Central bank balance sheet concerns and credible optimal escape from the Liquidity trap

I show that when a central bank is financially independent from the treasury and has balance sheet concerns, an increase in the size or a change in the composition of the central bank's balance sheet (quantitative easing) can serve as a commitment device in a liquidity trap scenario. In particular, when the short-term interest rate is up against the zero lower bound, an open market operation by the central bank that involves purchases of long-term bonds can help mitigate the deation and a large negative output gap under a discretionary equilibrium. This is because such an open market operation provides an incentive to the central bank to keep interest rates low in future in order to avoid losses in its balance sheet.

Temporal causality between the exchange rate and the trade balance : the case of Brazil

The paper assesses the impact of intemational relative prices and domestic expenditure variables on Brazil' s foreign trade performance in the first half of the 1990s. It has been argued that the appreciation of the Real since 1994 has had a detrimental impact of the country's trade balance. However, using temporal precedence analysis, our results do not indicate that the trade balance is strongly affected by intemational rei ative prices, such as the exchange rate. Instead, domestic expenditure variables appear to be more powerful determinant of the country' s trade performance in recent years. Granger and error correction causality techniques are used to determine temporal precedence between the trade balance and the exchange rate in the period under examination. Our findings shed light on the debate over the sustainability of recent exchange rate-anchored macroeconomic stabilisation programmes, which is a topic that has encouraged a lot of debate among academics and practitioners.

Balance of payment crises and capital flows : the role of liquidity

A model of externaI CrISIS is deveIoped focusing on the interaction between Iiquidity creation by financiaI intermediaries and foreign exchange collapses. The intermediaries' role of transforming maturities is shown to result in larger movements of capital and a higher probability of crisis. This resembles the observed cycle in capital fiows: large infiows, crisis and abrupt outfiows. The mo deI highlights how adverse productivity and international interest rate shocks can be magnified by the behavior of individual foreign investors linked together through their deposits in the intermediaries. An eventual collapse of the exchange rate can link investors' behavior even further. The basic model is then extended, quite naturally, to study the effects of capital fiow contagion between countries.

Balance of payments dominance: its implications for macroeconomic policy

This paper defines “balance of payments dominance” as a macroeconomic regime in which the short-term macroeconomic dynamics is essentially determined by external shocks, positive or negative. It argues that this is the predominant regime in emerging and developing countries. Trade shocks play an important role but the major procyclical shocks are associated with boom-bust cycles in external financing. Policy challenges are associated not only with the management of such shocks but also with the need to enhance the space for countercyclical macroeconomic policies, as boom-bust cycles tend to pressure macroeconomic policies to behave in a procyclical way. Under these conditions, the best bet is to design policies to reduce external vulnerabilities through a mix of administered exchange rate policies, very active foreign exchange reserve management, reduced reliance on external borrowing, and macroprudential regulations, including those directly affecting capital flows. Countercyclical fiscal policy can also play a role but face strong economic and political economy challenges.

Balance of payments dominance : its implocations for macroeconomic policy

This paper defines “balance of payments dominance” as a macroeconomic regime in which the short-term macroeconomic dynamics is essentially determined by external shocks, positive or negative. It argues that this is the predominant regime in emerging and developing countries. Trade shocks play an important role but the major procyclical shocks are associated with boom-bust cycles in external financing. Policy challenges are associated not only with the management of such shocks but also with the need to enhance the space for countercyclical macroeconomic policies, as boom-bust cycles tend to pressure macroeconomic policies to behave in a procyclical way. Under these conditions, the best bet is to design policies to reduce external vulnerabilities through a mix of administered exchange rate flexibility, very active foreign exchange reserve management, reduced reliance on external borrowing, and macroprudential regulations, including those directly affecting capital flows. Countercyclical fiscal policy can also play a role but face strong economic and political economy challenges.

Balance-bot

Research on inverted pendulum has gained momentum over the last decade on a number of robotic laboratories over the world; due to its unstable proprieties is a good example for control engineers to verify a control theory. To verify that the pendulum can balance we can make some simulations using a closed-loop controller method such as the linear quadratic regulator or the proportional–integral–derivative method. Also the idea of robotic teleoperation is gaining ground. Controlling a robot at a distance and doing that precisely. However, designing the tool to takes the best benefit of the human skills while keeping the error minimal is interesting, and due to the fact that the inverted pendulum is an unstable system it makes a compelling test case for exploring dynamic teleoperation. Therefore this thesis focuses on the construction of a two-wheel inverted pendulum robot, which sensor we can use to do that, how they must be integrated in the system and how we can use a human to control an inverted pendulum. The inverted pendulum robot developed employs technology like sensors, actuators and controllers. This Master thesis starts by presenting an introduction to inverted pendulums and some information about related areas such as control theory. It continues by describing related work in this area. Then we describe the mathematical model of a two-wheel inverted pendulum and a simulation made in Matlab. We also focus in the construction of this type of robot and its working theory. Because this is a mobile robot we address the theme of the teleoperation and finally this thesis finishes with a general conclusion and ideas of future work.

Validation of the Deardorff model for estimating energy balance components for a sugarcane crop

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

Métodos para estudo das respostas metabólicas de cães e gatos a diferentes alimentos

Durante o processo de assimilação e uso dos alimentos, diferentes respostas metabólicas podem ser desenvolvidas pelo organismo dos animais. Estas respostas são fruto da integração de mecanismos complexos, que envolvem os sistemas neuro-endócrino e o funcionamento dos órgãos, sendo influenciadas pela dieta, espécie animal, idade, condição fisiológica e composição corporal. Este trabalho enfoca a importância fisiológica e os métodos de estudo das respostas pós-prandiais aos carboidratos, bem como as alterações fisiológicas conseqüentes ao balanço eletrolítico da dieta. A quantidade, estrutura química e processamento industrial do amido determinam boa parte da resposta pós-prandial de glicose e insulina de cães. em gatos, outros mecanismos parecem ser mais importantes, como a ingestão de aminoácidos. A fibra alimentar também altera a resposta pós-prandial ao alimento, devendo ser consideradas sua quantidade, solubilidade e fermentabilidade no desenvolvimento das dietas. Os métodos de estudo destas respostas incluem avaliação das respostas glicêmica e insulínca pós-prandiais, teste endovenoso de tolerância à glicose e à arginina. O clâmp euglicêmico apresenta-se também como ferramenta de estudo, no entanto revela informações mais relacionadas ao animal do que à dieta. A compreensão do conjunto de alterações metabólicas aos carboidratos é importante no estudo do controle da saciedade, composição corporal e inúmeras doenças degenerativas e endócrinas. A concentração e relação entre os macro-elementos da dieta (Na, Cl, K, P, Ca, Mg e S) e dos aminoácidos sulfurados (metionina, cistina e taurina) interferem em inúmeras funções orgânicas, como a cardiovascular, neuromuscular, metabolismo ósseo, renal e pulmonar, refletindo-se no equilíbrio hidro-eletrolítico e ácido-básico orgânicos. de importância prática para cães e gatos encontram-se a relação destes nutrientes com cardiopatias, nefropatias, osteodistrofias e urolitíases. A relação entre os macro-elementos é estabelecida em mmol/kg de matéria seca da dieta, calculando-se seu balanço cátion-ânion (excesso de bases ou ânions dietéticos não determinados). Suas repostas orgânicas são medidas, dentre outros métodos, pela hemogasimetria, balanço hídrico, mensuração do volume dos espaços extracelular e vascular, supersaturação e pH urinários.

Exercise intensity, but not electrolyte reposition, alters plasmatic cortisol and glucose levels of horses submitted to 30 and 60km distance endurance rides

O presente estudo teve como objetivo comparar os níveis plasmáticos de glicose e cortisol de um grupo de eqüinos atletas submetidos ao esforço de longa duração (enduro eqüestre) em distâncias de 30 e 60km, com velocidades médias de 10 e 15km h-1, respectivamente. Os animais foram aleatoriamente separados em dois grupos, sendo que a um deles foi administrada, por via oral, uma pasta eletrolítica hipertônica antes, durante e após as referidas provas. O outro grupo foi usado como controle. Os resultados das concentrações de cortisol revelaram um aumento significativo, no primeiro momento, em que a intensidade do esforço era maior (15km/h), ou com a continuação deste (30km de distância), no segundo momento, para todos os grupos. Os resultados referentes à concentração de glicose permaneceram constantes durante a prova de 30km; entretanto, nos primeiros 20km da prova de 60km, tais resultados revelaram um aumento significativo no grupo controle, retornando a valores basais no momento subseqüente. A reposição eletrolítica tem a sua importância na manutenção do equilíbrio hidroeletrolítico e ácido básico e, no presente estudo, pode ter contribuído para a manutenção da concentração média de glicose plasmática.

Water balance in goats subjected to feed restriction

The effect of feed restriction on water balance and nutrient utilization was investigated in individually penned Boer x Saanen kids. Twenty-two male Boer x Saanen kids with an initial average live weight (LW) of 15 kg were used. Seven kids were slaughtered at the beginning of the experiment (reference animals) and the remainders were allocated to one of the three treatments (0, 30 and 60% restriction) and therefore there were five kids per treatment. The feed intake for the 0% restriction treatment animals determined the intake for the animals in the 30 and 60% restriction treatment. When the animals in the 0% restriction treatment group reached 25 kg LW, the animals in the 30 and 60% restriction treatment groups were also slaughtered. There was a negative relationship between DMI and water intake. The digestibility coefficients for DM, OM, carbohydrates, ash, ether extract, energy, NDF, ADF and lignin did not differ between treatments, whereas the digestibility coefficient for CP was different between treatment groups. The highest metabolic water production was in animals in the 0% restriction treatment group. No significant differences were observed in the composition of gastro-intestinal tract contents of the goats in the different treatments. Lower water retention was found in the animals in the 60% restriction treatment group. The study showed that feed restriction affected water intake, CP digestibility and water retention in the body of the kid goats. This experiment demonstrated that DM:water intake ratio changed when severe feed restriction was applied (60% restriction) and water was freely available. It shows a different pattern of behaviour of penned goats, particularly if feed intake is restricted and perhaps caution is needed to extrapolate results from nutritional and physiological trials in pens to goats at pasture. (c) 2005 Elsevier BX All rights reserved.

Níveis de cloreto de sódio para aves de corte da linhagem Colonial criadas em semiconfinamento

Objetivou-se determinar níveis de inclusão de cloreto de sódio (NaCl) em rações para aves machos e fêmeas da linhagem Colonial nas fases inicial (1 a 28 dias), de crescimento (28 a 56 dias) e final (56 a 84 dias) criadas em semiconfinamento. em cada ensaio, 480 aves com idade correspondente à fase de criação foram alojadas em 24 unidades experimentais contendo áreas de abrigo e de pastejo. O delineamento experimental utilizado foi o inteiramente casualizado, em esquema fatorial 4 × 2 (níveis de NaCl e sexos), totalizando oito tratamentos e três repetições de 20 aves. Os níveis de NaCl avaliados foram: 0,20; 0,40; 0,60 e 0,80% na fase inicial; 0,10; 0,30; 0,50 e 0,70% na fase de crescimento e 0,10; 0,25; 0,40 e 0,55% na fase final. Foram avaliados o ganho de peso, o consumo de ração, a ingestão de água, a conversão alimentar, o potencial hidrogeniônico, a pressão parcial de gás carbônico no sangue, a concentração de hematócritos e os teores de sódio e cloro no sangue. Para a fase inicial, o nível recomendado é de 0,53% de NaCl na ração para aves de ambos os sexos. Para a fase de crescimento, os níveis de 0,40 e 0,43% de NaCl, respectivamente, para machos e fêmeas e, para a fase final, de 0,25% para aves de ambos os sexos, atendem às exigências nutricionais.

Energy balance for biodiesel production by the castor bean crop (Ricinus communis L.)

The castor bean crop (Ricinus communis L.) has acquired prestige due to industries interest in the oil quality and recently for new sources of energy demand. The experiment that served as basis for the data used in this study was conducted at the Lageado Experimental Farm, in Botucatu - SP, 2008. This study aimed to avaluate the crop viability through energy balance and energy efficiency since the implantation until biodiesel production using parameters of consumption in operational management for installation and maintenance of culture harvest and oil production. The soil management operations, sow and harvest consumed the total of 266.20 MJ ha(-1), gathering with the fertilizers, pesticides, fuels, lubricants, labor, seed and industrial processing totaled 56,808 MJ ha(-1) of energy inputs. The energy production was 72,814.00 MJ ha(-1). The industry still lacks studies thal would contribution data collection and more specific energy coefficients. The castor beans cultivation was considered efficient allowing again of 15983.44 MJ ha(-1) equivalent to about 415 liters of diesel oil.

Radiation balance at the surface in the city of So Paulo, Brazil: diurnal and seasonal variations

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Phosphorus and potassium balance in soil under crop rotation and fertilization

The use of crop rotation and manure application can provide sustainability for an agricultural production system by improving soil quality and increasing nutrient use efficiency. This study aimed to evaluate the effect of mineral, organic and mineral+organic fertilization on grain yield and on soil phosphorus and potassium balance, in two crop systems under no-till, with and without rotation of cover crops. The experiment was carried out from 2006 to 2008 on a clayey Rhodic Hapludox in Marechal Candido Rondon, Parana State, Brazil. The cropping sequence in the rotation system involving cover crops was black oat + hairy vetch + forage turnip/corn/pigeon pea/wheat/mucuna + brachiaria + sunn hemp, and in the succession system was wheat/corn/wheat/soybean. Organic and mineral+organic fertilizations consisted of the application of solely manure and manure combined with mineral fertilizer, respectively. Soil P and K balances were calculated after the second year of the experiment, up to a depth of 0.40 m. First year corn yields were higher in the crop succession system accompanied by mineral fertilization. In the second year, wheat and soybean yield did not vary between crop systems and nutrient sources, demonstrating the residual effect of crop rotation and manure use. Crop rotation with cover crops resulted in an increase in soil K levels by promoting the recycling of this nutrient in the soil. In both crop systems, the application of mineral and organic fertilizers - either in isolation or in combination - resulted in a negative soil P and K balance in the short term. This represents a threat to the sustainability of the agricultural production system in the long term, due to the depletion of soil nutrient reserves.

Postural control and functional balance in individuals with diabetic peripheral neuropathy

A Neuropatia diabética periférica (NDP) cursa com redução somatossensitiva que pode levar a alterações no controle postural. O objetivo do estudo foi avaliar o controle postural na postura ereta, em diferentes condições, e o equilíbrio funcional em indivíduos com NDP, correlacionar os resultados obtidos na avaliação do controle postural com os valores do teste do equilíbrio funcional e comparar os resultados obtidos no grupo neuropata com o grupo controle, verificando as possíveis diferenças entre as condições de avaliação em ambos os grupos. Participaram do estudo 13 mulheres com NDP (GN) e 17 mulheres não diabéticas (GC). A avaliação do controle postural foi realizada por cinemetria nas condições: olhos abertos (OA), olhos fechados (OF) e semi tandem (ST). Após processamento no MATLAB, foram geradas as variáveis: amplitude média de oscilação (AMO) na direção ântero-posterior (AP) e médio-lateral (ML); e velocidade média de oscilação (VMO) na direção AP e ML. O equilíbrio funcional foi avaliado pelo Timed Up and Go Test. Houve diferença significante entre os grupos (p<0,005) na AMO-AP OA e OF, AMO-ML of e ST e VMO-ML ST. Houve diferença entre as condições OA e ST (p<0,005) e of e ST (p<0,005) para as variáveis AMO-ML e VMO-ML, com maior prejuízo para o GN, que também apresentou um menor equilíbrio funcional (p=0,001). A instabilidade ML foi correlacionada positivamente com o desequilíbrio funcional. Os resultados nos mostram uma alteração no sistema de controle postural na NDP, o que pode levar estes indivíduos a um maior risco a quedas e prejuízos funcionais.