Investment coordination failures and the confidence channel of fiscal policy

Este trabalho desenvolve um novo "canal de Confiança" da política fiscal e caracteriza a política ótima quando esse canal é levado em consideração. Para esse objetivo, utilizamos um modelo estático com (i) concorrência monopolística, (ii) custos de ajustamento fixos para investir, (iii) complementaridade estratégica devido a informação imperfeita com respeito a produtividade agregada, e (iv) bens privados como substitutos imperfeitos de bens privados. Este arcabouço acomoda a possibilidade de falhas de coordenação nos investimentos, mas apresenta um equilíbrio único. Mostramos que a política fiscal tem efeitos importantes na coordenação. Um aumento dos gastos do governo leva a uma maior demanda por bens privados. Mais importante, este também afeta as expectativas de ordem superior com relação a demanda das demais firmas, que amplifica os efeitos do aumento inicial da demanda devido a complementaridade estratégica nas decisões de investimento. Como as demais firmas estão se deparam com uma demanda maior, espera-se que estas invistam mais, que por sua vez, aumenta a demanda individual de cada firma, que aumenta os incentivos a investir. Denominamos isto como o "canal de confiança" da política fiscal. Sob a ameaça de falhas de coordenação, a política fiscal ótima prescreve produzir além do ponto em que o benefício marginal resultante do consumo de bens públicos é igual ao custo marginal desses bens. Este benefício adicional vem do fato de que a política fiscal pode ampliar a coordenação dos investimentos.

Modelos de previsão de volatilidade : uma aplicação do modelo GARCH a taxas de câmbio

Com o objetivo de mostrar uma aplicação dos modelos da família GARCH a taxas de câmbio, foram utilizadas técnicas estatísticas englobando análise multivariada de componentes principais e análise de séries temporais com modelagem de média e variância (volatilidade), primeiro e segundo momentos respectivamente. A utilização de análise de componentes principais auxilia na redução da dimensão dos dados levando a estimação de um menor número de modelos, sem contudo perder informação do conjunto original desses dados. Já o uso dos modelos GARCH justifica-se pela presença de heterocedasticidade na variância dos retornos das séries de taxas de câmbio. Com base nos modelos estimados foram simuladas novas séries diárias, via método de Monte Carlo (MC), as quais serviram de base para a estimativa de intervalos de confiança para cenários futuros de taxas de câmbio. Para a aplicação proposta foram selecionadas taxas de câmbio com maior market share de acordo com estudo do BIS, divulgado a cada três anos.

Inflation targeting, credibility and coordination aspects

There are plenty of economic studies pointing out some requirements, like the inexistence of fiscal dominance, for inflation targeting framework be implemented in successful (credible) way. Essays on how public targets could be used in the absence of such requirements are unusual. In this papel' we appraise how central banks could use inflation targeting before soundness economic fundamentaIs have been achieved. First, based on concise framework, where confidence crises and imperfect information are neglected, we conclude that less ambitious (greater) target for inflation increases the credibility in the precommitment. Optimal target is higher than the one obtained using the Cukierman-Liviatan [7] model, where increasing credibility effect is not considered. Second, extending the model to make confidence crises possible, multiple equilibria solutions becomes possible too. In this case, to set greater targets for inflation may stimulate confidence crises and reduce the policymaker credibility. On the other hand, multiple (bad) equilibria may be avoided. The optimal target depends on the likelihood of each equilibrium be selected. Finally, when perturbing common knowledge uniqueness is restored even considering confidence crises, as in Morris-Shin[ 14]. The first result, i.e. less ambitious target for inflation increases credibility in precommitment, is also recovered. Adding a precise public signal, cOOl'dinated self-fulfilling actions and equilibrium multiplicity may still exist for some lack of common knowledge (as in Angeleto and Weming[l]). In this case, to set greater targets for inflation may stimulate confidence crisis again, reducing the policymaker credibility. From another aspect, multiple (bad) equilibria may be avoided. Optimal policy prescriptions depend on the likelihood of each equilibrium be selected. Results also indicate that more precise public information may open the door for bad equilibrium, contrary to the conventional wisdom that more central oank transparency is always good when considering inflation targeting framework.

Escolhas individuais e bem-estar financeiro: três ensaios utilizando microdados

Como orientar políticas públicas de modo a promover o bem-estar da população? Para responder a essa questão a comunidade acadêmica tem enfocado a necessidade de se conhecer melhor as escolhas de consumo individuais. Essa tendência encontra apoio no número, cada vez maior, de bases de microdados disponibilizadas pelos órgãos governamentais e iniciativa privada. O presente trabalho analisa as escolhas dos brasileiros com relação às decisões de financiamento e de oferta de trabalho. O estudo é dividido em três ensaios empíricos distintos. Como a contratação de crédito em mercados informais é motivada pelo déficit de educação financeira é o foco do primeiro ensaio. Considerando mais de 2.000 observações sobre tomadas de crédito, utiliza-se um modelo logit multinomial para estimar a propensão à tomada de crédito na informalidade em contraste com o crédito bancário. Os resultados indicam que a educação financeira pode ter uma relevância maior para a seleção de financiamentos informais do que a restrição de crédito. O segundo ensaio analisa o comportamento de uso de cartões de crédito dentre 1.458 jovens adultos residentes no Brasil, EUA ou França. Um modelo de equações estruturais é utilizado para incorporar relações entre as variáveis latentes. O modelo validado pelo estudo representa uma situação em que o bem-estar financeiro é afetado pela forma com que o indivíduo utiliza o cartão de crédito que, por sua vez, é afetado pelo sentimento de comparação social e pela autoconfiança financeira, essa última sendo impactada também pela educação financeira recebida dos pais. Na comparação entre grupos encontramos evidências de que a comparação social tem um efeito mais forte sobre os jovens brasileiros e que homens são mais dependentes da educação dos pais do que as mulheres. No último ensaio a população pobre brasileira é analisada em relação a um suposto efeito preguiça, que seria causado pela diminuição de oferta de trabalho das famílias que recebem o benefício financeiro do governo via o Programa Bolsa Família. Um modelo de sobrevivência foi usado para comparar a duração no emprego entre beneficiários do programa e um grupo controle, utilizando uma base de dados com mais de 3 milhões de indivíduos. A hipótese de um efeito preguiça é rejeitada. O risco de desligamento do emprego para os beneficiários do Bolsa Família é medido como sendo de 7% a 10% menor, o que é capaz de anular, por exemplo, o maior risco de saída do emprego causado pela presença de filhos pequenos na composição familiar. Uma vez que a rotatividade no emprego dificulta o recebimento de aposentadorias por tempo de contribuição, pode-se concluir que o programa de transferência de renda brasileiro terá um impacto positivo sobre o bem-estar financeiro futuro do trabalhador.

Non-asymptotic confidence bounds for the optimal value of a stochastic program

We discuss a general approach to building non-asymptotic confidence bounds for stochastic optimization problems. Our principal contribution is the observation that a Sample Average Approximation of a problem supplies upper and lower bounds for the optimal value of the problem which are essentially better than the quality of the corresponding optimal solutions. At the same time, such bounds are more reliable than “standard” confidence bounds obtained through the asymptotic approach. We also discuss bounding the optimal value of MinMax Stochastic Optimization and stochastically constrained problems. We conclude with a small simulation study illustrating the numerical behavior of the proposed bounds.

Percepções de maturidade em gerenciamento de projetos à luz da nova gestão pública: uma investigação com gestores das secretarias estaduais do Rio Grande do Norte

This study aimed to measure the perception of maturity project management of state boards of Rio Grande do Norte by the perception of its managers. Argues that project management has been highlighted as a critical factor for the success of any organization, because the projects are directly related to the set of activities that result in organizational innovation as products, services and processes and the improvement of project management is directly aligned with the main pillars of the New Public Management. Methodologically, this is a quantitative research of a descriptive nature in which 161 forms were applied with coordinators and subcoordinators of state departments of Rio Grande do Norte, culminating in a sampling error of less than 6% to 95% confidence according to the procedures finite sampling. The process of tabulation and analysis was done using the package Statistical Package for Social Sciences - SPSS 18.0 and worked with techniques such as mean, standard deviation, frequency distributions, cluster analysis and factor analysis. The results indicate that the levels of maturity in project management in state departments of Rio Grande do Norte is below the national average and that behavioral skills are the main problem for improving management in these departments. It was possible to detect the existence of two groups of different perceptions about the management of projects, indicating, according to the managers, there are islands of excellence in project management in some sectors of the state departments. It was also observed that there are eight factors that affect maturity in project management: Planning and Control , Development of Management Skills , Project Management Environment , Acceptance of the Subject Project Management , Stimulus to Performance , Project Evaluation and Learning , Project Management Office and Visibility of Project Managers . It concludes that the project management in state departments of Rio Grande do Norte has no satisfactory levels of maturity in project management, affecting the levels of efficiency and effectiveness of the state apparatus, which shows that some of the assumptions that guide the New Public Management are not getting the levels of excellence nailed by this management model

Avaliação do desenvolvimento neuropsicomotor em crianças na rede básica de saúde utilizando o teste de Denver II: identificação de fatores de risco materno

Alterations in the neuropsychomotor development of children are not rare and can manifest themselves with varying intensity at different stages of their development. In this context, maternal risk factors may contribute to the appearance of these alterations. A number of studies have reported that neuropsychomotor development diagnosis is not an easy task, especially in the basic public health network. Diagnosis requires effective, low-cost, and easy - to-apply procedures. The Denver Developmental Screening Test, first published in 1967, is currently used in several countries. It has been revised and renamed as the Denver II Test and meets the aforementioned criteria. Accordingly, the aim of this study was to apply the Denver II Test in order to verify the prevalence of suspected neuropsychomotor development delay in children between the ages of 0 and 12 months and correlate it with the following maternal risk factors: family income, schooling, age at pregnancy, drug use during pregnancy, gestational age, gestational problems, type of delivery and the desire to have children. For data collection, performed during the first 6 months of 2004, a clinical assessment was made of 398 children selected by pediatricians and the nursing team of each public health unit. Later, the parents or guardians were asked to complete a structured questionnaire to determine possible risk indicators of neuropsychomotor development delay. Finally the Denver II Developmental Screening Test (DDST) was applied. The data were analyzed together, using Statistical Package for Social Science (SPSS) software, version 6.1. The confidence interval was set at 95%. The Denver II Test yielded normal and questionable results. This suggests compromised neuropsychomotor development in the children examined and deserves further investigation. The correlation of the results with preestablished maternal risk variables (family income, mother s schooling, age at pregnancy, drug use during the pregnancy and gestational age) was strongly significant. The other maternal risk variables (gestational problems, type of delivery and desire to have children) were not significant. Using an adjusted logistic regression model, we obtained the estimate of the greater likelihood of a child having suspected neuropsychomotor development delay: a mother with _75 4 years of schooling, chronological age less than 20 years and a drug user during pregnancy. This study produced two manuscripts, one published in Acta Cirúrgica Brasileira , in which an analysis was performed of children with suspected neuropsychomotor development delay in the city of Natal, Brazil. The other paper (to be published) analyzed the magnitude of the independent variable maternal schooling associated to neuropsychomotor development delay, every 3 months during the first twelve months of life of the children selected.. The results of the present study reinforce the multifactorial characteristic of development and the cumulative effect of maternal risk factors, and show the need for a regional policy that promotes low-cost programs for the community, involving children at risk of neuropsychomotor development delay. Moreover, they suggest the need for better qualified health professionals in terms of monitoring child development. This was an inter- and multidisciplinary study with the integrated participation of doctors, nurses, nursing assistants and professionals from other areas, such as statisticians and information technology professionals, who met all the requirements of the Postgraduate Program in Health Sciences of the Federal University of Rio Grande do Norte

Técnicas de inteligência artificial para a geração dinâmica de set points para uma coluna de destilação

Artificial Intelligence techniques are applied to improve performance of a simulated oil distillation system. The chosen system was a debutanizer column. At this process, the feed, which comes to the column, is segmented by heating. The lightest components become steams, by forming the LPG (Liquefied Petroleum Gas). The others components, C5+, continue liquid. In the composition of the LPG, ideally, we have only propane and butanes, but, in practice, there are contaminants, for example, pentanes. The objective of this work is to control pentane amount in LPG, by means of intelligent set points (SP s) determination for PID controllers that are present in original instrumentation (regulatory control) of the column. A fuzzy system will be responsible for adjusting the SP's, driven by the comparison between the molar fraction of the pentane present in the output of the plant (LPG) and the desired amount. However, the molar fraction of pentane is difficult to measure on-line, due to constraints such as: long intervals of measurement, high reliability and low cost. Therefore, an inference system was used, based on a multilayer neural network, to infer the pentane molar fraction through secondary variables of the column. Finally, the results shown that the proposed control system were able to control the value of pentane molar fraction under different operational situations

Systems of aerial spraying for soybean rust control

A ferrugem asiática da soja, causada pelo fungo Phakopsora pachyrhizi, é considerada a principal doença da soja, e, portanto, a escolha e o uso adequado dos equipamentos de pulverização são essenciais para seu controle. O objetivo deste trabalho foi avaliar o desempenho de diferentes equipamentos de pulverização aérea para o controle curativo da ferrugem da soja, utilizando o fungicida Impact 125 SC (flutriafol) a 0,5 L p c ha-1. Os seguintes tratamentos foram avaliados: atomizador Micronair AU 5000 (10 L ha-1 com óleo e 20 L ha-1 sem óleo na calda); atomizador Stol ARD (10 e 20 L ha-1 ambos com óleo) e o sistema eletrostático Spectrum (10 L ha-1 sem óleo a 64 e 71% de umidade relativa). Utilizou-se óleo de algodão (1,0 L ha-1) acrescido de emulsificante BR 455 a 0,025 L ha-1. O ensaio foi realizado na terceira aplicação de fungicidas, quando foram analisadas quatro repetições nas áreas aplicadas e quatro testemunhas não aplicadas para cada tratamento, avaliando-se a severidade da ferrugem, os depósitos de flutriafol nas folhas de soja e o percentual de redução de ferrugem. A análise dos depósitos nas folhas mostrou que não houve diferenças significativas entre os tratamentos. Os melhores controles da ferrugem foram obtidos com os tratamentos Micronair (10 L ha-1 com óleo), Stol (20 L ha-1 com óleo) e o sistema elestrostático (10 L ha-1) com a menor umidade relativa do ar (64 %).

Design of a Takagi-Sugeno Fuzzy Regulator for a Set of Operation Points

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Multidimensional cluster stability analysis from a Brazilian Bradyrhizobium sp RFLP/PCR data set

The taxonomy of the N(2)-fixing bacteria belonging to the genus Bradyrhizobium is still poorly refined, mainly due to conflicting results obtained by the analysis of the phenotypic and genotypic properties. This paper presents an application of a method aiming at the identification of possible new clusters within a Brazilian collection of 119 Bradryrhizobium strains showing phenotypic characteristics of B. japonicum and B. elkanii. The stability was studied as a function of the number of restriction enzymes used in the RFLP-PCR analysis of three ribosomal regions with three restriction enzymes per region. The method proposed here uses Clustering algorithms with distances calculated by average-linkage clustering. Introducing perturbations using sub-sampling techniques makes the stability analysis. The method showed efficacy in the grouping of the species B. japonicum and B. elkanii. Furthermore, two new clusters were clearly defined, indicating possible new species, and sub-clusters within each detected cluster. (C) 2008 Elsevier B.V. All rights reserved.

Prevalência de incontinência urinária e fatores associados em idosos institucionalizados

Urinary incontinence (UI) is a geriatric syndrome that is especially prevalent in institutionalized individuals, and that causes economic and social impacts derived from treatment costs and overload of caregiver. UI also entails physical consequences to the health of the elderly, such as urinary tract infections or pressure ulcers, among other health problems. However, the existing national research on this condition is still scarce and comprises serious methodological biases. Therefore, the objective of this study is to determine the prevalence of urinary incontinence and associated factors in institutionalized elderly. A cross-sectional study is presented herein, conducted between October and December, 2013 and carried out in 10 nursing homes in the city of Natal (Northeast Brazil). UI was verified through the program Minimum Data Set version 3.0, which was also used to assess fecal incontinence, urinary devices and UI control programs. Data collection included sociodemographic information, UI characterization, as well as variables related to the institution itself and to health conditions (comorbidities, medication, pelvic floor surgery, Barthel Index for functional capacity and Pfeiffer test for cognitive status). Bivariate analysis was performed using the Chi-Square Test (or Fisher‟s Exact Test) and the Linear Chi-Square Test, calculating the prevalence ratio with 95% confidence interval. Variables with p value under 0.20 were included in the multivariate analysis, which was performed using the Stepwise Forward logistic regression. The inclusion of variables in the final model depended on the likelihood ratio test, absence of multicollinearity and on the Hosmer-Lemeshow test. A statistical significance level of 0.05 was considered. Six (1.8%) hospitalized elderly, one individual in palliative care (0.3%) and one (0.3%) individual under the age of 60 were excluded from the study. The final sample consisted of 321 elderly, mostly females, with a mean age of 81.5 years. The prevalence of UI was 59.43% and the final model revealed statistically a significant association between UI and white race, physical inactivity, stroke, mobility constraints and cognitive decline. The most frequent UI type was functional UI due to physical or cognitive disability, and incontinence control measures were applied only to a minority of residents (approximately 8%). It is concluded that UI is a health issue that affects more than half of the institutionalized elderly, and is associated with white race, physical inactivity, stroke and other geriatric syndromes such as immobility and cognitive disability. Most of these associated factors are modifiable and therefore the findings of this study highlight the importance of UI prevention and treatment in nursing homes, which include general measures, such as physical and psychosocial activities, and specific measures, such as prompted voiding

Identification of Staphylococcus saprophyticus isolated from patients with urinary tract infection using a simple set of biochemical tests correlating with 16S-23S interspace region molecular weight patterns

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

Trends and patterns of exclusive breastfeeding for under-6-month-old children

Objective: To study the trends and patterns of exclusive breastfeeding (EBF) for under-6-month-old infants in the city of Bauru, southeastern Brazil.Methods: We compared data from three cross-sectional surveys, using similar methodologies, which were part of a project for monitoring breastfeeding indicators in the state of São Paulo, Brazil. The sample included infants aged 0 to 6 months who attended one of the two rounds of the nationwide infant vaccination campaign in 1999, 2003 and 2006 (respectively: 496, 674 and 509 infants). Descriptive statistics were used to compare the prevalence of EBF according to age (in months) and group of children under 6 months of age. Differences in prevalence were expressed as percentage-points and submitted to statistical analysis (Pearson's chi-square and tendency), and the level of significance was set at p < 0.05. Factors associated with EBF interruption in 2006 were evaluated by univariate and multivariate analyses.Results: An increase in the prevalence of EBF was observed in under-6-month-old infants: 1999-2003, increase of 9.1 percentage-points; 2003-2006, increase of 6.6 percentage-points, resulting in an annual increase rate of 2.3 percentage-points for the first period and 2.2 percentage-points for the second period. Significant inverse association was observed between EBF and the use of pacifiers (prevalence ratio = 2.03; 95% confidence interval 1.44-2.84).Conclusion: EBF prevalence in under-6-month-old infants in the city of Bauru, southeastern Brazil, increased almost threefold over the period studied, from 8.5% in 1999 to 24.2% in 2006, a total increase of 184.7%. The use of pacifiers was the only factor strongly associated with the interruption of EBF.

Medidas de associação em estudo transversal com delineamento complexo: razão de chances e razão de prevalência

O objetivo deste estudo foi apresentar e discutir a utilização das medidas de associação: razão de chances e razão de prevalências, em dados obtidos de estudo transversal realizado em 2001-2002, utilizando-se amostra estratificada por conglomerados em dois estágios (n=1.958). As razões de chances e razões de prevalências foram estimadas por meio de regressão logística não condicional e regressão de Poisson, respectivamente, utilizando-se o pacote estatístico Stata 7.0. Intervalos de confiança e efeitos do desenho foram considerados na avaliação da precisão das estimativas. Dois desfechos do estudo transversal com diferentes níveis de prevalência foram avaliados: vacinação contra influenza (66,1%) e doença pulmonar referida (6,9%). Na situação em que a prevalência foi alta, as estimativas das razões de prevalência foram mais conservadoras com intervalos de confiança menores. Na avaliação do desfecho de baixa prevalência, não se observaram grandes diferenças numéricas entre as estimações das razões de chances e razões de prevalência e erros-padrão obtidos por uma ou outra técnica. O efeito do desenho maior que a unidade indicou que a amostragem complexa, em ambos os casos, aumentou da variância das estimativas. Cabe ao pesquisador a escolha da técnica e do estimador mais adequado ao seu objeto de estudo, permanecendo a escolha no âmbito epidemiológico.