The effects of longevity and distortions on education and retirement

This article studies the impact of longevity and taxation on life-cycle decisions and long-run income. Individuals allocate optimally their total lifetime between education, working and retirement. They also decide at each moment how much to save or consume out of their income, and after entering the labor market how to divide their time between labor and leisure. The model incorporates experience-earnings profiles and the return-to-education function that follows evidence from the labor literature. In this setup, increases in longevity raises the investment in education - time in school - and retirement. The model is calibrated to the U.S. and is able to reproduce observed schooling levels and the increase in retirement, as the evidence shows. Simulations show that a country equal to the U.S. but with 20% smaller longevity will be 25% poorer. In this economy, labor taxes have a strong impact on the per capita income, as it decreases labor effort, time at school and retirement age, in addition to the general equilibrium impact on physical capital. We conclude that life-cycle effects are relevant in analyzing the aggregate outcome of taxation.

Real exchange rate misalignments

This paper characterizes episodes of real appreciations and depreciations for a sample of 85 countries, approximately from 1960 to 1998. First, the equilibrium real exchange rate series are constructed for each country using Goldfajn and Valdes (1999) methodology (cointegration with fundamentals). Then, departures from equilibrium real exchange rate (misalignments) are obtained, and a Markov Switching Model is used to characterize the misalignments series as stochastic autoregressive processes governed by two states representing di¤erent means. Three are the main results we …nd: …rst, no evidence of di¤erent regimes for misalignment is found in some countries, second, some countries present one regime of no misalignment (tranquility) and the other regime with misalignment (crisis), and, third, for those countries with two misalignment regimes, the lower mean misalignment regime (appreciated) have higher persistence that the higher mean one (depreciated).

A note on growth and inflation

A simple exercise on growth and inflationary financing of public expenditures is presented in this note. In a parameterized overlapping generations mode1 where government expenses positivc1y affects the growth rate of human capital, steady state capital and output increase with inflation, reproducing the so called Tobin effect. For large inflation rates, however, government authorities cannot affect real variables and there are only nominal effects. It is also shown that the optimal policy implies some inflation but not growth maximization.

Stochastic growth and monetary policy: the impacts on the term structure of interest rates

This paper builds a simple, empirically-verifiable rational expectations model for term structure of nominal interest rates analysis. It solves an stochastic growth model with investment costs and sticky inflation, susceptible to the intervention of the monetary authority following a policy rule. The model predicts several patterns of the term structure which are in accordance to observed empirical facts: (i) pro-cyclical pattern of the level of nominal interest rates; (ii) countercyclical pattern of the term spread; (iii) pro-cyclical pattern of the curvature of the yield curve; (iv) lower predictability of the slope of the middle of the term structure; and (v) negative correlation of changes in real rates and expected inflation at short horizons.

Forecasting Multivariate Time Series under Present-Value-Model Short- and Long-run Co-movement Restrictions

This paper has two original contributions. First, we show that the present value model (PVM hereafter), which has a wide application in macroeconomics and fi nance, entails common cyclical feature restrictions in the dynamics of the vector error-correction representation (Vahid and Engle, 1993); something that has been already investigated in that VECM context by Johansen and Swensen (1999, 2011) but has not been discussed before with this new emphasis. We also provide the present value reduced rank constraints to be tested within the log-linear model. Our second contribution relates to forecasting time series that are subject to those long and short-run reduced rank restrictions. The reason why appropriate common cyclical feature restrictions might improve forecasting is because it finds natural exclusion restrictions preventing the estimation of useless parameters, which would otherwise contribute to the increase of forecast variance with no expected reduction in bias. We applied the techniques discussed in this paper to data known to be subject to present value restrictions, i.e. the online series maintained and up-dated by Shiller. We focus on three different data sets. The fi rst includes the levels of interest rates with long and short maturities, the second includes the level of real price and dividend for the S&P composite index, and the third includes the logarithmic transformation of prices and dividends. Our exhaustive investigation of several different multivariate models reveals that better forecasts can be achieved when restrictions are applied to them. Moreover, imposing short-run restrictions produce forecast winners 70% of the time for target variables of PVMs and 63.33% of the time when all variables in the system are considered.

Mobility, targeting and private school vouchers

This paper uses general equilibrium simulations to explore the role ofresidential mobility in shaping the impact of different types of private school voucher policies. In particular, general vouchers available to all residents in the state are compared to vouchers specifically targeted to either underprivileged school districts or underprivileged households. The simulations are derived from a three-community mo deI of low, middle and high income school districts (calibrated to New York data), where each school district is composed of multiple types of neighborhoods that may vary in house quality as well as the leveI of neighborhood extemalities. Households that differ in both their income and in the ability leveI of their children choose between school districts, between neighborhoods within their school district, and between the local public school or a menu of private school altematives.Local public school quality within a district is endogenously determined bya combination of the average peer quality of public school attending children as well as local property and state income tax supported spending. Financial support (above a required state minimum) is set by local majority rule. Finally, there exists the potential for a private school market composed of competitive schools that face production technologies similar to those ofpublic schools but who set tuition and admissions policies to maximize profits. In tbis model, it is demonstrated that school district targeted vouchers are similar in their impact to non-targeted vouchers but vastIy different from vouchers targeted to low income households. Furthermore, strong migration effects are shown to significantly improve the likely equity consequences of voucher programs.

The impact of the 2008 economic recession on three residential property type investments: a case study of five diverse zip codes in Washington DC, USA

There has been 47 recessions in the United States of America (US) since 1790. US recessions have increasingly affected economies of other countries in the world as nations become more and more interdependent on each other. The worst economic recession so far was the “Great Depression” – an economic recession that was caused by the 1929 crash of the stock market in the US. The 2008 economic recession in the US was a result of the burst of the “housing bubble” created by predatory lending. The economic recession resulted in increased unemployment (according to NBER 8.7 million jobs were lost from Feb. 2008 to Feb. 2010); decrease in GDP by 5.1%; increase in poverty level from 12.1% (2007) to 16.0% (2008) (NBER) This dissertation is an attempt to research the impact of the 2008 economic recession on different types of residential investments: a case study of five (5) diverse neighborhoods/zip codes in Washington DC, USA The main findings were that the effect of the 2008 economic depression on the different types of residential properties was dependent on the location of the property and the demographics/socio-economic factors associated with that location.

Fractal dimension and anisotropy of soil CO2 emission in a mechanically harvested sugarcane production area

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Occurrence of anti-Neospora caninum and anti-Toxoplasma gondii IgG antibodies in goats and sheep in western Maranhão, Brazil

A neosporose e a toxoplasmose são doenças parasitárias que podem causar problemas reprodutivos em caprinos e ovinos. O objetivo deste estudo foi determinar a ocorrência de anticorpos IgG anti-Neospora caninum e anti-Toxoplasma gondii em caprinos e ovinos dos municípios de Amarante do Maranhão e Buritirana, microrregião de Imperatriz, Oeste maranhense, Nordeste do Brasil, bem como avaliar fatores associados à infecção por esses agentes etiológicos. Amostras de sangue de 110 animais (46 caprinos e 64 ovinos), provenientes de cinco propriedades, foram coletadas, e a reação de imunofluorescência indireta utilizada para o diagnóstico sorológico. Das 46 amostras de caprinos, 17,39% (n = 8) apresentaram anticorpos anti-N. caninum e 4,35% (n = 2) anti-T. gondii, enquanto das 64 amostras de ovinos, 4,69% (n = 3) e 18,75% (n = 12) apresentaram anticorpos anti-N. caninum e anti-T. gondii, respectivamente. Não houve diferença significativa, considerando-se a presença de gato e/ou cão na propriedade e assistência veterinária para ambos os agentes estudados. Entretanto, suplementação alimentar e presença de animais com problemas reprodutivos diferiram significativamente (p < 0,05) em ovinos e caprinos, respectivamente. Os resultados do presente estudo demonstraram que caprinos e ovinos, da região Oeste do Maranhão são expostos aos coccídios N. caninum e T. gondii. Essa é a primeira evidência desses agentes em pequenos ruminantes nessa região.

Gestão ambiental e competitividade no setor da construção civil :um estudo sobre a aceitabilidade de práticas ambientais no mercado imobiliário

This work investigates the importance of Eco-Materiais applied in the civil construction and the necessity of knowledge of the real estate market, showing the importance of application of recycled products where inserted inside of a bigger scope of the sustainable development which has the subjects as the ambient management. In the theoretical referencial boarded the recycled and perfectly ecological products that demonstrate the applicability of this type of products in the sector of the civil construction, beyond the economic and social placesThe main popouse of the real estate sector is to show the awareness and demonstration in the negotiation of property constructed with these products, therefore, already it is practised by the market of the civil construction where much time sao commercialized by real estate and the its correctors lacking in same knowledge that is more deepened on these materials, having this evidence been made with statistical application of questionnaire and analyzed with base. We finish showing the statistical results with application of 142 questionnaires in a universe of 145 real estate from Natal/RN. With this, we may say that today exists a very strong concern with the environmental laws and the generated ambient impact in the civil construction and that the real estate sector has a feeling that the necessity of if inserting in this process, therefore, the real estate market in our State is in expansion and sensible to the necessity of changes, since the Natal/RN meets in the script of the tourism the International demanding of the professional that a globalized knowledge works with property, so the necessity of understanding the environmental laws and understanding application of the echo-materias used in the construction will give a better quality of life and at the same time to protect the nature

Aplicações da q-Álgebra em física da matéria condensada

We address the generalization of thermodynamic quantity q-deformed by q-algebra that describes a general algebra for bosons and fermions . The motivation for our study stems from an interest to strengthen our initial ideas, and a possible experimental application. On our journey, we met a generalization of the recently proposed formalism of the q-calculus, which is the application of a generalized sequence described by two parameters deformation positive real independent and q1 and q2, known for Fibonacci oscillators . We apply the wellknown problem of Landau diamagnetism immersed in a space D-dimensional, which still generates good discussions by its nature, and dependence with the number of dimensions D, enables us future extend its application to systems extra-dimensional, such as Modern Cosmology, Particle Physics and String Theory. We compare our results with some experimentally obtained performing major equity. We also use the formalism of the oscillators to Einstein and Debye solid, strengthening the interpretation of the q-deformation acting as a factor of disturbance or impurity in a given system, modifying the properties of the same. Our results show that the insertion of two parameters of disorder, allowed a wider range of adjustment , i.e., enabling change only the desired property, e.g., the thermal conductivity of a same element without the waste essence

The Rechtslehre doctrine and Kant's philosophy of history

The text is divided in two phases. In the first phase, consisting of three parts, the main concepts of Kant's Doctrine of Right are considered in a comprehensive approach related to: the issue of the relations between natural right and positive right, problem closely connected to that of the relations between natural state and civil state, private right and public right; to the doctrine of property and its connection with political right. on treating the right in its several types, we intend to appoint the practical reasoning as a background of the Doctrine. In the second phase, concerning its last section, the consideration on the presence of the practical reasoning into the right is placed before some specificities of Kant's phylosophy of history, with the intent of establishing the possible relation between Rechtslehre and that philosophy.

Em direção a uma representação para equações algébricas :uma lógica equacional local

The intervalar arithmetic well-known as arithmetic of Moore, doesn't possess the same properties of the real numbers, and for this reason, it is confronted with a problem of operative nature, when we want to solve intervalar equations as extension of real equations by the usual equality and of the intervalar arithmetic, for this not to possess the inverse addictive, as well as, the property of the distributivity of the multiplication for the sum doesn t be valid for any triplet of intervals. The lack of those properties disables the use of equacional logic, so much for the resolution of an intervalar equation using the same, as for a representation of a real equation, and still, for the algebraic verification of properties of a computational system, whose data are real numbers represented by intervals. However, with the notion of order of information and of approach on intervals, introduced by Acióly[6] in 1991, the idea of an intervalar equation appears to represent a real equation satisfactorily, since the terms of the intervalar equation carry the information about the solution of the real equation. In 1999, Santiago proposed the notion of simple equality and, later on, local equality for intervals [8] and [33]. Based on that idea, this dissertation extends Santiago's local groups for local algebras, following the idea of Σ-algebras according to (Hennessy[31], 1988) and (Santiago[7], 1995). One of the contributions of this dissertation, is the theorem 5.1.3.2 that it guarantees that, when deducing a local Σ-equation E t t in the proposed system SDedLoc(E), the interpretations of t and t' will be locally the same in any local Σ-algebra that satisfies the group of fixed equations local E, whenever t and t have meaning in A. This assures to a kind of safety between the local equacional logic and the local algebras

Propolis and the immune system: a review

Propolis has been used empirically for centuries and it was always mentioned as an immunomodulatory agent. In recent years, in vitro and in vivo assays provided new information concerning its mechanisms of action, thus a review dealing with propolis and the immune system became imperative. This review compiles data from our laboratory as well as from other researchers, focusing on its chemical composition and botanical sources, the seasonal effect on its composition and biological properties, its immunomodulatory and antitumor properties, considering its effects on antibody production and on different cells of the immune system, involving the innate and adaptive immune response. In vitro and in vivo assays demonstrated the modulatory action of propolis on murine peritoneal macrophages, increasing their microbicidal activity. Its stimulant action on the lytic activity of natural killer cells against tumor cells, and on antibody production was demonstrated. Propolis inhibitory effects on lymphoproliferation may be associated to its anti-inflammatory property. In immunological assays, the best results were observed when propolis was administered over a short-term to animals. Propolis antitumor property and its anticarcinogenic and antimutagenic potential are discussed. Since humans have used propolis for different purposes and propolis-containing products have been marketed, the knowledge of its properties with scientific basis is not only of academic interest but also of those who use propolis as well. This review opens a new perspective on the investigation of propolis biological properties, mainly with respect to the immune system. (c) 2007 Elsevier B.V.. All rights reserved.

Energy spectrum and eigenfunctions through the Quantum Section Method

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