Imaginary money

This paper considers price setting in pure units of account, linked to the means of payment through managed parities. If prices are sticky in the units in which they are set, parity changes may facilitate equilibrium adjustment of relative prices. The paper derives simultaneously the optimal choice of unit of account by each price setter, and the optimal parity policy. The gains from having multiple units of account are computed for a simple calibrated economy.

Does money in schools matter? evaluating the effects of FUNDEF on wages and test scores in Brazil

In this paper we investigate the effects of the 1998 reform in the funding of fundamental education in Brazil (FUNDEF) on the relative wages of public school teachers and on the relative proficiency of public school pupils. The evidence suggests that, on average, FUNDEF raised the public school teachers’ relative wages and improved the relative proficiency of the public school students. Some indirect evidence was presented that showed that the effect of FUNDEF on proficiency seems to be related to its effect on wages and on school characteristics. The effect on proficiency seems to be concentrated in the municipal schools in the Northeast of the country.

Information learning and the stability of fiat money

We analyze the stability of monetary regimes in a decentralized economy where fiat money is endogenously created, information about its value is imperfect, and agents only learn from their personal trading experiences. We show that in poorly informed economies, monetary stability depends heavily on the government's commitment to the long run value of money, whereas in economies where agents gather information more easily, monetary stability can be an endogenous outcome. We generate a dynamics on the acceptability of fiat money that resembles historical accounts of the rise and eventual colIapse of overissued paper money. Moreover, our results provide an explanation of the fact that, despite its obvious advantages, the widespread use of fiat money is a very recent development.

Aggregate vs disaggregate data analysis: a paradox in the estimation of money demand function of Japan under the low interest rate policy

We investigate the issue of whether there was a stable money demand function for Japan in 1990's using both aggregate and disaggregate time series data. The aggregate data appears to support the contention that there was no stable money demand function. The disaggregate data shows that there was a stable money demand function. Neither was there any indication of the presence of liquidity trapo Possible sources of discrepancy are explored and the diametrically opposite results between the aggregate and disaggregate analysis are attributed to the neglected heterogeneity among micro units. We also conduct simulation analysis to show that when heterogeneity among micro units is present. The prediction of aggregate outcomes, using aggregate data is less accurate than the prediction based on micro equations. Moreover. policy evaluation based on aggregate data can be grossly misleading.

A coordination approach to the essentiality of money

The essentiality of money is commonly justi ed on e¢ ciency grounds. In this paper, we propose an alternative view on the essentiality of money. We consider an economy with llimited monitoring where agents have to coordinate on the use of two alternative technologies of exchange, money and credit. We show that although credit strictly dominates money from an e¢ ciency perspective, money is essential for coordination reasons. If agents are patient, the region of parameters where they coordinate in the use of money strictly contains the region of parameters where they coordinate in the use of credit

Value-for-money e geração de valor público na atuação das organizações sociais de saúde : contribuições para o governo do estado de São Paulo

O fato de que o Estado brasileiro deve, de acordo com sua Carta Magna, garantir o direito de seus cidadãos à saúde não significa, necessariamente, que a provisão destes serviços tem de ser feita diretamente pelo poder público. As parcerias com organizações sociais, previstas na Lei Federal 9.637/1998 e regulamentadas pelos Contratos de Gestão, pretendem oferecer uma alternativa à eficiência, agilidade e flexibilidade na assistência à saúde. Entretanto, a estrutura dos contratos de gestão com Organizações Sociais de Saúde (OSS), elaborada com a pactuação de metas e indicadores de desempenho, não pode ser considerada, isoladamente, como fator garantidor da prestação adequada de tais serviços públicos. É fundamental considerar neste contexto os arranjos organizados pelo poder público para assegurar que os serviços oferecidos representam o que, de fato, os cidadãos consideram valor. O presente trabalho tem como objeto as parcerias com OSS no âmbito do governo do estado de São Paulo. As entrevistas realizadas e as pesquisas empreendidas na confecção deste estudo revelam que, caso se pretenda trabalhar com estas parcerias sob uma perspectiva de value-for-money e geração de valor público, faz-se necessário aprimorar os mecanismos de escuta aos cidadãos, os arranjos de governança colaborativa entre entes federados, o alinhamento com órgãos de controle e, sobretudo, qualificar a capacidade organizacional do Estado e das OSS, por meio da revisão das metas e indicadores dispostos nos contratos de gestão.

M-PESA mobile money: a case study in Blue ocean strategy

The recent and widespread availability of affordable mobile phone technology in developing countries has paved the way for the development of a number of mobile money and electronic remittance services. One of the most successful of these services is Safaricom’s M-PESA program, launched in the East African nation of Kenya in March 2007. Since then, the program has successfully enrolled over 15.2 million users, transferred more than US$1.4 trillion in electronic funds, and contributed significantly to poverty alleviation and financial inclusion efforts in Kenya. M-Pesa is a mobile phone based money transfer system in Kenya which grew at a blistering pace following its inception in 2007. This case study will analyze the critical factors that make M-PESA such a unique success in Kenya specifically.

The effect of guia exame’s ratings on the brazilian fund industry: an analysis of net-worth flows

This paper infers the impact the publication “Guia Exame” (the guide) has on the Brazilian fund industry, more specifically on the ability the concerned funds develop on attracting new investment. The impact is measured using the event-study analysis based on the variation of net worth subsequently to the event of being rated, according to the methodology applied by the guide to rank the funds. We used five years of fund ratings according to Guia Exame (2000-2004) and analyzed the changes of these funds’ net worth. We also compared the event amongst different categories of funds. The results found confirm the expected effects according to star rankings and asset manager size in all years.

Show me the money and I will bring you the head: evaluation of the effects of self-interest and anger on whistleblowing

Though many of those who decided to report wrongdoings in their organizations were able to tell their stories (e.g. Bamford, 2014, Armenakis 2004), it is fair to say that there is still much left to uncover. The paper aims to contribute to the literature in three ways. First, it provides preliminary evidence that the wrongdoing linked with individual financial loss leads to higher whistleblowing rate. Secondly, it shows how the experience of anger is related to the higher likelihood to report the wrongdoer but only if the wrongful act is perceived as a cause of one’s financial loss. Finally, the paper establishes first steps for the future development of an experimental procedure that would enable to predict, and measure whistleblowing behavior in the lab environment.

Análise de componentes arquitetônicos para potencialização da ventilação natural com ênfase em captadores de vento

The building envelope is the principal mean of interaction between indoors and environment, with direct influence on thermal and energy performance of the building. By intervening in the envelope, with the proposal of specific architectural elements, it is possible to promote the use of passive strategies of conditioning, such as natural ventilation. The cross ventilation is recommended by the NBR 15220-3 as the bioclimatic main strategy for the hot and humid climate of Natal/RN, offering among other benefits, the thermal comfort of occupants. The analysis tools of natural ventilation, on the other hand, cover a variety of techniques, from the simplified calculation methods to computer fluid dynamics, whose limitations are discussed in several papers, but without detailing the problems encountered. In this sense, the present study aims to evaluate the potential of wind catchers, envelope elements used to increase natural ventilation in the building, through CFD simplified simulation. Moreover, it seeks to quantify the limitations encountered during the analysis. For this, the procedure adopted to evaluate the elements implementation and efficiency was the CFD simulation, abbreviation for Computer Fluid Dynamics, with the software DesignBuilder CFD. It was defined a base case, where wind catchers were added with various settings, to compare them with each other and appreciate the differences in flows and air speeds encountered. Initially there has been done sensitivity tests for familiarization with the software and observe simulation patterns, mapping the settings used and simulation time for each case simulated. The results show the limitations encountered during the simulation process, as well as an overview of the efficiency and potential of wind catchers, with the increase of ventilation with the use of catchers, differences in air flow patterns and significant increase in air speeds indoors, besides changes found due to different element geometries. It is considered that the software used can help designers during preliminary analysis in the early stages of design

Effects of hot and cold smoking processes on organoleptic properties, yield and composition of matrinxa fillet

Foi avaliado o efeito do processo de defumação a quente (45-90ºC/5 horas) e a frio (27-45ºC/10 horas) nas propriedades organolépticas, no rendimento e na composição dos filés de matrinxã (Brycon cephalus). Não houve diferença significativa no rendimento de filés defumados e não-defumados. As perdas no processo de defumação foram significativamente maiores para defumação a quente (19,37%) em comparação à defumação a frio (17,08%). O processo de defumação reduziu a umidade (in natura = 72,91%; defumado a quente = 58,51%; e defumado a frio = 59,68%) e aumentou os teores de proteína bruta, lipídios e cinzas. Houve diferença significativa somente nos teores de proteína no defumado a quente (28,07%) e defumado a frio (27,14%). O processo a frio resultou em melhor aparência e cor de filé, enquanto o processo a quente melhorou o sabor, o teor de sal e a aparência geral. O aroma e a textura não diferiram significativamente entre os processos. O processo de defumação a quente melhora as propriedades organolépticas e os níveis de proteína do filé de matrinxã.

Projeto de um sistema emulador de escoamentos e vaso de separação primária

The purpose of this study was to develop a pilot plant which the main goal is to emulate a flow peak pressure in a separation vessel. Effect similar that is caused by the production in a slug flow in production wells equipped with the artificial lift method plunger lift. The motivation for its development was the need to test in a plant on a smaller scale, a new technique developed to estimate the gas flow in production wells equipped with plunger lift. To develop it, studies about multiphase flow effects, operation methods of artificial lift in plunger lift wells, industrial instrumentation elements, control valves, vessel sizing separators and measurement systems were done. The methodology used was the definition of process flowcharts, its parameters and how the effects needed would be generated for the success of the experiments. Therefore, control valves, the design and construction of vessels and the acquisition of other equipment used were defined. One of the vessels works as a tank of compressed air that is connected to the separation vessel and generates pulses of gas controlled by a on/off valve. With the emulator system ready, several control experiments were made, being the control of peak flow pressure generation and the flow meter the main experiments, this way, it was confirmed the efficiency of the plant usage in the problem that motivated it. It was concluded that the system is capable of generate effects of flow with peak pressure in a primary separation vessel. Studies such as the estimation of gas flow at the exit of the vessel and several academic studies can be done and tested on a smaller scale and then applied in real plants, avoiding waste of time and money.

Análise da indução de fluxo de ar por convecção livre em chaminé solar

Experiments were performed to study the effect of surface properties of a vertical channel heated by a source of thermal radiation to induce air flow through convection. Two channels (solar chimney prototype) were built with glass plates, forming a structure of truncated pyramidal geometry. We considered two surface finishes: transparent and opaque. Each stack was mounted on a base of thermal energy absorber with a central opening for passage of air, and subjected to heating by a radiant source comprises a bank of incandescent bulbs and were performed field tests. Thermocouples were fixed on the bases and on the walls of chimneys and then connected to a data acquisition system in computer. The air flow within the chimney, the speed and temperature were measured using a hot wire anemometer. Five experiments were performed for each stack in which convective flows were recorded with values ranging from 17 m³ / h and 22 m³ / h and air flow velocities ranging from 0.38 m / s and 0.56 m / s for the laboratory tests and air velocities between 0.6 m/s and 1.1m/s and convective airflows between 650 m³/h and 1150 m³/h for the field tests. The test data were compared to those obtained by semi-empirical equations, which are valid for air flow induced into channels and simulated data from 1st Thermodynamics equation. It was found that the chimney with transparent walls induced more intense convective flows than the chimney with matte finish. Based on the results obtained can be proposed for the implementation of prototype to exhaust fumes, mists, gases, vapors, mists and dusts in industrial environments, to help promote ventilation and air renewal in built environments and for drying materials, fruits and seeds