Rational expectations and the service of public debt: a recursive approach

This paper uses dynamic programming to study the time consistency of optimal macroeconomic policy in economies with recurring public deficits. To this end, a general equilibrium recursive model introduced in Chang (1998) is extended to include govemment bonds and production. The original mode! presents a Sidrauski economy with money and transfers only, implying that the need for govemment fmancing through the inflation tax is minimal. The extended model introduces govemment expenditures and a deficit-financing scheme, analyzing the SargentWallace (1981) problem: recurring deficits may lead the govemment to default on part of its public debt through inflation. The methodology allows for the computation of the set of alI sustainable stabilization plans even when the govemment cannot pre-commit to an optimal inflation path. This is done through value function iterations, which can be done on a computeI. The parameters of the extended model are calibrated with Brazilian data, using as case study three Brazilian stabilization attempts: the Cruzado (1986), Collor (1990) and the Real (1994) plans. The calibration of the parameters of the extended model is straightforward, but its numerical solution proves unfeasible due to a dimensionality problem in the algorithm arising from limitations of available computer technology. However, a numerical solution using the original algorithm and some calibrated parameters is obtained. Results indicate that in the absence of govemment bonds or production only the Real Plan is sustainable in the long run. The numerical solution of the extended algorithm is left for future research.

Elasticity of substitution between capital and labor: a panel data approach

This paper estimates the elasticity of substitution of an aggregate production function. The estimating equation is derived from the steady state of a neoclassical growth model. The data comes from the PWT in which different countries face different relative prices of the investment good and exhibit different investment-output ratios. Then, using this variation we estimate the elasticity of substitution. The novelty of our approach is that we use dynamic panel data techniques, which allow us to distinguish between the short and the long run elasticity and handle a host of econometric and substantive issues. In particular we accommodate the possibility that different countries have different total factor productivities and other country specific effects and that such effects are correlated with the regressors. We also accommodate the possibility that the regressors are correlated with the error terms and that shocks to regressors are manifested in future periods. Taking all this into account our estimation resuIts suggest that the Iong run eIasticity of substitution is 0.7, which is Iower than the eIasticity that had been used in previous macro-deveIopment exercises. We show that this lower eIasticity reinforces the power of the neoclassical mo deI to expIain income differences across countries as coming from differential distortions.

A Learning Function for Parameter Reduction in Spiking Neural Networks with Radial Basis Function

Spiking neural networks - networks that encode information in the timing of spikes - are arising as a new approach in the artificial neural networks paradigm, emergent from cognitive science. One of these new models is the pulsed neural network with radial basis function, a network able to store information in the axonal propagation delay of neurons. Learning algorithms have been proposed to this model looking for mapping input pulses into output pulses. Recently, a new method was proposed to encode constant data into a temporal sequence of spikes, stimulating deeper studies in order to establish abilities and frontiers of this new approach. However, a well known problem of this kind of network is the high number of free parameters - more that 15 - to be properly configured or tuned in order to allow network convergence. This work presents for the first time a new learning function for this network training that allow the automatic configuration of one of the key network parameters: the synaptic weight decreasing factor.

Análise de superfícies seletivas de freqüência para aplicações em ondas milimétricas

This work consists in the development of a theoretical and numerical analysis for frequency selective surfaces (FSS) structures with conducting patch elements, such as rectangular patches, thin dipoles and cross dipoles, on anisotropic dielectric substrates. The analysis is developed for millimeter wave band applications. The analytical formulation is developed in the spectral domain, by using a rigorous technique known as equivalent transmission line method, or immitance approach. The numerical analysis is completed through the use of the Galerkin's technique in the Fourier transform domain, using entire-domain basis functions. In the last decades, several sophisticated analytical techniques have been developed for FSS structure applications. Within these applications, it can be emphasized the use of FSS structures on reflecting antennas and bandpass radomes. In the analysis, the scattered fields of the FSS geometry are related to the surface induced currents on the conducting patches. After the formulation of the scattering problem, the numerical solution is obtained by using the moment method. The choice of the basis functions plays a very important role in the numerical efficiency of the numerical method, once they should provide a very good approximation to the real current distributions on the FSS analyzed structure. Thereafter, the dyadic Green's function components are obtained in order to evaluate the basis functions unknown coefficients. To accomplish that, the Galerkin's numerical technique is used. Completing the formulation, the incident fields are determined through the incident potential, and as a consequence the FSS transmission and reflection characteristics are determined, as function of the resonant frequency and structural parameters. The main objective of this work was to analyze FSS structures with conducting patch elements, such as thin dipoles, cross dipoles and rectangular patches, on anisotropic dielectric substrates, for high frequency applications. Therefore, numerical results for the FSS structure main characteristics were obtained in the millimeter wave bando Some of these FSS characteristics are the resonant

Extraction of Building Roof Contours From LiDAR Data Using a Markov-Random-Field-Based Approach

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

Loss minimization by the predictor-corrector modified barrier approach

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

An approach to generalized holomorphic functions

A study of the generalized holomorphic functions, HG(Omega), having in mind its strict elements, i.e. those which are in HG(Omega) - H(Omega), as well as the possibility of the existence of hybrid elements, i.e. elements which have, in a part of a domain Omega subset of C-n, the strict behaviour and, in another part of the same domain, the classical behaviour, is carried out in this work. The study of hybrid elements is important in the approach of a concept of generalized domain of holomorphy.

An efficient neural approach to economic load dispatch in power systems

A neural approach to solve the problem defined by the economic load dispatch in power systems is presented in this paper, Systems based on artificial neural networks have high computational rates due to the use of a massive number of simple processing elements and the high degree of connectivity between these elements the ability of neural networks to realize some complex nonlinear function makes them attractive for system optimization the neural networks applyed in economic load dispatch reported in literature sometimes fail to converge towards feasible equilibrium points the internal parameters of the modified Hopfield network developed here are computed using the valid-subspace technique These parameters guarantee the network convergence to feasible quilibrium points, A solution for the economic load dispatch problem corresponds to an equilibrium point of the network. Simulation results and comparative analysis in relation to other neural approaches are presented to illustrate efficiency of the proposed approach.

A DOE based approach for the design of RBF artificial neural networks applied to prediction of surface roughness in AISI 52100 hardened Steel turning

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Pole placement method using the system matrix transfer function and sparsity

This paper presents a pole placement method using both the augmented Jacobian and the corresponding system transfer function matrices. From the manipulation of these matrices a straightforward approach results to get the coefficients of a non-linear system, whose solution gives the parameters of the stabilizers that can provide a pre-specified minimum damping to the system. (C) 2001 Elsevier B.V. Ltd. All rights reserved.

Modeling the dielectric response of lanthanum modified lead zirconate titanate ferroelectric ceramics-an approach to the phase transitions in relaxor ferroelectrics

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

Colombeau's theory and shock wave solutions for systems of PDEs

In this article we study the existence of shock wave solutions for systems of partial differential equations of hydrodynamics with viscosity in one space dimension in the context of Colombeau's theory of generalized functions. This study uses the equality in the strict sense and the association of generalized functions (that is the weak equality). The shock wave solutions are given in terms of generalized functions that have the classical Heaviside step function as macroscopic aspect. This means that solutions are sought in the form of sequences of regularizations to the Heaviside function that have to satisfy part of the equations in the strict sense and part of the equations in the sense of association.

Chemomodulation of human dendritic cell function by antineoplastic agents in low noncytotoxic concentrations

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Artificial neural networks: A novel approach to analysing the nutritional ecology of a blowfly species, Chrysomya megacephala

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

Ontogenetic diet shifts of a Neotropical catfish, Pimelodus maculatus (Siluriformes, Pimelodidae): An ecomorphological approach

This study analyses the ontogenetic diet shifts of a Neotropical catfish, Pimelodus maculatus ( Siluriformes, Pimelodidae), from an ecomorphological standpoint. We collected 241 individuals in the Piracicaba River ( Brazil) and, in the laboratory, seven morphometric variables were recorded from each specimen: standard length (SL), body depth, head length, snout length, eye diameter, mouth height and mouth width. After standardizing these measurements ( as a proportion of SL), linear regressions were run to determine whether their growth was isometric or allometric in relation to SL. The diet analysis shows that the main food item for fish in the smaller size classes is aquatic insects, while the largest individuals feed mainly on other fish. As the great majority of the morphometric variables analyzed showed isometric growth as a function of SL - which means that these fish do not change their shape significantly during their lives - the ontogenetic diet shifts may be seen as a consequence of the absolute size increment of their mouth gape, which allows individuals to maximize their energetic gain by ingesting larger prey with a higher caloric content.