Aggregate vs disaggregate data analysis: a paradox in the estimation of money demand function of Japan under the low interest rate policy

We investigate the issue of whether there was a stable money demand function for Japan in 1990's using both aggregate and disaggregate time series data. The aggregate data appears to support the contention that there was no stable money demand function. The disaggregate data shows that there was a stable money demand function. Neither was there any indication of the presence of liquidity trapo Possible sources of discrepancy are explored and the diametrically opposite results between the aggregate and disaggregate analysis are attributed to the neglected heterogeneity among micro units. We also conduct simulation analysis to show that when heterogeneity among micro units is present. The prediction of aggregate outcomes, using aggregate data is less accurate than the prediction based on micro equations. Moreover. policy evaluation based on aggregate data can be grossly misleading.

Wealth composition, endogenous fertility and the dynamics of income inequality

This paper analyzes how differences in the composition of wealth between human and physical capital among families affect fertility choices. These in tum influence the dynamics of wealth and income inequality across generations through a tradeoffbetween quantity and quality of children. Wealth composition affects fertility because physical capital has only a wealth effect on number of children, whereas human capital increases the time cost of child-rearing in addition to the wealth effect. I construct a model combining endogenous fertility with borrowing constraints in human capital investments, in which weaIth composition is determined endogenously. The model is calibrated to the PNAD, a Brazilian household survey, and the main findings of the paper can be summarized as follows. First, the model implies that the crosssection relationship between fertility and wealth typically displays a U-shaped pattem, reflecting differences in wealth composition between poor and rich families. Also, the quantity-quality tradeoff implies a concave cross-section relationship between investments per child and wealth. Second, as the economy develops and families overcome their bOlTowing constraints, the negative effect of weaIth on fertility becomes smaller, and persistence of inequality declines accordingly. The empirical evidence presented in this paper is consistent with both implications .

A coordination approach to the essentiality of money

The essentiality of money is commonly justi ed on e¢ ciency grounds. In this paper, we propose an alternative view on the essentiality of money. We consider an economy with llimited monitoring where agents have to coordinate on the use of two alternative technologies of exchange, money and credit. We show that although credit strictly dominates money from an e¢ ciency perspective, money is essential for coordination reasons. If agents are patient, the region of parameters where they coordinate in the use of money strictly contains the region of parameters where they coordinate in the use of credit

Value-for-money e geração de valor público na atuação das organizações sociais de saúde : contribuições para o governo do estado de São Paulo

O fato de que o Estado brasileiro deve, de acordo com sua Carta Magna, garantir o direito de seus cidadãos à saúde não significa, necessariamente, que a provisão destes serviços tem de ser feita diretamente pelo poder público. As parcerias com organizações sociais, previstas na Lei Federal 9.637/1998 e regulamentadas pelos Contratos de Gestão, pretendem oferecer uma alternativa à eficiência, agilidade e flexibilidade na assistência à saúde. Entretanto, a estrutura dos contratos de gestão com Organizações Sociais de Saúde (OSS), elaborada com a pactuação de metas e indicadores de desempenho, não pode ser considerada, isoladamente, como fator garantidor da prestação adequada de tais serviços públicos. É fundamental considerar neste contexto os arranjos organizados pelo poder público para assegurar que os serviços oferecidos representam o que, de fato, os cidadãos consideram valor. O presente trabalho tem como objeto as parcerias com OSS no âmbito do governo do estado de São Paulo. As entrevistas realizadas e as pesquisas empreendidas na confecção deste estudo revelam que, caso se pretenda trabalhar com estas parcerias sob uma perspectiva de value-for-money e geração de valor público, faz-se necessário aprimorar os mecanismos de escuta aos cidadãos, os arranjos de governança colaborativa entre entes federados, o alinhamento com órgãos de controle e, sobretudo, qualificar a capacidade organizacional do Estado e das OSS, por meio da revisão das metas e indicadores dispostos nos contratos de gestão.

M-PESA mobile money: a case study in Blue ocean strategy

The recent and widespread availability of affordable mobile phone technology in developing countries has paved the way for the development of a number of mobile money and electronic remittance services. One of the most successful of these services is Safaricom’s M-PESA program, launched in the East African nation of Kenya in March 2007. Since then, the program has successfully enrolled over 15.2 million users, transferred more than US$1.4 trillion in electronic funds, and contributed significantly to poverty alleviation and financial inclusion efforts in Kenya. M-Pesa is a mobile phone based money transfer system in Kenya which grew at a blistering pace following its inception in 2007. This case study will analyze the critical factors that make M-PESA such a unique success in Kenya specifically.

Show me the money and I will bring you the head: evaluation of the effects of self-interest and anger on whistleblowing

Though many of those who decided to report wrongdoings in their organizations were able to tell their stories (e.g. Bamford, 2014, Armenakis 2004), it is fair to say that there is still much left to uncover. The paper aims to contribute to the literature in three ways. First, it provides preliminary evidence that the wrongdoing linked with individual financial loss leads to higher whistleblowing rate. Secondly, it shows how the experience of anger is related to the higher likelihood to report the wrongdoer but only if the wrongful act is perceived as a cause of one’s financial loss. Finally, the paper establishes first steps for the future development of an experimental procedure that would enable to predict, and measure whistleblowing behavior in the lab environment.

Vitamin C and endogenous cortisol in foreign-body inflammatory response in pacus

O objetivo deste trabalho foi avaliar o efeito da suplementação com vitamina C no aumento da atividade de macrófagos e células gigantes multinucleadas (CGM), em pacus mantidos em duas densidades de estocagem. O experimento foi realizado em parcelas subdivididas, em arranjo fatorial 2x2x3 com: 0 e 500 mg kg-1 de vitamina C; densidade de estocagem de 5 e 20 kg m-3; e tempos de avaliação de 3, 6 e 12 dias após o implante subcutâneo (DPI) de lamínulas de vidro. Foram determinados o número de macrófagos e de CGM, bem como os níveis de cortisol e glicose no plasma. O número de macrófagos e de CGM com 2 a 5 núcleos foi significativamente maior nos peixes suplementados com vitamina C, à densidade 5 kg m-3, aos 3 DPI, em relação aos não suplementados. Constatou-se menor quantidade de macrófagos e CGM em peixes com baixa concentração plasmática de cortisol. A suplementação com 500 mg de vitamina C por quilograma de ração beneficia a atividade de macrófagos em inflamações do tipo corpo estranho, e a elevada concentração de cortisol circulante tem efeito supressor nesta resposta.

Effect of a nanostructured dendrimer-naloxonazine complex on endogenous opioid peptides mu(1) receptor-mediated post-ictal antinociception

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

Cardiorespiratory and endocrine effects of endogenous opioid antagonism by naloxone in ponies anaesthetised with halothane

Halothane depresses cardiorespiratory function and activates the pituitary-adrenal axis, increasing beta endorphin. In horses, beta endorphin may enhance the anaesthetic-associated cardiorespiratory depression and mortality risk. The authors studied endogenous opioid effects on cardiorespiratory function and pituitary-adrenal activity in halothane-anaesthetised ponies by investigating opioid antagonism by naloxone. Six ponies were anaesthetised three times (crossover design). Anaesthesia was induced with thiopentone and maintained with 1.2 per cent halothane for 2 hours. Immediately after induction, naloxone was administered either intra venously (0.5 mg kg(-1) bolus then 0.25 mg kg(-1) hour(-1) for 2 hours) or intrathecally (0.5 mg) or was replaced by saline as control. Pulse and respiratory rates, arterial blood gases, cardiac output and plasma cortisol and adrenocorticotrophic hormone (ACTH) concentrations were measured. All groups developed cardiorespiratory depression (40 per cent decrease in cardiac output) and plasma cortisol increased. Plasma ACTH concentration was higher in ponies treated with intrathecal naloxone. Endogenous opioids may inhibit ACTH Secretion, attenuating the stress response to halothane anaesthesia in equidae. (C) 2001 Harcourt Publishers Ltd.

Lack of genotoxicity induced by endogenous and synthetic female sex hormones in peripheral blood cells detected by alkaline Comet assay

The etiology of hormone-induced cancers has been considered to be a combination of genotoxic and epigenetic events. Currently, the Comet assay is widely used for detecting genotoxicity because it is relatively simple, sensitive, and capable of detecting various kinds of DNA damage. The present study evaluates the genotoxic potential of endogenous and synthetic sex hormones, as detected by the Comet assay. Blood cells were obtained from 12 nonsmoking and 12 smoking women with regular menstrual cycles and from 12 nonsmoking women taking low-dose oral contraceptives (OC). Peripheral blood samples were collected at three phases of the menstrual cycle (early follicular, mean follicular, and luteal phases), or at three different moments of oral contraceptive intake. Three blood samples were also collected from 12 healthy nonsmoking men, at the same time as oral contraceptive users. Results showed no significant difference in the level of DNA damage among the three moments of the menstrual cycle either in nonsmoking and smoking women, or between them. No significant difference in DNA damage was also observed among oral contraceptive users, nonusers, and men. Together, these data indicate lack of genotoxicity induced by the physiological level of the female sex hormones and OC as assessed by the alkaline Comet assay. In conclusion, normal fluctuation in endogenous sex hormones and use of low-doses of oral contraceptive should not interfere with Comet assay data when this technique is used for human biomonitoring.

The importance of endogenous nutrition of chicks from divergent strains for growing tested by deutectomy

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

Endogenous hydrogen peroxide in the hypothalamic paraventricular nucleus regulates sympathetic nerve activity responses to L-glutamate

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Gastroprotective effect of Cissus sicyoides (Vitaceae): Involvement of microcirculation, endogenous sulfhydryls and nitric oxide

Aim of the study: Cissus sicyoides L. is a medicinal plant popularly known in Brazil against various diseases and the research interest in this plant is justifiable because of its potential medicinal value in stomachache and gastric ulcer.Materials and methods: The methanolic extract obtained from the leaves of Cissus sicyoides (Cc) was evaluated for the ability to protect the gastric mucosa against injuries caused by necrotizing agents (0.3 M HCl/60% EtOH, absolute ethanol, piroxicam and pylorus ligature) in rodents. We also evaluated microcirculation, antioxidant action and participation of NO (nitric oxide) and sulfhydryls (SH) groups in the Cc gastroprotective action.Results: Administration of Cc significantly reduced gastric lesions induced by different ulcerogenic agents in rodents. This extract administered by oral route significantly increased gastric volume without exerting antisecretory effect. The Cc effect involved an increase of the defense mechanism of the gastrointestinal mucosa such as NO and SH groups that prevent and attenuate the ulcer process. The Cc also has antioxidant property against oxidative stress but does not modify microcirculation response in gastric mucosa.Conclusions: These results confirmed the traditional use of Cissus sicyoides for the treatment of gastric ulcer. (C) 2008 Elsevier B.V. All rights reserved.