Individual Decision-Making and Inflation Persistence

The traditional task of a central bank is to preserve price stability and, in doing so, not to impair the real economy more than necessary. To meet this challenge, it is of great relevance whether inflation is only driven by inflation expectations and the current output gap or whether it is, in addition, influenced by past inflation. In the former case, as described by the New Keynesian Phillips curve, the central bank can immediately and simultaneously achieve price stability and equilibrium output, the so-called ‘divine coincidence’ (Blanchard and Galí 2007). In the latter case, the achievement of price stability is costly in terms of output and will be pursued over several periods. Similarly, it is important to distinguish this latter case, which describes ‘intrinsic’ inflation persistence, from that of ‘extrinsic’ inflation persistence, where the sluggishness of inflation is not a ‘structural’ feature of the economy but merely ‘inherited’ from the sluggishness of the other driving forces, inflation expectations and output. ‘Extrinsic’ inflation persistence is usually considered to be the less challenging case, as policy-makers are supposed to fight against the persistence in the driving forces, especially to reduce the stickiness of inflation expectations by a credible monetary policy, in order to reestablish the ‘divine coincidence’. The scope of this dissertation is to contribute to the vast literature and ongoing discussion on inflation persistence: Chapter 1 describes the policy consequences of inflation persistence and summarizes the empirical and theoretical literature. Chapter 2 compares two models of staggered price setting, one with a fixed two-period duration and the other with a stochastic duration of prices. I show that in an economy with a timeless optimizing central bank the model with the two-period alternating price-setting (for most parameter values) leads to more persistent inflation than the model with stochastic price duration. This result amends earlier work by Kiley (2002) who found that the model with stochastic price duration generates more persistent inflation in response to an exogenous monetary shock. Chapter 3 extends the two-period alternating price-setting model to the case of 3- and 4-period price durations. This results in a more complex Phillips curve with a negative impact of past inflation on current inflation. As simulations show, this multi-period Phillips curve generates a too low degree of autocorrelation and too early turnings points of inflation and is outperformed by a simple Hybrid Phillips curve. Chapter 4 starts from the critique of Driscoll and Holden (2003) on the relative real-wage model of Fuhrer and Moore (1995). While taking the critique seriously that Fuhrer and Moore’s model will collapse to a much simpler one without intrinsic inflation persistence if one takes their arguments literally, I extend the model by a term for inequality aversion. This model extension is not only in line with experimental evidence but results in a Hybrid Phillips curve with inflation persistence that is observably equivalent to that presented by Fuhrer and Moore (1995). In chapter 5, I present a model that especially allows to study the relationship between fairness attitudes and time preference (impatience). In the model, two individuals take decisions in two subsequent periods. In period 1, both individuals are endowed with resources and are able to donate a share of their resources to the other individual. In period 2, the two individuals might join in a common production after having bargained on the split of its output. The size of the production output depends on the relative share of resources at the end of period 1 as the human capital of the individuals, which is built by means of their resources, cannot fully be substituted one against each other. Therefore, it might be rational for a well-endowed individual in period 1 to act in a seemingly ‘fair’ manner and to donate own resources to its poorer counterpart. This decision also depends on the individuals’ impatience which is induced by the small but positive probability that production is not possible in period 2. As a general result, the individuals in the model economy are more likely to behave in a ‘fair’ manner, i.e., to donate resources to the other individual, the lower their own impatience and the higher the productivity of the other individual. As the (seemingly) ‘fair’ behavior is modelled as an endogenous outcome and as it is related to the aspect of time preference, the presented framework might help to further integrate behavioral economics and macroeconomics.

Plan exportador Asquim E.A.T.

El desarrollo de un plan exportador se realiza en diferentes etapas y al tener la información de cada una de estas, será más fácil seguir paso a paso el proceso. Inicialmente se debe saber como se encuentra la empresa y esta debe determinar que producto es el que se puede llegar a exportar, este debe cumplir ciertas características como ventas nacionales altas, ser innovador, tener una ficha técnica, etc., al tener claro el producto se debe buscar la partida arancelaria del mismo, teniendo esta se realiza un estudio y un seguimiento de la partida arancelaria en los últimos años en Colombia, así se conocerá el comportamiento de esta partida arancelaria, tanto en sus importaciones como exportaciones. Partiendo de este producto estrella se entra en una segunda fase y es la de buscar mercados internacionales que sean posibles compradores, esta fase es llamada Inteligencia de Mercados. En esta fase se tienen en cuenta diferentes factores de cada país como los indicadores socioeconómicos, principales ciudades, el tipo de moneda que manejan, datos macroeconómicos, tratamiento arancelario, precio internacional, entre otros; de esta fase salen tres mercados claves y son países los cuales podrán comprar el producto en un futuro, el primer mercado es el objetivo, el segundo es el alterno y en ultimo lugar será el contingente. Al tener los tres mercados se debe saber a que precio se venderá el producto en el exterior, la inteligencia de mercados da precios aproximados, pero la empresa debe hacer un análisis de sus costos y debe entrar a averiguar por medio de las SIAS o agentes aduaneros (intermediarios que ayudan en los procesos de exportación de los producto) cuanto seria lo que se cobraría por la exportación por medio de ellos y de esta manera se calculara un precio, así la empresa conocerá si es competitiva o no a nivel internacional. Después de esta fase la empresa buscara estrategias de mejoramiento para su producto, precio, plaza y promoción, las conocidas 4Ps, este análisis se realiza para cada mercado. Además se realiza un análisis DOFA donde la empresa se analiza internamente en sus aéreas de mercadeo, organizacional, finanzas y producción. Todas estas fases se deben realizar detalladamente para lograr un exitoso plan exportador. Para las PYMES colombianas contar con un plan exportador es algo muy importante y valioso, es un aprendizaje donde las empresas aprenden a tener una visión internacional. ASQUIM E.A.T. es una PYME que conoció y aprendió como seria el mundo internacional, además el plan exportador le ayudo a plantear mecanismos de mejoramiento, los cuales realiza actualmente para en un futuro lograr ser mas competitivo.

Three substituted 4-pyrazolylbenzoates: hydrogen-bonded supramolecular structures in one, two and three dimensions

The molecules of ethyl 4-(5-amino-3-methyl-1H-pyrazol-1yl) benzoate, C13H15N3O2, are linked by two independent N-H center dot center dot center dot O hydrogen bonds into a chain of edge-fused and alternating R-4(2)(8) and R-2(2)(20) rings. A combination of N-H center dot center dot center dot N and N-H center dot center dot center dot O hydrogen bonds links the molecules of methyl 4-(5-amino-3-tert-butyl-1H-pyrazol-1-yl) benzoate, C15H19N3O2, into sheets of alternating R-2(2)(20) and R-6(6)(32) rings. In 4-(5-amino-3-methyl-1H-pyrazol-1-yl) benzoic acid monohydrate, C11H11N3O2 center dot H2O, the molecular components are linked into a three-dimensional framework structure by a combination of five independent hydrogen bonds, two of O-H center dot center dot center dot N type and one each of O-H center dot center dot center dot O, N-H center dot center dot center dot O and N-H center dot center dot center dot N types

Quantil Hedging for telegraph markets and its applications to a pricing of equity-linked life insurance contracts

En este documento está desarrollado un modelo de mercado financiero basado en movimientos aleatorios con tiempo continuo, con velocidades constantes alternantes y saltos cuando hay cambios en la velocidad. Si los saltos en la dirección tienen correspondencia con la dirección de la velocidad del comportamiento aleatorio subyacente, con respecto a la tasa de interés, el modelo no presenta arbitraje y es completo. Se construye en detalle las estrategias replicables para opciones, y se obtiene una presentación cerrada para el precio de las opciones. Las estrategias de cubrimiento quantile para opciones son construidas. Esta metodología es aplicada al control de riesgo y fijación de precios de instrumentos de seguros.

Assédio Sexual nas Organizações e aplicação prática da Legislação : análise de Casos Reais

O assédio sexual deveria transformar-se numa preocupação, permanente para os médicos, advogados, magistrados, psicólogos, sociólogos, gestores de recursos humanos, administradores e diretores de empresas, e a sociedade em geral, de forma a manter os valores morais e profissionais. A sociedade atual preocupa-se muito mais com a ostentação de valores materiais visíveis, sendo o assédio sexual considerado como algo oculto, que as vítimas tentam esconder. A maioria das mulheres não denuncia o assédio sexual por vários medos, que alternam entre as represálias ou retaliações, de serem rebaixadas, de perderem o emprego, - já que dependem desse para sobreviver - de serem transferidas, de se expor ao ridículo frente aos colegas, familiares e amigas, de perderem a carta de referência, etc. Habitualmente, têm muitas dificuldades em falar, não só porque revivem algo desagradável que as incomoda psicologicamente, mas também porque não acreditam que existam recursos para tratar de maneira eficaz e eficiente o problema que as afeta dramaticamente.

Las huellas de la oralidad en siete cuentos del 30 (Dossier: Cuatro narradores del 30, relecturas en su centenario)

El autor revisa la manera en que se representa el discurso narrativo «a la manera del habla» en cuentos de Aguilera-Malta, Gallegos Lara, Gil Gilbert y De la Cuadra. Este «efecto de oralidad» se realiza mediante recursos diversos: con descripciones que apelan a mitos, o la presencia de refranes que transmiten la experiencia colectiva, con el uso de fórmulas del relato oral, como las equivalentes a aquella de «había una vez», a través de la prosopopeya (personificación, animación, metáfora sensibilizadora) y de la hipérbole, de la alternancia entre un narrador testigo y otro de carácter letrado, o la alternancia narrativo-conversacional en un mismo narrador. Por otro lado, también en ciertos motivos temáticos se encuentran rasgos de oralidad: en la recuperación del universo primigenio, en el que hombre y naturaleza eran uno solo, en el rol de los supuestos, sobreentendidos, habladurías o creencias (experiencia colectiva transmitida que, una vez que circula en la comunidad oral, adquiere el carácter de verdad). Todos estos recursos apuntan a redescubrir la riqueza expresiva del imaginario y los valores del mundo montuvio, en convivencia o disputa con aquellos de la cultura cristiana y de los entornos urbanos.

Dynamics of convectively driven banded jets in the laboratory

The banded organization of clouds and zonal winds in the atmospheres of the outer planets has long fascinated observers. Several recent studies in the theory and idealized modeling of geostrophic turbulence have suggested possible explanations for the emergence of such organized patterns, typically involving highly anisotropic exchanges of kinetic energy and vorticity within the dissipationless inertial ranges of turbulent flows dominated (at least at large scales) by ensembles of propagating Rossby waves. The results from an attempt to reproduce such conditions in the laboratory are presented here. Achievement of a distinct inertial range turns out to require an experiment on the largest feasible scale. Deep, rotating convection on small horizontal scales was induced by gently and continuously spraying dense, salty water onto the free surface of the 13-m-diameter cylindrical tank on the Coriolis platform in Grenoble, France. A “planetary vorticity gradient” or “β effect” was obtained by use of a conically sloping bottom and the whole tank rotated at angular speeds up to 0.15 rad s−1. Over a period of several hours, a highly barotropic, zonally banded large-scale flow pattern was seen to emerge with up to 5–6 narrow, alternating, zonally aligned jets across the tank, indicating the development of an anisotropic field of geostrophic turbulence. Using particle image velocimetry (PIV) techniques, zonal jets are shown to have arisen from nonlinear interactions between barotropic eddies on a scale comparable to either a Rhines or “frictional” wavelength, which scales roughly as (β/Urms)−1/2. This resulted in an anisotropic kinetic energy spectrum with a significantly steeper slope with wavenumber k for the zonal flow than for the nonzonal eddies, which largely follows the classical Kolmogorov k−5/3 inertial range. Potential vorticity fields show evidence of Rossby wave breaking and the presence of a “hyperstaircase” with radius, indicating instantaneous flows that are supercritical with respect to the Rayleigh–Kuo instability criterion and in a state of “barotropic adjustment.” The implications of these results are discussed in light of zonal jets observed in planetary atmospheres and, most recently, in the terrestrial oceans.

Annual textural banding in Holocene estuarine silts, Severn Estuary Levels (SW Britain): patterns, cause and implications

A high-resolution textural study has been made of laminated and banded estuarine silts exposed intertidally at representative localities and horizons in the Holocene deposits of the Severn Estuary Levels. The laminae, on a submillimetre to millimetre scale, are sharp-based, graded couplets formed of a lower silty part overlain by a finer-textured clayey element. The centimetre- to decimetre-scale banding is formed of laminae in alternating, gradually intergrading sets of relatively coarse and relative fine-grained examples. At outcrop in the field, the banding is recognizable because the coarse sets prove to be recessive to varying degrees under the influence of weathering and current action. Independent evidence at two localities points toward an annual origin for the banding; at a third it arose during part of what appears to have been a relatively short period. Quantified physical arguments suggest that the textural banding is a response of suspended fine sediment to marked seasonal changes in sea temperature and windiness. The banded silts occur in four distinct stratigraphical contexts and record high deposition rates (order 0.01-0.1 m/yr). Because physical factors determine their textures, the silts potentially afford insights in all contexts into aspects of changing Holocene climatic conditions. In one context, the thickness of the bands points to high (order 0.01-0.1 m/yr) but comparatively short-lived (order 10s-100s yrs) rates of relative water-level rise. In the others, however, the banding has no implications for sea-level behaviour, and simply records gross environmental disequilibrium, for example, the recovery of mudflats/marshes after an erosional episode. Similarly, because on account of their rapid accumulation the banded silts preserve animal and human tracks and trackways especially well, they provide an archive of animal and human behaviour in the area during the Holocene.

Hydrological controls on soil redox dynamics in a peat-based, restored wetland

Increasing areas of altered wetland are being restored by re-flooding the soil. Evidence in the literature indicates that this practice can induce the redox-mediated release of soil nutrients, thereby increasing the risk of diffuse water pollution. However, for the sake of improving wedand management decisions, there is a need for more detailed studies of the underlying relationship between the hydrological and redox dynamics that explain this risk; this is particularly the case in agricultural peatlands that are commonly targeted for the creation of lowland wet grassland. A 12-month field study was conducted to evaluate the relationship between hydrological fluctuations and soil redox potential (Eh) in a nutrient-rich peat field (32 g N kg(-1) and 1100 mg P kg(-1) in the surface 0-30 cm soil) that had been restored as lowland wet grassland from intensive arable production. Field tensiometers were installed at the 30-, 60- and 90-cm soil depths, and Pt electrodes at the 10-, 30-, 60- and 90-cm depths, for daily logging of soil water tension and Eh, respectively. The values for soil water tension displayed a strong negative relationship (P < 0.001) with monthly dip well observations of water table height. Calculations of soil water potential from the logged tension values were used, therefore, to provide a detailed profile of field water level and, together with precipitation data, explained some of the variation in Eh. For example, during the summer, alternating periods of aerobism (Eh > 330 mV) in the surface, 0-10 cm layer of peat coincided with intense precipitation events. Redox potential throughout the 30-100 cm profile also fluctuated seasonally; indeed, at all depths Eh displayed a strong, negative relationship (P < 0.001) with water table height over the 12-month study period. However, Eh throughout the 30-100 cm profile remained relatively low (< 230 mV), indicating permanently reduced conditions that are associated with denitrification and reductive dissolution of Fe-bound P. The implications of these processes in the N- and P-rich peat for wetland plant diversity and water quality are discussed. (c) 2006 Elsevier B.V. All rights reserved.

Human amygdala responses during presentation of happy and neutral faces: correlations with state anxiety

BACKGROUND: Previous functional imaging studies demonstrating amygdala response to happy facial expressions have all included the presentation of negatively valenced primary comparison expressions within the experimental context. This study assessed amygdala response to happy and neutral facial expressions in an experimental paradigm devoid of primary negatively valenced comparison expressions. METHODS: Sixteen human subjects (eight female) viewed 16-sec blocks of alternating happy and neutral faces interleaved with a baseline fixation condition during two functional magnetic resonance imaging scans. RESULTS: Within the ventral amygdala, a negative correlation between happy versus neutral signal changes and state anxiety was observed. The majority of the variability associated with this effect was explained by a positive relationship between state anxiety and signal change to neutral faces. CONCLUSIONS: Interpretation of amygdala responses to facial expressions of emotion will be influenced by considering the contribution of each constituent condition within a greater subtractive finding, as well as 1) their spatial location within the amygdaloid complex; and 2) the experimental context in which they were observed. Here, an observed relationship between state anxiety and ventral amygdala response to happy versus neutral faces was explained by response to neutral faces.

Designing Temperature-Responsive Biocompatible Copolymers and Hydrogels Based on 2-Hydroxyethyl(meth)acrylates

Free-radical copolymerization of 2-hydroxyethyl methacrylate with 2-hydroxyethyl acrylate can be successively utilized for the synthesis of water-soluble polymers and hydrogels with excellent physicochemical properties, thus showing promise for pharmaceutical and biomedical applications. In the work presented it has been demonstrated that water-soluble copolymers based on 2-hydroxyethyl methacrylate and 2-hydroxyethyl acrylate exhibit lower critical solution temperature in aqueous solutions, whereas the corresponding high molecular weight homopolymers do not have this unique property. The temperature-induced transitions observed upon heating the aqueous solutions of these copolymers proceed via liquid−liquid phase separation. The hydrogels were also synthesized by copolymerizing 2-hydroxyethyl methacrylate and 2-hydroxyethyl acrylate in the absence of a bifunctional cross-linker. The cross-linking of these copolymers during copolymerization is believed to be due to the presence of bifunctional admixtures or transesterification reactions. Transparency, swelling behavior, mechanical properties, and porosity of the hydrogels are dependent upon the monomer ratio in the copolymers. Hydrogel samples containing more 2-hydroxyethyl methacrylate are less transparent, have lower swelling capacity, higher elastic moduli, and pores of smaller size. The assessment of the biocompatibility of the copolymers using the slug mucosal irritation test revealed that they are also less irritant than poly(acrylic acid).

Temperature-responsive properties and drug solubilization capacity of amphiphilic copolymers based on N-vinylpyrrolidone and vinyl propyl ether

A series of amphiphilic copolymers were synthesized by free-radical copolymerization of N-vinylpyrrolidone (NVP) with vinyl propyl ether (VPE), and the structure of the copolymers was characterized by elemental analysis and gel permeation chromatography. The reactivity of VPE in copolymerization was found to be significantly lower than the reactivity of NVP, which resulted in a decrease of copolymers’ yields and molecular weights with higher content of VPE in the feed mixture. An investigation of the behavior of the copolymers in aqueous solutions at different temperatures by dynamic light scattering revealed the presence of lower critical solution temperature, which depending on the content of VPE ranged within 23−38 °C. Aqueous solutions of these copolymers were studied by fluorescent spectroscopy with pyrene as a polarity probe to reveal the formation of hydrophobic domains. The copolymers were found to be useful for enhancing the solubility of riboflavin in water.

Preparation and properties of gallaborane, GaBH6: structure of the gaseous molecule H2Ga(μ-H)2BH2 as determined by vibrational, electron diffraction, and ab initio studies, and structure of the crystalline solid at 110 K as determined by x-ray diffraction``

Gallaborane (GaBH6, 1), synthesized by the metathesis of LiBH4 with [H2GaCl]n at ca. 250 K, has been characterized by chemical analysis and by its IR and 1H and 11B NMR spectra. The IR spectrum of the vapor at low pressure implies the presence of only one species, viz. H2Ga(μ-H)2BH2, with a diborane-like structure conforming to C2v symmetry. The structure of this molecule has been determined by gas-phase electron diffraction (GED) measurements afforced by the results of ab initio molecular orbital calculations. Hence the principal distances (rα in Å) and angles ( α in deg) are as follows: r(Ga•••B), 2.197(3); r(Ga−Ht), 1.555(6); r(Ga−Hb), 1.800(6); r(B−Ht), 1.189(7); r(B−Hb), 1.286(7); Hb−Ga−Hb, 71.6(4); and Hb−B−Hb, 110.0(5) (t = terminal, b = bridging). Aggregation of the molecules occurs in the condensed phases. X-ray crystallographic studies of a single crystal at 110 K reveal a polymeric network with helical chains made up of alternating pseudotetrahedral GaH4 and BH4 units linked through single hydrogen bridges; the average Ga•••B distance is now 2.473(7) Å. The compound decomposes in the condensed phases at temperatures exceeding ca. 240 K with the formation of elemental Ga and H2 and B2H6. The reactions with NH3, Me3N, and Me3P are also described.

Seed dormancy and germination of Ficus lundellii and tropical forest restoration

We investigated seed dormancy and germination in Ficus lundellii Standl. (Moraceae), a native species of Mexico's Los Tuxtlas tropical rain forest. In an 8-h photoperiod at an alternating diurnal (16/8 h) temperature of 20/30 degrees C, germination was essentially complete (96%) within 28 days, whereas in darkness, all seeds remained dormant. Neither potassium nitrate (0.05-0.2%) applied continuously nor gibberellic acid applied either continuously (10-200 ppm) or as a 24 hour pretreatment (2000 ppm) induced germination in the dark. Germination in the light was not reduced by a 24-h hydrochloric acid (0.1-1%) pretreatment, but it was reduced both by a 24-h pretreatment with either H2O2 (0. 1-5 M) or 5% HCl, or by more than 5 days of storage at 40 degrees C (4.5% seed water content). In a study with a 2-dimensional temperature gradient plate, seeds germinated fully and rapidly in the light at a constant temperature of 30 degrees C, and fully but less rapidly in the light at alternating temperatures with low amplitudes (< 12 degrees C) about the optimal constant temperature. The base, optimal and ceiling temperatures for rate of germination were estimated as 13.8, 30.1 and 41.1 degrees C, respectively. In all temperature regimes, light was essential for the germination of F lundellii seeds.

Factors influencing the germination of myrtle (Lagerstroemia speciosa (L.) Pers. and L-floribunda Jack) seeds

Gibberellic acid and potassium nitrate did not promote the germination of myrtle seeds when tested at 20/30degreesC (16/8h). Germination was promoted considerably by alternating temperatures. The results of an investigation on a two-dimensional temperature gradient plate showed that myrtle seeds germinated most rapidly (within 14 days) and fully (all viable seeds) at 35/22.5degreesC (16/8 h) and similar regimes. Tests on five seed lots of Lagerstroemia speciosa and L. floribunda showed the efficacy of the alternating temperature regime of 35/20degreesC (16/8 h) in promoting germination. Thus we recommend myrtle seeds be tested for germination in this regime for 28 days.