Income taxation with habit formation and consumption externalities

We analyze the dynamic behavior and the welfare properties of the equilibrium path of a growth model where both habits and consumption externalities affect the utility of consumers. We discuss the effects of flat rate income taxes and characterize the optimal income taxation policy. We show that, when consumption externalities and habit adjusted consumption are not perfect substitutes, a counter-cyclical income tax rate allows the competitive equilibrium to replicate the efficient path. Our analysis highlights the crucial role played by complementarities between externalities and habits in order to generate an inefficient dynamic equilibrium.

Morfologia do Mycobacterium leprae hominis e do M. leprae muris: estudo baseado na microscopia electrônica e de contraste de fases

Hansen's Bacillus: By electron microscopy this bacillus shows membrane and halo, this being more visible when sorrounding the globi or bundles of bacilli; shows, also, free granules of various sizes which were before considered as dust of the dyes; shows external granules bound with the membrane and some times branching. By phases contrast microscopy examining leproma suspensions and subcataneous lymph at 400 x we saw many free granules with intense rotatory movement; granulated bacilli with screw, skip or stroke motion, producing slow progressive motion. All such elementes are surrounded by a halo, corresponding to the classical gloea. By a patient and delayed examination we were able to see that the internal granules are motile and help the progression of the bacilli, giving the impression that the cytoplasm is liquid. By a lasting observation we could see the larger granules form prolapse, like a pseudopode and abandon the bacilli and going in very rapid rotatory movement. There are branched bacilli; there are pedunculated fred granules like comets. The addition of a drop of formol at the preparation stops all movements. Stefansky's Bacillus: Repeated examination by RCA electron microscope, type EMU-25 of fresh suspensions of rat lepromas, led us to confirm the close relationship between human and murine leprosy agents. We examined also material from carabo (Lepra bubalorum) from Java, but due to fixation, the material was unsuitable for comparative studies. The Stefansky's bacilli showed also emmbranes and halos, internal or external granules (smaller than those of Hansen's bacillus). The bacilli shaded by chromium look thicker and shorter than those of Hansen. Due to electron bombardment both, Hansen's and Stefansky's baccilli suffer considerable alterations in their structure, showing black barrs of chromatin condensation at their extremities as also in their centers. By phase microscopy the Stefansky's bacilli showed elements with 1, 2 (bipolar), 3 or more internal small granules, developing identical movements as those of Hansen. The globi seem to be non-motile but the free bacilli appearing around the globi show intense movement. At 1000 x the examination is less satisfactory than at 400 x. The addition of formol solution in the preparation suppresses all movements, even the brownian, but the material becomes more suitable for the study of static morphology of the bacilli. CONCLUSION - The electron and phases contrast microscopy of leprous material from different types and phases of the disease may explain some of the unknown aspects of the biology and morphology of the bacilli.

Corporate governance in banking: the role of board of directors

We test hypotheses on the dual role of boards of directors for a sample of large international commercial banks. We find an inverted U shaped relation between bank performance and board size that justifies a large board and imposes an efficient limit to the board’s size; a positive relation between the proportion of non-executive directors and performance; and a proactive role in board meetings. Our results show that bank boards’ composition and functioning are related to directors’ incentives to monitor and advise management. All these relations hold after we control for bank business, institutional differences, size, market power in the banking industry, bank ownership and investors’ legal protection.

Estudio de las diferentes alternativas para mejorar la respuesta de los filtros BAW (Bulk Acoustic Wave) con topología en escalera

Los requisitos de los dispositivos empleados en los nuevos sistemas de telecomunicaciones son: unas avanzadas prestaciones, reducido tamaño y bajo coste. Actualmente, se utilizan filtros basados en la tecnología SAW para trabajar a frecuencias de microondas. Dado los inconvenientes que presentan dicho tipo de filtros, se pretende substituirlos por filtros basados en tecnología BAW. La topología en escalera es hasta el momento la más extendida para diseñar estos filtros.

Sistema inalámbrico de control de iluminación

L’objectiu principal del projecte és dissenyar un sistema de control automàtic de il·luminació en un recinte tancat, mitjançant la detecció de presència d’una persona que entra dins del radi d’actuació del sistema. Utilitzant dues plaques amb capacitat de comunicació inalàmbrica es controlaran dos components, un sensor i un actuador. El sensor té la funció de detectar la presència d’una persona per mitjà d’infraroigs, mentre que l’actuador ens proporciona la funcionalitat d’un interruptor amb el qual pogué actuar sobre la llum, encenent-la o apagant-la en funció de l’estat de detecció.

Metodología de diseño de filtros CRF/SCF basada en modelos de resonadores BAW acoplados acústicamente

La creixent utilització de sistemes de comunicacions mòbils ha impulsat la demanda de filtres passabanda miniaturitzats d'elevades prestacions operant en el rang de freqüències de microones. Els Film Bulk Acoustic Resonators (FBAR) estan esdevenint la principal alternativa als filtres basats en ressonadors Surface Acoustic Wave (SAW) o als basats en ressonadors ceràmics. Els Stacked Crystal Filters (SCF) i els Coupled Resonator Filters (CRF) són configuracions FBAR que permeten assolir una excel·lent atenuació en la banda de refús. Aquest treball presenta un innovador circuit equivalent elèctric que modela el CRF. Llavors, es desenvolupa una metodologia de síntesi de filtres per al SCF i per al CRF utilitzant els seus circuits equivalents elèctrics. La metodologia de disseny presentada permet obtenir les dimensions de l'estructura del filtre acústic partint de les especificacions del filtre i de les restriccions pròpies de la tecnologia. S'han implementat diferents respostes de Chebyshev per a sistemes de comunicacions reals per tal de validar el procediment de disseny dels filtres obtenint els resultats esperats.

Análisis y diseño de filtros apilados basados en resonadores acústicos

Durant els últims anys la demanda de filtres pas banda de ràdio freqüència, de reduïdes dimensions, lleugers i d'elevades prestacions destinats a sistemes de comunicacions inalàmbriques s'ha incrementat de forma significativa. Aquests sistemes principalment són els sistemes de telefonia mòbil de tercera generació UMTS y el sistema de navegació GPS. Els filtres actuals, basats en ressonadors SAW (Surface Acoustic Wave), tenen unes dimensions reduïdes però estan limitats en freqüència (3 GHz) i la seva tecnologia no és compatible amb les tecnologies estàndards de circuits integrats. Per aquestes raons s'espera que els filtres basats en ressonadors BAW (Bulk Acoustic Wave) substitueixin als SAW. Els dos tenen dimensions similars, però els filtres BAW poden funcionar a freqüències superiors a 3 GHz, poden treballar amb nivells de potència majors, i és important destacar el fet que la seva tecnologia és compatible amb les tecnologies estàndards de circuits integrats. La investigació en l'àmbit dels filtres BAW s'ha centrat en millorar els processos tecnològics i la qualitat dels materials, però s'ha treballat poc en l'adaptació de les tècniques sistemàtiques de disseny de filtres a les particularitats d'aquesta tecnologia, per tant el principal objectiu d'aquest treball és presentar mètodes sistemàtics per al disseny de filtres BAW, centrant-se en l'estudi d’estructures apilades.

Why do UK banks securitize?

The eight years from 2000 to 2008 saw a rapid growth in the use of securitization by UK banks. We aim to identify the reasons that contributed to this rapid growth. The time period (2000 to 2010) covered by our study is noteworthy as it covers the pre- financial crisis credit-boom, the peak of the fi nancial crisis and its aftermath. In the wake of the financial crisis, many governments, regulators and political commentators have pointed an accusing finger at the securitization market - even in the absence of a detailed statistical and economic analysis. We contribute to the extant literature by performing such an analysis on UK banks, focussing principally on whether it is the need for liquidity (i.e. the funding of their balance sheets), or the desire to engage in regulatory capital arbitrage or the need for credit risk transfer that has led to UK banks securitizing their assets. We show that securitization has been signi ficantly driven by liquidity reasons. In addition, we observe a positive link between securitization and banks credit risk. We interpret these latter findings as evidence that UK banks which engaged in securitization did so, in part, to transfer credit risk and that, in comparison to UK banks which did not use securitization, they had more credit risk to transfer in the sense that they originated lower quality loans and held lower quality assets. We show that banks which issued more asset-backed securities before the financial crisis suffered more defaults after the financial crisis.

Expansió accelerada de l’univers i teories de gravetat modificada a grans escales

Estudi realitzat a partir d’una estada al Physics Department de la New York University, United States, Estats Units, entre 2006 i 2008. Una de les observacions de més impacte en la cosmologia moderna ha estat la determinació empírica que l’Univers es troba actualment en una fase d’Expansió Accelerada (EA). Aquest fenòmen implica que o bé l’Univers està dominat per un nou sector de matèria/energia, o bé la Relativitat General deixa de tenir validesa a escales cosmològiques. La primera possibilitat comprèn els models d’Energia Fosca (EF), i el seu principal problema és que l’EF ha de tenir propietats tan especials que es fan difícils de justificar teòricament. La segona possibilitat requereix la construcció de teories consistents de Gravetat Modificada a Grans Distàncies (GMGD), que són una generalització dels models de gravetat massiva. L’interès fenomenològic per aquestes teories també va resorgir amb l’aparició dels primers exemples de models de GMGD, com ara el model de Dvali, Gabadadze i Porrati (DGP), que consisteix en un tipus de brana en una dimensió extra. Malauradament, però, aquest model no permet explicar de forma consistent l’EA de l’Univers. Un dels objectius d’aquest projecte ha estat establir la viabilitat interna i fenomenològica dels models de GMGD. Des del punt de vista fenomenològic, ens hem centrat en la questió més important a la pràctica: trobar signatures observacionals que permetin distingir els models de GMGD dels d’EF. A nivell més teòric, també hem investigat el significat de les inestabilitats del model DGP.L’altre gran objectiu que ens vam proposar va ser la construcció de noves teories de GMGD. En la segona part d’aquest projecte, hem elaborat i mostrat la consistència del model “DGP en Cascada”, que generalitza el model DGP a més dimensions extra, i representa el segon model consistent i invariant-Lorentz a l’espai pla conegut. L’existència d’altres models de GMGD més enllà de DGP és de gran interès atès que podria permetre obtenir l’EA de l’Univers de forma purament geomètrica.

Nominal Stability and Financial Globalization

Over the past four decades, advanced economies experienced a large growth in gross external portfolio positions. This phenomenon has been described as Financial Globalization. Over roughly the same time frame, most of these countries also saw a substantial fall in the level and variability of inflation. Many economists have conjectured that financial globalization contributed to the improved performance in the level and predictability of inflation. In this paper, we explore the causal link running in the opposite direction. We show that a monetary policy rule which reduces inflation variability leads to an increase in the size of gross external positions, both in equity and bond portfolios. This appears to be a robust prediction of open economy macro models with endogenous portfolio choice. It holds across different modeling specifications and parameterizations. We also present preliminary empirical evidence which shows a negative relationship between inflation volatility and the size of gross external positions.

International Aid to Tanzania – with some comparisons from Ghana and Uganda

This paper has three principal objectives. First, to review the level of Official Development Assistance (ODA) to Tanzania over the last two to three decades, and to place this into an economic context. This review includes some comparisons with the experience of Ghana and Uganda. Second, to discuss three major issues for the Tanzanian aid: the position of ODA as budget support, corruption, and alignment with the principles of the Paris Declaration on Aid Effectiveness. Third, to review the literature on the Tanzanian aid experience, including a range of official evaluation reports produced by the Tanzanian government and by the donor community. The conclusions, broadly, are that ODA has been at a sustained high level for most of the period reviewed, funding a significant amount of government development expenditure, and that economic growth has been strong, with poverty reduction ‘flat-lining’ in Tanzania but being significant in Ghana and Uganda. Experience with budget support in Tanzania has been mixed, corruption continues as a major concern, and improvements to public finance management have been difficult to achieve. In this context governance adjustments come slowly, requiring patience on the part of both recipient governments and the ODA donor community.

The Early Cretaceous San Juan Plutonic Suite, Ecuador: A magma chamber in an oceanic plateau ?

Sections through an oceanic plateau are preserved in tectonic slices in the Western Cordillera of Ecuador (South America). The San Juan section is a sequence of mafic-ultramafic cumulates. To establish that these plutonic rocks formed in an oceanic plateau setting, we have developed criteria that discriminate intrusions of oceanic plateaus from those of other tectonic settings. The mineralogy and crystallization sequence of the cumulates are similar to those of intra-plate magmas. Clinopyroxene predominates throughout, and orthopyroxene is only a minor component. Rocks of intermediate composition are absent, and hornblende is restricted to the uppermost massive gabbros within the sequence. The ultramafic cumulates are very depleted in light rare-earth elements (LREE), whereas the gabbros have flat or slightly enriched LREE patterns. The composition of the basaltic liquid in equilibrium with the peridotite, calculated using olivine compositions and REE contents of clinopyroxene, contains between 16% and 8% MgO and has a flat REE pattern. This melt is geochemically similar to other accreted oceanic plateau basalts, isotropic gabbros, and differentiated sills in western Ecuador. The Ecuadorian intrusive and extrusive rocks have a narrow range of epsilonNd(i) (+8 to +5) and have a rather large range of Pb isotopic ratios. Pb isotope systematics of the San Juan plutonic rocks and mineral separates lie along a mixing line between the depleted mantle (DMM) and the enriched-plume end members. This suggests that the Ecuadorian plutonic rocks generated from the mixing of two mantle sources, a depleted mid-oceanic ridge basalt (MORB) source and an enriched one. The latter is characterized by high (Pb-207/Pb-204)(i) ratios and could reflect a contamination by recycled either lower continental crust or oceanic pelagic sediments and (or) altered oceanic crust (enriched mantle type I, EMI). These data suggest that the San Juan sequence represents the plutonic components of an Early Cretaceous oceanic plateau, which accreted in the Late Cretaceous to the Ecuadorian margin.

Characteristic reflection patterns in the southeast Canadian cordillera, northern Appalachians and Swiss Alps

There are some striking similarities and some differences between the seismic reflection sections recorded across the fold and thrust belts of the southeast Canadian Cordillera, Quebec-Maine Appalachians and Swiss Alps. In the fold and thrust belts of all three mountain ranges, seismic reflection surveys have yielded high-quality images of. (1) nappes (thin thrust sheets) stacked on top of ancient continental margins; (2) ramp anticlines in the hanging walls of faults that have ramp-flat or listric geometries; (3) back thrusts and back folds that developed during the terminal phases of orogeny; and (4) tectonic wedges and regional decollements. A principal result of the Cordilleran and Appalachian deep crustal studies has been the recognition of master decollements along which continental margin strata have been transported long distances, whereas a principal result of the Swiss Alpine deep crustal program has been the identification of the Adriatic indenter, a crustal-scale wedge that caused delamination of the European lithosphere. Significant crustal roots are observed beneath the fold and thrust belts of the Alps, southeast Canadian Cordillera and parts of the southern Appalachians, but such structures beneath the northern Appalachians have probably been removed by post-orogenic collapse and/or crustal attenuation associated with the Mesozoic opening of the Atlantic Ocean.

Itinerari d'educació ambiental i sensorial de Sant Pere del Burgal

El Parc Natural de l’Alt Pirineu (PNAP) va ser creat l’any 2003. Actualment, el parc està desenvolupant una xarxa d’itineraris d’Educació Ambiental (EA). L’Ecomuseu de la Vall d’Àneu (EVA) ofereix rutes guiades al sender del Monestir de Sant Pere del Burgal, ja senyalitzat i equipat pel PNAP, en estar inscrit al seu àmbit territorial. Es tracta d’un sender de fàcil accés i recorregut, molt ample al primer tram tot oferint una gran varietat d’aspectes d’interès. L’objectiu principal del present projecte és plantejar un itinerari d’EA sensorial adaptat als col·lectius amb mobilitat reduïda i persones invidents. Amb aquesta finalitat es desenvolupen continguts i materials didàctics i es determinen les accions que els articularan. En un primer moment s'ha analitzat la viabilitat de l’itinerari aplicant el protocol de valoració dissenyat pel grup Edukamb. La puntuació obtinguda és de 74 punts sobre 100, corroborant la idoneïtat del seu recorregut pels visitants. En el disseny de l’itinerari, s’han determinat els elements i processos d’interès a l’entorn, s’han proposat quatre parades sensorials i una pasarel·la de fusta al primer tram i quatre parades de component antropològica i la instal·lació d’una corda perimetral al segon tram. Finalment també, la instal·lació de maquetes tridimensionals tàctils, una descriptiva dels aspectes i les parades de l’itinerari a l’inici del camí i una arquitectònica de l’entorn del monestir en arrivar al mateix. S’han proposat millores en la senyalització present, alternatives i complements al material pedagògic considerat al projecte i el disseny de protocols de valoració per itineraris adaptats a tot tipus de col·lectius.

Could cell membranes produce acoustic streaming? Making the case for synechococcus self-propulsion

Sir James Lighthill proposed in 1992 that acoustic streaming occurs in the inner ear, as part of the cochlear amplifier mechanism. Here we hypothesize that some of the most ancient organisms use acoustic streaming not only for self-propulsion but also to enhance their nutrient uptake. We focus on a motile strain of Synechococcus, a yanobacteria whose mechanism for self-propulsion is not known. Molecular motors could work like piezoelectric transducers acting on the crystalline structure surrounding the outer cell membrane. Our calculations show that a traveling surface acoustic wave (SAW)could account for the observed velocities. These SAW waves will also produce a non-negligible Stokes layer surrounding the cell: motion within this region being essentially chaotic. Therefore, an AS mechanism would be biologically advantageous, enhancing localized diffusion processes and consequently, chemical reactions. We believe that acoustic streaming, produced by nanometer scale membrane vibrations could be widespread in cell biology. Other possible instances are yeast cells and erythrocytes. Flows generated by acoustic streaming may also be produced by silica coated diatoms along their raphe. We note that microelectromechanical (MEMS) acoustic streaming devices were first introduced in the 1990’s. Nature may have preceded this invention by 2.7 Gyr.