Ethanol steam reforming for production of hydrogen on magnesium aluminate-supported cobalt catalysts promoted by noble metals

The performance of noble metal (Pt, Ru, Ir)-promoted Co/MgAl(2)O(4) catalysts for the steam reforming of ethanol was investigated. The catalysts were characterized by energy-dispersive X-ray spectroscopy, Xray diffraction, UV-vis diffuse reflectance spectroscopy, temperature-programmed reduction, temperature-programmed oxidation and X-ray absorption near edge structure (XANES). The results showed that the formation of inactive cobalt aluminate was suppressed by the presence of a MgAl(2)O(4) spinel phase. The effects of the noble metals included a marked lowering of the reduction temperatures of the cobalt surface species interacting with the support. It was seen that the addition of noble metal stabilized the Co sites in the reduced state throughout the reaction. Catalytic performance was enhanced in the promoted catalysts, particularly CoRu/MgAl(2)O(4), which showed the highest selectivity for H(2) production. (C) 2009 Elsevier B.V. All rights reserved.

Hydrogen production by steam reforming of ethanol over Ni-based catalysts promoted with noble metals

The catalytic activity of Ni/La(2)O(3)-Al(2)O(3) Catalysts modified with noble metals(Pt and Pd) was investigated in the steam reforming of ethanol. The catalysts were characterized by ICP, S(BFT), X-ray diffraction, temperature-programmed reduction, UV-vis diffuse reflectance spectroscopy and X-ray absorption fine structure (XANES). The results showed that the formation of inactive nickel aluminate was prevented by the presence of La(2)O(3) dispersed on the alumina. The promoting effect of noble metals included a marked decrease in the reduction temperatures of NiO species interacting with the support. due to the hydrogen spillover effect, facilitating greatly the reduction of the promoted catalysts. it was seen that the addition of noble metal stabilized the Ni sites in the reduced state throughout the reaction, increasing ethanol conversion and decreasing coke formation, irrespective of the nature or loading of the noble metal. (C) 2009 Elsevier B.V. All rights reserved.

Co/Al2O3 catalysts promoted with noble metals for production of hydrogen by methane steam reforming

The effect of noble metal addition on the catalytic properties of Co/Al2O3 was evaluated for the steam reforming of methane. Co/Al2O3 catalysts were prepared with addition of different noble metals (Pt, Pd, Ru and Ir 0.3 wt.%) by a wetness impregnation method and characterized by UV-vis spectroscopy, temperature programmed reduction (TPR) and temperature programmed oxidation (TPO) of the reduced catalysts. The UV-vis spectra of the samples indicate that, most likely, large amounts of the supported cobalt form Co species in which cobalt is in octahedral and tetrahedral symmetries. No peaks assigned to cobalt species from aluminate were found for the promoted and unpromoted cobalt catalysts. TPO analyses showed that the addition of the noble metals on the Co/Al2O3 catalyst leads to a more stable metallic state and less susceptible to the deactivation process during the reforming reaction. The Co/Al2O3 promoted with Pt showed higher stability and selectivity for H(2)production during the methane steam reforming. (C) 2007 Elsevier Ltd. All rights reserved.

Production of hydrogen by ethanol steam reforming on Co/Al2O3 catalysts: Effect of addition of small quantities of noble metals

The catalytic performance of Co/Al2O3 catalysts promoted with small amounts noble metals (Pt, Pd, Ru, Ir) for steam reforming of ethanol (SRE) has been investigated. The catalysts were characterized by the energy dispersive X-ray, X-ray diffraction, BET surface area, X-ray absorption fine structure and temperature reduction programmed techniques. The results showed that the promoting effect of noble metals included a marked decrease of the reduction temperatures of both Co3O4 and cobalt surface species interacting with the support due to the hydrogen spillover effect, leading to a significant increase of the reducibilities of the promoted catalysts. The better catalytic performance for the ethanol steam reforming at 400 degrees C was obtained for the CoRu/Al2O3 catalyst, which presented an effluent gaseous mixture with the highest H, selectivity and the reasonable low CO formation. (C) 2007 Published by Elsevier B.V.

Factors influencing the choice of a bank : An international student perspective

Purpose: The purposeof this thesis is to identify what factors influence international students in their choice of a bank.Literature review: A review of previous research about bank selection criteria related to students as well as a few examples of bank choice studies in the general population is presented. The review consists of studies from different years to illustrate criteria that reoccur in order to decrease the chances of overlooking important criteria that may be of importance for today‘s customers. Method: The thesis is based upon empirical data gathering through a non-probability sampling technique by distributing questionnaires through the Internet and in person. The data was analyzedwith the help of exploratory factor analysis (EFA). Conclusion: We found thatfive factors influence the choice of bank for international students. These factors are: cost of the bank services, use of technology, convenience, banks‘ reputation and marketing communication effectiveness. These factors could be helpful for banks who want to gain customers from international students, which are a relatively unexploited customer segment.

Are central bank independence reforms necessary for achieving low and stable inflation?

Using data on the occurence of central bank independence (CBI) reforms in 131 countries during 1980-2005, we test whether they were important in reducing inflation and maintaining price stability. CBI reforms are found to have reduced inflation on average 3.31% when countries with historically high inflation rates are included. But countries with lower inflation have reduced it without institutional reforms granting central banks more independence, undermining the theoretical time-inconsistency case for CBI. There is furthermore no evidence that CBI reforms have helped reduce inflation variability.

Determinants and effects of central bank independence reforms

This thesis consists of four empirically oriented papers on central bank independence (CBI) reforms.    Paper [1] is an investigation of why politicians around the world have chosen to give up power to independent central banks, thereby reducing their ability to control the economy. A new data-set, including the possible occurrence of CBI-reforms in 132 countries during 1980-2005, was collected. Politicians in non-OECD countries were more likely to delegate power to independent central banks if their country had been characterized by high variability in inflation and if they faced a high probability of being replaced. No such effects were found for OECD countries.    Paper [2], using a difference-in-difference approach, studies whether CBI reform matters for inflation performance. The analysis is based on a dataset including the possible occurrence of CBI-reforms in 132 countries during the period of 1980-2005. CBI reform is found to have contributed to bringing down inflation in high-inflation countries, but it seems unrelated to inflation performance in low-inflation countries.    Paper [3] investigates whether CBI-reforms are important in reducing inflation and maintaining price stability, using a random-effects random-coefficients model to account for heterogeneity in the effects of CBI-reforms on inflation. CBI-reforms are found to have reduced inflation on average by 3.31 percent, but the effect is only present when countries with historically high inflation rates are included in the sample. Countries with more modest inflation rates have achieved low inflation without institutional reforms that grant central banks more independence, thus undermining the time-inconsistency theory case for CBI. There is furthermore no evidence that CBI-reforms have contributed to lower inflation variability    Paper [4] studies the relationship between CBI and a suggested trade-off between price variability and output variability using data on CBI-levels, and data the on implementation dates of CBI-reforms. The results question the existence of such a trade-off, but indicate that there may still be potential gains in stabilization policy from CBI-reforms.

Effects of central bank independence reforms on inflation in different parts of the world

The purpose of this study is to analyze the effect of CBI-reforms on inflation in different parts of the world from a theoretical and empirical perspective. Compared to previous studies, this study focuses on whether CBI-reforms have different effects on reducing inflation in different parts of the world. The study is based on a 132 country data-set from 1980 to 2005 compiled by Daunfeldt et al. (2008). The result indicates that the reduction in inflation due to the CBI-reforms varies between 2.2 and 12.32 percentage points in Asia, Europe, South America and Oceania, supporting the claim that implementing CBI-reforms can be successful in reducing inflation in most of the parts of the world.

Money with Bank Networks

Rio de Janeiro

What happens after the central bank of Brazil increases the target interbank rate by 1%?

I start presenting an explicit solution to Taylorís (2001) model, in order to illustrate the link between the target interest rate and the overnight interest rate prevailing in the economy. Next, I use Vector Auto Regressions to shed some light on the evolution of key macroeconomic variables after the Central Bank of Brazil increases the target interest rate by 1%. Point estimates show a four-year accumulated output loss ranging from 0:04% (whole sample, 1980 : 1-2004 : 2; quarterly data) to 0:25% (Post-Real data only) with a Örst-year peak output response between 0:04% and 1:0%; respectively. Prices decline between 2% and 4% in a 4-year horizon. The accumulated output response is found to be between 3:5 and 6 times higher after the Real Plan than when the whole sample is considered. The 95% confidence bands obtained using bias-corrected bootstrap always include the null output response when the whole sample is used, but not when the data is restricted to the Post-Real period. Innovations to interest rates explain between 4:9% (whole sample) and 9:2% (post-Real sample) of the forecast error of GDP.

Enriching information to prevent bank runs

Sequential service in the banking sector, as modeled by Diamond and Dybvig (1983), is a barrier to full insurance and potential source of financial fragility against which deposit insurance is infeasible (Wallace, 1988). In this paper, we pursue a different perspective, viewing the sequence of contacts as opportunities to extract information through a larger message space with commitment to richer promises. As we show, if preferences satisfy a separating property then the desired elimination of dominated strategies (Green and Lin, 2003) occurs even when shocks are correlated. In this manner the sequential service promotes stability.

Business cycle and bank loan portfolio performance : empirical evidence from brazilian banks

Este trabalho estuda os efeitos do crescimento econômico e da taxas de juros sobre o desempenho de carteiras de empréstimo dos bancos comerciais brasileiros no período de 2000 a 2010. Os resultados empíricos mostram que o crescimento econômico é o principal "driver" para o desempenho da carteira de crédito. Não foram encontradas evidências estatísticas sginificativas de mudanças na taxa de juros sobre o desempenho das carteiras de empréstimos. Além disso, há evidências empíricas de que o impacto do crescimento econômico sobre o desempenho da carteria de crédito tem efeito defasado de 2 trimestres. Por fim, os resultados mostram que alterações de PIB impactam de forma mais significativa o desempenho da carteira de crédito dos bancos comerciais brasileiros maiores. Devido ao efeito multiplicador do mercado de crédito, quanto maior o banco, maior a expansão relativa de sua carteira de crédito e, conseqüentemente a taxa de inadimplência da carteira, que é agravada pela concentração do mercado de crédito no Brasil.