Optimal monetary policy under administered prices

This work aims to analyze the interaction and the effects of administered prices in the economy, through a DSGE model and the derivation of optimal monetary policies. The model used is a standard New Keynesian DSGE model of a closed economy with two sectors companies. In the first sector, free prices, there is a continuum of firms, and in the second sector of administered prices, there is a single firm. In addition, the model has positive trend inflation in the steady state. The model results suggest that price movements in any sector will impact on both sectors, for two reasons. Firstly, the price dispersion causes productivity to be lower. As the dispersion of prices is a change in the relative price of any sector, relative to general prices in the economy, when a movement in the price of a sector is not followed by another, their relative weights will change, leading to an impact on productivity in both sectors. Second, the path followed by the administered price sector is considered in future inflation expectations, which is used by companies in the free sector to adjust its optimal price. When this path leads to an expectation of higher inflation, the free sector companies will choose a higher mark-up to accommodate this expectation, thus leading to higher inflation trend when there is imperfect competition in the free sector. Finally, the analysis of optimal policies proved inconclusive, certainly indicating that there is influence of the adjustment model of administered prices in the definition of optimal monetary policy, but a quantitative study is needed to define the degree of impact.

Desafios e oportunidades na inserção de uma empresa financeira pública nas redes sociais

Este trabalho tem por objetivo compreender como foi a inserção de uma empresa pública do setor financeiro nas redes sociais virtuais, mais especificamente, no Facebook, buscando entender os motivadores do processo, os desafios enfrentados, as oportunidades encontradas e as possibilidades de melhoria na interação virtual. O estudo se voltou para a percepção dos funcionários que atuaram na implantação, acompanhamento e manutenção da página da referida empresa – aqui chamada de Asmaluan - naquela plataforma virtual. A coleta de dados, através de entrevistas em profundidade tratadas sob a análise de conteúdo, identificou regras e procedimentos específicos para a atuação dos funcionários ligadas à cultura organizacional da empresa, sendo percebidos entraves típicos de uma empresa burocrática, em consonância com a literatura de cultura organizacional e cultura no serviço público brasileiro . Apesar destas dificuldades, principalmente ao entender a implantação, planejamento e execução das atividades postas ou “impostas” pelas redes sociais, foi demonstrada, na visão da empresa em adição à bibliografia estudada, a relevância em estar presente em um novo cenário de inovações tecnológicas trazidas pela internet, pelo impacto sobre a forma de interagir entre clientes e organizações.

Turnaround de empresas com problemas de compliance - o caso Siemens

It is very relevant, for academic or for society purposes as a whole the subject "corruption", a recurring problem that plagues companies and Governments in various parts of the world. Many recent cases draw attention to this topic, but one in particular, the case of corruption of the company Siemens AG, that resulted in the payment of the largest fines in the history on your model, based on the terms of the FCPA since it became law in 1977. This event caters specifically to the objective of this work which is to make an analysis based on agency theory and the codes of good practices of corporate governance on how large companies revising their corporate management systems and practices aiming at the recovery of its institutional image after significant impact on the company, such as the corruption scandal in which Siemens was involved. For this study, we opted for qualitative research as a methodological path contemplating the single case study. In the process of data collection were used data obtained through documentary research about the corruption scandal on public collection available in the internet. Open conversations were made with 3 compliance Department officials of Siemens for the purposes of understanding the case with. At the end of this work, it was observed in the Siemens turnaround process a correlation between what was proposed by the Agency Theory about internal control Systems based on what was accomplished by the company when promoted an extensive restructuring of the Department of compliance and corporate governance system, the improvement of internal controls, as well as the creation of detection tools , control, analysis and prevention of fraud, which were used to minimize the effects generated by the conflict of interest covered by the theory of Agency. KEY WORDS: Corporate Governance; Compliance; Corruption; Turnaround, Agency Theory

Market entry of an innovative technology : the example of a new app on the Brazilian tourism market

The Brazilian start-up Local Wander plans to enter the tourism sector with a mobile application aiming to enable a new form of travel research. A web-based survey has been sent out to the start-up’s target audience (n: 236) in order to gain further relevant information for the designing of Local Wander’s market entry strategy. By applying the diffusion of innovation theory, this thesis could detect five different adopter categories, originally described by Rogers (1962), among Local Wander’s target audience based on their adoption intention. The Early Market was observed to be significantly bigger than the theory predicted. Research revealed four characteristics to be of significant impact on the adoption intention: Relative Perceived Product Advantage, Perceived Product Complexity, Compatibility with digital travel research sources, and the adopter’s Innovativeness towards mobile applications. Specific characteristics in order to identify Local Wander’s early users, the so called Innovators, were detected giving indications for further necessary company market research. Findings showed that the diffusion of innovation framework is a helpful tool for start-ups’ prospective decision making and market entry strategy planning.

Impactos econômicos da nova realidade da exploração do pré-sal. Existe uma ameaça ao etanol?

A partir de meados dos anos 2000, a produção brasileira de etanol voltou a prosperar. Enquanto isso, em 2007 foi anunciada a descoberta de grandes reservas de petróleo na camada pré-sal no litoral brasileiro. Com isso, a perspectiva promissora para a indústria brasileira de etanol começou a dar lugar ao desenvolvimento de petróleo do pré-sal com um ambicioso programa de investimentos. Além disso, entre 2011 e 2014 o Governo adotou uma nova política de preços domésticos da gasolina e diesel, com o objetivo de reduzir as pressões inflacionárias, mas reduzindo gradualmente a competitividade do etanol, além de comprometer a situação financeira da Petrobras, dificultando investimentos no pré-sal. Considerando tais desafios e a importância dos setores de petróleo e etanol para a economia brasileira, este estudo tem como objetivo avaliar os impactos econômicos de longo prazo da exploração do pré-sal, com especial atenção para as consequências sobre o setor de etanol. É realizada uma avaliação dos impactos da política de controle do preço da gasolina do período 2011-2014 sobre o setor de etanol. Um modelo adaptado de equilíbrio geral dinâmico recursivo é empregado no qual o setor do petróleo do pré-sal é adicionado como uma tecnologia backstop. Os resultados sugerem que o estímulo precoce da produção do pré-sal para alcançar a produção de petróleo esperada pelo Governo traz mais custos do que benefícios para a economia brasileira. Constatou-se que sem interferência do governo, a produção de petróleo do pré-sal torna-se competitiva somente após 2025-2035. Com relação ao impacto sobre a indústria do etanol, verificou-se que o desenvolvimento do pré-sal não enfraquece a produção brasileira de etanol. No entanto, a política de controle de preço da gasolina teve um impacto negativo sobre o setor de etanol.

The impact of corruption on the performance of state-owned companies: case of Petrobras Brasil

As empresas estatais são freqüentemente consideradas como componentes cruciais da economia de um país. Eles são responsáveis pela criação de vários postos de trabalho e proveem serviços essenciais que exigem um grande investimento de capital. Porém, em países com instituições fracas, onde a responsabilidade dos políticos é limitada e a gestão dos recursos financeiros das empresas estatais sofre pouco controle, os funcionários são muitas vezes tentados pela corrupção. Enormes quantidades de fundos públicos são facilmente desviados, e dinheiro que deveria ter sido investido nas despesas de capital, no pagamento de dívida da empresa ou no aumento do retorno para os acionistas, é usado para aumentar a riqueza privada de indivíduos ou para financiar ilegalmente partidos políticos. O desempenho da empresa sofre com essas alienações visto que parte dos lucros da empresa não são reinvestidos na empresa e dado que incentivos dos gestores estão desalinhados com os interesses dos acionistas. Petrobras, a maior empresa da América Latina em termos de ativos e receitas anuais, sofreu em 2014 e 2015 um escândalo de corrupção imenso, cujo impacto económico foi considerável, levando ao enfraquecimento da confiança de muitos investidores no Brasil após o evento. O escândalo expôs um extenso esquema de corrupção através do qual os contratantes foram conspirando para aumentar os preços de contratos de construção, com a aprovação da administração da Petrobras que pediu em troca ganhos pessoais ou fundos para o Partido dos Trabalhadores (PT). A exposição do escândalo na imprensa brasileira teve um grande impacto sobre a credibilidade da Petrobras: as contas da empresa estavam escondendo imensas irregularidades dado que a empresa tinha pago demais para os contratos de construção que não foram precificados no valor do mercado. Ao longo deste estudo, usamos o exemplo da Petrobras para ilustrar como a corrupção dentro empresas estatais prejudica o desempenho da empresa e como ela afeta as várias partes interessadas da empresa.

Proposta de método para avaliação do desempenho térmico de residências unifamiliares em clima quente e úmido

Nowadays, evaluation methods to measure thermal performance of buildings have been developed in order to improve thermal comfort in buildings and reduce the use of energy with active cooling and heating systems. However, in developed countries, the criteria used in rating systems to asses the thermal and energy performance of buildings have demonstrated some limitations when applied to naturally ventilated building in tropical climates. The present research has as its main objective to propose a method to evaluate the thermal performance of low-rise residential buildings in warm humid climates, through computational simulation. The method was developed in order to conceive a suitable rating system for the athermal performance assessment of such buildings using as criteria the indoor air temperature and a thermal comfort adaptive model. The research made use of the software VisualDOE 4.1 in two simulations runs of a base case modeled for two basic types of occupancies: living room and bedroom. In the first simulation run, sensitive analyses were made to identify the variables with the higher impact over the cases´ thermal performance. Besides that, the results also allowed the formulation of design recommendations to warm humid climates toward an improvement on the thermal performance of residential building in similar situations. The results of the second simulation run was used to identify the named Thermal Performance Spectrum (TPS) of both occupancies types, which reflect the variations on the thermal performance considering the local climate, building typology, chosen construction material and studied occupancies. This analysis generates an index named IDTR Thermal Performance Resultant Index, which was configured as a thermal performance rating system. It correlates the thermal performance with the number of hours that the indoor air temperature was on each of the six thermal comfort bands pre-defined that received weights to measure the discomfort intensity. The use of this rating system showed to be appropriated when used in one of the simulated cases, presenting advantages in relation to other evaluation methods and becoming a tool for the understanding of building thermal behavior

Influência da adição de gres porcelanato no comportamento mecânico e microestrutural em pastas de cimento portland para cimentação de poços de petróleo

Cementation operation consists in an extremely important work for the phases of perforation and completion of oil wells, causing a great impact on the well productivity. Several problems can occur with the cement during the primary cementation, as well as throughout the productive period. The corrective operations are frequent, but they are expensive and demands production time. Besides the direct cost, prejudices from the interruption of oil and gas production till the implementation of a corrective operation must be also taken into account. The purpose of this work is the development of an alternative cement paste constituted of Portland cement and porcelainized stoneware residue produced by ceramic industry in order to achieve characteristics as low permeability, high tenacity, and high mechanical resistance, capable of supporting various operations as production or oil wells recuperation. Four different concentration measures of hydrated paste were evaluated: a reference paste, and three additional ones with ceramic residue in concentrations of the order of 10%, 20% and 30% in relation to cement dough. High resistance and low permeability were found in high concentration of residues, as well as it was proved the pozolanic reactivity of the residue in relation to Portland cement, which was characterized through x-ray and thermogravimetry assays. It was evident the decrease of calcium hydroxide content, once it was substituted by formation of new hydrated products as it was added ceramic residue

Trajetos no labirinto: história de vida dos portadores de doenças oncológicas em uso de transfusões sanguíneas na cidade de Natal/RN

The studies paths in the maze: life story of individuals with oncological diseases into use of blood transfusion in Natal has the hemotherapy as a primordial procedure to review the relationship between users of oncological health and the due ramifications. The hemotherapy looks for supply the organic needs through blood transfusion, which acquires vital function to the ones that have cancer, because it might reestablish the functionality of the organism throughout the raising of blood components. The impact over the transfusion affects emotionally and physically the users life. Aiming to reflect on these impacts, this study tried, through narratives of lives, rescue their experience since their knowledge of the disease until the time of blood transfusion using. It s about an exploratory-descriptive study, where the qualitative approach uses the theoretical-methodological reference of the oral life history to analyze a colony consisting of five users of health diagnosed with cancer, with achievement of at least three blood transfusions, the clinic Núcleo de Hematologia e Hemoterapia - UFRN, in Natal-RN. The network, in turn, was composed by employees of both sexes, regardless of age, who voluntarily agreed to participate in the study. The data collection, with approval of the Ethics Committee in Research, Liga Norte Riograndense Contra o Cancer, on the number 001/001/2012, occurred through semi-structured interviews, recorded individually in the home context that was previously chosen by employees. The methodological procedure occurred with the transcription of the interviews and their transcreations, and analysis of reports by thematic content analysis. At the reading orientation and interpretation of the employees stories, were discussed three categories of analysis: the impact on psychological REVIEW; impact on socialization and group membership, the environment and the impact of blood transfusion on treatment. Based on the narrative of the life histories of employees, we conclude that the experiences and feelings, hope and sorrow, pain and faith, even when facing a disease like cancer, bring lots of teaching and learning to health professional that deposits humanization health and reinstate hemotherapy forms of clinical critical

Avaliação econômica do uso da restrição alimentar qualitativa para suínos com elevado peso de abate

O objetivo neste trabalho foi avaliar economicamente o uso da restrição alimentar qualitativa para suínos machos castrados em terminação sobre o desempenho e as características de carcaça de 60 animais. Dez suínos foram abatidos no início da fase experimental (89,0 ± 4,2 kg) e os demais, alimentados com rações contendo cinco níveis de restrição nutricional qualitativa (0, 5, 10, 15 e 20%), obtidas pela inclusão de casca de arroz finamente moída, até o final do experimento (127,8 ± 2,9 kg). Foram calculados os custos com alimentação durante o período experimental (R$alimento) e estimados os valores de receita bruta de cada carcaça de animais abatidos aos 128 kg (RBsuíno128kg) ou no início do experimento (RBmédia_suíno89kg). A partir destes três dados, foi calculado o resultado líquido (RL) do uso das dietas experimentais (RL = RBsuíno128kg - RBmédia_suíno89kg - R$alimento). Também foram analisadas as variações mensais dos preços do milho, do farelo de soja e do suíno, sendo determinado o preço do milho como o fator de maior impacto sobre a lucratividade do uso da restrição qualitativa. A equação de predição da probabilidade de aumento linear do resultado líquido pelo uso da restrição qualitativa foi determinada em função dos diferentes preços do milho - PM (valor de P RL = 0,392 - 0,625PM, R² = 0,73). Efeito significativo foi observado para preços do milho de cerca de quatro vezes ou mais acima do custo da casca de arroz. Assim, conclui-se que a viabilidade do uso da restrição qualitativa, até o nível de 20%, depende do cenário econômico, mas sobretudo do preço do milho, o principal ingrediente substituído nas rações ao empregar-se a restrição qualitativa, e de sua relação com o custo do resíduo utilizado para diluição energética.

Capacidade de absorção de energia de tubos de compósitos submetidos à compressão

Structures capable of absorbing large amounts of energy are of great interest, particularly for the automotive and aviation industries, to reduce tbe impact on passengers in the case of a collision. The energy absorption properties of composite materials structures can be tailored, thus making these structures an appealing option a substitute of more traditional structures in applications where energy absorption is crucial. ln this research, the influence of some parameters, which affect the energy absorption capacity of composite material tubes, was investigated. The tubes were fabricated by hand lay-up, using orthophthalic polyester resin and a plain weave E-glass fabric Test specimens were prepared and tested under compression load. The ínfluence of the following parameters on the specific energy absorption capacity of the tubes was studied: fiber configuration (0/90º or ± 45°), tube cross-section (circular or square), and processing conditions (with or without vacuum). The results indicated that circular cross-section tubes with fibers oriented at 0/90º presented the highest level of specific energy absorbed. Further, specimens from tubes fabricated under vacuum displayed higher energy absorption capacity, when compared with specimens from tubes fabricated without vacuum. Thus, it can be concluded that the fabrication process with vacuum produce composite structures with better energy absorption capacity

Desenvolvimento de plantas de crisântemo cultivadas em vaso em resposta a níveis de condutividade elétrica

Na floricultura, a competição por mercados é intensa e o diferencial de produtividade consiste no manejo nutricional adequado, por promover grande impacto sobre a qualidade, a produtividade e a longevidade das inflorescências e da planta. O presente trabalho teve o objetivo de avaliar os efeitos de níveis de condutividade elétrica (CE) no desenvolvimento de plantas de crisântemo (Dendranthema grandiflora Tzvelev.) em vaso sob cultivo protegido. O experimento foi conduzido no município de Paranapanema - SP. Usou-se o delineamento experimental de blocos casualizados com quatro repetições e parcelas divididas. As parcelas foram constituídas pelas épocas de amostragem, e as subparcelas, pelos diferentes níveis de CE, determinados na solução aplicada via água de irrigação: 1,42; 1,65; 1,89; 2,13 e 2,36 dS m-1 (fase vegetativa); 1,71; 1,97; 2,28; 2,57 e 2,85 dS m-1 (fase de botão). Determinaram-se, semanalmente, a altura da planta e o diâmetro do buquê, e a cada 14 dias, a área foliar e a fitomassa seca da parte aérea da planta. O tratamento, correspondente à aplicação de solução com CE de 2,13 dS m-1 na fase vegetativa e 2,57 dS m-1 na fase de botão, proporcionou melhor aspecto visual das plantas, além de apresentar maior valor de fitomassa seca da parte aérea, maior área foliar e melhores formação e coloração.

Modelos de sobrevivência com fração de cura e erro de medida nas covariáveis

In this work, we study the survival cure rate model proposed by Yakovlev et al. (1993), based on a competing risks structure concurring to cause the event of interest, and the approach proposed by Chen et al. (1999), where covariates are introduced to model the risk amount. We focus the measurement error covariates topics, considering the use of corrected score method in order to obtain consistent estimators. A simulation study is done to evaluate the behavior of the estimators obtained by this method for finite samples. The simulation aims to identify not only the impact on the regression coefficients of the covariates measured with error (Mizoi et al. 2007) but also on the coefficients of covariates measured without error. We also verify the adequacy of the piecewise exponential distribution to the cure rate model with measurement error. At the end, model applications involving real data are made

Dinâmica populacional do caranguejo-uçá, Ucides cordatus (Linnaeus, 1763) (CRUSTACEA, BRACHYURA, UCIDIDAE) no município de Porto do Mangue, litoral norte do estado do Rio Grande do Norte

Decapod crustaceans are one of the most important portions of megafaunal of coastal waters, playing a role as modifier of the environment and controlling populations of other organisms. Among the Decapoda, crab (brachyuran) constitutes the dominant macrofauna of mangroves. Among brachyuran is the mangrove crab (Ucides cordatus, Linnaeus, 1763), which represents the main component of the macrofauna of mangroves, particularly in Northern and Northeastern Brazil. In Brazil, its distribution is known from the state of Amapá to the north of Santa Catarina. This species is distinguished by its economic importance, being one of the main fishing resources in Brazil, generating a significant impact on their natural populations. This reduction would result in loss of value to the product, preventing its commercialization. Although it´s great ecological and economic importance, there are few articles about the biological aspects of U. cordatus, mainly in the state of Rio Grande do Norte. This work aimed to study the population dynamics of the mangrove crab, Ucides cordatus (Linnaeus, 1763), in Conchas estuary, Porto do Mangue, northern coast of Rio Grande do Norte. During the period November 2009 to October 2010 the crabs were collected monthly, obeying predetermined lunar periods (new moon or full moon) in a mangrove area in Porto do Mangue - RN. With the aid of a steel caliper (0.01 mm) and a precision balance (0.01 g) were measured biometric variables related to the animal's carapace, major propodus chela, width of abdomen (female), length of gonopodium ( males) and total weight. In addition, it was recorded, the gonads and molt stages, for males and females. In total, 476 crabs were collected, with 338 males and 138 females. Males were larger, heavier and in greater proportion than females. The reproductive period for the species in this location was limited during the months November to May, suggesting a change in current environmental legislation for the closure period. Synchrony was observed between the morphological and physiological maturity with females maturing earlier, possibly, a reproductive strategy adopted, compared to the low fishing pressure in the area. The molting period occurred in the dry season peaking in October. The analysis of growth, based on the parameters of von Bertalanffy was calculated using the nonlinear fit using modes (AJMOD). High growth rates for both males (L = 7.54 cm, k = 0.95, t0 =- 00:08; tmax = 4.84) and females (L = 6.50, k = 1 , 2, t0 =- 0008; tmax = 3.28) were found, contrasting with data from the literature, using other techniques. Males had higher asymptotic width size and longevity, but a lower growth constant when compared with females. The estimated age, for males and females, reaching the minimum capture size was 1.82 years and 1.63 years respectively. The size of physiological maturity, when individuals are able to reproduce, was estimated at 1.4 years and 1.05 years, for males and females, respectively. The recruitment period for this species is seasonal, with two peaks of occurrence, one in the rainy season and one in the dry season. This work represented the first effort on understanding the ecology of the mangrove crab, to the northern coast of Rio Grande do Norte. However, further studies on its biology should be undertaken, especially those related to growth, and recruitment, where observed that literature is more scarce

Treinamento físico durante a recuperação nutricional não afeta o metabolismo muscular da glicose de ratos

O presente estudo visou avaliar a ingestão alimentar, ganho de peso e metabolismo muscular da glicose em ratos submetidos ao treinamento aeróbio durante recuperação de desnutrição protéica. Para isso, 60 ratos da linhagem Wistar, machos, foram separados nos grupos normoprotéico (NP) e hipoprotéico (HP), de acordo com a dieta NP (17% de proteína) ou HP (6% de proteína), respectivamente, recebida do desmame (21 dias) aos 90 dias de idade. Todos os animais passaram então, a receber a dieta NP e foram submetidos (treinado TRE) ou não (sedentário - SED) ao treinamento físico, que consistiu de corrida em esteira rolante, 25m/min, 50 minutos ao dia, cinco dias na semana, durante 30 dias, compondo os grupos NP-SED, NP-TRE, HP/NP-SED e HP/NP-TRE. Foi avaliado o metabolismo da glicose em fatias de músculo sóleo incubado em presença de insulina (100miU/L) e glicose (5,5mM, contendo [C14] glicose e [H³] 2-deoxiglicose). A ingestão alimentar diária (g/100g de peso corporal) do grupo HP/NP-TRE (24,39 ± 4,07) foi maior do que o grupo HP/NP-SED (21,62 ± 4,69). O ganho de peso (g) foi semelhante nos grupos HP/NP-TRE (203,80 ± 34,03) e HP/NP-SED (214,43 ± 30,54). Não houve diferença entre estes dois grupos quanto aos parâmetros: captação de glicose, oxidação de glicose e síntese de glicogênio pelo músculo sóleo. Desse modo, pudemos concluir que o treinamento aeróbio não teve impacto sobre a recuperação nutricional, visto que não houve diferenças metabólicas ou somáticas entre animais recuperados em presença ou ausência do treinamento.