending on the focus and the scope of inflation forecasts. I find that models with a Generalized AutoRegressive Conditional Heteroskedasticity (GARCH) in mean process have better explanatory power for inflation variance compared to the regular GARCH models. The significant coefficients are different in EU countries in comparison to the aggregate EU-wide forecast of inflation. The presence of more pronounced GARCH components in certain countries with more stressed economies indicates that inflation volatility in these countries are likely to occur as a result of the stressed economy. In addition, other economies in the Euro Area are found to exhibit a relatively stable variance of inflation over time. Therefore, when analysing EU inflation one have to take into consideration the large differences on country level and focus on those one by one.

O Palácio de Fernando de Larre na Calçada do Combro e os seus estuques

Reconstitui-se neste artigo a história do palácio de Fernando de Larre (1689/1761), Provedor dos Armazéns Reais, na calçada do Combro, em Lisboa, comprado em 1742, em hasta pública, a Manuel Pedro de Melo, descendente de uma família de mercadores flamengos aí residente desde 1684. Entre as obras que o novo proprietário empreendeu, por volta de 1744/45, destacam-se os tectos em estuque de relevo, realizados “no ultimo primor da arte”, de acordo com uma avaliação de 1783. A inovadora linguagem ornamental presente nos estuques do palácio – em que se conjugam elementos da Regência francesa e do “barocchetto” de ascendência italiana – parece apontar para a presença de estucadores suíços que trabalhavam em Lisboa na mesma época: Giovanni Grossi, Domenico Maria Plura, Carlo Sebastiano Staffieri e Giovanni Francesco Righetti.

Exchange rate pressure in Angola

The objective of this work is to develop an operational tool to analyze exchange rate pressure in the context of Angola. The Angolan economy exhibits a number of relevant characteristics: a closed financial account, a partially controlled current account, a highly dollarized economy and exports (oil) price determined in World markets. These features have a direct effect on the demand of foreign currency and motivate their inclusion in the specification of a model for Angola. The model provides the rational for a measure of an exchange market rate pressure (EMP) index that contains exports changes, imports changes, the foreign interest rate and inflation and the change in foreign reserves corrected for a measure dollarization. The empirical performance new measure is comparable (slightly better) to the performance of the EMP indexes obtained in Eichengreen Rose and Wyplosz (1994) and Klassen and Jager (2011).

Firing and training costs and labour market segmentation

This dissertation consists of three essays on the labour market impact of firing and training costs. The modelling framework resorts to the search and matching literature. The first chapter introduces firing costs, both liner and non-linear, in a new Keynesian model, analysing business cycle effects for different wage rigidity degrees. The second chapter adds training costs in a model of a segmented labour market, accessing the interaction between these two features and the skill composition of the labour force. Finally, the third chapter analyses empirically some of the issues raised in the second chapter.

Structural and enzymatic characterization of ABgp46, a novel phage endolysin with broad anti-Gram-negative bacterial activity

The present study demonstrates the antibacterial potential of a phage endolysin against Gram-negative pathogens, particularly against multidrug resistant strains of Acinetobacter baumannii. We have cloned, heterologously expressed and characterized a novel endolysin (ABgp46) from Acinetobacter phage vb_AbaP_CEB1 and tested its antibacterial activity against several multidrug-resistant A. baumannii strains. LC-MS revealed that ABgp46 is an N-acetylmuramidase, that is also active over a broad pH range (4.0-10.0) and temperatures up to 50°C. Interestingly, ABgp46 has intrinsic and specific anti-A. baumannii activity, reducing multidrug resistant strains by up to 2 logs within 2 hours. By combining ABgp46 with several organic acids that act as outer membrane permeabilizing agents, it is possible to increase and broaden antibacterial activity to include other Gram-negative bacterial pathogens. In the presence of citric and malic acid, ABgp46 reduces A. baumannii below the detection limit (> 5 log) and more than 4 logs P. aeruginosa and Salmonella Typhimurium strains. Overall, this globular endolysin exhibits a broad and high activity against Gram-negative pathogens, that can be enhanced in presence of citric and malic acid, and be used in human and veterinary medicine.

Investigación – acción en el Profesorado Universitario: implementación de experiencias en la docencia universitaria

Este relato de experiencia recoge las actividades planificadas en torno a dos cátedras universitarias que se comprometen en integrar contenidos específicos de Didáctica Especial y de Investigación Educativa bajo la episteme y metodología de la investigación-acción porque se integran ambas asignaturas, bajo la episteme de la inv-acción, esto es denominado en la enseñanza para la integración, la integración desde lo metodológico Ambas asignaturas desarrollan el proceso de enseñanza y aprendizaje en instancias individuales y compartidas, particularmente estas últimas, se orientan a promover la sensibilización, diagnóstico y aplicación de la investigación en problemas didácticos de los alumnos, docentes universitarios y de nivel medio, ya que ambas desarrollan instancias específicas en cuanto al campo de conocimiento y para la comprensión del mismo se elabora el proyecto. Se identifican, durante el proceso, dificultades tales como la imposibilidad de tránsito desde el paradigma original positivista hacia el paradigma crítico, la construcción del objeto de conocimiento, la identificación de la didáctica como teoría y por ende la articulación de categorías del campo de la didáctica como analizadores de las prácticas docentes, la selección de técnicas para la triangulación y la tensión entre la aspiración a integrar espacios curriculares y las condiciones efectivas para concretarlo.El problema de generar conductas autorreflexivas orientadas al diagnóstico de sus propias cátedras opera como consecuencia de una concepción de docencia universitaria autorreferencial que sitúa los problemas de enseñanza y aprendizaje a un problema de técnicas, centrado en carencias de los alumnos o en el contexto ampliado, antes que en la propuesta de cátedra y en el reconocimiento del estatuto de la investigación-acción como ámbito de producción de conocimiento académico útil. Asimismo, transpuesto estos nudos críticos del reconocimiento y problematización, la inmersión en la labor colaborativa grupal posibilitó cuestionamientos y diseño de estrategias de transformación dialéctica. La calidad de la producción satisfizo y superó las expectativas docentes, generándose un espacio de revisión del cotidiano de las prácticas docentes.