A model of private bank-note issue

A random-matching model (ofmoney) is formulated in which there is complete public knowledge of the trading histories of a subset of the population, called the banking sector, and no public knowledge of the trading histories of the complement of that subset, called the non bank sector. Each person, whether a banker or a non banker, is assumed to have the technological capability to create indivisible and durable objects called notes. If outside money is indivisible and sufficiently scarce, then the optimal mechanism is shown to have note issue and note destruction (redemption) by members of the banking sector.

In search of exchange rate predictability : a study about accuracy, consistency, and granger causality of forecasts generated by a Taylor Rule Model

Este estudo investiga o poder preditivo fora da amostra, um mês à frente, de um modelo baseado na regra de Taylor para previsão de taxas de câmbio. Revisamos trabalhos relevantes que concluem que modelos macroeconômicos podem explicar a taxa de câmbio de curto prazo. Também apresentamos estudos que são céticos em relação à capacidade de variáveis macroeconômicas preverem as variações cambiais. Para contribuir com o tema, este trabalho apresenta sua própria evidência através da implementação do modelo que demonstrou o melhor resultado preditivo descrito por Molodtsova e Papell (2009), o “symmetric Taylor rule model with heterogeneous coefficients, smoothing, and a constant”. Para isso, utilizamos uma amostra de 14 moedas em relação ao dólar norte-americano que permitiu a geração de previsões mensais fora da amostra de janeiro de 2000 até março de 2014. Assim como o critério adotado por Galimberti e Moura (2012), focamos em países que adotaram o regime de câmbio flutuante e metas de inflação, porém escolhemos moedas de países desenvolvidos e em desenvolvimento. Os resultados da nossa pesquisa corroboram o estudo de Rogoff e Stavrakeva (2008), ao constatar que a conclusão da previsibilidade da taxa de câmbio depende do teste estatístico adotado, sendo necessária a adoção de testes robustos e rigorosos para adequada avaliação do modelo. Após constatar não ser possível afirmar que o modelo implementado provém previsões mais precisas do que as de um passeio aleatório, avaliamos se, pelo menos, o modelo é capaz de gerar previsões “racionais”, ou “consistentes”. Para isso, usamos o arcabouço teórico e instrumental definido e implementado por Cheung e Chinn (1998) e concluímos que as previsões oriundas do modelo de regra de Taylor são “inconsistentes”. Finalmente, realizamos testes de causalidade de Granger com o intuito de verificar se os valores defasados dos retornos previstos pelo modelo estrutural explicam os valores contemporâneos observados. Apuramos que o modelo fundamental é incapaz de antecipar os retornos realizados.

Practice location of physicians: a discrete choice model approach

Economists and policymakers have long been concerned with increasing the supply of health professionals in rural and remote areas. This work seeks to understand which factors influence physicians’ choice of practice location right after completing residency. Differently from previous papers, we analyse the Brazilian missalocation and assess the particularities of developing countries. We use a discrete choice model approach with a multinomial logit specification. Two rich databases are employed containing the location and wage of formally employed physicians as well as details from their post-graduation. Our main findings are that amenities matter, physicians have a strong tendency to remain in the region they completed residency and salaries are significant in the choice of urban, but not rural, communities. We conjecture this is due to attachments built during training and infrastructure concerns.

Invariant tests in an instrumental variables model with unknown data generating process

In this work we focus on tests for the parameter of an endogenous variable in a weakly identi ed instrumental variable regressionmodel. We propose a new unbiasedness restriction for weighted average power (WAP) tests introduced by Moreira and Moreira (2013). This new boundary condition is motivated by the score e ciency under strong identi cation. It allows reducing computational costs of WAP tests by replacing the strongly unbiased condition. This latter restriction imposes, under the null hypothesis, the test to be uncorrelated to a given statistic with dimension given by the number of instruments. The new proposed boundary condition only imposes the test to be uncorrelated to a linear combination of the statistic. WAP tests under both restrictions to perform similarly numerically. We apply the di erent tests discussed to an empirical example. Using data from Yogo (2004), we assess the e ect of weak instruments on the estimation of the elasticity of inter-temporal substitution of a CCAPM model.

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.

Analysis of the Priestley-Taylor alpha parameter for a bean crop

This work deals with the Priestley-Taylor model for evapotranspiration in different grown stages of a bean crop. Priestley and Taylor derived a practical Formulation for energy partitioning between the sensible and latent heat fluxes through the a parameter. Bowen ratio energy balance (BREB) was carried out for daily sensible and latent heat flux estimations in three different crop stages. Mean daily values of Priestley-Taylor a parameter were determined for eleven days during the crop cycle. Diurnal variation patterns of a are presented for the growing, flowering and graining periods. The mean values of 1.13 +/- 0.33, 1.26 +/- 0.74, 1.22 +/- 0.55 were obtained for a day in the growing, in the flowering and for graining periods, respectively. Eleven days values of a are shown and gave a mean value of 1.23 +/- 0.10 which agree on the reported literature.

Análise da variabilidade genética aditiva de características de crescimento na raça Nelore

Foram utilizados dados de cinqüenta e um rebanhos participantes do Programa de Melhoramento Genético da Raça Nelore (PMGRN), distribuídos nos estados de Goiás (GO), Mato Grosso do Sul (MS), Mato Grosso (MT), Minas Gerais (MG), São Paulo (SP), Maranhão (MA) e Bahia (BA). Foram obtidas estimativas de parâmetros genéticos para os pesos padronizados aos 120 (P120), 455 (P455) e 550 (P550) dias de idade. Análises unicaráter e bicaráter foram realizadas por modelo animal usando o aplicativo MTDFREML. Para P120 foi utilizado um modelo que incluiu como efeitos fixos, grupo de contemporâneos e classe de idade da vaca ao parto, e como aleatórios, os efeitos genéticos direto, materno e de ambiente permanente da vaca. Para P455 e P550, o modelo utilizado incluiu os mesmos efeitos fixos e o efeito genético direto do animal. ANas análises unicaráter, as estimativas de herdabilidade direta foram 0,29, 0,51 e 0,47 para P120, P455 e P550, respectivamente. Nas análises bicaráter, observaram-se coeficientes de herdabilidade direta de 0,50 e 0,58 para P120, 0,50 e 0,53 para P455 e 0,44 e 0,49 para P550. As correlações genéticas estimadas entre P120 e P455, P120 e P550 e P455 e P550, foram 0,92, 0,93 e 0,96, respectivamente. As estimativas de herdabilidade obtidas para P455 e as correlações genéticas deste peso com P120 e P550 sugerem que a avaliação genética pode ser feita aos 15 meses de idade em substituição aos 18 meses.

Estimation of genetic parameters for partial egg production periods by means of random regression models

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Mortalidade infantil e condições socioeconômicas nas microrregiões do Nordeste Brasileiro

The study aims to answer the following question: what are the different profiles of infant mortality, according to demographic, socioeconomic, infrastructure and health care, for the micro-regions at the Northeast of Brazil? Thus, the main objective is to analyze the profiles or typologies associated mortality levels sociodemographic conditions of the micro-regions, in the year 2010. To this end, the databases of birth and death certificates of SIM and SINASC (DATASUS/MS), were taken from the 2010 population Census microdata and from SIDRA/IBGE. As a methodology, a weighted multiple linear regression model was used in the analysis in order to find the most significant variables in the explanation child mortality for the year 2010. Also a cluster analysis was performed, seeking evidence, initially, of homogeneous groups of micro-regions, from of the significant variables. The logit of the infant mortality rate was used as dependent variable, while variables such as demographic, socioeconomic, infrastructure and health care in the micro-regions were taken as the independent variables of the model. The Bayesian estimation technique was applied to the database of births and deaths, due to the inconvenient fact of underreporting and random fluctuations of small quantities in small areas. The techniques of Spatial Statistics were used to determine the spatial behavior of the distribution of rates from thematic maps. In conclusion, we used the method GoM (Grade of Membership), to find typologies of mortality, associated with the selected variables by micro-regions, in order to respond the main question of the study. The results points out to the formation of three profiles: Profile 1, high infant mortality and unfavorable social conditions; Profile 2, low infant mortality, with a median social conditions of life; and Profile 3, median and high infant mortality social conditions. With this classification, it was found that, out of 188 micro-regions, 20 (10%) fits the extreme profile 1, 59 (31.4%) was characterized in the extreme profile 2, 34 (18.1%) was characterized in the extreme profile 3 and only 9 (4.8%) was classified as amorphous profile. The other micro-regions framed up in the profiles mixed. Such profiles suggest the need for different interventions in terms of public policies aimed to reducing child mortality in the region

Random regressions models to describe the genetic variation of milk yield over multiple parities in Buffaloes

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

Fatores ambientais e estimativa de herdabilidade para o intervalo desmame-cio de fêmeas suínas

Este trabalho foi realizado com os objetivos de avaliar a influência de fatores ambientais e estimar a herdabilidade para a característica intervalo desmame-cio (IDC) de fêmeas suínas. Para isso, utilizaram-se 1.032 observações de 347 porcas Dalland (C-40), pertencentes a dois rebanhos. No modelo, incluíram-se como aleatórios os efeitos do pai e da mãe da porca e, como fixos, os efeitos do ano de parto, do rebanho e da estação de parição, bem como as co-variáveis idade da porca ao parto, tamanho da leitegada ao nascer e período de lactação. As estimativas dos componentes de variância e do parâmetro genético foram obtidas utilizando-se o aplicativo MTDFREML, que emprega a metodologia da máxima verossimilhança restrita livre de derivadas. A média foi de 5,3 dias, com um coeficiente de variação de 71,44%. O período de lactação teve influência linear sobre o IDC. do mesmo modo, a regressão quadrática do IDC em relação à idade da porca ao parto foi significativa. O pai e a mãe foram importantes fontes de variação no intervalo desmame-cio, que, provavelmente pelo fato de acontecer tardiamente na vida do animal, não foi influenciado pelo rebanho, pelo ano e pela estação. A estimativa de herdabilidade para o primeiro intervalo desmame-cio foi de 0,11, o que indica que esta característica não apresentaria ganho genético satisfatório como resposta à seleção individual.

Efeitos genéticos e ambientais sobre a idade à primeira concepção de fêmeas suínas

The genetic and environmental factors that affect age at first conception (AFC) of gilts were evaluated, using 466 observations of Dalland animals (C-40). The software program MTDFREML was used to assess the genetic parameters on an animal model that included as fixed effect, contemporary group and, as random effects, the additive genetic, the common litter and the error. Mean value of AFC was 241.12±25.9 days, with CV of 8.5 %. Variance analysis showed that year (P<0.01), season (P<0.01) and herd effects (P<0.01) were important sources of variation of AFC. The throat effect (P=0.34) was not important for the AFC, but the mother of the gilts (P<0.01) was an important source of variation. The heritability estimate was 0.44±0.14 that this trait would yield genetic gain as a response to the selection.

Testicular traits as selection criteria for young Nellore bulls

The objective of this study was to evaluate the possible use of biometric testicular traits as selection criteria for young Nellore bulls using Bayesian inference to estimate heritability coefficients and genetic correlations. Multitrait analysis was performed including 17,211 records of scrotal circumference obtained during andrological assessment (SCAND) and 15,313 records of testicular volume and shape. In addition, 50,809 records of scrotal circumference at 18 mo (SC18), used as an anchor trait, were analyzed. The (co) variance components and breeding values were estimated by Gibbs sampling using the Gibbs2F90 program under an animal model that included contemporary groups as fixed effects, age of the animal as a linear covariate, and direct additive genetic effects as random effects. Heritabilities of 0.42, 0.43, 0.31, 0.20, 0.04, 0.16, 0.15, and 0.10 were obtained for SC18, SCAND, testicular volume, testicular shape, minor defects, major defects, total defects, and satisfactory andrological evaluation, respectively. The genetic correlations between SC18 and the other traits were 0.84 (SCAND), 0.75 (testicular shape), 0.44 (testicular volume), -0.23 (minor defects), -0.16 (major defects), -0.24 (total defects), and 0.56 (satisfactory andrological evaluation). Genetic correlations of 0.94 and 0.52 were obtained between SCAND and testicular volume and shape, respectively, and of 0.52 between testicular volume and testicular shape. In addition to favorable genetic parameter estimates, SC18 was found to be the most advantageous testicular trait due to its easy measurement before andrological assessment of the animals, even though the utilization of biometric testicular traits as selection criteria was also found to be possible. In conclusion, SC18 and biometric testicular traits can be adopted as a selection criterion to improve the fertility of young Nellore bulls.

Evaluation of an average numerator relationship matrix model and a Bayesian hierarchical model for growth traits in Nellore cattle with uncertain paternity

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

Effects of sex and age on genotype x environment interaction for beef cattle body weight studied using reaction norm models

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)