The private and fiscal returns to schooling and the effect of public policies on private incentives to invest in education: a general framework and some results for the EU

This paper develops a comprehensive framework for the quantitative analysis of the private and fiscal returns to schooling and of the effect of public policies on private incentives to invest in education. This framework is applied to 14 member states of the European Union. For each of these countries, we construct estimates of the private return to an additional year of schooling for an individual of average attainment, taking into account the effects of education on wages and employment probabilities after allowing for academic failure rates, the direct and opportunity costs of schooling, and the impact of personal taxes, social security contributions and unemployment and pension benefits on net incomes. We also construct a set of effective tax and subsidy rates that measure the effects of different public policies on the private returns to education, and measures of the fiscal returns to schooling that capture the long-term effects of a marginal increase in attainment on public finances under c

Valuation of defaultable bonds and debt restructuring

In this paper we develop a contingent valuation model for zero-coupon bonds with default. In order to emphasize the role of maturity time and place of the lender’s claim in the hierarchy of debt of a firm, we consider a firm that issues two bonds with different maturities and different seniorage. The model allows us to analyze the implications of both debt renegotiation and capital structure of a firm on the prices of bonds. We obtain that renegotiation brings about a significant change in the bond prices and that the effect is dispersed through different channels: increasing the value of the firm, reallocating payments, and avoiding costly liquidation. Moreover, the presence of two creditors leads to qualitatively different implications for pricing, while emphasizing the importance of bond covenants and renegotiation of the entire debt.

Os anofelinos do sub-gênero kerteszia em relação à distribuição das bromeliáceas em comunidades florestais do município de Brusque, Estado de Santa Catarina

The present work is part of the studies realized under the authority of the National Service of Malaria (Brazil), with the collaboration of scientists of the Oswaldo Cruz Institute, in some forests of the southern part of Brazil.This is the first of a series and its subject is the development of the Anopheles mosquitoes of the kerteszia in water collected in Bromeliaceae leaves. The ecology of Bromeliaceae was studied in a previous work. The botanical material was classified by specialists from several botanical institutions from Europe and the United States of America. The most important ecological relations of the “bromeliad-kerteszia” problem were presented through four indices: 1st Positivity index – Relative frequency of bromeliad with watery forms in the bromeliad examined. 2nd Larval index – Mean number of watery forms in the positive bromeliad. 3rd Ovoposition index – Product of the Positivy index by the Larval index. 4th MK index – Product of the Ovoposition index by the total number of bromeliad, positive or not, in a unity of area (1.000 m²). The capture of flying forms in relation to the relative humidity was also studied. From the several forests of the Brusque region we have selected one community of each type, which were the most representative forests in Southern Brazil. Conclusions on the “bromeliad-kerteszia” problem – From a general point of view only a few factors are really important and these are listed below: 1°) The volum of water on the bromeliad. 2°) The level where the bromeliad is fixed. 3°) The number of bromeliad in unity of area. The distribution of microclimas in the forest through the considered levels has a direct influence on the species of subgenus Kerteszia (qualitative influence) and an indirect influence through the ecological distribution of the more frequent bromeliad with best qualities as biotope for the watery forms (qualitative influence). The MK index is roughly proportional to the square of half the total number of Bromeliaceae in a certain type of forest. Then the MK index would be a certain function of the ecological type of the forest and of the total number of bromeliad in a unity of area. MK approximately α x (x/10)² . x = n° of bromeliad in a unity of área (1.000 m²); α = qualitative factor. It would be interesting to see if this proportion is maintained when we have examined a greater number of forests of different types.

Cubic spline population density functions and subcentre delimitation. The case of Barcelona

The presence of subcentres cannot be captured by an exponential function. Cubic spline functions seem more appropriate to depict the polycentricity pattern of modern urban systems. Using data from Barcelona Metropolitan Region, two possible population subcentre delimitation procedures are discussed. One, taking an estimated derivative equal to zero, the other, a density gradient equal to zero. It is argued that, in using a cubic spline function, a delimitation strategy based on derivatives is more appropriate than one based on gradients because the estimated density can be negative in sections with very low densities and few observations, leading to sudden changes in estimated gradients. It is also argued that using as a criteria for subcentre delimitation a second derivative with value zero allow us to capture a more restricted subcentre area than using as a criteria a first derivative zero. This methodology can also be used for intermediate ring delimitation.

Numerical schemes of diffusion asymptotics and moment closures for kinetic equations

We investigate different models that are intended to describe the small mean free path regime of a kinetic equation, a particular attention being paid to the moment closure by entropy minimization. We introduce a specific asymptotic-induced numerical strategy which is able to treat the stiff terms of the asymptotic diffusive regime. We evaluate on numerics the performances of the method and the abilities of the reduced models to capture the main features of the full kinetic equation.

The Politics of Intergovernmental Fiscal Relations in Argentina

The search for political determinants of intergovernmental fiscal relations has shaped much of the recent literature on the economic viability of federalism. This study assesses the explanatory power of two competing views about intergovernmental transfers; one emphasizing the traditional neoclassical approach to federal-subnational fiscal relations and the other suggesting that transfers are contingent on the political fortunes and current political vulnerability of each level of government. The author tests these models using data from Argentina, a federation exhibiting one of the most decentralised fiscal systems in the world and severe imbalances in the territorial distribution of legislative and economic resources. It is shown that overrespresented provinces ruled by governors who belong to opposition parties can bring into play their political overrepresentation to attract shares of federal transfers beyond social welfare criteria and to shield themselves from unwanted reforms to increase fiscal co-responsibilty. This finding suggests that decision makers in federal countries must pay close heed to the need to synchronize institutional reforms and fiscal adjustment.

A Computable general equilibrium approach to hypothetical extractions and missing links

Identifying key sectors or key locations in an interconnected economy is of paramount importance for improving policy planning and directing economic strategy. Hence the relevance of categorizing them and hence the corresponding need of evaluating their potential synergies in terms of their global economic thrust. We explain in this paper that standard measures based on gross outputs do not and cannot capture the relevant impact due to self- imposed modeling limitations. In fact, common gross output measures will be systematically downward biased. We argue that an economy wide Computable General Equilibrium (CGE) approach provides a modeling platform that overcomes these limitations since it provides (i) a more comprehensive measure of linkages and (ii) an alternate way of accounting for links' relevance that is in consonance with standard macromagnitudes in the National Income and Product Accounts.

Variational inequalities in Hilbert spaces with measures and optimal stopping problems

We study the existence theory for parabolic variational inequalities in weighted L2 spaces with respect to excessive measures associated with a transition semigroup. We characterize the value function of optimal stopping problems for finite and infinite dimensional diffusions as a generalized solution of such a variational inequality. The weighted L2 setting allows us to cover some singular cases, such as optimal stopping for stochastic equations with degenerate diffusion coeficient. As an application of the theory, we consider the pricing of American-style contingent claims. Among others, we treat the cases of assets with stochastic volatility and with path-dependent payoffs.

Análisis de los residuos sólidos generados en áreas administrativas, académicas, bibliotecas y cómputos, de ciudad universitària en la UMSNH, Michoacán, México

El proyecto se enmarca dentro de Plan Ambiental Institucional (PAI) de la Universidad Michoacana de San Nicolás de Hidalgo (UMSNH), México, en lo referente a la gestión de residuos y tiene por finalidad analizar la tipología y composición de los residuos que se generan en algunas de las áreas de Ciudad Universitaria (CU). Para esto se realizó una metodología de recogida no selectiva de residuos puerta a puerta que se estructuró en dos fases, la primera, con el objetivo de obtener toda la información sobre el número y tipo de espacios de los edificios para luego elaborar y llevar a cabo el muestreo de los residuos, y la segunda, que se centró en la captura informática y gestión de los pesos de los mismos. De los datos obtenidos se concluyó que los residuos de mayor peso muestreado fueron el papel, la materia orgánica, el cartón y el vidrio transparente, los residuos de mayor generación per cápita fueron el papel, cartucho de impresora, CD y disquete. Finalmente, se concluye que la UMSNH no da tratamiento a los residuos que al ser depositados al aire libre contaminan su medio ambiente. Reciclándolos podrían obtenerse no sólo beneficios ambientales sino también económicos, que disminuirían el costo del reciclado devolviendo los residuos al ciclo productivo.

Disseny i implementació hardware d'algorismes de reconeixement de caràcters per comptadors d'aigua

Aquest projecte consisteix en l'estudi, comparació i implementació en hardware d'algoritmes de reconeixement de caràcters per integrar en un sistema intel·ligent de captura d'imatges. Aquest sistema, integrat per una càmera amb format i característiques específiques i que anirà acoblat a un comptador d'aigua tradicional, en captarà imatges i les enviarà per RF al punt de recepció de la companyia. L'objectiu principal consisteix en aconseguir un disseny que redueixi al màxim la quantitat d'informació per transmetre, tenint en compte les limitacions de l'entorn.

Tratamiento del señal por computador: detección de fallos mecánicos mediante análisis espectral

En aquest projecte s'ha investigat i desenvolupat una eina per a la detecció de falles mecàniques en entorns controlats. Aquest programa analitza l'espectre dels senyals acústics aconseguits mitjançant el micròfon del PC i n'estudia estadísticament les propietats –mitjana i desviació estàndard- per tal de poder diferenciar els nous senyals que capturi. S'ha experimentat amb el cas real d'un motor de corrent continu i s'han obtingut resultats de més del 90% d'encert a l'hora de detectar el seu estat.

The Private and fiscal returns to schooling and the effect of public policies on private incentives to invest in education: a general framework and some results for the EU

This paper develops a comprehensive framework for the quantitative analysis of the private and fiscal returns to schooling and of the effect of public policies on private incentives to invest in education. This framework is applied to 14 member states of the European Union. For each of these countries, we construct estimates of the private return to an additional year of schooling for an individual of average attainment, taking into account the effects of education on wages and employment probabilities after allowing for academic failure rates, the direct and opportunity costs of schooling, and the impact of personal taxes, social security contributions and unemployment and pension benefits on net incomes. We also construct a set of effective tax and subsidy rates that measure the effects of different public policies on the private returns to education, and measures of the fiscal returns to schooling that capture the long-term effects of a marginal increase in attainment on public finances under conditions that approximate general equilibrium.

In Search of a theory of debt management

A growing literature integrates theories of debt management into models of optimal fiscal policy. One promising theory argues that the composition of government debt should be chosen so that fluctuations in the market value of debt offset changes in expected future deficits. This complete market approach to debt management is valid even when the government only issues non-contingent bonds. A number of authors conclude from this approach that governments should issue long term debt and invest in short term assets. We argue that the conclusions of this approach are too fragile to serve as a basis for policy recommendations. This is because bonds at different maturities have highly correlated returns, causing the determination of the optimal portfolio to be ill-conditioned. To make this point concrete we examine the implications of this approach to debt management in various models, both analytically and using numerical methods calibrated to the US economy. We find the complete market approach recommends asset positions which are huge multiples of GDP. Introducing persistent shocks or capital accumulation only worsens this problem. Increasing the volatility of interest rates through habits partly reduces the size of these simulations we find no presumption that governments should issue long term debt ? policy recommendations can be easily reversed through small perturbations in the specification of shocks or small variations in the maturity of bonds issued. We further extend the literature by removing the assumption that governments every period costlessly repurchase all outstanding debt. This exacerbates the size of the required positions, worsens their volatility and in some cases produces instability in debt holdings. We conclude that it is very difficult to insulate fiscal policy from shocks by using the complete markets approach to debt management. Given the limited variability of the yield curve using maturities is a poor way to substitute for state contingent debt. The result is the positions recommended by this approach conflict with a number of features that we believe are important in making bond markets incomplete e.g allowing for transaction costs, liquidity effects, etc.. Until these features are all fully incorporated we remain in search of a theory of debt management capable of providing robust policy insights.

Comparative ELISA reagents for detection of hepatitis B surface antigen (HBsAg)

Conjugates of goat anti-HBs IgG and horseradish peroxidase (HRP) prepared by two different methods, one using NaIO4 and the other SPDP, were compared. Anti-HBs antibodies obtained from goat, rabbit and guinea-pig were tested as capture serum. The ELISA showed a sensitivity similar to RIA and a level of antigen captation ranging from 4.37 to 8.75 nanograms/ml was obtained when rabbit or guinea-pig captures were used combined with both NaIO4 or SPDP conjugates.

Phlébotomes du Nicaragua: I. Description de la femelle de Lutzomyia zeledoni Young et Murillo, 1984 (Diptera, Psychodidae), et implication épidémiologique de la présence de Lutzomyia longipalpis sur la façade Pacifique

Les auteurs décrivent la femelle de Lutzomyia zeledoni Young et Murillo, 1984 du Groupe Vespertilionis Theodor, 1965. Cette espèce a été capturée en milieu péridomestique en compagnie de Lutzomyia longpalpis Lutz et Neiva, 1912 répertorié pour la première fois du Nicaragua. Il est mis l'accent sur l'importance épidémiologique de cette dernière espèce récoltée en abondance dans plusieurs stations de la façade pacifique.