Education, preferences for leisure, and the optimal income tax schedule

Recent advances in dynamic Mirrlees economies have incorporated the treatment of human capital investments as an important dimension of government policy. This paper adds to this literature by considering a two period economy where agents are di erentiated by their preferences for leisure and their productivity, both private information. The fact that productivity is only learnt later in an agent's life introduces uncertainty to agent's savings and human capital choices and makes optimal the use of multi-period tie-ins in the mechanism that characterizes the government policy. We show that optimal policies are often interim ine cient and that the introduction of these ine ciencies may take the form of marginal tax rates on labor income of varying sign and educational policies that include the discouragement of human capital acquisition. With regards to implementation, state-dependent linear taxes implement optimal savings, while human capital policies may require labor income taxes that depend directly on agents' schooling.

Ensaios sobre o fator estocástico de descontos

Este trabalho propõe maneiras alternativas para a estimação consistente de uma medida abstrata, crucial para o estudo de decisões intertemporais, o qual é central a grande parte dos estudos em macroeconomia e finanças: o Fator Estocástico de Descontos (SDF, sigla em Inglês). Pelo emprego da Equação de Apreçamento constrói-se um inédito estimador consistente do SDF que depende do fato de que seu logaritmo é comum a todos os ativos de uma economia. O estimador resultante é muito simples de se calcular, não depende de fortes hipóteses econômicas, é adequado ao teste de diversas especificações de preferência e para a investigação de paradoxos de substituição intertemporal, e pode ser usado como base para a construção de um estimador para a taxa livre de risco. Alternativas para a estratégia de identificação são aplicadas e um paralelo entre elas e estratégias de outras metodologias é traçado. Adicionando estrutura ao ambiente inicial, são apresentadas duas situações onde a distribuição assintótica pode ser derivada. Finalmente, as metodologias propostas são aplicadas a conjuntos de dados dos EUA e do Brasil. Especificações de preferência usualmente empregadas na literatura, bem como uma classe de preferências dependentes do estado, são testadas. Os resultados são particularmente interessantes para a economia americana. A aplicação de teste formais não rejeita especificações de preferências comuns na literatura e estimativas para o coeficiente relativo de aversão ao risco se encontram entre 1 e 2, e são estatisticamente indistinguíveis de 1. Adicionalmente, para a classe de preferência s dependentes do estado, trajetórias altamente dinâmicas são estimadas para a tal coeficiente, as trajetórias são confinadas ao intervalo [1,15, 2,05] e se rejeita a hipótese de uma trajetória constante.

The macroeconomic effects of infrequent information with adjustment costs

We extend the macroeconomic literature on Sstype rules by introducing infrequent information in a kinked ad justment cost model. We first show that optimal individual decision rules are both state-and -time dependent. We then develop an aggregation framework to study the macroeconomic implications of such optimal individual decision rules. In our model, a vast number of agents act together, and more so when uncertainty is large.The average effect of an aggregate shock is inversely related to its size and to aggregate uncertainty. These results are in contrast with those obtained with full information ad justment cost models.

Demand-pull stagflation

This paper explores the possibility of stagflation emanating exc1usively from monetaJy sbocks, without concurrent supply shocks or shifts in potential output. This arises in connection with a tight money paradox. in the context of a fiscal theory of the price leveI. The paper exhibits perfect foresight equilibria with output and inflation fluctuating in opposite direetions as a consequence of small monetary shocks, and also following changes in monetaJy policy regime that launch the economy into hyperinflation or that produce dramatic stabilization of already high inflation. For that purpose, an analytically convenient dynamic general equilibrium macro model is deve10ped wbere nominal rigidities are represented by a cross between staggered two-period contracts and state dependent price adjustment in the presence of menu costs.

Does liquidity constraints matter for Ricardian equivalence?

The paper analysis a general equilibrium model with two periods, several households and a government that has to finance some expenditures in the first period. Households may have some private information either about their type (adverse selection) or about some action levei chosen in the first period that affects the probability of certain states of nature in the second period (moral hazard). Trade of financiai assets are intermediated by a finite collection of banks. Banks objective functions are determined in equilibrium by shareholders. Due to private information it may be optimal for the banks to introduce constraints in the set of available portfolios for each household as wellas household specific asset prices. In particular, households may face distinct interest rates for holding the risk-free asset. The government finances its expenditures either by taxing households in the first period or by issuing bonds in the first period and taxing households in the second period. Taxes may be state-dependent. Suppose government policies are neutml: i) government policies do not affect the distribution of wealth across households; and ii) if the government decides to tax a household in the second period there is a portfolio available for the banks that generates the Mme payoff in each state of nature as the household taxes. Tben, Ricardian equivalence holds if and only if an appropriate boundary condition is satisfied. Moreover, at every free-entry equilibrium the boundary condition is satisfied and thus Ricardian equivalence holds. These results do not require any particular assumption on the banks' objective function. In particular, we do not assume banks to be risk neutral.

Selective Coupling between Theta Phase and Neocortical Fast Gamma Oscillations during REM-Sleep in Mice

TORT, A. B. L. ; SCHEFFER-TEIXEIRA, R ; Souza, B.C. ; DRAGUHN, A. ; BRANKACK, J. . Theta-associated high-frequency oscillations (110-160 Hz) in the hippocampus and neocortex. Progress in Neurobiology , v. 100, p. 1-14, 2013.

Effects of inhibition gastric acid secretion on arterial acid-base status during digestion in the toad Bufo marinus

Digestion affects acid-base status, because the net transfer of HCl from the blood to the stomach lumen leads to an increase in HCO3- levels in both extra- and intracellular compartments. The increase in plasma [HCO3-], the alkaline tide, is particularly pronounced in amphibians and reptiles, but is not associated with an increased arterial pH, because of a concomitant rise in arterial Pco(2) caused by a relative hypoventilation. In this study, we investigate whether the postprandial increase in Paco(2) of the toad Bufo marinus represents a compensatory response to the increased plasma [HCO3-] or a state-dependent change in the control of pulmonary ventilation. To this end, we successfully prevented the alkaline tide, by inhibiting gastric acid secretion with omeprazole, and compared the response to that of untreated toads determined in our laboratory during the same period. In addition, we used vascular infusions of bicarbonate to mimic the alkaline tide in fasting animals. Omeprazole did not affect blood gases, acid-base and haematological parameters in fasting toads, but abolished the postprandial increase in plasma [HCO3-] and the rise in arterial Pco(2) that normally peaks 48 h into the digestive period. Vascular infusion of HCO3-, that mimicked the postprandial rise in plasma [HCO3-], led to a progressive respiratory compensation of arterial pH through increased arterial Pco(2) Thus, irrespective of whether the metabolic alkalosis is caused by gastric acid secretion in response to a meal or experimental infusion of bicarbonate, arterial pH is being maintained by an increased arterial Pco(2). It seems, therefore, that the elevated Pco(2), occuring during the postprandial period, constitutes of a regulated response to maintain pH rather than a state-dependent change in ventilatory control. (C) 2003 Elsevier B.V. All rights reserved.

Variational supersymmetric approach to evaluate Fokker-Planck probability

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Statements on chaos control designs, including a fractional order dynamical system, applied to a MEMS comb-drive actuator

In this work, we deal with a micro electromechanical system (MEMS), represented by a micro-accelerometer. Through numerical simulations, it was found that for certain parameters, the system has a chaotic behavior. The chaotic behaviors in a fractional order are also studied numerically, by historical time and phase portraits, and the results are validated by the existence of positive maximal Lyapunov exponent. Three control strategies are used for controlling the trajectory of the system: State Dependent Riccati Equation (SDRE) Control, Optimal Linear Feedback Control, and Fuzzy Sliding Mode Control. The controls proved effective in controlling the trajectory of the system studied and robust in the presence of parametric errors.

The rigid-flexible nonlinear robotic manipulator: Modeling and control

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

On a control design to an AFM microcantilever beam, operating in a tapping-mode, with irregular behavior

In last decades, control of nonlinear dynamic systems became an important and interesting problem studied by many authors, what results the appearance of lots of works about this subject in the scientific literature. In this paper, an Atomic Force Microscope micro cantilever operating in tapping mode was modeled, and its behavior was studied using bifurcation diagrams, phase portraits, time history, Poincare maps and Lyapunov exponents. Chaos was detected in an interval of time; those phenomena undermine the achievement of accurate images by the sample surface. In the mathematical model, periodic and chaotic motion was obtained by changing parameters. To control the chaotic behavior of the system were implemented two control techniques. The SDRE control (State Dependent Riccati Equation) and Time-delayed feedback control. Simulation results show the feasibility of the bothmethods, for chaos control of an AFM system. Copyright © 2011 by ASME.

Chaos suppression in NEMs resonators by using nonlinear control design

In this work the chaotic behavior of a micro-mechanical resonator with electrostatic forces on both sides is suppressed. The aim is to control the system in an orbit of the analytical solution obtained by the Method of Multiple Scales. Two control strategies are used for controlling the trajectory of the system, namely: State Dependent Riccati Equation (SDRE) Control and Optimal Linear Feedback Control (OLFC). The controls proved effectiveness in controlling the trajectory of the system. Additionally, the robustness of each strategy is tested considering the presence of parametric errors and measurement noise in control. © 2012 American Institute of Physics.

On the Chaotic Suppression of Both Ideal and Non-ideal Duffing Based Vibrating Systems, Using a Magnetorheological Damper

In this paper the dynamics of the ideal and non-ideal Duffing oscillator with chaotic behavior is considered. In order to suppress the chaotic behavior and to control the system, a control signal is introduced in the system dynamics. The control strategy involves the application of two control signals, a nonlinear feedforward control to maintain the controlled system in a periodic orbit, obtained by the harmonic balance method, and a state feedback control, obtained by the state dependent Riccati equation, to bring the system trajectory into the desired periodic orbit. Additionally, the control strategy includes an active magnetorheological damper to actuate on the system. The control force of the damper is a function of the electric current applied in the coil of the damper, that is based on the force given by the controller and on the velocity of the damper piston displacement. Numerical simulations demonstrate the effectiveness of the control strategy in leading the system from any initial condition to a desired orbit, and considering the mathematical model of the damper (MR), it was possible to control the force of the shock absorber (MR), by controlling the applied electric current in the coils of the damper. © 2012 Foundation for Scientific Research and Technological Innovation.

On elimination of chaotic behavior in a non-ideal portal frame structural system, using both passive and active controls

In this paper, an application is considered of both active and passive controls, to suppression of chaotic behavior of a simple portal frame, under the excitation of an unbalanced DC motor, with limited power supply (non-ideal problem). The adopted active control strategy consists of two controls: the nonlinear (feedforward) in order to keep the controlled system in a desirable orbit, and the feedback control, which may be obtained by considering state-dependent Riccati equation control to bringing the system into the desired orbit using a magneto rheological (MR) damper. To control the electric current applied in control of the MR damper the Bouc-Wen mathematical model was used to the MR damper. The passive control was obtained by means of a nonlinear sub-structure with properties of nonlinear energy sink. Simulations showed the efficiency of both the passive control (energy pumping) and active control strategies in the suppression of the chaotic behavior. © The Author(s) 2012.

Nonlinear control system applied to atomic force microscope including parametric errors

The performance of the optimal linear feedback control and of the state-dependent Riccati equation control techniques applied to control and to suppress the chaotic motion in the atomic force microscope are analyzed. In addition, the sensitivity of each control technique regarding to parametric uncertainties are considered. Simulation results show the advantages and disadvantages of each technique. © 2013 Brazilian Society for Automatics - SBA.