Temporary exchange rate-based stabilization programs under asset market segmentation

This paper analyses the welfare consequences of temporary exchange rate-based stabilization programs. Differently than previous papers, however, here we assume that only a fraction of households participates in asset market transactions. With this asset market segmentation assumption, the effects of temporary programs on welfare may change drastically. Households with access to the bonds market are able to protect themselves better from the changes in the inflation rate – although at the cost of a distortion in their consumption path. As a consequence, they may decrease their inflation tax burden – which would increase for the other group of households. By the other side, when these agents that lack the access to the asset markets are credit constrained, they may welcome the program, since the government Is temporally reducing the inflation tax they have to pay. The temporary program could end up benefiting both groups, what could help to understand their popularity.

Robustness and stabilization properties of monetary policy rules in Brazil

Based on three versions of a small macroeconomic model for Brazil, this paper presents empirical evidence on the effects of parameter uncertainty on monetary policy rules and on the robustness of optimal and simple rules over different model specifications. By comparing the optimal policy rule under parameter uncertainty with the rule calculated under purely additive uncertainty, we find that parameter uncertainty should make policymakers react less aggressively to the economy's state variables, as suggested by Brainard's "conservatism principIe", although this effect seems to be relatively small. We then informally investigate each rule's robustness by analyzing the performance of policy rules derived from each model under each one of the alternative models. We find that optimal rules derived from each model perform very poorly under alternative models, whereas a simple Taylor rule is relatively robusto We also fmd that even within a specific model, the Taylor rule may perform better than the optimal rule under particularly unfavorable realizations from the policymaker' s loss distribution function.

Labor earnings dynamics in post-stabilization Brazil

This paper analyzes both the levels and evolution of wage inequality in the Brazilian formal labor market using administrative data from the Brazilian Ministry of Labor (RAIS) from 1994 to 2009. After the covariance structure of the log of real weekly wages is estimated and the variance of the log of real weekly wages is decomposed into its permanent and transitory components, we verify that nearly 60% of the inequality within age and education groups is explained by the permanent component, i.e., by time-invariant individual productive characteristics. During this period, wage inequality decreased by 29%. In the rst years immediately after the macroeconomic stabilization (1994

The Sao Paulo stock exchange and the economic stabilization

The inflationary stabilization recently observed in Brazil brings a lot of changes in all aspects of the country’s economic life. In this work we look at the impacts on the stock market, specifically at Bovespa - the São Paulo Stock Exchange. We analyze the leading variables and statistics that describe Bovespa’s behavior, such as volatility and systematic risk, comparing the four years preceding and the four years after 1994, when the Real Plan was implemented. In order to eliminate exogenous influences, we use control series made with international Stock Exchanges Indexes. The results show that after 1994 there was reduced volatility, increased trade volume, reduced efficiency of the Bovespa Index and no changes in systematic risk.

Use of glass transition temperature for stabilization of board's cracks of Eucalyptus grandis

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

Delays in stabilization or in reforms? The debt crisis

Empirical analyses attributing the 1980s' debt crisis to inconsistent stabilization policies rest on an inappropriate long-run approach. Revising this long-run approach yields opposite results: terms of trade shocks and foreign indebtedness explain this crisis, regardless of domestic stabilization policies. This prompts us to consider a new hypothesis, of delays in trade-policy reforms, with a model in which terms-of-trade variation (under shocks) is endogenous to export structure and efficiency of resource allocation. Evidence from the structural equations model shows that allocation distortions negatively affect changes in terms of trade, which then explain this crisis. A political economy extension demonstrates that income inequality and regional trade policy determine the distortions, which in turn leads to this crisis.

Enhanced stabilization of aerosol-OT surfactant monolayer upon interaction with small amounts of bovine serum albumin at the air-water interface

An investigation is made of the influence from small amounts of the protein bovine serum albumin (BSA) on the lateral organization of low molecular weight surfactant sodium bis-2-ethylhexyl sulfosuccinate (AOT) at the air-water interface. Surface pressure (pi - A), surface potential (DeltaV - A) and Brewster angle microscopy (BAM) experiments were carried out, with particular emphasis on the monolayer stability under successive compression-expansion cycles. AOT monolayer is not stable at the air-water interface, which means that the majority of AOT molecules go into the aqueous subphase as monomers and/or normal micelles. When a waiting time elapses between spreading and compression, the surfactant monolayer tends to reorganize partially at the air-water interface, with a monolayer expansion being observed for waiting times as large as 12 h. The incorporation of very small amount of BSA (10(-9) M) at the interface, also inferred from BAM, increases the monolayer stability as revealed by pi - A and DeltaV - A results. For a waiting time of circa 3 h, the mixed monolayer reaches its maximum stability. This must be related to protein (and/or protein-surfactant complexes) adsorbed onto the AOT monolayer, thus altering the BSA conformation to accommodate its hydrophobic/hydrophilic residues. Furthermore, the effects from such small amounts of BSA in the monolayer formation and stabilization mean that the AOT monolayer responds cooperatively to BSA. (C) 2004 Elsevier B.V. All rights reserved.

A novel neural model to electrical load forecasting in transformers

The paper describes a novel neural model to electrical load forecasting in transformers. The network acts as identifier of structural features to forecast process. So that output parameters can be estimated and generalized from an input parameter set. The model was trained and assessed through load data extracted from a Brazilian Electric Utility taking into account time, current, tension, active power in the three phases of the system. The results obtained in the simulations show that the developed technique can be used as an alternative tool to become more appropriate for planning of electric power systems.

An efficient neural approach to economic load dispatch in power systems

A neural approach to solve the problem defined by the economic load dispatch in power systems is presented in this paper, Systems based on artificial neural networks have high computational rates due to the use of a massive number of simple processing elements and the high degree of connectivity between these elements the ability of neural networks to realize some complex nonlinear function makes them attractive for system optimization the neural networks applyed in economic load dispatch reported in literature sometimes fail to converge towards feasible equilibrium points the internal parameters of the modified Hopfield network developed here are computed using the valid-subspace technique These parameters guarantee the network convergence to feasible quilibrium points, A solution for the economic load dispatch problem corresponds to an equilibrium point of the network. Simulation results and comparative analysis in relation to other neural approaches are presented to illustrate efficiency of the proposed approach.

Neural Network-Based Approach for Identification of the Harmonic Content of a Nonlinear Load in a Single-Phase System

In this paper an alternative method based on artificial neural networks is presented to determine harmonic components in the load current of a single-phase electric power system with nonlinear loads, whose parameters can vary so much in reason of the loads characteristic behaviors as because of the human intervention. The first six components in the load current are determined using the information contained in the time-varying waveforms. The effectiveness of this method is verified by using it in a single-phase active power filter with selective compensation of the current drained by an AC controller. The proposed method is compared with the fast Fourier transform.

Effect of abutment's height and framework alloy on the load distribution of mandibular cantilevered implant-supported prosthesis

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

An investigation of pile diameter influence in the bearing capacity on Dynamic Load Test (DLT)

During the construction of five residential buildings in the city of Taubate, State of São Paulo, it was possible to carry out one comprehensive investigation of the behavior of precast concrete piles in clay shales. This paper describes the results of Dynamic Load Tests (DLT's) executed in three piles with different diameters and with the same embedded length. The tests were monitored using the PDA(R) (Pile Driving Analyzer) and the pile top displacement was measured by pencil and paper procedure. From the curves of RMX versus DMX resulted from CASE(R) method, CAPWAPC(R) analyses were made for signals where the maximum mobilized soil resistance was verified. The results were compared with the predicted bearing capacity using the semi-empirical method of Decourt & Quaresma (1978) and Decourt (1982) based on SPT values and the description of the soil profile. Some comments related to the values of quake and damping used for clay shales in the analyses are also presented.

Experience gained and difficulties in performing dynamic load test in composite piles made with steel rails

The results of dynamic instrumentation in two construction sites that used steel rails as pile foundation are presented in this paper. The first dynamic load tests were executed in piles made by single steel rails of the type TR32 and TR37. In the second group of dynamic tests, the piles were made by a composition of two and three steel rails of the same type TR37. The difficulties in placing the sensors, the effect of hammer blow eccentricity and the influence of the non-uniform welding along the pile length are presented in detail and discussed.

Influences of thermal and electric load fluctuations in the cogeneration attractiveness

The use of mean values of thermal and electric demand can be justifiable for synthesising the configuration and for estimating the economic results because it simplifies the analysis in a preliminary feasibility study of a cogeneration plant. For determining the cogeneration scheme that best fits the energetic needs of a process several cycles and combinations must be considered, and those technically feasible will be analysed according to economic models. Although interesting for a first approach, this procedure do not consider that the peaks and valleys present in the load patterns will impose additional constraints relatively to the equipment capacities. In this paper, the effects of thermal and electric load fluctuation to the cogeneration plant design were considered. An approach for modelling these load variability is proposed for comparing two competing thermal and electric parity competing schemes. A gas turbine associated to a heat recovery steam generator was then proposed and analysed for thermal- and electric-following operational strategies. Thermal-following option revealed to be more attractive for the technical and economic limits defined for this analysis. (c) 2006 Elsevier Ltd. All rights reserved.

Describing fatigue crack growth and load ratio effects in Al 2524 T3 alloy with an enhanced exponential model

The fatigue crack behavior in metals and alloys under constant amplitude test conditions is usually described by relationships between the crack growth rate da/dN and the stress intensity factor range Delta K. In the present work, an enhanced two-parameter exponential equation of fatigue crack growth was introduced in order to describe sub-critical crack propagation behavior of Al 2524-T3 alloy, commonly used in aircraft engineering applications. It was demonstrated that besides adequately correlating the load ratio effects, the exponential model also accounts for the slight deviations from linearity shown by the experimental curves. A comparison with Elber, Kujawski and "Unified Approach" models allowed for verifying the better performance, when confronted to the other tested models, presented by the exponential model. (C) 2012 Elsevier Ltd. All rights reserved.