Croissance economique de long terme et capital humain.

Rapport de recherche

La valeur exposée au risque à long terme, appliquée au risque de marché.

Rapport de stage (maîtrise en finance mathématique et computationnelle)

Determination du taux de change de long terme application du modele generalise de la parite non-couverte des taux d'interet: Cas du Canada.

Rapport de recherche

Est-il possible d'établir une relation entre les dépenses publiques et le niveau de capital humain via les effets à long terme et à court terme dans le processus de croissance de la Tunisie?

Rapport de recherche

The Discipline of Economics and Economic Cycles

In This Article, It Is Argued That the Long International, Financial and Economic Cycle (50-60 Years) Is More Than a Statistical Aberration, and Is the Result of Institutional Political, Financial and Economic Conditions Which Are Recurrent. It Is Proposed As an Hypothesis That the Breakdown of International Monetary Systems Is At the Origin of Hte Financial and Economic Long Cycle. Such a Breakdown Starts a Process of Unexpected Inflation, of Balance of Payments Imbalances and of International Indebtedness in a Key-Currency. the Last Stage of This Process Is Characterized by Disinflation, a Speculative Stock Market Boom and a Period of Debt-Liquidation Which Negatively Affect the Real Side of the Economy. Without an International and Automatic Mechanism to Correct the Financial and Economic International Imbalances, the World Economy Runs the Risk of Getting More and More Unstable Until the Turning Point. International Monetary Cooperation Could Contribute in Alleviating the Negative Spillovers Accompanying Hte Adjustment of These Imbalances.

Explorer l'expérience vécue de la personne/famille tout au long du parcours de chirurgie pour un cancer pancréatique

Rapport de stage présenté à la Faculté des sciences infirmières en vue de l'obtention du grade de Maître ès sciences (M.Sc.) en sciences infirmières option expertise-conseil en soins infirmiers

A DSGE model with loss aversion in consumption and leisure: an explanation for business cycles asymmetries

In this chapter, an asymmetric DSGE model is built in order to account for asymmetries in business cycles. One of the most important contributions of this work is the construction of a general utility function which nests loss aversion, risk aversion and habits formation by means of a smooth transition function. The main idea behind this asymmetric utility function is that under recession the agents over-smooth consumption and leisure choices in order to prevent a huge deviation of them from the reference level of the utility; while under boom, the agents simply smooth consumption and leisure, but trying to be as far as possible from the reference level of utility. The simulations of this model by means of Perturbations Method show that it is possible to reproduce asymmetrical business cycles where recession (on shock) are stronger than booms and booms are more long-lasting than recession. One additional and unexpected result is a downward stickiness displayed by real wages. As a consequence of this, there is a more persistent fall in employment in recession than in boom. Thus, the model reproduces not only asymmetrical business cycles but also real stickiness and hysteresis.

Metabolic profiles and progesterone cycles in first lactation dairy cows

This study investigated the ovarian function, metabolic profiles and fertility in first lactation Holstein-Friesian dairy cows (mean 305 day milk yield: 7417 +/- 191 kg, n = 37). Reproductive profiles obtained from milk progesterone analysis were categorized into normal (n = 17) and four abnormal profiles (delayed ovulation, DOV1, n = 9; DOV2, n = 2; persistent corpus luteum, PCL1, n = 6; PCL2, n = 4; 1: immediately post-calving, 2: subsequent cycles). Fifty-five percent of cows had abnormal profiles with half of these being categorized as DOV1. Fertility of DOV1 and DOV2 cows was reduced whereas PCL1 and PCL2 cows had similar reproductive competence to normal profile cows. DOV1 animals had higher milk energy values, lower energy balances, lower dry matter intakes (DMI) and greater body weight and body condition score (BCS) losses post-calving than normal profile animals. DOV1 animals also had lower insulin-like growth factor-I (IGF-I) and higher betahydroxybutyrate (BHB) concentrations and tended to have the lower insulin and glucose concentrations in the pre-service period than normal profile cows. All PCL animals had vulval discharges postpartum. Despite this, the DMI, body weight and BCS changes, IGF-I concentrations and fertility of PCL1 animals was similar to normal profile cows. In conclusion, the high prevalence of delayed ovulation post-calving (DOV1) in primiparous high yielding cows lasted long enough (71 +/- 8.3 days) to have a detrimental impact on fertility and was associated with significant physiological changes. This study did not establish any detrimental effects of PCL profiles on fertility or production parameters. (C) 2002 Elsevier Science Inc. All rights reserved.

Evaluation of malacosporean life cycles through transmission studies

Myxozoans, belonging to the recently described Class Malacosporea, parasitise freshwater bryozoans during at least part of their life cycle, but no complete malacosporean life cycle is known to date. One of the 2 described malacosporeans is Tetracapsuloides bryosalmonae, the causative agent of salmonid proliferative kidney disease. The other is Buddenbrockia plumatellae, so far only found in freshwater bryozoans. Our investigations evaluated malacosporean life cycles, focusing on transmission from fish to bryozoan and from bryozoan to bryozoan. We exposed bryozoans to possible infection from: stages of T bryosalmonae in fish kidney and released in fish urine; spores of T bryosalmonae that had developed in bryozoan hosts; and spores and sac stages of B. plumatellae that had developed in bryozoans. Infections were never observed by microscopic examination of post-exposure, cultured bryozoans and none were detected by PCR after culture. Our consistent negative results are compelling: trials incorporated a broad range of parasite stages and potential hosts, and failure of transmission across trials cannot be ascribed to low spore concentrations or immature infective stages. The absence of evidence for bryozoan to bryozoan transmissions for both malacosporeans strongly indicates that such transmission is precluded in malacosporean life cycles. Overall, our results imply that there may be another malacosporean host which remains unidentified, although transmission from fish to bryozoans requires further investigation. However, the highly clonal life history of freshwater bryozoans is likely to allow both long-term persistence and spread of infection within bryozoan populations, precluding the requirement for regular transmission from an alternate host.

Rational expectations? Developer behaviour and development cycles in the central London office market

Purpose – Expectations of future market conditions are acknowledged to be crucial for the development decision and hence for shaping the built environment. The purpose of this paper is to study the central London office market from 1987 to 2009 and test for evidence of rational, adaptive and naive expectations. Design/methodology/approach – Two parallel approaches are applied to test for either rational or adaptive/naive expectations: vector auto-regressive (VAR) approach with Granger causality tests and recursive OLS regression with one-step forecasts. Findings – Applying VAR models and a recursive OLS regression with one-step forecasts, the authors do not find evidence of adaptive and naïve expectations of developers. Although the magnitude of the errors and the length of time lags between market signal and construction starts vary over time and development cycles, the results confirm that developer decisions are explained, to a large extent, by contemporaneous and historic conditions in both the City and the West End, but this is more likely to stem from the lengthy design, financing and planning permission processes rather than adaptive or naive expectations. Research limitations/implications – More generally, the results of this study suggest that real estate cycles are largely generated endogenously rather than being the result of large demand shocks and/or irrational behaviour. Practical implications – Developers may be able to generate excess profits by exploiting market inefficiencies but this may be hindered in practice by the long periods necessary for planning and construction of the asset. Originality/value – This paper focuses the scholarly debate of real estate cycles on the role of expectations. It is also one of very few spatially disaggregate studies of the subject matter.

Solar cycle 24: implications for energetic particles and long-term space climate change

The recent solar minimum was the longest and deepest of the space age, with the lowest average sunspot numbers for nearly a century. The Sun appears to be exiting a grand solar maximum (GSM) of activity which has persisted throughout the space age, and is headed into a significantly quieter period. Indeed, initial observations of solar cycle 24 (SC24) continue to show a relatively low heliospheric magnetic field strength and sunspot number (R), despite the average latitude of sunspots and the inclination of the heliospheric current sheet showing the rise to solar maximum is well underway. We extrapolate the available SC24 observations forward in time by assuming R will continue to follow a similar form to previous cycles, despite the end of the GSM, and predict a very weak cycle 24, with R peaking at ∼65–75 around the middle/end of 2012. Similarly, we estimate the heliospheric magnetic field strength will peak around 6nT. We estimate that average galactic cosmic ray fluxes above 1GV rigidity will be ∼10% higher in SC24 than SC23 and that the probability of a large SEP event during this cycle is 0.8, compared to 0.5 for SC23. Comparison of the SC24 R estimates with previous ends of GSMs inferred from 9300 years of cosmogenic isotope data places the current evolution of the Sun and heliosphere in the lowest 5% of cases, suggesting Maunder Minimum conditions are likely within the next 40 years.

An analysis of long-term trends, seasonality and short-term dynamics in water quality data from Plynlimon, Wales

This paper examines two hydrochemical time-series derived from stream samples taken in the Upper Hafren catchment, Plynlimon, Wales. One time-series comprises data collected at 7-hour intervals over 22 months (Neal et al., submitted, this issue), while the other is based on weekly sampling over 20 years. A subset of determinands: aluminium, calcium, chloride, conductivity, dissolved organic carbon, iron, nitrate, pH, silicon and sulphate are examined within a framework of non-stationary time-series analysis to identify determinand trends, seasonality and short-term dynamics. The results demonstrate that both long-term and high-frequency monitoring provide valuable and unique insights into the hydrochemistry of a catchment. The long-term data allowed analysis of long-termtrends, demonstrating continued increases in DOC concentrations accompanied by declining SO4 concentrations within the stream, and provided new insights into the changing amplitude and phase of the seasonality of the determinands such as DOC and Al. Additionally, these data proved invaluable for placing the short-term variability demonstrated within the high-frequency data within context. The 7-hour data highlighted complex diurnal cycles for NO3, Ca and Fe with cycles displaying changes in phase and amplitude on a seasonal basis. The high-frequency data also demonstrated the need to consider the impact that the time of sample collection can have on the summary statistics of the data and also that sampling during the hours of darkness provides additional hydrochemical information for determinands which exhibit pronounced diurnal variability. Moving forward, this research demonstrates the need for both long-term and high-frequency monitoring to facilitate a full and accurate understanding of catchment hydrochemical dynamics.

Cycles and steps in British commercial property values

This paper examines cyclical behaviour in commercial property values over the period 1956 to 1996, using a structural times series (unobserved components) approach. The influence of the transition to short rent reviews during the late 1960s and the short and long-term impacts of the 1974 and 1990 property crashes are also incorporated into the analysis, via dummy variables. It is found that once these variables are taken into account a fairly regular cyclical pattern can be discerned, with a period of about 7.8 years. Furthermore, the 1974 and 1990 property crashes are shown to have had a major long-term impact on property value growth (presumably via their influence on investors' expectations).