Financial intermediation in a model of growth through creative destruction

This paper presents an endogenous growth model in which the research activity is financed by intermediaries that are able to reduce the incidence of researcher's moral hazard. It is shown that financial activity is growth promoting because it increases research productivity. It is also found that a subsidy to the financial sector may have larger growth effects than a direct subsidy to research. Moreover, due to the presence of moral hazard, increasing the subsidy rate to R\&D may reduce the growth rate. I show that there exists a negative relation between the financing of innovation and the process of capital accumulation. Concerning welfare, the presence of two externalities of opposite sign steaming from financial activity may cause that the no-tax equilibrium provides an inefficient level of financial services. Thus, policies oriented to balance the effects of the two externalities will be welfare improving.

Knowledge Licensing in a Model of R&D-driven Endogenous Growth

In this paper I present an endogenous growth model where the engine of growth is in-house R&D performed by high-tech firms. I model knowledge (patent) licensing among high-tech firms. I show that if there is knowledge licensing, high-tech firms innovate more and economic growth is higher than in cases when there are knowledge spillovers or there is no exchange of knowledge among high-tech firms. However, in case when there is knowledge licensing the number of high-tech firms is lower than in cases when there are knowledge spillovers or there is no exchange of knowledge.

Knowledge Licensing in a Model of R&D-driven Endogenous Growth

In this paper I present an endogenous growth model where the engine of growth is in-house R&D performed by high-tech firms. I model knowledge (patent) licensing among high-tech firms. I show that if there is knowledge licensing, high-tech firms innovate more and economic growth is higher than in cases when there are knowledge spillovers or there is no exchange of knowledge among high-tech firms. However, in case when there is knowledge licensing the number of high-tech firms is lower than in cases when there are knowledge spillovers or there is no exchange of knowledge.

A model analysis of climate and CO2 controls on tree growth in a semi-arid woodland

We used a light-use efficiency model of photosynthesis coupled with a dynamic carbon allocation and tree-growth model to simulate annual growth of the gymnosperm Callitris columellaris in the semi-arid Great Western Woodlands, Western Australia, over the past 100 years. Parameter values were derived from independent observations except for sapwood specific respiration rate, fine-root turnover time, fine-root specific respiration rate and the ratio of fine-root mass to foliage area, which were estimated by Bayesian optimization. The model reproduced the general pattern of interannual variability in radial growth (tree-ring width), including the response to the shift in precipitation regimes that occurred in the 1960s. Simulated and observed responses to climate were consistent. Both showed a significant positive response of tree-ring width to total photosynthetically active radiation received and to the ratio of modeled actual to equilibrium evapotranspiration, and a significant negative response to vapour pressure deficit. However, the simulations showed an enhancement of radial growth in response to increasing atmospheric CO2 concentration (ppm) ([CO2]) during recent decades that is not present in the observations. The discrepancy disappeared when the model was recalibrated on successive 30-year windows. Then the ratio of fine-root mass to foliage area increases by 14% (from 0.127 to 0.144 kg C m-2) as [CO2] increased while the other three estimated parameters remained constant. The absence of a signal of increasing [CO2] has been noted in many tree-ring records, despite the enhancement of photosynthetic rates and water-use efficiency resulting from increasing [CO2]. Our simulations suggest that this behaviour could be explained as a consequence of a shift towards below-ground carbon allocation.

Stochastic growth and monetary policy: the impacts on the term structure of interest rates

This paper builds a simple, empirically-verifiable rational expectations model for term structure of nominal interest rates analysis. It solves an stochastic growth model with investment costs and sticky inflation, susceptible to the intervention of the monetary authority following a policy rule. The model predicts several patterns of the term structure which are in accordance to observed empirical facts: (i) pro-cyclical pattern of the level of nominal interest rates; (ii) countercyclical pattern of the term spread; (iii) pro-cyclical pattern of the curvature of the yield curve; (iv) lower predictability of the slope of the middle of the term structure; and (v) negative correlation of changes in real rates and expected inflation at short horizons.

Optimal growth in a two-sector model without discounting: a geometric investigation

We characterize optimal policy in a two-sector growth model with xed coeÆcients and with no discounting. The model is a specialization to a single type of machine of a general vintage capital model originally formulated by Robinson, Solow and Srinivasan, and its simplicity is not mirrored in its rich dynamics, and which seem to have been missed in earlier work. Our results are obtained by viewing the model as a specific instance of the general theory of resource allocation as initiated originally by Ramsey and von Neumann and brought to completion by McKenzie. In addition to the more recent literature on chaotic dynamics, we relate our results to the older literature on optimal growth with one state variable: speci cally, to the one-sector setting of Ramsey, Cass and Koopmans, as well as to the two-sector setting of Srinivasan and Uzawa. The analysis is purely geometric, and from a methodological point of view, our work can be seen as an argument, at least in part, for the rehabilitation of geometric methods as an engine of analysis.

Growth of the tambaqui Colossoma macropomum (Cuvier) (Characiformes: Characidae): which is the best model?

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Modeling the growth of LT and TL-oriented fatigue cracks in longitudinally and transversely pre-strained Al 2524-T3 alloy

The aluminum alloy 2524 (Al-Cu-Mg) was developed during the 90s mainly to be employed in aircraft fuselage panels, replacing the standard Al 2024. In the present analysis the fatigue crack growth (FCG) behavior of 2524-T3 was investigated, regarding the influence of three parameters: load ratio, pre strain and crack plane orientation of the material. The pre strain of aluminum alloys is usually performed in order to obtain a more homogeneous precipitates distribution, accompanied by an increase in the yield strength. In this work, it was evaluated the resistance of Al 2524-T3 sheet samples to the fatigue crack growth, having L-T and T-L crack orientations. FCG tests were performed under constant amplitude loading at three distinct positive load ratios. The three material conditions were tested: as received(AR), pre strained longitudinally (SL) and transversally (ST) in relation to rolling direction. In order to describe FCG behavior, two-parameter kinetic equations were compared: a Paris-type potential model and a new exponential equation introduced in a previous work conducted by our research group. It was observed that the exponential model, which takes into account the deviations from linearity presented by da/dN versus AK data, describes more adequately the FCG behavior of Al 224-T3 in relation to load ratio, pre strain effects and crack plane orientation. © 2011 Published by Elsevier Ltd.

Bayesian age and growth analysis of the shortfin mako shark Isurus oxyrinchus in the Western South Atlantic Ocean using a flexible model

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Effect of Laser Shock Peening on Fatigue Crack Propagation of Aeronautical Structures

Laser Shock Peening (LSP) is a surface enhancement treatment which induces a significant layer of beneficial compressive residual stresses up to several mm underneath the surface of metal components in order to improve the detrimental effects of crack growth behavior rate in it. The aim of this thesis is to predict the crack growth behavior of thin Aluminum specimens with one or more LSP stripes defining a compressive residual stress area. The LSP treatment has been applied as crack retardation stripes perpendicular to the crack growing direction, with the objective of slowing down the crack when approaching the LSP patterns. Different finite element approaches have been implemented to predict the residual stress field left by the laser treatment, mostly by means of the commercial software Abaqus/Explicit. The Afgrow software has been used to predict the crack growth behavior of the component following the laser peening treatment and to detect the improvement in fatigue life comparing to the specimen baseline. Furthermore, an analytical model has been implemented on the Matlab software to make more accurate predictions on fatigue life of the treated components. An educational internship at the Research and Technologies Germany- Hamburg department of Airbus helped to achieve knowledge and experience to write this thesis. The main tasks of the thesis are the following: -To up to date Literature Survey related to laser shock peening in metallic structures -To validate the FE models developed against experimental measurements at coupon level -To develop design of crack growth slow down in centered and edge cracked tension specimens based on residual stress engineering approach using laser peened patterns transversal to the crack path -To predict crack growth behavior of thin aluminum panels -To validate numerical and analytical results by means of experimental tests.

Microstructural and environmental effects on fatigue crack propagation in duplex stainless steels

Fatigue crack initiation and propagation in duplex stainless steels are strongly affected by microstructure in both inert and aggressive environments. Fatigue crack growth rates in wrought Zeron 100 duplex stainless steel in air were found to vary with orientation depending on the frequency of crack tip retardation at ferrite/austenite grain boundaries. Fatigue crack propagation rates in 3.5% NaCl solution and high purity water are increased by hydrogen assisted transgranular cyclic cleavage of the ferrite. The corrosion fatigue results are interpreted using a model for the cyclic cleavage mechanism.

Fatigue crack propagation mechanisms in a thermally aged duplex stainless steel

Zeron 100 duplex stainless steel is susceptible to embrittlement following ageing at temperatures between 350 °C and 450 °C. The embrittlement is associated with cleavage of the age-hardened ferrite phase, initiated by deformation twinning. This can result in order of magnitude increases in the fatigue crack propagation rate. The effects of ageing on the mechanisms of fatigue crack propagation in Zero 100 are investigated, and a quantitative model is developed, accounting for the effects of hardness, temperature, stress level and microstructure on the fatigue crack growth rate. © 1994.

Effect of mean stress on hydrogen assisted fatique crack propagation in duplex stainless steel

Hydrogen assisted subcritical cleavage of the ferrite matrix occurs during fatigue of a duplex stainless steel in gaseous hydrogen. The ferrite fails by a cyclic cleavage mechanism and fatigue crack growth rates are independent of frequency between 0.1 and 5 Hz. Macroscopic crack growth rates are controlled by the fraction of ferrite grains cleaving along the crack front, which can be related to the maximum stress intensity, Kmax. A superposition model is developed to predict simultaneously the effects of stress intensity range (ΔK) and K ratio (Kmin/Kmax). The effect of Kmax is rationalised by a local cleavage criterion which requires a critical tensile stress, normal to the {001} cleavage plane, acting over a critical distance within an embrittled zone at the crack tip. © 1991.

Crack tip stress study for elastic-perfectly plastic materials with some applications

The problems of plasticity and non-linear fracture mechanics have been generally recognized as the most difficult problems of solid mechanics. The present dissertation is devoted to some problems on the intersection of both plasticity and non-linear fracture mechanics. The crack tip is responsible for the crack growth and therefore is the focus of fracture science. The problem of crack has been studied by an army of outstanding scholars and engineers in this century, but has not, as yet, been solved for many important practical situations. The aim of this investigation is to provide an analytical solution to the problem of plasticity at the crack tip for elastic-perfectly plastic materials and to apply the solution to a classical problem of the mechanics of composite materials.^ In this work, the stresses inside the plastic region near the crack tip in a composite material made of two different elastic-perfectly plastic materials are studied. The problems of an interface crack, a crack impinging an interface at the right angle and at arbitrary angles are examined. The constituent materials are assumed to obey the Huber-Mises yielding condition criterion. The theory of slip lines for plane strain is utilized. For the particular homogeneous case these problems have two solutions: the continuous solution found earlier by Prandtl and modified by Hill and Sokolovsky, and the discontinuous solution found later by Cherepanov. The same type of solutions were discovered in the inhomogeneous problems of the present study. Some reasons to prefer the discontinuous solution are provided. The method is also applied to the analysis of a contact problem and a push-in/pull-out problem to determine the critical load for plasticity in these classical problems of the mechanics of composite materials.^ The results of this dissertation published in three journal articles (two of which are under revision) will also be presented in the Invited Lecture at the 7$\rm\sp{th}$ International Conference on Plasticity (Cancun, Mexico, January 1999). ^

Crack propagation in non-homogenous materials: Evaluation of mixed-mode SIFs, T-stress and kinking angle using a variant EFG method

A new variant of the Element-Free Galerkin (EFG) method, that combines the diffraction method, to characterize the crack tip solution, and the Heaviside enrichment function for representing discontinuity due to a crack, has been used to model crack propagation through non-homogenous materials. In the case of interface crack propagation, the kink angle is predicted by applying the maximum tangential principal stress (MTPS) criterion in conjunction with consideration of the energy release rate (ERR). The MTPS criterion is applied to the crack tip stress field described by both the stress intensity factor (SIF) and the T-stress, which are extracted using the interaction integral method. The proposed EFG method has been developed and applied for 2D case studies involving a crack in an orthotropic material, crack along an interface and a crack terminating at a bi-material interface, under mechanical or thermal loading; this is done to demonstrate the advantages and efficiency of the proposed methodology. The computed SIFs, T-stress and the predicted interface crack kink angles are compared with existing results in the literature and are found to be in good agreement. An example of crack growth through a particle-reinforced composite materials, which may involve crack meandering around the particle, is reported.