Unit roots and the welfare gains of cycle smoothing

li consumption is log-Normal and is decomposed into a linear deterministic trend and a stationary cycle, a surprising result in business-cycle research is that the welfare gains of eliminating uncertainty are relatively small. A possible problem with such calculations is the dichotomy between the trend and the cyclical components of consumption. In this paper, we abandon this dichotomy in two ways. First, we decompose consumption into a deterministic trend, a stochastic trend, and a stationary cyclical component, calculating the welfare gains of cycle smoothing. Calculations are carried forward only after a careful discussion of the limitations of macroeconomic policy. Second, still under the stochastic-trend model, we incorporate a variable slope for consumption depending negatively on the overall volatility in the economy. Results are obtained for a variety of preference parameterizations, parameter values, and different macroeconomic-policy goals. They show that, once the dichotomy in the decomposition in consumption is abandoned, the welfare gains of cycle smoothing may be substantial, especially due to the volatility effect.

Welfare characterization of monetary-applied models and three implications

This paper demonstrates that the applied monetary mo deIs - the Sidrauski-type models and the cash-in-advance models, augmented with a banking sector that supplies money substitutes services - imply trajectories which are P8,reto-Optimum restricted to a given path of the real quantity of money. As a consequence, three results follow: First, Bailey's formula to evaluate the wclfare cost of inflation is indeed accurate, if the long-run capital stock does not depend on the inflation rate and if the compensate demand is considered. Second, the relevant money demand concept for this issue - the impact of inflation on welfare - is the monetary base, Third, if the long-run capital stock depends on the inflation rate, this dependence has a second-order impact ou wclfare, and, conceptually, it is not a distortion from tite social point of vicw. These three implications moderatc some evaluations of the wclfare cost of the perfect predicted inflation.

Welfare and growth effects of alternative fiscal rules for infrastructure investment in Brazil

This article studies the interplay between fiscal rules, public investment and growth in Brazil. It is investigated if it would make sense to raise public investment and, if so, under which fiscal rule it is best to do it — whether through tax financing, debt financing, or a reduction of public consumption. We construct and simulate a competitive general equilibrium model, calibrated to Brazilian economy, in which public capital is a component of the production function and public consumption directly affects individuals’ well-being. After assessing the impacts of alternative fiscal rules, the paper concludes that the most desirable financing scheme is the reduction of public consumption, which dominates the others in terms of output and welfare gains. The model replicates the observed growth slowdown of the Brazilian economy when we increase taxes and reduce public capital formation to the levels observed after 1980 and shows that the growth impact of the expansion of tax collection in Brazil was much larger than that of public investment compression.

Welfare cost of inflation considering adoption decisions and interest-bearing deposits

Attanasio et al. (JPE, 2002) have used microeconomic data on households to provide new estimates of the welfare costs of infiation using Bailey's unidimensional welfare measure as a basis for their calculations. Such a measure does not properly take into consideration lhe fact that the majority of households in their sample (58.7 percent) holds not only bank deposits and currency, but also a second type of interest-bearing assct. This work devises alternative formulas which account for the existence of bank deposits and a sccond interest-bearing asset in the economy, as well as for adoption decisions regarding alternative financiai technologies.

Hemolytic activity of alternative complement pathway as an indicator of innate immunity in pacu (Piaractus mesopotamicus)

The objective of this study was to evaluate the methodology to establish the hemolytic activity of alternative complement pathway as an indicator of the innate immunity in Brazilian fish pacu (Piaractus mesopotamicus), in addition to verifying the influence of β-glucan as an immunostimulant. Fish were fed with diets containing 0, 0.1 and 1% β-glucan, during seven days, and then inoculated with Aeromonas hydrophila. Seven days after the challenge, they were bled for serum extraction. The methodology consisted of a kinetic assay that allows calculating the required time for serum proteins of the complement to promote 50% lysis of a rabbit red blood cell suspension. The method developed in mammals was successfully applied for pacu and determined that the hemolytic activity of the proteins of the complement system (alternative pathway) increased after the pathogen challenge, but was not influenced by the β-glucan treatment.

Qualidade do gasto público em educação para os municípios da região metropolitana de Natal-2007

The aim of this thesis is to evaluate the quality of public spending on education for the municipalities of the Metropolitan Region of Natal (RMN) in 2009 by use of two theories: The Theory of Welfare (Welfare State) and the Public Choice Theory (TEP), both important to understand the relationship between education and economics. The study also uses principles of microeconomics and public sector economics to get a better idea of the role of education in economy and society. It describes the development of the educational policy in Brazil from 1988 to the Federal Constitution of 2010, following the major changes in basic education during each government. The characteristics of the RMN municipalities were illustrated with socioeconomic indicators, while educational indicators were used to characterize each municipality regarding education. The model used in this study was developed by Bertê, Brunet and Borges, the data was collected on the back of the School Census 2009 and the Brazil Exam 2009 and it was processed quantitavely in the Information System on Public Budgets in Education (SIOPE) by use of the statistical method called standardized score of the normal cumulative distribution function. The quality of public spending on education is the result of the relation between performance indicator ratio and expense ratio. For the qualitative analysis of results, the criteria of efficiency, efficacy and effectiveness were used. The study found that municipalities with higher expenses showed a worse quality of spending and failed to convert the expenditure incurred into performance, thus confirming ineffectiveness

Electrical conductivity as an indicator of pea seed aging of stored at different temperatures

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

Estimation of fecal production, digesta flow and digestibility in dairy heifers with different indicator

Objetivou-se com este trabalho avaliar a produção fecal por meio do indicador interno, fibra em detergente neutro indigestível (FDNi), e externos, cromo complexado com ácido etilenodiaminotetracético (Cr-EDTA ) e o cloreto de itérbio (YbCl3), além de estimar o fluxo duodenal da matéria seca e os coeficientes de digestibilidades aparentes total, ruminal e pós-ruminal, de diferentes nutrientes. Foram utilizadas oito novilhas mestiças Holandês/Zebu, distribuídas em duplo quadrado latino 4 x 4. Os indicadores Cr-EDTA, YbCl3 e o FDNi não estimaram produção fecal de forma eficiente (p < 0,05), obtendo resultado de 1,64; 1,71 e 2,71 kg dia-1, respectivamente, quando comparado à coleta total de fezes, que obteve resultado de 1,39 kg dia-1. Os valores estimados de fluxo de matéria seca, tanto para a metodologia de único, quanto para de duplo indicador, podem ser considerados biologicamente aceitáveis. Contudo, o valor obtido pela associação Cr-EDTA/YbCl3, utilizada na forma de duplo indicador, foi o mais confiável, pela melhor recuperação dos indicadores externos (Cr-EDTA e YbCl3), que obtiveram médias de 89 e 85%, respectivamente, em comparação ao interno (FDNi), que obteve média 67%. Os coeficientes de digestibilidade ruminal e pós ruminal, estimados pela associação Cr-EDTA/YbCl3, foram considerados melhores, em consequência do valor de fluxo de matéria seca estimado por esta associação.

Strategies to promote farm animal welfare in Latin America and their effects on carcass and meat quality traits

Several initiatives, including research and development, increasing stakeholders' awareness and application of legislation and recommendation, have been carried out in Latin America to promote animal welfare and meat quality. Most activities focused on the impact of pre-slaughter conditions (facilities, equipment and handling procedures) on animal welfare and meat quality. The results are encouraging; data from Brazil, Chile and Uruguay showed that the application of the improved pre-slaughter handling practices reduced aggressive handling and the incidence of bruised carcasses at slaughter in cattle and pigs. These outcomes stimulated some to apply animal welfare concepts in livestock handling within the meat production chain as shown by the increasing demand for personnel training on the best. To attend this demand is important to expand local studies on farm animal welfare and to set up (or maintain) an efficient system for knowledge transfer to all stakeholders in the Latin America meat production chains. However, it is clear that to promote the long-term progress in this field is important to deliver practical solutions, assuring that they match the technical and financial conditions of those who are the target of training programs. (C) 2012 Elsevier Ltd. All rights reserved.

Indicator-free electrochemical DNA hybridization biosensor

A new electrochemical hybridization biosensor protocol without an external indicator is described. The biosensor format involves the immobilization of inosine-substituted (guanine-free) probe onto the carbon paste transducer, and a direct chronopotentiometric detection of the duplex formation by the appearance of the guanine oxidation peak of the target. Such a use of the intrinsic DNA electrochemical response for monitoring hybridization events offers several advantages (over the common use of external indicators), including the appearance of a new peak, a Aat background, or simplicity. A 4 min short hybridization period allows a detection limit around 120 ng/ml. Performance characteristics of the sensor are described along with future prospects. (C) 1998 Elsevier B.V. B.V. All rights reserved.

Caution for using ventilatory frequency as an indicator of stress in fish

This study tested the use of ventilatory frequency (VF) as an indicator of stress in the Nile tilapia, Oreochromis niloticus (L.). Firstly, we tested the relationship between VF and plasma cortisol after confinement. Confined fish showed higher VF and plasma cortisol levels, but the latter continued to increase significantly for longer time than VF. Secondly, we conducted another experiment to test the use of VF as indicator of fish stress. In four out of six treatment, we confined the fish for different intervals (30 s, 5, 15 or 30 min). The others were used as control. In one, no handling was imposed. The other control consisted of introducing the partition (the same used to perform the confinement) into the aquarium for less than 4 s, without confinement and immediately removing the partition (partition control). Ventilatory frequency was increased for the partition control as much as for the longer duration of confinement. This clearly indicates that VF is a very sensitivity response to disturbance, but of limited use because this parameter does not reflect the severity of the stimulus. Thus, although VF is a non-invasive technique that does not require sophisticated recording equipment, its usefulness is limited. (C) 2004 Elsevier B.V. All rights reserved.

Eye color as an indicator of social rank in the fish Nile tilapia

We investigated the association of eye color with the dominant-subordinate relationship in the fish Nile tilapia, Oreochromis niloticus. Eye color pattern was also examined in relation to the intensity of attacks. We paired 20 size-matched fish (intruder: 73.69 ± 11.49 g; resident: 75.42 ± 8.83 g) and evaluated eye color and fights. These fish were isolated in individual aquaria for 10 days and then their eye color was measured 5 min before pairing (basal values). Twenty minutes after pairing, eye color and fights were quantified for 10 min. Clear establishment of social hierarchy was observed in 7 of 10 pairs of fish. Number of attacks ranged from 1 to 168 among pairs. The quartile was calculated for these data and the pairs were then divided into two classes: low-attack (1 to 111 attacks - 2 lower quartiles) or high-attack (112 to 168 attacks - 2 higher quartiles). Dominance decreased the eye-darkening patterns of the fish after pairing, while subordinance increased darkening compared to dominance. Subordinate fish in low-attack confrontations presented a darker eye compared to dominant fish and to the basal condition. We also observed a paler eye pattern in dominants that shared low-attack interactions after pairing compared to the subordinates and within the group. However, we found no differences in the darkening pattern between dominants and subordinates from the high-attack groups. We conclude that eye color is associated with social rank in this species. Moreover, the association between eye color and social rank in the low-attack pairs may function to reduce aggression.