Optimal-state-dependent rules, credibility, and inflationary inertia

This paper examines the output losses caused by disinflation and the role of credibility in a model where pricing mIes are optimal and individual prices are rigid. Individual nominal rigidity is modeled as resulting from menu costs. The interaction between optimal pricing mIes and credibility is essential in determining the inflationary inertia. A continued period of high inflation generates an asymmetric distribution of price deviations, with more prices that are substantially lower than their desired leveIs than prices that are substantially higher than the optimal ones. When disinflation is not credible, inflationary inertia is engendered by this asymmetry: idiosyncratic shocks trigger more upward than downward adjustments. A perfect1y credible disinflation causes an immediate change of pricing rules which, by rendering the price deviation distribution less asymmetric, practically annihilates inflationary inertia. An implication of our model is that stabilization may be sucessful even when credibility is low, provided that it is preceded by a mechanism of price alignment. We also develop an analytical framework for analyzing imperfect credibility cases.

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.

Decision rules and information provision : monitoring vs manipulation

We analyze the contractual design problem of a principal who delegates decision-making and information provision. The principal faces two tasks: he has to decide the level of discretion to be granted to the decision-maker and to establish who is in charge of supplying the information. We show that these two choices are intrinsically related. When the decision-maker is granted high discretion, information provision is optimally delegated to the parties directly affected by the decision. Conversely, when the decision-maker enjoys little discretion, it is more desirable to rely on a third impartial agent. The paper helps rationalize some organizational arrangements that are commonly observed in the context of judicial and antitrust decision-making.

Robustness and stabilization properties of monetary policy rules in Brazil

Based on three versions of a small macroeconomic model for Brazil, this paper presents empirical evidence on the effects of parameter uncertainty on monetary policy rules and on the robustness of optimal and simple rules over different model specifications. By comparing the optimal policy rule under parameter uncertainty with the rule calculated under purely additive uncertainty, we find that parameter uncertainty should make policymakers react less aggressively to the economy's state variables, as suggested by Brainard's "conservatism principIe", although this effect seems to be relatively small. We then informally investigate each rule's robustness by analyzing the performance of policy rules derived from each model under each one of the alternative models. We find that optimal rules derived from each model perform very poorly under alternative models, whereas a simple Taylor rule is relatively robusto We also fmd that even within a specific model, the Taylor rule may perform better than the optimal rule under particularly unfavorable realizations from the policymaker' s loss distribution function.

Rules of origin: an unfinished negotiation

Many countries are also engaged in trade negotiations on FTAs. RO are a central theme on each of theses fronts. A detailed analysis of the key questions surrounding the harmonization process is compelling, given that RO talks at the WTO will affect the negotiation of FTAs. Many developing countries are waiting the results from WTO to define their own RO. Since the impasse continues, they are creating their own systems and multiplying different ROs to satisfy their needs. This article seeks to provide some clues why it was impossible, till now, to finish this multilateral negotiation. It is organized as follows: i) review of the main issues in the ARO; ii) present the main points of contention in the harmonization work; iii) analyze the implications of a harmonized system of rules of origin to the other major WTO agreements as well as to other national trade policy instruments; and to present some possible scenarios how to conclude the negotiation

Joint dynamic probabilistic constraints with projected linear decision rules

We consider multistage stochastic linear optimization problems combining joint dynamic probabilistic constraints with hard constraints. We develop a method for projecting decision rules onto hard constraints of wait-and-see type. We establish the relation between the original (in nite dimensional) problem and approximating problems working with projections from di erent subclasses of decision policies. Considering the subclass of linear decision rules and a generalized linear model for the underlying stochastic process with noises that are Gaussian or truncated Gaussian, we show that the value and gradient of the objective and constraint functions of the approximating problems can be computed analytically.

Trade rules and exchange rate misalignments : in search for a WTO solution e medidas compensatórias

The debate on the link between trade rules and rules on exchange rates is raising the attention of experts on international trade law and economics. The main purpose of this paper is to analyze the impacts of exchange rate misalignments on tariffs as applied by the WTO – World Trade Organization. It is divided into five sections: the first one explains the methodology used to determine exchange rate misalignments and also presents its results for Brazil, US and China; the second summarizes the methodology applied to calculate the impacts of exchange rate misalignments on the level of tariff protection through an exercise of “misalignment tariffication”; the third examines the effects of exchange rate variations on tariffs and their consequences for the multilateral trading system; the fourth one creates a methodology to estimate exchange rates against a currency of the World and a proposal to deal with persistent and significant misalignments related to trade rules. The conclusions are present in the last section

Application of fuzzy logic for the evaluation of livestock slaughtering

A lógica fuzzy admite infinitos valores lógicos intermediários entre o falso e o verdadeiro. Com esse princípio, foi elaborado neste trabalho um sistema baseado em regras fuzzy, que indicam o índice de massa corporal de animais ruminantes com objetivo de obter o melhor momento para o abate. O sistema fuzzy desenvolvido teve como entradas as variáveis massa e altura, e a saída um novo índice de massa corporal, denominado Índice de Massa Corporal Fuzzy (IMC Fuzzy), que poderá servir como um sistema de detecção do momento de abate de bovinos, comparando-os entre si através das variáveis linguísticas )Muito BaixaM, ,BaixaB, ,MédiaM, ,AltaA e Muito AltaM. Para a demonstração e aplicação da utilização deste sistema fuzzy, foi feita uma análise de 147 vacas da raça Nelore, determinando os valores do IMC Fuzzy para cada animal e indicando a situação de massa corpórea de todo o rebanho. A validação realizada do sistema foi baseado em uma análise estatística, utilizando o coeficiente de correlação de Pearson 0,923, representando alta correlação positiva e indicando que o método proposto está adequado. Desta forma, o presente método possibilita a avaliação do rebanho, comparando cada animal do rebanho com seus pares do grupo, fornecendo desta forma um método quantitativo de tomada de decisão para o pecuarista. Também é possível concluir que o presente trabalho estabeleceu um método computacional baseado na lógica fuzzy capaz de imitar parte do raciocínio humano e interpretar o índice de massa corporal de qualquer tipo de espécie bovina e em qualquer região do País.

A method for plotting the complementary root locus using the root-locus (positive gain) rules

The root-locus method is a well-known and commonly used tool in control system analysis and design. It is an important topic in introductory undergraduate engineering control disciplines. Although complementary root locus (plant with negative gain) is not as common as root locus (plant with positive gain) and in many introductory textbooks for control systems is not presented, it has been shown a valuable tool in control system design. This paper shows that complementary root locus can be plotted using only the well-known construction rules to plot root locus. It can offer for the students a better comprehension on this subject. These results present a procedure to avoid problems that appear in root-locus plots for plants with the same number of poles and zeros.

O ensino da língua portuguesa na televisão: uma análise através do programa afinando a língua

The present dissertation aims to an approach of the teaching of Portuguese language on television, trying to find how possible is the contribution of this communication media in the sense to give a higher classroom dynamism and to excite the students for that subject. The TV show Afinando a Língua (roughly, putting the language in tune ), a Canal Futura feature, have as one of these main purpose be shown on the classrooms as a tool that could enlarge the possibilities of a subject often took as particularly difficult. Blocked by the traditional grammatical teaching, the Portuguese lessons have been for years pictured as hermetic and far from the Brazilian speakers reality. So, people create myths around the language that earns adjectives as complicate and inaccessible and that Brazilians can t speak the Portuguese really good, because it only happens in Portugal, the original country of the language. These myths start exactly because the teaching orientation take their basis only on the standard language, in fact just one of the language variations by the way, anywhere in the world dictated by ancestral rules, once produced in Portugal. The regular school don t accept the Portuguese variation as a natural fact for a huge country as Brazil, with almost 190 million people, regarding it as a wrong way of talking. The repression that follows the students from the early school days make them repel the language supposedly learned at school. In fact, they normally face it as something unfamiliar, different from the language that they have use to learn at home, from the family and neighbors Instead of giving new possibilities for the language learning, the television, a powerful audiovisual device, only reinforces the idea that everyone, in any life situation, should talk the standard Portuguese, turning its back to the learning acquired much earlier that any person reach the school. This conservative attitude brings almost no changes, between the shows that try to teach the idiom and the traditional Portuguese lessons, wasting valuable tools that could lead to the possibility to open the classroom to the outside world, and to the wider knowledge of the differences from each Brazilian region culture, a positive attitude that could much enlarge the cultural and linguistic students universe

Crítica ao fundacionismo cartesiano com base no argumento contra a linguagem privada

This assignment ains to prove the pertinency of using the wittgenstein´s argument against private language as a criticism to cartesian fundacionism. Therefore, I want to demonstrate in the first chaper the conceptual viability of facing the cartesian argument of cogito not as a simple silogism but as an exemple of a private experience (process of thinking). At the second chaper, the subordination of the argument against private language give us the idea that rules can only be followed by means of corrections givem by a linguistic community that is external to the private subject, in a way to be unviable the assumption that is possible to name an internal experience without searching external rules of the use of terms. At the chaper 3 the pertinency of the hypothesis raised by A. Kenny, about the overtaking of the argument against private language can be extended to the idea of epistemic and ontologic privacy that would lend validity to the fundacion present at the argument at the cartesian cogito. In oder to become evident the pertinency of use of Wittgenstein´s argument agaist Descartes´ fundation, it´s necessary, at the chaper 3, to demonstrate the impertinency of the objection to the A. Kenny´s hypothesis, based on the experiency of the thought of the brain at the recipient, to make clear the incompatibility existing between the cartesian idea of cogito and Wittgenstein´s notion that language is an activitie followed by rules, wich correction criterion may be external and intersubjective

Rhamnolipid emulsifying activity and emulsion stability: pH rules

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

Gaussian quadrature rules with simple node-weight relations

In this paper, we consider the symmetric Gaussian and L-Gaussian quadrature rules associated with twin periodic recurrence relations with possible variations in the initial coefficient. We show that the weights of the associated Gaussian quadrature rules can be given as rational functions in terms of the corresponding nodes where the numerators and denominators are polynomials of degree at most 4. We also show that the weights of the associated L-Gaussian quadrature rules can be given as rational functions in terms of the corresponding nodes where the numerators and denominators are polynomials of degree at most 5. Special cases of these quadrature rules are given. Finally, an easy to implement procedure for the evaluation of the nodes is described.

Charmonium-pion cross section from QCD sum rules

The J/psipi --> (D) over barD*, D (D) over bar*, (D) over bar *D* and (D) over barD cross sections as a function of roots are evaluated in a QCD sum rule calculation. We study the Borel sum rule for the four point function involving pseudoscalar and vector meson currents, up to dimension four in the operator product expansion. We find that our results are smaller than the J/psipi --> charmed mesons cross sections obtained with models based on meson exchange, but are close to those obtained with quark exchange models. (C) 2002 Elsevier B.V. B.V. All rights reserved.

Quantization rules for bound states in quantum wells

An algebraic reformulation of the Bohr-Sommerfeld (BS) quantization rule is suggested and applied to the study of bound states in one-dimensional quantum wells. The energies obtained with the present quantization rule are compared to those obtained with the usual BS and WKB quantization rules and with the exact solution of the Schrodinger equation. We find that, in diverse cases of physical interest in molecular physics, the present quantization rule not only yields a good approximation to the exact solution of the Schrodinger equation, but yields more precise energies than those obtained with the usual BS and/or WKB quantization rules. Among the examples considered numerically are the Poeschl-Teller potential and several anharmonic oscillator potentials. which simulate molecular vibrational spectra and the problem of an isolated quantum well structure subject to an external electric field.